Changjiang Securities·2025-09-22 23:30Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The upcoming Cloud Summit is expected to highlight the strength of Alibaba's industrial chain, particularly in the AI and cloud computing sectors [6][59]. - The report emphasizes the importance of AI-driven infrastructure and the anticipated growth in demand for cloud resources as AI applications accelerate [52][55]. Summary by Sections Market Performance - The computer sector experienced a slight decline of 0.31% last week, ranking 17th among major industries, with a trading volume accounting for 8.52% of the total market [2][4][14]. Key Developments - xAI launched Grok-4 Fast, which reportedly has a response speed up to 10 times faster than the standard version, targeting real-time applications [20][22]. - The Ministry of Industry and Information Technology is seeking public opinion on mandatory national standards for intelligent connected vehicles, which could accelerate the commercialization of smart driving technologies [29][30]. - Huawei announced a roadmap for its Ascend chip series, with several new models expected to be released between 2026 and 2028, enhancing China's AI infrastructure capabilities [35][40]. Recommendations - The report suggests focusing on the following areas: 1. Alibaba's cloud industry chain 2. China's reasoning computing industry chain, particularly the leading AI chip company, Cambricon 3. Cloud service providers 4. IDC, especially those collaborating with major companies like Alibaba [6][28][59]. Financial Performance - Alibaba's cloud revenue reached 33.398 billion yuan in Q1 of FY26, marking a 26% year-on-year increase, the highest growth rate in three years [50][55]. - The report indicates that Alibaba's capital expenditure is expected to significantly increase, which is a positive indicator for future growth in cloud resources [52][55].