Tianfeng Securities·2025-09-15 09:41Group 1 - The global cloud computing market is projected to reach approximately $2 trillion by 2030, driven by the demand for AI model training and the continuous improvement of application model services [4][9][17] - In 2024, the global cloud computing market size is expected to reach $692.9 billion, with a year-on-year growth rate of 20.3% [4][9][12] - The Chinese cloud computing market is anticipated to grow to 828.8 billion yuan in 2024, representing a 34.4% increase from 2023 [17][18] Group 2 - The cloud computing service model is evolving towards an "AI+" direction, leading to the emergence of a new intelligent computing cloud architecture [4][14][22] - The cloud computing service categories include IaaS, PaaS, and SaaS, with IaaS and SaaS being the main growth drivers in the market [18][22][28] - The market for Model as a Service (MaaS) in China is expected to grow rapidly, with a projected compound annual growth rate of 64.8% from 2024 to 2028 [28][30] Group 3 - The cloud computing industry chain includes infrastructure providers, cloud service providers, applications, and end-users, forming a complex ecosystem [22][24] - Major players in the Chinese public cloud IaaS market include Alibaba Cloud, Tianyi Cloud, and Huawei Cloud, with these companies leveraging their early advantages in AI cloud deployment [27][29] - The demand for computing power is expected to grow rapidly, with China's intelligent computing scale projected to reach 117.3 EFLOPS by 2027 [25][26]