Guolian Minsheng Securities·2026-01-28 00:24Investment Rating - The report maintains a "Hold" rating for the industry [5] Core Insights - The North American cloud computing leaders have initiated price increases, marking a significant turning point in the industry. The inflationary trend in the AI supply chain is expected to extend to cloud computing, with AWS breaking the long-standing tradition of decreasing prices [2][13] - The demand for AI is driving growth in cloud service revenues, with Amazon Web Services reporting a net sales figure of $33 billion for Q3 2025, a 20% year-on-year increase, the highest growth rate since 2022 [3][14] - The global cloud computing market is projected to reach $692.9 billion in 2024, with a year-on-year growth of 20.3%, and is expected to approach $2 trillion by 2030 [25][26] Summary by Sections Section 1: North American Cloud Computing Leaders Initiate Price Increases - The AI supply chain is experiencing inflation, with cloud computing expected to be the next area affected. AWS's recent price increase signifies a break from the historical trend of declining prices in cloud services [2][13] - The growth in AI demand is a key driver for the revenue increase among major cloud providers, with AWS leading the charge [3][14] Section 2: AI as a Key Driver for Cloud Computing Development - AI is becoming a crucial factor in the development of cloud computing, with infrastructure requirements evolving to support advanced AI applications. Companies like Alibaba Cloud are enhancing their services to meet these demands [10][31] - The domestic cloud computing market in China is also experiencing rapid growth, with a projected market size of 8.288 trillion yuan in 2024, reflecting a 34.4% increase from 2023 [31] Section 3: Investment Recommendations - The report suggests focusing on several companies in the cloud computing sector, including Alibaba, Kingsoft Cloud, and others, as well as companies in the CPU and database sectors [45]