Xin Lang Cai Jing·2025-12-05 08:55Core Insights - Huatai Securities suggests focusing on the domestic computing power chain and space computing power construction related industries [1] Group 1: Domestic Computing Power - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 of fiscal year 2026, exceeding expectations [1] - The company may add additional investments on top of the previously announced 380 billion yuan [1] - DeepSeek has released a new open-source model, DeepSeek-Math-V2, which significantly enhances mathematical reasoning capabilities [1] Group 2: Space Computing Power - Beijing plans to construct and operate a centralized large data center system with over 1 gigawatt (GW) power capacity in a 700-800 kilometer dawn-dusk orbit [1] - This initiative aims to transfer large-scale AI computing power to space [1]