Group 1 - Alibaba's Q1 FY2026 financial report shows a record high Capex investment of 38.6 billion yuan in AI and cloud, with cloud revenue growth accelerating to 26%, marking a three-year high [3][5] - The cloud computing ETF, Huatai-PineBridge (159273), surged over 3% following Alibaba's performance, with net inflows exceeding 260 million yuan, marking 13 consecutive days of significant capital inflow [1][3] - The majority of the index component stocks for the cloud computing ETF saw gains, with Alibaba rising by 17% and other stocks like Runhe Software and Zhongji Xuchuang also performing well [3][4] Group 2 - Alibaba's e-commerce segment reported a revenue of 140.07 billion yuan, growing by 10%, driven by improved monetization rates and increased customer management revenue [5] - The instant retail segment, particularly Taobao Flash Sale, has shown rapid growth, achieving a peak of 120 million daily orders, significantly boosting the overall platform's daily active users [6] - The cloud and AI segment's revenue reached 33.4 billion yuan, exceeding expectations, with AI revenue now accounting for over 20% of external commercial income [6][7] Group 3 - The increase in Alibaba's capital expenditure is expected to benefit domestic computing power, as demand for local cloud services may rise due to geopolitical tensions and supply chain risks [7] - The cloud computing ETF is positioned to capture opportunities in AI-driven cloud computing, with a diverse index covering hardware, cloud services, and IT services [8]

财报显示，该季度集团AI+云业务表现强劲，阿里云收入增长继续加速至26%，创三年新高。在AI相关 收入连续8个季度三位数增长的带动下，该季度AI收入占外部商业化收入的比例已超过20%。 消息面上，在8月29日的阿里巴巴2026财年第一季度财报电话会上，阿里巴巴CEO吴泳铭表示，过去四 个季度，阿里已在AI基础设施以及AI产品研发上累计投入超过1000亿元。此外，阿里巴巴实现AI大模 型"N连发"，新启用8个数据中心，高德、钉钉等业务全面AI化。高强度投入为阿里抓住AI发展的历史 性战略机遇提供持续动力。 中信建投证券表示，目前阿里已实现AI投入增加带来AI收入增加的正循环，建议关注阿里产业链，包 括GPU、IDC、光模块、交换机等。 据报道，公司重申，将在未来三年持续投入3800亿元用于AI资本开支，虽单季投资额会因供应链因素 有所波动，但整体节奏不变。阿里透露，公司已为全球AI芯片供应及政策变化准备"后备方案"，通过与 不同合作伙伴合作，建立多元化的供应链储备，从而确保投资计划能够如期推进。 阿里概念1日盘中强势拉升，截至发稿，雅达股份涨超25%，旋极信息、利扬芯片20%涨停，全志科技 涨超15%创出历史新 ...

格隆汇9月1日｜A股市场算力概念股集体飙升，其中，旋极信息、利扬芯片20CM涨停，全志科技涨近 18%，数据港10CM涨停，亿田智能、云天励飞、汇纳科技涨超9%，合力泰、锐捷网络、中际旭创涨超 7%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300324 | 旋板信息 | 康 | 20.06 | 133亿 | 133.23 | | 688135 | 利扬芯片 | 1 | 20.00 | 57.98 Z | 42.30 | | 300458 | 全志科技 | 1 | 17.98 | 456亿 | 86.26 | | 601929 | 吉视传媒 | 1 | 10.11 | 175亿 | 167.91 | | 603881 | 数据港 | 亚 | 9.99 | 263亿 | 94.54 | | 300911 | 忆田智能 | 关 | 9.69 | 110亿 | 207.93 | | 688343 | 石大励长-1 2 | | 9.24 | 392亿 | 120.06 | | 300609 | 汇纳枝 ...

