阿里云：AI 时代核心资产，周期拐点已至 20250830.docx AceCamp AI 2025-08-30 摘要 阿里云自 2024 年启动 AI 业务以来，成果加速兑现，初期高额投入有望 转化为未来市场份额和竞争力的优势，尽管国内推理需求尚未大规模爆 发，但已实现 26%的增速，潜力巨大。 阿里云在国内公有云市场占据领先地位，并在 AI 相关领域表现突出，通 义大模型在全球评测中名列前茅，调用量增长迅速，通过定义芯片降低 推理成本是未来趋势，将增强其竞争力和盈利能力。 全球 AI 发展正处于货币化加速和 TOKEN 调用量爆发阶段，模型侧和云 侧将优先受益，作为核心 AI 基础设施的阿里云，有望成为最大受益者， 中长期发展前景乐观。 通义大模型近期更新进展显著，提升了阿里的行业地位，为公司未来增 长提供保障，结合通义大模型，预计 SaaS 服务比重将提升，从而提高 盈利能力，坚定看好阿里的中长期发展前景。 阿里云二季度 EPR 率保持 26%的增长，与营收持平，随着投入转化为 营收以及通义大模型全球竞争力增强，中期来看 EPR 率有望提升，对阿 里云后续发展充满信心。 Q&A 从当前阶段来看，阿里自 ...

据悉，可信数据空间作为一种数据基础设施，不仅是数据共享共治、价值协作的产业生态，更是推进全国一体化数据市场建设，推动数据要素市场化和 价值化的重要抓手。 为加速推动公共数据价值释放与AI产业深度融合，今年4月，贵州省大数据发展管理局与华为云作为主要发起单位，联合相关企业启动"AI可信数据空 间"创新探索。 "可信数据空间作为数智时代的关键'基础设施'，从国家政策、行业需求、技术创新、应用实践等方面正迎来重大机遇。"华为董事、质量流程IT总裁陶景 文说，华为云将携手各界，为"Data+AI"全链路协同提供工程化支撑，提升AI数据集高质量供给，促进"Data+AI"全面融合发展，推动"人工智能+"行动赋 能千行百业，为数字中国高质量建设注入新动能。 来源：多彩贵州网 8月28日，"AI可信数据空间大会"在贵阳召开。大会由中国国际大数据产业博览会组委会指导、华为技术有限公司主办，以"数聚产业动能智启发展新 篇"为主题，汇聚政企校等多方代表，聚焦可信数据空间的发展趋势与未来机遇，深入探讨核心技术突破与千行百业的实践落地经验。 "贵州大数据集团基于可信数据空间已经构建起数据要素市场化全链条基础设施体系，打造1+7+2+ ...

Core Viewpoint - The company reported a year-on-year decline in total revenue of approximately 2.9% to about HKD 27.461 million for the first half of 2025, primarily due to decreased sales in the home products segment and the absence of contributions from the Metasens project [1] Group 1: Financial Performance - The company's revenue from the esports segment increased compared to the first half of 2024 [1] - The loss attributable to shareholders was approximately HKD 20.046 million, a decrease from HKD 26.039 million in the first half of 2024, mainly due to reduced R&D costs for Holosens [1] Group 2: Business Strategy and Focus - Since 2018, the company has transformed into a leading enterprise in online game publishing, cloud computing services, and esports [1] - The company's success is based on a steadfast commitment to innovation and development [1] - The company aims to create breakthrough products and service combinations by leveraging cutting-edge technology and deep understanding of consumer behavior [1] - The company will continue to develop Metasens, particularly the Holosens project, to realize its vision [1] - The company has accumulated valuable experience and business networks in the rapidly growing field, which is expected to remain a key driver of economic growth in the near future [1]

今日复盘+明日前瞻，精选更有价值的投资资讯！财联社重磅推出《财联社早知道》栏目，每个交易日 复盘今日热点，前瞻明日市场，更有主力资金动向分析，一文汇总你关心的所有信息，帮助每一位"股 侠"精神饱满征战A股！ ①超预期！阿里AI+云Capex投资高达386亿元，机构称阿里云周期拐点已至，这家公司的产 品已在BAT的云计算数据中心实现大规模应用，公司还与阿里合作开发了数据中心供电方案； ②全球最大海上风电机组完成吊装，机构称国内海上风电需求有望迎来快速增长，这家公司作 为风电行业整机龙头，占据全球海上风电市场9%的份额； ③这家公司的新型散热铜粉已成功 应用于部分GPU散热器件、AI算力服务器、基站、大型路由器、交换机等场景。 前言 ...

