行业周报：AI需求持续验证，提升算力需求可预见性-20251123

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the stability of the Double Eleven sales event, with a focus on extreme low prices and user experience as key competitive factors. AI cloud demand continues to be validated, with major cloud service providers (CSPs) increasing capital expenditure (CapEx) guidance, indicating stronger predictability in computing power demand [5][26][67] - The emergence of Mid-training is expected to enhance the predictability of computing power demand, serving as a foundational technology support for this trend. This phase is crucial for refining data and improving model capabilities, which in turn stimulates demand for professional data annotation services [6][30][38] Summary by Sections 1. Internet Sector - The Double Eleven event showed stable performance, with total online retail sales reaching nearly 2.4 trillion yuan, a year-on-year growth of over 10%. Major platforms like Tmall and JD.com maintained significant market shares [16][19] - The competition among platforms has intensified, with a return to low prices and enhanced user experience driving growth. JD.com continues to perform well in high-value categories like 3C electronics and home appliances [23][14] - Major overseas internet companies are experiencing strong growth in advertising and cloud services, with increased CapEx further supporting the AI industry's positive outlook [5][8][67] 2. AI Sector - Mid-training is gaining importance, potentially extending the Scaling Law and enhancing the predictability of this round of computing power demand. This phase focuses on providing more structured supervision signals to improve downstream capabilities [30][33] - The rise of Mid-training has led to the emergence of several unicorn companies in the data annotation space, indicating a growing market for AI-related services [38][36] 3. Automotive & Autonomous Driving - The automotive sector is facing challenges due to tightened policies affecting passenger vehicle sales, with a notable decline in weekly sales figures. However, new vehicle launches are expected to ramp up towards the end of the year [41][43] - The Robotaxi industry is witnessing significant developments, with companies like Xiaoma Zhixing and Wenyuan Zhixing successfully listing on the Hong Kong Stock Exchange. Xiaopeng Motors is also set to launch Robotaxi models by 2026, showcasing advancements in autonomous driving technology [45][53][67] 4. Investment Recommendations - The report recommends focusing on companies benefiting from the ongoing trends in the internet and AI sectors, such as Alibaba, Pinduoduo, and Tencent in the internet space, and companies like Kingdee International and Beisen Holdings in the IT spending wave [8][67]