计算机 证券研究报告 行业专题报告 / 2025.09.01 投资评级:看好(维持) 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 相关报告 1. 《国产 AI，核心主线》 2025-08-24 2. 《再谈国产 AI 应用的未来》 2025- 08-17 3. 《7 月车市运行日益平稳，理想首发 VLA 大模型》 2025-08-12 AI 巨头业绩发布，提振全球产业信心 ❖ 阿里 CapEx 超预期，持续加码基础设施布局：阿里巴巴发布 2025 年二 季度财报。其中阿里云实现营收 333.98 亿元，同比增长 26%，再创新高。 阿里云增长势头主要由公共云业务收入增长所带动，其中包括 AI 相关产品采 用量的提升，AI 相关产品收入连续八个季度实现三位数的同比增长。本季度 阿里资本支出达 386 亿元，同比激增 220%，过去四个季度累计投入超 1000 亿元。基于"三年投入 3800 亿元"的战略规划，阿里云全力建设 AI 基础设 施，巩固其在企业智能化转型中的领导地位。 ❖ 投资建议：见正文。 ❖ 风险提示：地缘政治或供应链风险、模型商业化落地不及 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector in the ChiNext market, with significant gains in AI-related stocks and ETFs, particularly the ChiNext AI ETF (159363) reaching new highs [1][3] - The ChiNext AI ETF (159363) saw a price increase of over 5% on its opening day, with a rapid trading volume exceeding 200 million yuan, indicating strong market interest and capital inflow [1][3] - Alibaba's latest financial report shows high growth in capital expenditure and cloud business, with AI-related product revenue achieving triple-digit growth for eight consecutive quarters, reflecting a robust investment in AI infrastructure [3] Group 2 - Citic Securities reports that despite geopolitical disruptions affecting overseas computing chip supplies, Alibaba is committed to investing in AI infrastructure, signaling a steady progress in the self-sufficiency of domestic AI chips [3] - The outlook for the AI sector remains positive, with expectations of continued innovation and growth in the second half of 2025, driven by AI demand and capital expenditure from domestic cloud providers [3] - The ChiNext AI ETF (159363) has reached a new scale of over 4.4 billion yuan, with an average daily trading volume exceeding 500 million yuan in the past month, ranking first among six ETFs tracking the ChiNext AI index [3]

阿里未来三年 AI 投资 3800 亿，看好产业链机会 20250831 摘要 阿里巴巴持续加大 AI 基础设施投入，过去四个季度累计投入超千亿元人 民币，二季度资本开支达 387 亿元，是去年同期的 3.25 倍，并计划未 来三年投入 3,800 亿用于 AI 和云计算设施建设，预示着对算力需求的 强烈信心。 阿里正测试替代英伟达 240 芯片的自研 AI 芯片，该芯片比含光 800 功 能更强大，可服务于更广泛的 AI 推理任务，若成功将带来产业链机会， 包括自用及对外出租算力，加速国产替代进程。 二季度国内外算力产业链业绩超预期，尤其 PCB、光模块及 AI 服务器领 域表现出色，预计需求将持续增长，受益于英伟达 GB200/GB300 放量 及 ASIC 增长，国产替代需求与海外需求共振。 阿里巴巴二季度资本开支超预期，战略转向国产化路径，加大对国产算 力链的投入，AIDC 板块如奥飞润泽及数据港财务表现良好，下半年互 联网大厂加大资本开支将进一步提升其受益程度。 Q&A 阿里巴巴在 AI 领域的投资计划和相关产业链机会是什么？ 根据阿里巴巴发布的二季度报告，云计算业务表现强劲，收入达到 333 亿元 ...

Summary of Key Points from Conference Call Records Industry Overview - The Hong Kong internet sector is expected to enter a new round of growth, with the current S&P Shiller PE in the US exceeding levels seen in 2021, indicating potential inflows into Hong Kong tech stocks as fundamentals improve for companies like Kuaishou and Alibaba [2][20]. Company Insights Kuaishou - Kuaishou's recent investor day showcased improvements in key business metrics, including e-commerce GMV, gross margin, and advertising revenue, all trending upwards [3][7]. - The company declared a dividend of 2 billion and launched the One Rack recommendation system, with management confident that they have stabilized at a mid-term profit bottom of 20 billion [3][8]. - AI algorithms are expected to enhance advertising business performance, with anticipated continuous improvement over the next one to two years [4][6]. - Kuaishou's financial performance has shown recovery, with core indicators returning to an upward trend despite previous declines due to competition from video platforms [7][21]. - The company is recommended for investment due to its clear strategy and competitive performance [11][12]. Alibaba - Alibaba's recent performance exceeded expectations, with strong growth in both e-commerce and cloud services, supported by AI advancements in cloud and self-developed chips [5][13]. - The core e-commerce segment's CMR grew by 10% year-on-year, driven by technology service fees, while instant retail saw a 12% increase [14]. - Despite a decline in overall profit margins by over 10 percentage points due to investments in instant retail, international digital business revenue showed significant improvement [14][19]. - Alibaba's target market valuation is assessed to have significant upside potential, with estimates suggesting at least a 50% increase or even a doubling of current prices [13]. - The company faces intense competition in instant retail from Meituan, with losses expected to reach 300 billion in the third quarter, but the order volume is stabilizing [15][16][17]. AI Technology Impact - AI technology is positively impacting various internet companies, with Tencent's advertising business expected to grow by 15-20% and Kuaishou's advertising revenue also on the rise due to AI enhancements [6][20]. - The global cloud computing market is experiencing accelerated revenue growth, with demand expected to outstrip supply, particularly benefiting Alibaba's cloud services [20]. Future Outlook - The instant retail market is projected to exceed 3 trillion, capturing a significant share of the e-commerce market, necessitating proactive strategies from Alibaba to maintain market position [18]. - Kuaishou's product development focuses on model effectiveness and controllability, with plans for further enhancements to improve user experience and competitiveness [9][10]. - Overall, the outlook for AI-related companies, including Kuaishou and Tencent, remains strong, with recommendations for investment based on their growth trajectories [21].