简评 CMR 维持两位数增长，即时零售取得阶段成果。本季度淘天集团、饿了么与飞猪完成战略整合，组建 阿里巴巴中国电商集团，中国电商集团本季度实现营收1400.72 亿元，同比增长9.71%，经调整EBITA 383.89 亿元，同比降低21.35%；其中CMR 收入892.52 亿元，同比增长10.07%，连续两个季度实现双位 数增长。 本季度末阿里加码即时零售投入，对主业利润的影响初步体现，但也快速取得阶段成果。8 月整体即时 零售月度活跃买家数达3亿，日订单峰值达1.2 亿单，周日均订单量达8000 万单，8 月前三周，即时零售 带动淘宝App 月度活跃买家同比增长25%。云智能集团，本季度营收333.98 亿元，同比增长25.80%，其 中AI 相关收入连续8 个季度三位数同比增长，本季度经调整EBITA29.54亿元，同比增长26.40%，对应 利润率8.84%，AI 需求的强劲增长带动对计算、存储等其他公共云服务的需求。AIDC 方面，本季度实 现营收347.41 亿元，同比增长18.60%，经调整EBITA-0.59亿元，亏损同环比大幅收窄，接近盈亏平 衡。其他（All Others）收入为585 ...

Investment Rating - The report suggests a positive outlook for the computing industry, indicating that the sector is significantly undervalued, particularly in computing services [1][16][31]. Core Insights - The computing service sector has seen hardware investments surge, with representative hardware stocks experiencing price increases of over 100%, and some even reaching 200-300% [1][11]. - Major companies like Microsoft, Meta, and Google have significantly increased their capital expenditures, indicating strong demand for computing infrastructure [12][13][14]. - Domestic semiconductor manufacturer SMIC is expanding its production capacity, contributing to a favorable outlook for the domestic computing supply chain [14][15]. - Alibaba is expected to correct its cloud service expectations, with its capital expenditures reaching a historical high and AI-related product revenues growing significantly [18][19][20]. Summary by Sections Computing Market Dynamics - The computing hardware market has seen substantial growth, with many stocks increasing by over 100% since June [1][11]. - The demand for computing services, including cloud services and data centers, remains strong, with growth rates for these services lagging behind hardware [16][31]. Major Players and Developments - CoreWeave has successfully validated the computing rental business model, demonstrating a shift from capital expenditures (Capex) to operational expenditures (Opex) among clients [24][26]. - Equinix is expanding its data center operations globally, showing improved operational efficiency and profitability [27][29]. - Oracle's cloud business is experiencing significant growth, with a projected increase in cloud infrastructure revenue [30]. Investment Opportunities - The report highlights several companies to watch in the core computing sector, computing rental, cloud services, and IDC providers, indicating potential investment opportunities [7][31][32].

Core Viewpoint - Alibaba reported its Q1 FY2026 earnings with revenue of 247.65 billion yuan, a 2% year-over-year increase, and a net profit of 42.38 billion yuan, a 76% increase year-over-year. However, non-GAAP net profit decreased by 18% to 33.51 billion yuan [1] Financial Performance - Revenue for Q1 FY2026 was 247.65 billion yuan, up 2% year-over-year [1] - Net profit reached 42.38 billion yuan, reflecting a 76% year-over-year increase [1] - Non-GAAP net profit was 33.51 billion yuan, down 18% year-over-year [1] Cloud Business - Alibaba Cloud's revenue growth accelerated to 26% year-over-year, driven by strong demand for AI products and services [9] - The company anticipates continued growth in cloud revenue due to increasing AI-related applications and demand [10] Instant Retail and Delivery Business - Alibaba has significantly invested in instant retail and delivery services, with a focus on the Taobao Flash Purchase business [2] - Daily peak orders for Taobao Flash Purchase reached 120 million, with a monthly active user base of 300 million, marking a 200% increase since April [3] - The integration of Taobao and Ele.me is expected to enhance resource efficiency and improve overall business performance [17] Operational Efficiency - The company aims to improve operational efficiency in its delivery services, with a focus on optimizing user and order structures [5] - The logistics costs are expected to decrease as order volumes stabilize, leading to better unit economics [6] Market Strategy - Alibaba plans to expand its instant retail offerings by integrating offline brand stores into the Taobao Flash Purchase platform, targeting a total of one million brand stores [8] - The company is also exploring additional services for users, such as in-store pickup and group buying [12] Investment Focus - Alibaba is committed to investing 380 billion yuan over three years in AI and consumer sectors, balancing short-term and long-term returns [12][18] - The company recognizes the strategic importance of both AI and consumer sectors, with ongoing investments in supply chain and user engagement [13][18]

