Minsheng Securities·2025-09-14 13:06Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Insights - The performance of Alibaba Cloud exceeded expectations, validating the accelerated development of China's AI infrastructure, which is expected to undergo a value reassessment. The Chinese cloud computing industry has entered a positive Capex cycle, and the international expansion of Chinese cloud services may represent a significant turning point from 0 to 1 [3][24] - The report suggests focusing on key segments of domestic computing power, including cloud computing companies like Alibaba, Tencent, Baidu, and others, as well as domestic computing power components such as AI chip design, advanced wafer manufacturing, and AI servers [3][24] Summary by Sections Market Review - During the week of September 8-12, the CSI 300 Index rose by 1.38%, the SME Board Index increased by 3.66%, and the ChiNext Index grew by 2.10%. The computer sector (CITIC) saw a rise of 4.26% [33] Industry News - The first CUDA GPU designed for large-scale contextual AI, the Nvidia Rubin CPX, was announced, aimed at improving efficiency in AI tasks [25] - OpenAI signed a historic $300 billion cloud computing deal with Oracle, set to take effect in 2027, marking one of the largest cloud computing contracts ever [26] Company News - Tonghuashun announced a plan for its controlling shareholder to reduce holdings, which was later terminated [29] - Longxin Group approved the cancellation of repurchased shares and adjusted its registered capital [29] Weekly Insights - The report emphasizes the rapid development of AI applications in the cloud sector, particularly through Alibaba and Tencent, which are enhancing their AI capabilities and expanding their global reach [9][15] - The report highlights the emergence of a blue ocean market for Chinese cloud services as companies like Alibaba and Tencent develop tailored solutions for international markets [15][19]