云栖大会上，吴泳铭预测，未来五年全球AI累计投入金额将超过4万亿美元，"这是人类历史上最大的算 力和研发投入"。对比2022年生成式AI元年，2032年阿里云全球数据中心的能耗规模将提升10倍。 吴泳铭说，阿里云是少数能做到软硬件垂直整合的AI云计算平台。在硬件和网络层面，阿里云自研核 心存储系统、网络架构、计算芯片等；阿里云同时拥有业内领先的通义模型，从而实现基础设施架构设 计与模型架构设计的协同创新。 云栖大会上，阿里云智能集团首席技术官周靖人发布了7款通义大模型，以及全新升级的阿里云多款AI Infra产品和服务。 "行业对AI基础设施的需求远超我们的预期。"9月24日的2025云栖大会上，阿里巴巴集团董事兼首席执 行官吴泳铭透露，阿里正在推进3800亿元的AI基础设施建设，并计划追加更大的投入。 受此消息影响，截至9月24日港股收盘，阿里巴巴（09988.HK）股价大涨9.16%，报174.0港元/股，创下 近四年来新高。 此前2月，吴泳铭曾宣布，阿里将在未来三年投入超过3800亿元，用于建设云和AI硬件基础设施，投资 总额超过去十年的总和。 AI基建（AI Infra）之于AI，如同电⽹之于电⼒。云 ...

Investment Rating - The investment rating for Alibaba-SW (09988.HK) is maintained as "Buy" [6][12]. Core Views - Alibaba is actively advancing its AI infrastructure and plans to increase investments, which is expected to drive accelerated growth in its cloud business. The company is also increasing short-term investments in flash sales, with significant user traffic growth and contributions from e-commerce technology service fees. The adjusted net profit forecasts for FY2026-2028 are 140.5 billion, 162.9 billion, and 189.8 billion RMB, corresponding to year-on-year growth rates of -11.2%, +16.0%, and +16.5% respectively. The diluted EPS is projected to be 7.6, 9.1, and 10.9 RMB, with current stock prices corresponding to PE ratios of 19.1, 16.1, and 13.4 times [6][8]. Summary by Sections Company Overview - Alibaba is focusing on building AI infrastructure, with a planned investment of 380 billion RMB. The demand for AI infrastructure is exceeding expectations, and the company aims to enhance its global data center's energy consumption scale by ten times by 2032 [7]. Financial Performance - The financial summary indicates that for FY2024A, the operating revenue was 941.168 billion RMB, with a year-on-year growth of 8.3%. The non-GAAP net profit for FY2024A was 157.479 billion RMB, reflecting a year-on-year increase of 11.4%. The gross margin is projected to improve from 37.7% in FY2024A to 42.0% in FY2028E [8]. Future Outlook - The company is expected to see continued acceleration in cloud business growth due to increased investments in AI and cloud computing infrastructure. The short-term focus on flash sales is anticipated to drive growth in main site traffic, leveraging advantages from high-end users, merchants, and fulfillment systems [8].

美国时间9月22日，北京时间9月23日凌晨，英伟达和OpenAI突然宣布战略合作伙伴和重大投资。 英伟达与OpenAI结成战略合作伙伴关系，并向OpenAI投资至多1000亿美元，用以支持后者的AI数据中心计划。 根据双方公布的具体信息，OpenAI计划建设并部署需要10吉瓦的英伟达系统。 （APPSO注释："吉瓦"是功率单位，符号为GW，1吉瓦=10亿瓦特=1 000兆瓦=100万千瓦。它主要用于描述大型发电设施或电网的功率。） 在CNBC的采访中，黄仁勋表示：10吉瓦大约等于400万到500万个GPU，这个数量与英伟达今年的总出货量相当，是去年出货量的两倍。 当黄仁勋与OpenAI CEO Sam Altman及公司总裁Greg Brockman一同出席采访时，三人都忍不住感叹："这是一个庞大的项目。" 这项合作将分阶段实施。 第一阶段数据中心的能耗为1吉瓦，将于2026年下半年部署。英伟达首笔100亿美元投资也将在首个1吉瓦系统完成时投入，投资将以当时的估值为准。 后续资金则会随着GPU部署使用量的提升逐渐向OpenAI支付，确保投资与实际建设进度同步。 据悉，这些数据中心将采用英伟达最新的Vera R ...

