Zheng Quan Shi Bao Wang·2025-11-26 02:09Core Viewpoint - Alibaba's Q2 FY2026 financial report shows significant growth in cloud revenue and AI-related products, indicating a strong commitment to AI infrastructure and potential industry shifts towards domestic computing power [1] Financial Performance - Cloud revenue increased by 34% year-on-year [1] - Revenue from AI-related products has achieved triple-digit year-on-year growth for nine consecutive quarters [1] - Capital expenditure for the quarter was 31.5 billion yuan, with approximately 120 billion yuan spent on AI and cloud infrastructure over the past four quarters [1] Industry Implications - CITIC Securities highlights Alibaba's ongoing investment in AI infrastructure as a sign of the steady progress in the self-controlled domestic computing power sector [1] - The domestic computing power industry is expected to reach an inflection point, presenting investment opportunities [1] - Focus is recommended on leading companies with precise positioning and long-term competitive advantages in the domestic computing power market [1]