北京金融资产交易所一份半年度报告，展现了华为在复杂全球市场中的生存智慧——营收稳步增长而净利润大幅下滑的背后，是一家中国科技企业对创新 研发的大投入。 "不去想困难，干就完了，一步一步往前走。"2025年6月，81岁的华为创始人任正非在接受人民日报专访时这样说道。这句朴素至极的话语，在两个月后 华为发布2025年上半年财报时得到了完美诠释。 8月29日，华为投资控股有限公司披露的半年度报告显示：上半年营收4270.39亿元，同比增长3.95%；但净利润为371.95亿元，同比下降32%。 然而，净利润同比下滑32.19%（归母净利润口径），却让不少投资者感到担忧。这种表面上的矛盾现象，实际上源于华为明确的战略选择：巨额研发投 入。 2025年上半年，华为研发费用高达969.50亿元，同比增长9.04%，占营收比重达22.7%。这意味着华为每收入100元，就有22.7元投入研发。 这一比例远超普通科技企业（通常为5%-15%），展现出华为对技术创新的坚定承诺。 业务板块的表现，多元化战略的成效 华为的业务架构已从最初的三大BG（运营商、企业、消费者），发展为涵盖多个领域的综合体系：ICT基础设施、云计算、终端业 ...

在新的财报周期中，阿里巴巴明确展现出了以高投入推动大消费和"AI+云"两大核心业务增长的决心。 高德、菜鸟、虎鲸文娱等业务在财报中被归类为其他业务，并未单独披露，这进一步凸显了上述两大核 心业务的重要地位。 阿里巴巴于8月29日发布了其2026财年第一季度财报，相较于往年通常在8月中旬公布的数据，此次财报 的发布时间稍显延迟。 财报显示，阿里在该季度的收入为2476.52亿元人民币，实现了2%的同比增长。然而，经调整EBITA同 比下降了14%，至388.44亿元。值得注意的是，该季度阿里的自由现金流为净流出约188亿元，与去年 同期的净流入约174亿元形成鲜明对比。阿里将这一变化归因于对云基础设施及淘宝闪购业务的高额投 入。 吴泳铭还透露，阿里在AI和云基础设施方面的资本支出在第一季度达到386亿元，过去四个季度累计投 入超过1000亿元。他重申了阿里三年投资3800亿元用于AI资本开支的计划，并表示将坚持这一投资力 度，但每个季度的具体投入可能会根据供应链情况有所波动。 财报发布后，阿里股价在美股市场收盘时上涨12.9%，收于135美元，总市值约为3218.5亿美元。 尽管电商和即时零售业务有所增长，财报 ...

行 业 研 究 通信 2025 年 08 月 31 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -31% 0% 31% 62% 94% 125% 156% 2024-09 2025-01 2025-05 通信 沪深300 相关研究报告 《阿里云营收增速创新高，阿里资本 开支高增长，国产 AI 链或迎基本面 拐点—行业点评报告》-2025.8.29 《NVIDIA 推出 Spectrum-XGS 以太 网，重视光互连产业机遇—行业点评 报告》-2025.8.24 《DeepSeek-V3.1 发布，重视国产算 力、液冷、光通信等 AI 全产业链— 行业周报》-2025.8.24 英伟达 Rubin 开启生产，阿里财报亮眼，重视国 产算力、液冷、光通信投资机会 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | ...