乘着与AI深度融合的新一轮技术升级东风，中国云计算厂商正掀起一股前所未有的出海浪潮。9月3 日，民生证券发布研报指出，国内互联网大厂纷纷发布云出海战略规划，开启新一轮海外市场布局。 在云厂商自身AI业务出海、赋能中企出海、新兴市场AI应用加速等多重机遇下，海外市场正打开中国 云计算新的市场空间。BAT、联想集团等科技巨头，凭借在AI与云深度融合方面的技术积累，以及系统 性的本地化布局，正全力抢占这一难得机遇，实现企业成长能力与价值的加速提升。 二是2024年5月29日，联想集团与沙特阿拉伯公共投资基金（PIF）旗下的Alat埃耐特公司达成战略合 作，布局中东市场。 三是今年1月16日，联想集团官方宣布其附属公司将收购以色列全球高端企业存储解决方案提供商 Infinidat。公开信息显示，Infinidat旗下的原生主、二级存储平台Infini Verse，主要致力于支持跨本地和 混合多云环境的现代工作负载。Infinidat至今已融资3.5亿美元，上一次估值超过10亿美元，这无疑将是 联想集团又一次大手笔收购案例。 三大机遇引中国云企出海潮 阿里与腾讯，是当前云出海浪潮中，互联网大厂的两大代表。 腾讯集团高级 ...

Investment Rating - The report maintains a positive investment outlook for the cloud computing sector, particularly focusing on major internet companies' international expansion strategies [7]. Core Insights - The year 2025 marks the beginning of a new phase for major internet companies as they embark on cloud internationalization, supported by significant debt financing initiatives [1][10]. - Major players like Alibaba Cloud, Tencent Cloud, and ByteDance's Volcano Engine are actively enhancing their global cloud infrastructure to support Chinese enterprises' overseas expansion [17][23][50]. - The dual drivers of domestic AI internationalization and local AI demand abroad are propelling the cloud expansion efforts of these internet giants [2][3]. Summary by Sections 1. Internet Giants' Internationalization - Major internet companies are launching new rounds of debt financing aimed at cloud internationalization, with Alibaba planning to invest over 380 billion RMB in cloud and AI infrastructure over the next three years [1][11]. - Tencent Cloud has embraced internationalization, achieving high double-digit growth in international business over the past three years, with a doubling of overseas customer numbers [12][13]. 2. Domestic AI Internationalization and Local AI Demand - The demand for AI applications from both domestic companies and local markets abroad is driving the cloud internationalization process [2][3]. - Tencent, Alibaba, and ByteDance are leveraging their AI capabilities to support various sectors, including e-commerce and gaming, in their international endeavors [2][35][50]. 3. Investment Recommendations - The report suggests focusing on key players in the cloud platform sector, including Alibaba, Tencent, and Baidu, as well as companies involved in computing power leasing and optical communication [3][7]. - Specific companies recommended for investment include Hongjing Technology, Xiechuang Data, and various optical communication firms [3].

Group 1 - AWS Japan's revenue reached approximately $4 billion last year, matching that of the China region, but with only half the workforce [1] - AWS is shifting its focus from Greater China to Japan, which is seen as a key area due to its high efficiency and stable international relations [2] - AWS's global operations strategy allows sales teams to manage both domestic and overseas clients without separation, contrasting with some domestic cloud providers [3] Group 2 - Some cloud agents are transitioning to Alibaba Cloud International due to intense competition in the domestic market, benefiting from fewer restrictions on client classifications [4] - Volcano Engine's ecosystem revenue reached several hundred million last year, driven by attractive commission policies and subsidies for channel partners [5] - The Hong Kong cloud computing market is highly competitive, with Volcano Engine gaining traction against Microsoft Cloud [6] Group 3 - Universe Cloud aims for significant growth in its overseas business, with a revenue target of several billion this year and a nearly doubled team size [7] - T Cloud aims for profitability across all teams by 2025, having achieved breakeven last year [8] - T Cloud has shifted its recruitment strategy from hiring management to acquiring sales personnel with existing client resources [10] Group 4 - Mobile clients are generally not considered high-quality customers for cloud providers due to their tendency to drive down prices [11] - Degu Technology is looking to acquire Haowei Technology, Alibaba Cloud's largest outsourcing company, which could impact future collaborations [12][13] - Shumeng Technology recently faced cash flow issues, leading to delayed salary payments, but has since resolved these issues [14]