AI引领云服务行业新变革：从卖算力到拼应用

Core Insights - The cloud service industry is entering a new development phase driven by AI applications and intelligent agents, moving beyond the resource-driven "first half" of public cloud services, which has reached saturation and maturity [1][2] - Major cloud providers are experiencing a significant recovery in performance, with Alibaba Cloud reporting a quarterly revenue of 39.824 billion yuan in Q3 2025, a year-on-year increase of 34%, marking a new high in growth rate [1] - The focus of cloud services is shifting from selling resources to selling applications, with an expected emphasis on application-level solutions post-2026 [2][3] Industry Trends - Tencent Cloud's SaaS business has been growing, with revenue growth rates for SaaS significantly outpacing IaaS [2] - The demand for AI and intelligent agents is driving IT budgets of enterprise customers, with AI application innovation expected to be the largest market driver in 2026 [2] - The structure of cloud service customers is changing, with the internet and e-commerce still being the largest sources (31%), followed by government (22%) and finance (10%), while manufacturing's share is only 8% [3] Market Dynamics - The introduction of DeepSeek and other significant events in 2025 has revitalized the market, shifting the focus from survival to seizing new opportunities [4] - Many Independent Software Vendors (ISVs) are beginning to explore AI agent development, indicating a resurgence of activity in the ISV market [4] Token Consumption Insights - The daily token consumption for enterprise-level large models in China reached 10.2 trillion in the first half of 2025, a 363% increase from the second half of 2024 [5] - The focus on token consumption as a metric is being questioned, with a call for a more sustainable AI business model that prioritizes application scenarios and business value over mere volume [5][6] - The competitive landscape among cloud providers is still heavily influenced by foundational model capabilities, with Alibaba and ByteDance showing strong performance in various segments [5][6] Long-term Perspective - The AI landscape is viewed as a long-term race, with a focus on developing hybrid models and embracing advanced open-source models [6] - The process of AI application across industries is expected to evolve from quantitative to qualitative changes, requiring time and endurance [6]