美股开盘三大股指涨跌不一，道指跌0.15%，标普500指数跌0.11%，纳指涨0.02%。受比特币行情提 振，加密货币概念股上涨，Strategy涨近3%。热门中概股普涨，金山云涨近9%，公司全面接入Kimi-K2 模型；蔚来汽车涨近5%，理想汽车涨约2.5%。 ...

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]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7]. Core Views - The company is expected to report a revenue growth of 2% year-on-year for Q1 FY26, with an adjusted EBITA margin of 16%. The revenue growth is primarily impacted by the divestiture of certain retail operations [4][6]. - The company is increasing its investment in instant retail, which is expected to pressure profits in the short term but may enhance user engagement and purchase frequency in the long term [5][23]. - Revenue forecasts for FY2026 to FY2028 have been slightly adjusted upwards, while net profit forecasts have been adjusted downwards due to increased investment in flash sales [5][23]. Summary by Sections Financial Performance - For Q1 FY26, the company is projected to achieve a revenue of CNY 247.8 billion, reflecting a 2% year-on-year increase. The revenue growth rates for various segments are as follows: Taobao +9%, International Digital Commerce +19%, Cloud Intelligence +22%, Local Services +10%, Cainiao -5%, and Digital Entertainment +5% [4][6]. - The adjusted EBITA for Q1 FY26 is expected to be CNY 39.2 billion, with a year-on-year decline of 13% [6]. Segment Analysis - **Taobao Group**: Projected GMV growth of 6% year-on-year for Q1 FY26, with a CMR increase of 11% driven by site-wide promotions and a 0.6% contribution from service fees. The EBITA for Taobao and Local Services combined is expected to decline by 16% to CNY 40.8 billion due to increased promotional spending [11]. - **Cloud Intelligence**: Anticipated revenue growth of 22% year-on-year for Q1 FY26, driven by rising AI demand. The company continues to advance its AI initiatives, including the launch of the Qwen3 model [15][16]. - **AIDC**: Expected revenue growth of 19% year-on-year, with a slight decline in adjusted EBITA margin due to strategic decisions to enhance profitability [22]. Financial Projections - Revenue forecasts for FY2026, FY2027, and FY2028 are adjusted to CNY 1,062.3 billion, CNY 1,149.0 billion, and CNY 1,217.4 billion respectively, reflecting increases of 1.0%, 2.2%, and 0.8% [5][23]. - Adjusted net profit forecasts for the same period are revised to CNY 138.8 billion, CNY 171.8 billion, and CNY 195.4 billion, with adjustments of -16.8%, -5.7%, and -2.9% respectively [5][23].

来源：东方网 7月11日，以"引领智能升级，共建美好无锡"为主题的华为云城市峰会2025在无锡成功举办。此次峰会 聚焦AI应用、大模型及具身智能技术等核心话题，无锡市联合华为云打造的人工智能创新中心正式启 动，创新中心打造集技术研发、产业赋能、生态培育为一体的服务平台，推动人工智能科技创新与产业 深度融合。 会上，华为云副总裁黄瑾以"云上创新，加速行业智能跃迁"为题发表主题演讲。他指出，AI已经成为对 各行业影响最大的通用技术，华为云通过构建安全、稳定、高质量、持续创新的云服务，支持百模千 态，加速重塑千行万业。 华为云通过盘古大模型使能伙伴，赋能客户打造领先的行业大模型 "AI大模型赋能行业的关键在于结合企业的关键场景为企业创造价值。"黄瑾认为，中国在工业领域具备 领先优势，制造业总体规模连续14年全球第一、220+个工业类别规模全球第一，以及每年近1200万大 学毕业生的人才储备，可以发挥"应用场景优势+软件人才优势"，加速在工业领域的创新和智能化升 级。 黄瑾强调，"华为云要做的，就是聚焦"基础模型+工具链+行业场景"三位一体，为政务、金融、制造、 医疗、能源等30余个行业提供"开箱即用"的大模型能力； ...

