7 月 3 日，由 Meta 主办的年度业务消息盛会 Conversations 2025 首次在中国落地，于深圳举行。本次大 会以"开启对话，连接世界"为主题，聚焦 WhatsApp、Messenger 和 Instagram 三大核心产品生态在全球 商业拓展中的实践路径与未来趋势，吸引了众多来自技术、品牌、电商等行业的头部代表共聚一堂，围 绕"对话驱动全球业务增长"展开深度交流。Meta 公司首席执行官马克·扎克伯格亦通过视频，向与会嘉 宾分享自己的"对话与增长"战略思路。 作为全球领先的跨境电商独立站 SaaS 平台，店匠科技(Shoplazza)受邀参与峰会，并出席主题圆桌讨论 环节。店匠科技中国区商务负责人张扬与阿里云资深产品设计师徐涛一同，探讨如何借助消息链路，构 建高效、智能的品牌出海新路径。 围绕"对话即服务"的应用场景，张扬分享了店匠商户在实践中的三大关键成效：转化率、连带率与复购 率全面提升。 "我们服务的商户涵盖家具、美妆、时尚、美瞳等多个类目，这些高客单价或高度个性化的品类往往需 要更强的消费者沟通与品牌信任。"张扬介绍道，"即时的深度沟通让商家更高效地理解用户需求，推动 转化在短时间 ...

美国政府正在迫使科技巨头大幅削减云计算和软件服务价格，继甲骨文后，谷歌已同意向政府提供云服 务重大折扣。这一轮降价潮反映出硅谷科技公司急于修复与特朗普政府的关系，避免重演第一任期时的 对抗局面。 据美国总务署(GSA)高级官员透露，谷歌的云服务合同预计将获得与甲骨文类似的折扣幅度。甲骨文上 周同意在限定期间内对部分软件合同提供75%的折扣，并对其更广泛的云计算合同提供"大幅折扣"。 微软Azure和亚马逊云服务(AWS)预计很快也将跟进提供同等折扣，尽管这些谈判的进展不如与谷歌母 公司Alphabet的谈判顺利。这四家公司占据了政府每年超过200亿美元云服务支出的大部分。 此举是特朗普政府削减IT采购成本努力的一部分，由所谓的政府效率部门(Doge)推动，该部门此前由马 斯克负责。科技巨头们希望避免与特朗普第一任期时的对抗关系重演。 甲骨文率先让步，折扣幅度巨大 甲骨文已为政府降价谈判树立了标杆。该公司上周达成协议，在限定期间内对部分软件合同提供75%的 折扣，并对云计算合同提供"大幅折扣"。 GSA高级官员表示，谷歌的云服务合同"很可能会达到类似水平"。谷歌已在4月同意向美国政府提供 Workspace合同 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved Core Insights - CoreWeave has become the first cloud provider to commercially deploy the NVIDIA GB300 NVL72 platform, featuring a fully integrated system with significant performance improvements, achieving 1.1 ExaFLOPS for inference and 0.36 ExaFLOPS for training, representing a 50% performance uplift over the previous generation [2][12] - The acquisition of Core Scientific allows CoreWeave to control over 1.3 GW of power resources, expected to save approximately $500 million annually in operational costs and avoid $10 billion in future rental expenses, marking a strategic shift towards a vertically integrated infrastructure platform [5][14] - CoreWeave's partnerships with major clients like OpenAI and Google position it to become a leading vendor in the AI cloud infrastructure market, contingent on its ability to deliver compute commitments consistently [5][15] Summary by Sections Event Summary - In July 2025, CoreWeave announced its commercial deployment of the NVIDIA GB300 NVL72 platform, utilizing a fully integrated rack system with advanced components, achieving significant performance and efficiency improvements [2][12] Technical Architecture - The GB300 NVL72 architecture includes 72 Blackwell Ultra GPUs, Grace CPUs, and BlueField-3 DPUs, enabling high-speed communication and efficient power management through liquid cooling [3][17] Strategic Moves - The acquisition of Core Scientific for $9 billion enhances CoreWeave's control over data center resources, reducing reliance on third-party providers and lowering deployment costs, establishing a competitive advantage in the AI cloud sector [5][14] - The report highlights the increasing divergence in the Neocloud landscape, with CoreWeave's rapid deployment capabilities and integration of hardware and software setting it apart from traditional cloud service providers [6][17]

Group 1 - The overall A-share market showed a slight upward trend on July 11, with major indices mostly rising, particularly in sectors like brokerage, biotechnology, insurance, and heavy machinery [1] - The recently popular Cloud Computing 50 ETF (516630) saw a slight increase, with top-performing holdings including Dongfang Guoxin, Fanwei Network, Zhongke Xingtou, and others [1] - xAI released its latest AI model, Grok4, which achieved a comprehensive score of 73, surpassing OpenAI's o3-pro (71) and Google's Gemini 2.5 Pro (70), indicating it is currently the strongest AI model [1] Group 2 - The competitive landscape for large models is taking shape, with companies increasing investments to become significant players in the field [2] - xAI plans to launch a professional coding model in August, a multimodal intelligent agent in September, and a video generation model in October, aiming for comprehensive AI coverage within three months [2] - OpenAI is set to release GPT-5 in the summer, while Google is testing the next-generation Gemini 3.0 series models, indicating ongoing competition and demand for computing power [2]

Core Insights - The exclusive cloud service market in China is projected to reach RMB 21.68 billion in the second half of 2024, reflecting a year-on-year growth of 11.0%, with an annual market size of RMB 39.2 billion [1] - The dedicated hosting cloud service market is expected to grow steadily by 10.3%, reaching RMB 21.05 billion, while the exclusive cloud-as-a-service market is anticipated to grow by 39.5%, surpassing RMB 630 million, indicating a structural upgrade trend [1] - The shift towards exclusive cloud services is driven by full-cycle cost optimization, as traditional private clouds face management, agility, and cost challenges, prompting clients to migrate core businesses to concentrated exclusive clouds [1] Industry Dynamics - The demand in the public administration sector remains dominant, supported by ongoing needs for digital platform construction, domestic substitution, and data infrastructure, which solidify the market foundation [1] - Industries such as energy, healthcare, and transportation are increasingly adopting exclusive cloud services to support high-value business scenarios like safety monitoring and efficient operations, contributing significantly to market growth [1] - AI is reshaping the capabilities of exclusive cloud services, with clients demanding public cloud experiences and intelligent computing efficiency, thereby transforming competitive barriers in the market [2] Competitive Landscape - The market share of the top five service providers has increased compared to the previous year, now accounting for 65% of the market, indicating a strengthening of the head effect [3] - Current market competition is characterized by resource and service penetration, deep operation of existing clients, and strategic positioning in intelligent computing [3] - The exclusive cloud service market is experiencing structural growth driven by cost optimization, industry penetration, and AI computing upgrades, with leading vendors leveraging data sovereignty, security, and hybrid multi-cloud architectures [5]

Group 1 - Google is set to significantly reduce the prices of its cloud computing services for the U.S. government amid pressure from the Trump administration to lower long-term high-profit contract prices [1] - This agreement follows Oracle's recent deal with the government, where Oracle agreed to provide a 75% discount on certain software contracts and substantial discounts on broader cloud computing contracts [1] - A senior official from the U.S. General Services Administration (GSA) indicated that Google's cloud service contracts are likely to reach a similar agreement soon, with negotiations expected to conclude in a few weeks [1] Group 2 - Microsoft’s Azure and Amazon’s AWS are also anticipated to offer similar discounts, although negotiations for these companies are progressing more slowly compared to Google [1]

