国泰海通证券研究·2025-09-01 13:18Core Viewpoint - The article emphasizes the significant growth and investment in artificial intelligence (AI) in China, driven by government policies and leading companies in the sector [4][5]. Policy Support - On August 27, the State Council issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," aiming for over 70% penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [6]. - The policy outlines multiple measures to enhance AI foundational capabilities, including improving model capabilities, data supply innovation, and strengthening talent development [6]. Company Performance - Domestic computing leader Cambricon reported a staggering 4348% increase in revenue for the first half of 2025, reaching 2.881 billion yuan, and achieved a net profit margin of 36.02% [7]. - Alibaba's Q2 revenue grew by 10%, with cloud business growth reaching a three-year high of 26%, and AI-related revenue accounting for over 20% of total income [7]. - Alibaba announced an AI investment of 38.6 billion yuan for the quarter and reiterated plans to invest 380 billion yuan in AI infrastructure over the next three years [7]. Technological Advancements - The new generation of the Chinese operating system, Galaxy Kirin V11, was officially launched, featuring a new architecture that significantly enhances user experience, security, and ecosystem richness [8]. - Galaxy Kirin has achieved over 16 million deployments and is compatible with major domestic CPUs, GPUs, and boards, establishing a comprehensive domestic ecosystem [8].