【兴证计算机】从阿里云栖大会看国内AI产业机会

Group 1 - The core viewpoint emphasizes a strategic increase in allocation to the computer industry, focusing on uncovering alpha opportunities driven by AI [1][2] - As of September 27, 2025, the quarterly performance of TMT sectors shows significant growth, with telecommunications, electronics, media, and computers increasing by 49.6%, 43.6%, 20.2%, and 14.8% respectively in Q3 2025 [1] - The highest growth since the lowest point in Q3 2024 for these sectors is 144.8% for telecommunications, 132.5% for electronics, 101.2% for media, and 114% for computers [1] Group 2 - Q3 earnings expectations are anticipated to be stable, with a focus on leading companies that demonstrate strong and sustainable growth [2] - The Alibaba Cloud Summit highlighted significant investments in AI infrastructure, with Alibaba planning to invest 380 billion yuan and JD.com committing to a 1 trillion yuan AI ecosystem over the next three years [2] - The domestic AI ecosystem is rapidly developing, driven by improvements in foundational model capabilities and domestic AI chip performance [2]