Core Insights - The Chinese public cloud IaaS market is experiencing a significant shift, with "intelligent computing" emerging as the main growth driver, surpassing traditional "general computing" [1][14] - The market size for public cloud IaaS in China is projected to exceed 100 billion yuan in the first half of 2025, with a year-on-year growth rate approaching 20%, marking a new high since the pandemic [1][2] Market Recovery - Intelligent computing has transitioned from a "new momentum" to the "main engine" of growth, contributing over 20% to the total computing market size of 72.84 billion yuan in the first half of 2025 [2] - AI-related workloads are expected to maintain rapid growth, with predictions indicating a complete overtaking of the general computing market by 2030 [2] Industry Models and AI Exploration - Industries such as internet, finance, manufacturing, healthcare, and government are shifting from general models to industry-specific models, creating a sustained demand for high-performance GPU computing and low-latency networks [2] - The rise of open-source large model technologies is lowering the barriers for AI application development, leading to a surge in AI practices among SMEs [2] Competitive Landscape - A "dual camp structure" is forming in the intelligent computing market, with internet cloud vendors like Alibaba Cloud and Volcano Engine leading the first camp, focusing on technology development and scenario implementation [3][4] - Alibaba Cloud holds a 26.4% market share in China's public cloud IaaS market as of the first half of 2025, reflecting a 0.8% increase [3] Operator Cloud Camp - The operator cloud camp, represented by Tianyi Cloud, Mobile Cloud, and Unicom Cloud, is supported by national policies and is experiencing high investment and growth [4] - Operators are focusing on "computing-network integration" while emphasizing commercial returns and sustainable growth [4] Demand Side Contributions - Key sectors driving demand for intelligent computing services include internet e-commerce, entertainment, AI model technology companies, autonomous driving, and financial services [5][6][7] - These sectors are characterized by data density, innovation, and ample capital, leading to increased investments in high-performance computing resources [7] Long-term Trends - The coexistence of general and intelligent computing is expected, with general computing still supporting most enterprise applications [8] - The rapid development of intelligent computing is causing a "siphoning effect" on social capital, with significant increases in investment in intelligent computing resources [9] - The integration of intelligent computing is enhancing the efficiency of general computing operations, leading to a new norm of "intelligent computing driving general computing upgrades" [10] International Expansion and Domestic Ecosystem - Major cloud vendors are viewing international expansion as a second growth curve, with significant potential in Southeast Asia, the Middle East, and Latin America [11] - The maturation of the domestic computing ecosystem is becoming a key competitive advantage for China's public cloud market [12][13] Conclusion - The rapid development of the intelligent computing market is reshaping the structure and logic of the cloud computing industry, with the next 3-5 years expected to see growth driven by domestic, intelligent, and international factors [14]