大型科技股涨跌互现 从热门科技股来看，苹果股价上涨4.31%。韦德布什证券对苹果给出乐观展望，鉴于iPhone17系列的强劲需求，将其目标股价上调至310美元。该公司表 示，与iPhone16系列相比，iPhone17系列需求增长了10%到15%，预计新款机型产量将增加20%。 OpenAI官宣与英伟达签署意向书，建立具有里程碑意义的战略合作伙伴关系，为OpenAI的下一代AI基础架构部署至少10GW的NVIDIA系统，用于训练和 运行其下一代模型，从而实现超级智能的部署。为了支持包括数据中心和电力容量在内的部署，英伟达计划在新NVIDIA系统部署期间向OpenAI投资高达 1000亿美元。双方表示，此次合作致力于构建世界上最先进的AI基础设施。英伟达股价大涨3.9%，盘中异动拉升，刷新历史新高，最新市值逼近4.5万亿 美元。 特斯拉股价上涨1.91%，盘中一度涨超4%。消息面上，美国总统特朗普与特斯拉CEO马斯克关系或出现"修复"，两人共同出席了悼念查理·柯克的活动， 其间进行了简短交流并握手。此外，特斯拉已获准在亚利桑那州开始进行配备安全监控器的自动驾驶汽车测试，这是特斯拉寻求将其Robotaxi（自动驾 ...

Core Viewpoint - The company, Wangsu Technology, held an earnings presentation on September 19, 2025, discussing its business development, strategic layout, and market management with investors. The company reported a revenue of 2.35 billion yuan for the first half of 2025, a 2.19% year-on-year increase, and a net profit of 372.51 million yuan, up 25.33% year-on-year [1][2]. Group 1: Business Performance - In the first half of 2025, Wangsu Technology achieved a revenue of 235,056.97 thousand yuan, with security and value-added services contributing 64,671.22 thousand yuan, accounting for 27% of total revenue [1]. - The company reported a net profit attributable to shareholders of 37,250.57 thousand yuan, reflecting a year-on-year growth of 25.33% [1]. Group 2: Strategic Focus - The company is adjusting its business strategy to focus on core areas such as CDN (Content Delivery Network) and edge computing, while continuing to enhance operational efficiency [1][2]. - Wangsu Technology is committed to long-term sustainable growth through continuous innovation and strengthening core competitiveness [2]. Group 3: Investor Relations and Communication - The company aims to enhance communication with investors through various channels, including earnings presentations, strategy meetings, and investor surveys [2]. - As of September 10, 2025, the total number of shareholders was 176,822 [2]. Group 4: Market Expansion and Investments - Wangsu Technology is actively expanding its overseas market presence, particularly in Southeast Asia, and has established a subsidiary in Dubai [2]. - The company is focusing on strategic investments and mergers to align with its strategic direction and enhance its technology and product offerings [2][3]. Group 5: Technology and Product Development - The company is promoting its security services, which include WAAP (Web Application and API Protection) and SASE (Secure Access Service Edge) solutions, targeting various industries [3]. - Wangsu Technology holds a 29.43% stake in Green Cloud Map and is flexible in adjusting human resources based on business needs [3].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 235,056.97 million yuan, a year-on-year increase of 2.19% [2] - The net profit attributable to shareholders reached 37,250.57 million yuan, reflecting a year-on-year growth of 25.33% [3] - Revenue from security and value-added services accounted for 64,671.22 million yuan, representing 27% of total operating revenue [7] Group 2: Strategic Focus and Business Development - The company is focusing on core businesses, specifically CDN and edge computing, while promoting refined operations [2] - There are plans for strategic investments and mergers to enhance technology and product offerings [3] - The company is actively expanding its overseas market presence, particularly in Southeast Asia, in line with the Belt and Road Initiative [4] Group 3: Investor Relations and Communication - The company is committed to enhancing communication with investors through various channels, including performance briefings and investor surveys [3] - As of September 10, 2025, the total number of shareholders is 176,822 [3] - The company has no current plans for stock repurchase but will disclose any significant matters promptly [3] Group 4: Market and Competitive Landscape - The company is monitoring the growth of internet traffic in Southeast Asia, driven by increasing internet users and digital economy development [4] - The security business is marketed alongside CDN services, providing comprehensive security solutions [5] - The company is aware of the competitive landscape in the international market for its security services [5] Group 5: Challenges and Future Outlook - The company is focused on high-quality development and addressing potential risks as outlined in its annual report [6] - There is an emphasis on leveraging AI and technology advancements to capture industry opportunities [6] - The company is evaluating the impact of macroeconomic factors on its stock price and is committed to effective market management [6]

图源：观察者网 他还公布了以昇腾950芯片为基础的新型超节点，将成为全球最强超节点，甚至比英伟达将在2027年推 出的NVL576系统更强。 （文/观察者网 吕栋 编辑/张广凯） 9月18日，在华为全连接大会2025上，华为轮值董事长徐直军宣布了多颗昇腾系列芯片和演进路线，包 括昇腾950系列、昇腾960系列和昇腾970系列。 图源：观察者网 他提到，华为自研了低成本HBM，将以一年一次算力翻倍的进度推进，支持FP8等更多精度格式，更大 的互联带宽。 徐直军表示，有了昇腾芯片为基础，就能满足客户的算力需求，超节点将成为AI基础设施建设的新常 态。 不仅如此，以昇腾960为基础的超节点，也将在2027年四季度上市，持续提供充沛算力。 徐直军还提到，华为还将更新通用计算鲲鹏处理器，包括鲲鹏950系列和鲲鹏960系列，以及以这些芯片 为基础的超节点。 图源：观察者网 他还宣布了面向超节点的互联协议"灵衢"，把更多计算资源连接在一起，以昇腾950为基础可以组成超 50万卡集群，以昇腾960为基础甚至可以组成超过99万卡的集群。 图源：观察者网 徐直军提到的这些芯片和技术，将在2026-2027年相继上市。 "我们单颗 ...

