Changjiang Securities·2025-08-13 10:14Investment Rating - The report maintains a "Positive" investment rating for the cloud computing industry [10] Core Insights - The essence of cloud computing is the centralized management and dynamic allocation of resources via the internet, with cloud vendors integrating vast computing resources into a virtualized resource pool to provide on-demand services [4][6] - The current AI cycle is identified as the latest demand surge for the cloud computing industry, following previous cycles driven by mobile internet and enterprise cloud transformation [4][7] - The profitability of domestic cloud vendors is expected to improve as the proportion of AI-related business increases [4][9] Summary by Sections What is Cloud Computing? - Cloud computing is likened to utilities such as water and electricity, where resources are centralized and then redistributed. It encompasses three service models: IaaS, PaaS, and SaaS, allowing users to access storage, development platforms, or applications from lightweight terminals [6][21] Revenue Side: Demand-Driven Industry Cycle - The primary driver of the cloud computing industry's cycle is the emergence of new external demands, with AI being the most significant variable in the current cycle. Historical demand surges include the rise of e-commerce, social media, and digital transformation in traditional industries [7][9] Profitability Side: Differences Between Domestic and Overseas Cloud Vendors - The profitability gap between domestic and overseas cloud vendors is attributed to differences in cost structure and business model. Domestic vendors face high IDC costs, while overseas vendors like Google benefit from self-built networks, reducing their cost pressures [8][9] AI's Impact on Cloud Computing - AI is seen as a core element in the inference paradigm of computing power, bringing both qualitative and quantitative changes to the cloud computing industry. The demand for IaaS and MaaS is expected to grow significantly due to AI [9][11] Market Growth and Projections - The global cloud computing market is projected to reach a scale of 586.4 billion yuan in 2023, with a growth rate of 19.4%. The market is expected to maintain a compound annual growth rate of approximately 18% over the next few years, potentially exceeding 1 trillion dollars by 2027 [22][27]