AI&半导体周度电话会议：全球 AI 基建持续高速增长 20250831 摘要 英伟达 2025 财年第二季度营收 37.95 亿美元，同比增长 36%，符合 预期，但市场对其增速期望较高，股价回调。数据中心业务收入 1,411 亿美元，同比增长 56%，受益于大模型等需求。 英伟达预计 2025 财年第三季度营收 540 亿美元，同比增长 53.9%， 环比增长 15.5%。毛利率预计维持在 73.5%左右。若 H20 产品销售放 开，对中国大陆市场贡献可能在 20 至 50 亿美元之间。 全球 AI 基础设施建设支出预计到 2030 年将达 3 至 4 万亿美元，年增速 接近 50%。中国大陆市场需求预计每年 500 亿美金，增速与全球一致， 未来几年 AI 基建将持续高速成长。 阿里巴巴 2026 财年第一季度营收稳健增长 10%，净利润占比 76%。 云业务收入同比增长 26%，创三年新高，AI 相关产品收入连续 8 个季 度实现三位数增长。AI 投入预计达到 3,800 亿。 盛虹科技 2025 年上半年营收 90 亿元，同比增长 86%；净利润 20 亿 元，同比增长 366%。胜蓝电路上半年营收 ...

阿里巴巴上周五晚公布的2026财年第一财季财报显示，阿里云业务营收333.98亿元，同比增长26%，AI 相关收入继续保持三位数增长，外部商业化收入中AI贡献已超过20%，AI需求快速扩大，同时带动计 算、存储及其它公有云服务需求上升。2025年第二季度，阿里巴巴的资本开支为386亿元，同比增长 220%，环比上季增长57.1%，创下单季历史新高。值得注意的是，过去四个季度，阿里巴巴已在AI基础 设施及AI产品研发上累计投入超过1000亿元。 格隆汇9月1日｜A股市场算力概念股集体飙升，其中，旋极信息、利扬芯片20CM涨停，全志科技涨近 18%，数据港10CM涨停，亿田智能、云天励飞、汇纳科技涨超9%，合力泰（维权）、锐捷网络、中际 旭创涨超7%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300324 | 旋极信息 | 東 | 20.06 | 133亿 | 133.23 | | 688135 | 利扬芯片 | 4 | 20.00 | 57.98亿 | 42.30 | | 300458 | 全志 ...

此外，财报提到，即时零售快速取得阶段成果，赢得消费者心智，8月前三周带动淘宝app的月度活跃消 费者同比增长25%。该季度，集团即时零售业务收入为人民币147.84亿元（20.64亿美元），相较2024年 同期的131.96亿元增长12%，主要得益于2025年4月底推出的淘宝闪购带来的订单量增长。阿里巴巴集 团CEO吴泳铭说："面向未来，我们将围绕大消费和AI+云两大战略重心继续坚定投入，把握历史机 遇，实现长期增长。" 消息面上，8月29日，阿里巴巴发布2026财年第一季度财报，该季度实现营收2476.52亿元，剔除已出售 业务影响，整体收入同比增长10%；净利润为423.82亿元，同比增长76%。值得关注的是，本季度，阿 里对AI+云的资本开支投入达386亿元，同比增幅220%，环比上季增长57.1%，创下单季历史新高。阿 里云收入同比增长26%，为三年来的最高增速，AI相关产品收入连续八个季度实现同比三位数增长。公 司表示，虽然芯片供给政策时有变化，但是公司将时刻准备好应对方案。公司有信心继续落实在AI和 云的投入上达到三年3800亿人民币的计划。 阿里巴巴-W(09988)高开近15%，截至发稿，涨1 ...