Core Viewpoint - Oracle's stock surged 40% following the announcement of its Q1 FY2026 earnings, driven by a 359% year-over-year increase in remaining performance obligations (RPO) in its cloud infrastructure business, reaching $455 billion, with nearly 60% attributed to a $300 billion order from OpenAI over five years [1] Group 1: Cloud Infrastructure and AI Demand - Oracle predicts a 77% year-over-year growth in cloud infrastructure revenue for 2026, reaching $18 billion, with subsequent years projected to grow to $32 billion, $73 billion, $114 billion, and $144 billion [2] - The demand structure for computing power is shifting from training to inference, indicating a transition of AI from model development to large-scale industrial applications [1][2] - The average daily token consumption in China has surpassed 30 trillion, reflecting a rapid growth in AI application scale, with a 300-fold increase over 1.5 years [3] Group 2: AI Infrastructure Market Dynamics - The AI infrastructure market is becoming increasingly competitive, with major cloud providers vying for dominance in AI infrastructure, which is essential for transforming AI models from concepts to productivity [3][4] - The Chinese AI cloud market is expected to reach $22.3 billion in the first half of 2025, with an anticipated growth of 148% for the entire year, reaching $193 billion by 2030 [3] Group 3: Investment Trends and Capital Expenditure - The combined capital expenditure of major Chinese tech firms (BAT) reached approximately $61.58 billion in Q2, a 168% increase year-over-year, focusing on AI infrastructure and core technology development [4] - Alibaba Cloud plans to invest $38 billion over the next three years in cloud and AI hardware infrastructure, with a record capital expenditure of $38.6 billion in the latest quarter [4] Group 4: Challenges in AI Infrastructure Development - The AI infrastructure sector faces challenges due to a fragmented ecosystem of computing chips in China, complicating the construction and operation of large-scale computing clusters [5] - The Ministry of Industry and Information Technology emphasizes the need to accelerate breakthroughs in key technologies like GPU chips and to enhance the supply of foundational technologies [5]

Core Viewpoint - Morgan Stanley believes that the positive fundamentals of the optical module sector have been widely recognized and fully reflected in stock prices, suggesting that investors should consider taking profits during high market sentiment [3][5]. Valuation Analysis - Morgan Stanley's cautious stance is primarily based on valuation considerations, indicating that the valuations of New Ease and Tianfu Communication have exceeded the historical +1 standard deviation level, implying that the positive fundamentals have at least been partially digested [5]. - Since the beginning of 2025, the forward P/E ratio of Zhongji Xuchuang has risen from 14 times to 24 times, while New Ease has increased from 8 times to 20 times [5]. Investment Recommendations for Key Players - New Ease: Downgraded to a "Reduce" rating with a target price of 255 CNY, as the market consensus views it as the second-largest global player with the best profit margin, limiting further upside potential [8]. - Zhongji Xuchuang: Maintained an "Overweight" rating with a target price of 435 CNY, expected to achieve significant growth as a pioneer of the 1.6T new product in 2026 [8]. - Tianfu Communication: Downgraded to a "Reduce" rating with an increased target price of 142 CNY, as its profit growth potential is already reflected in the current stock price [10]. Future Catalysts - The rapid rollout of the 1.6T product is seen as a potential catalyst for the second half of 2025 and 2026, with expectations of increased shipments following the restart of high-end GPU deliveries [12]. - LightCounting data indicates that 800G will begin mass production in 2024, while 1.6T is expected to start commercial production in 2025-2026, with some companies having completed the verification phase for 1.6T products [12].

Group 1 - The China Securities Regulatory Commission (CSRC) has requested that Lianqi Technology (688008.SH) provide additional information regarding potential technology cross-border transfers as part of its listing application submitted to the Hong Kong Stock Exchange on July 11, 2025 [1][2] - Lianqi Technology is recognized as a global leader in the fabless integrated circuit design sector, focusing on innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [2] - According to Frost & Sullivan, Lianqi Technology has become the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024 based on revenue [2] Group 2 - The CSRC has specifically asked Lianqi Technology to clarify the status and compliance of its technology export business over the past three years, particularly concerning its subsidiaries that engage in technology export activities [2]