Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The rapid development of large model technology is fundamentally transforming the global computing paradigm, with a shift from traditional CPU cloud computing to GPU-centric intelligent computing [3] - The cloud service industry's value chain is being reshaped, with profound changes in the business logic, commercial models, and competitive factors across IaaS, PaaS, and SaaS layers [3] - The industry is transitioning from a "compute-first" approach to building model ecosystems and commercializing applications, with a significant application explosion expected around 2025 [16][19] Summary by Sections Industry Overview - The intelligent computing industry has formed a four-layer structure: hardware, cloud, model, and application, currently transitioning from "compute-first" to "model ecosystem building" and "application commercialization" [10][16] - The industry value transfer trend indicates a shift from heavy investment in infrastructure to a focus on model ecosystem construction and the commercialization of industry-specific agents [19] IaaS Layer Opportunities - The core value of the IaaS layer lies in selling GPU computing power, with high-end card retention and vertical industry capability construction being key to capturing high-value clients [30][33] - Major clients include internet giants, government enterprises, and AI-driven emerging industries, all of which have significant demand for GPU computing power [31] - The growth path for IaaS involves selling bundled solutions of IaaS, PaaS, and MaaS to industry clients, enhancing customer stickiness and increasing average transaction value [36] PaaS Layer Opportunities - MaaS is becoming the core revenue entry point for cloud vendors, with those possessing self-research capabilities needing to adopt a dual strategy of open and closed source to lock in customers [41][42] - The success of MaaS hinges on the ability to provide a rich model marketplace and a comprehensive toolchain for clients, driving resource consumption in IaaS and PaaS layers [42][44] SaaS Layer Opportunities - The SaaS market is shifting towards deep vertical integration, where the ability to build industry-specific products is crucial for customer retention [52][55] - Large cloud vendors face challenges from smaller firms that leverage low prices and localized services to capture market segments that larger companies cannot reach [55] - Effective strategies for entering the SaaS market include "soft-hard integration" and building Agent platforms to transform from direct competitors to value integrators and ecosystem enablers [57][59]
2025年中国智算云服务行业:人工智能时代下IaaS/PaaS/SaaS的产业机遇
Tou Bao Yan Jiu Yuan·2025-09-29 12:44