Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights the increasing scarcity of AI cloud infrastructure, as evidenced by Amazon AWS's first price increase in 20 years for its EC2 machine learning capacity blocks, which rose by approximately 15% [4] - NVIDIA's investment of $2 billion in CoreWeave aims to enhance AI computing capacity, further validating the high demand for AI cloud infrastructure [5] - Alibaba's launch of the Qwen3-Max-Thinking model, with over 1 trillion parameters and 36 trillion tokens of pre-training data, positions it as one of the strongest domestic AI models, likely driving demand for AI cloud infrastructure [6] Summary by Sections AI Public Cloud - Beneficiaries include Alibaba, Tencent, and Baidu [7] AIDC Data Centers - Recommended stocks: Dawi Technology, New Idea Network Group, Aofei Data, Guanghuan New Network, Runze Technology - Beneficiaries include Century Interconnect, Global Data, Wangsu Science and Technology, Dongyangguang, Dataport, and Kehua Data [7] Computing Power Leasing - Beneficiaries include Hongjing Technology, Xiechuang Data, Capital Online, Runjian Shares, Yunsai Zhili, Zhiwei Intelligent, and Hangjin Technology [7] AIDC Liquid Cooling & Power Supply - Recommended stock: Yingweike - Beneficiaries include Shenling Environment, Yinlun Shares, Tongfei Shares, Gaolan Shares, Zhongheng Electric, Kehua Data, Kete Power, and Weichai Heavy Industry [7]