TMT行业月报：阿里巴巴扩大AI投资；VAL模型或将改变智能驾驶竞争格局

Investment Rating - The investment rating for the communication industry is "Outperform the Market" [1]. Core Insights - The report highlights significant investments in AI infrastructure by leading companies, with Alibaba announcing a plan to invest 380 billion yuan (approximately 54.5 billion USD) over the next three years, which surpasses its total investment in the past decade [20][24]. - The AI computing power demand is rapidly increasing, with the domestic AI computing scale expected to reach 725.3 EFLOPS in 2024, a year-on-year growth of 74.1%, and projected to reach 2781.9 EFLOPS by 2028 [21][24]. - The report discusses the emergence of the Vision-Language-Action (VLA) model in the autonomous driving sector, which integrates visual input, language reasoning, and action output into a single framework, enhancing the performance of intelligent driving systems [26][30]. Summary by Sections 1. Market Review - From February 5 to February 28, 2025, the CSI 300 index rose by 1.91%, with the communication industry also increasing by 1.91%, while the computer industry surged by 16.31% [6][13]. - The communication sector experienced significant volatility, benefiting from operators' increased investment in computing power, leading to strong stock performance for companies like China Unicom and China Telecom [6][13]. 2. Communication Industry - Major companies are expanding their AI investments, with Tencent, Baidu, and Alibaba expected to increase their capital expenditures by 19.1% in 2025, reaching 15.42 billion USD [20][24]. - The report notes that the construction of intelligent computing centers is set to accelerate, with over 458 projects announced in the public bidding market for 2024 [24][25]. 3. Computer Industry - The VLA model represents a new direction in autonomous driving technology, improving the ability to process complex traffic scenarios and enhancing decision-making capabilities [26][30]. - The global autonomous driving market is projected to grow from 207.4 billion USD in 2024 to 273.8 billion USD in 2025, with the Chinese market expected to reach 399.3 billion yuan in 2024 [31][32].