与此同时，杭州文化元素在中国馆随处可见，数字化动态长卷《耕织图》，以科技手段激活了这部 中国古代"农业百科全书"的生命力，这部典籍的诞生地正是杭州临安於潜镇。在中国馆的文明长卷中， 良渚文化与殷墟、三星堆共同构建起的立体图景，生动展现了中华文明独树一帜的传统生态智慧。 不仅可以欣赏感悟，还可以亲身体验。榫卯积木拼搭、手艺花灯制作、传统木刻拓印、纸伞制作技 艺等具有杭州历史文化特色的手工技艺表演，让世博会观众现场感受杭州宋韵文化的独特魅力。浙江艾 浙里中医药科技有限公司为世博会"杭州日"专门打造了一款极具传统中药文化的"艾"心健康礼物。西泠 印社携多件展品亮相，展品包括社藏文物文彭刻"琴罢倚松玩鹤"、陈鸿寿刻"浓花淡柳钱唐"钤拓写真镜 框，"勇立潮头"封泥镜框，孤山社址胜迹印拓扇面，《西泠四家印谱附存四家》印谱，"西湖十景"印拓 手卷等。 7月13日，2025年日本大阪世博会中国馆"杭州日"开幕式在滨水梦洲世博园举行。 本次"杭州日"主题为"杭州AI，让世界更精彩"。中国馆内，阿里云围绕致力于打造一朵"AI时代最 开放的云"进行了产品路演；阿里达摩院在现场展示了"一扫多查"医疗AI技术，突破性地通过单次平扫 C ...

7月13日，2025年日本大阪世博会中国馆"杭州日"开幕式在大阪世博园举行。活动以"杭州AI，让世 界更精彩"为主题，通过一场可观、可感、可体验的杭州城市形象推广主题展，向世界展现了杭州蓬勃 的科技创新活力和深厚的历史文化底蕴。 今年以来，杭州科技新锐在国际出圈。作为正聚力打造人工智能创新高地的城市，杭州把AI"先进 大脑"和前沿技术产品带到了世博会。机器人、脑机接口产品、AI医疗等创新成果集中亮相，不仅刷新 了观众认知，更在寻找全球合作机遇。 入馆视频中根植西湖文化的国产3A大作《黑神话：悟空》、数字化动态长卷《耕织图》以及文明 长卷中的良渚文化，中国馆里的杭州文化印记，令人称叹。此外，西泠印社展出了多件珍贵文物以及文 创产品。浙江艾浙里中医药科技有限公司为世博会"杭州日"专门打造了一款融合传统中药文化的"艾"心 健康礼物。 通过世博会，杭州向世界递上了一张创新开放的名片。据悉，日本岐阜、福井、滨松、松江、向 日、上尾、狭山等友城的政商代表以及众多在日侨胞专程出席"杭州日"开幕式。杭州市与向日市共同举 行了缔结友好交流关系40周年的纪念活动，不仅深化了两城情谊，而且印证了"杭州日"作为连接中日、 沟通世界的 ...

云服务韧性取决于什么？ 让稳定的云成为 业务持续增长的基础 让稳定的云成为业务持续增长的基础 引言 数字化基础设施是数字化运营的基础，无论是什么样的基础设施（本地数据中心、私有云、 公有云等），如果出现了服务异常、服务中断的问题，可能会导致系统和软件无法正常运 行，进而导致使用这些系统的业务中断，并带来进一步的经济损失、商誉损失、用户损失。 如果涉及到关键的公共服务，还可能会造成社会事件或者其他损失。仅从经济损失的角度 而言，根据Frost & Sullivan在2024年展开的一项调研1，数字化基础设施服务每中断1分钟， 不同行业和规模的企业遭受的经济损失约是几千元至几万元，至高可能达到十万元以上 （如金融、电商等行业）。因此，数字化基础设施能够提供什么水平的服务韧性，是业务 数字化时最应该关注的要点。 那么，如何保障数字化基础设施的韧性呢？Frost & Sullivan通过调研和研究中发现，基础设 施架构设计与部署的完整性、相关资源的配置和冗余对基础设施韧性至关重要。 为了进一步探索和证实基础设施架构的设计部署、相关资源配置如何影响服务韧性，Frost & Sullivan展开了一次系统性的研究，分析主 ...

阿里、美团、京东：业绩基本面解读&竞争近况更新 20250611 摘要 阿里巴巴 2025 年第二季度客户管理收入（CMR）预计同比增长 10%- 11%至 710 亿元，全年有望实现高个位数增长。淘天集团 EBIT 略低于 一季度，经调整 EBITDA 与去年同期持平，主要受 take rate 调整和新 业务投入影响。 阿里巴巴外卖业务二季度单量预计超 8,000 万，单均亏损约 4 元，总亏 损增量 80-100 亿元。三季度为竞争高峰，补贴可能翻倍至 160-200 亿 元，四季度预计维持 100 亿元左右，剩余部分延续至 2026 年常态化补 贴。 阿里巴巴预计全年 GMV 增速与市场一致，为低到中个位数增长；CMR 同比小幅上涨，高个位数增长；经调整 EBITDA 与去年持平或略增。外 卖业务通过策略性补贴保持市场份额，有望逐步实现盈亏平衡或小幅盈 利。 阿里巴巴 2025 年第二季度云业务收入预计约 320 亿元，同比增长 20%，主要受益于 AI 发展和春节假期延后确认收入。利润率预计保持稳 定，但未来一两年内利润率可能维持在高个位数，受国内大模型竞争影 响。 Q&A 618 大促期间阿里的表 ...

Core Viewpoint - The article emphasizes the growing importance of Alibaba Cloud as a key highlight for Alibaba Group, especially in light of declining performance in its e-commerce segment, particularly Taobao [4][5]. Group 1: Alibaba's Current Challenges - Taobao's contribution to a service company’s revenue has decreased from over 85% four years ago to 50% currently, indicating a loss of market share to competitors like Douyin, Pinduoduo, and Xiaohongshu [4]. - Consumer dissatisfaction with Taobao's return policies and shipping fees has led to a decline in user engagement, with some families completely uninstalling the app [4]. Group 2: Alibaba Cloud's Potential - Alibaba Cloud is recognized as the only bright spot for Alibaba, attracting attention from capital markets due to its significant scale and capabilities [5]. - Alibaba Cloud ranks as the fourth largest globally and the largest in China, benefiting from economies of scale that allow it to offer competitive pricing for services like GPU leasing [6]. Group 3: AI and Cloud Adoption - The rise of AI is expected to drive a second wave of cloud adoption among enterprise customers, as many companies will seek cost-effective cloud computing solutions due to the increasing complexity of AI infrastructure [7]. - The low cloud adoption rate in China is attributed to concerns over data security and the affordability of traditional servers, but the demand for AI capabilities is likely to push more companies towards cloud solutions [6][7]. Group 4: Future Trends in AI and Cloud - The article suggests a shift towards open-source models combined with public cloud architectures, as companies become more cautious about using closed-source APIs, particularly in sensitive sectors like biotechnology [8]. - Major tech companies, including Google, are at a crossroads regarding their reliance on either open-source models or cloud services for revenue generation, indicating a broader industry trend [9]. Group 5: Alibaba Cloud's Strategy - Alibaba Cloud's internal structure promotes a straightforward approach to business development, allowing for efficient expansion while maintaining a balance between openness and conservatism compared to competitors like Tencent Cloud and Volcano [10]. - Confidence in Alibaba Cloud's future prospects remains strong, suggesting a belief in its ability to navigate the evolving market landscape [11].

证券代码：300950 证券简称：德固特 公告编号：2025-046 青岛德固特节能装备股份有限公司 关于披露发行股份及支付现金购买资产预案的一般风险提示暨公司 股票复牌的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ? 证券停复牌情况：适用 因筹划发行股份及支付现金购买资产，本公司的相关证券停复牌情况如下： 停牌起 停牌期 停牌终止 证券代码 证券简称 停复牌类型 复牌日 始日 间 日 一、公司股票停牌情况 青岛德固特节能装备股份有限公司（以下简称"公司"）正在筹划通过发行 股份及支付现金的方式购买浩鲸云计算科技股份有限公司100%股份并募集配套 资金（以下简称"本次交易"）。经初步测算，本次交易预计构成《上市公司重 大资产重组管理办法》规定的重大资产重组，不会导致公司实际控制人发生变更， 不构成重组上市，构成关联交易。 为了维护投资者利益，避免对公司股价造成重大影响，根据深圳证券交易所 的相关规定，经公司申请，公司股票（简称：德固特，股票代码：300950）自2025 年6月30日开市起停牌，预 ...