山西证券：研究早观点-20250226

Core Insights - The report highlights that Alibaba's capital expenditure plan for the next three years is expected to exceed the total of the past decade, driven by accelerated growth in core businesses and AI-related product revenues [5][10] - The report emphasizes the significant investment in AI infrastructure and cloud computing, with Alibaba planning to enhance its global cloud infrastructure by establishing new data centers in five countries [5][10] - The report notes that the domestic AI computing market is entering a major growth phase, with expectations of sustained high capital expenditure in cloud computing for at least the next three years [5][10] Industry Commentary: Communication - The report discusses the communication sector, indicating that Alibaba's capital expenditure plans are above expectations, signaling the start of a major cycle in domestic computing power [4][5] Industry Commentary: Electronics - The report mentions that domestic demand for computing power has exceeded expectations, and a new price increase cycle for storage is anticipated [7][10] Industry Commentary: Non-Bank Financials - The report outlines the ongoing legal reforms in the capital market, focusing on mergers and acquisitions and performance catalysts within the industry [11][12] Industry Commentary: Chemical Raw Materials - The report highlights the release of the largest open-source AI model in the biological field, Evo2, and the commencement of a new TPU production line by Lubrizol in Shanghai [13][10] Market Performance - The report indicates that the overall market saw an increase, with significant gains in specific sectors such as liquid cooling, IDC, and connectors [8][9] - It also notes that the semiconductor sector experienced a rise, with the digital chip design and semiconductor equipment sectors showing strong performance [9][10] Investment Recommendations - The report suggests focusing on the domestic computing power industry chain, particularly in light of the increasing demand for AI applications and the upcoming price increase cycle in storage [10][10] - It also recommends paying attention to the supply chain related to consumer electronics, especially with the launch of new products like the iPhone 16E [10][10]