China Post Securities·2025-09-01 05:46Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that Alibaba's capital expenditure (Capex) has exceeded expectations, focusing on AI chip development, with a 26% year-on-year growth in Alibaba Cloud revenue, reaching 333.98 billion yuan [4][5] - Alibaba's overall revenue for Q1 FY26 was 247.65 billion yuan, a 2% increase year-on-year, with a net profit of 42.38 billion yuan, marking a 76% increase, surpassing market expectations [4][5] - The report emphasizes the establishment of a global AI chip supply backup plan to ensure the timely advancement of infrastructure investments [6] Summary by Sections Industry Overview - The closing index for the computer industry is 5755.35, with a weekly high of 5841.52 and a low of 2844.68 [1] Recent Performance - The computer industry has shown a relative performance trend against the CSI 300 index, with fluctuations observed from August 2024 to August 2025 [3] Investment Recommendations - The report suggests focusing on the computing power supply chain, highlighting various companies across different segments, including Huawei chain, Muxi chain, Haiguang chain, and others [7][8]