Core Viewpoint - Google is agreeing to provide discounts on cloud services due to pressure from the U.S. government on large tech companies [1] Group 1 - The decision to offer cloud service discounts is a direct response to governmental pressure [1] - This move may impact Google's competitive positioning in the cloud services market [1] - The agreement reflects ongoing scrutiny and regulatory challenges faced by major technology firms in the U.S. [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 150.00 and USD 152.90 [6][7]. Core Insights - The company is expected to experience short-term profit pressure due to increased investment in flash sales, although its e-commerce business is projected to perform steadily in 1QFY26 with a year-on-year growth of 11% in CMR [1][2]. - The cloud business is anticipated to continue its accelerated growth, with a projected revenue increase of 22% year-on-year in 1QFY26, supported by strong external demand [1][2]. - The report highlights the rapid growth of the flash sales business, which launched on May 2, and the significant investments made to attract both merchants and consumers [3][4]. Revenue and Profit Forecast - The company’s revenue for 1QFY26 is expected to increase by 1% year-on-year to CNY 245.7 billion, with adjusted EBITA projected to decline by 16.5% to CNY 37.6 billion due to increased spending on flash sales [2][11]. - The adjusted net profit forecast for FY26, FY27, and FY28 has been reduced by 20.6%, 22.2%, and 21.3% respectively, reflecting the higher-than-expected investments in flash sales [4][11]. Business Segments and Performance - The report notes that the flash sales business has seen a rapid increase in daily order volume, reaching over 80 million orders per day, with significant user engagement improvements [3][4]. - The company’s various business segments, including the Taobao Group and local life services, are expected to show mixed performance, with some segments continuing to reduce losses while others face challenges [2][11]. Valuation and Estimates - The report adjusts the valuation based on a sum-of-the-parts (SOTP) approach, with new target prices reflecting a decrease due to increased competition and investment pressures [4][14]. - The estimated non-GAAP net profit for FY26 is projected at CNY 134 billion, with a corresponding PE ratio of 13.36 [10][12].

Canalys （现并入Omdia） 将云基础设施服务定义为由第三方提供商托管，并通过互联网向用户提供的以下服务总和：裸金 属即服务（ BMaaS ）、基础设施即服务（ IaaS ）、平台即服务（ PaaS ）、容器即服务（ CaaS ）以及无服务器（ Serverless ）服务。 Canalys Canalys（现并入Omdia）是全球领先的科技市场独立分析机构，以渠道为核心 。致力于引导客户 展望科技行业的未来，并协助客户打造具有创新思维的商业模式。25年来，我们一直为全球科技厂商提高全球高度及本地视 角的市场分析及定制解决方案，我们的分析师作为各自领域的专家，把市场知识和客户要求相结合，为其打造定制化的研究 产品。 我们的研究涵盖新兴技术、企业技术、移动技术和智能技术。 渠道的深度理解是我们工作的基 石。我们通过专业的报告、数据和预测，为客户提供战略决策支持。同时，我们论坛和Candefero在线社区为渠道伙伴提供 了宝贵的互动与反馈平台。我们始终以高精度及高质量的数据、创新的技术运用和优质的客户服务为立足之本，赢得客户的 信任与认可。 Canalys （现并入 Omdia ）的最新数据， 2025 ...

首都在线 20250710 摘要 首都在线全面转型智算业务，预计 2025 年 GPU 业务增长 60%-80%， 受益于多模态应用落地加速。公司战略为"一云多池、一云多模、一云 多芯"，并推出 GPU g 客平台，按节点和 TOKEN 收费，已上线 deep seek、智谱等模型，计划三季度或四季度上线海外版模型。 公司在算力基础设施方面积极扩张，包括甘肃庆阳的万卡集群扩建，河 北怀来基地的年底投产（规划 50 兆瓦），以及安徽芜湖长三角节点的 明年开工（规划 100 兆瓦）。美国达拉斯节点规划 15 兆瓦，并解决能 源问题。 首都在线纳管及自持 2.1 万张芯片，包括 4,090、5,090、H200 等型 号。2025 年计划投资 3-5 亿元购置芯片，一季度末已花费约 2 亿元， 主要用于购买 4,090 和 H200 型号。 公司预计 2025 年利润约为 15 亿元，较 2024 年的 13 亿多有所增长， 但仍处于缩亏状态。预计 2026 年实现盈利转正，得益于政府补贴回流、 GT 充沛度减少、成本下降及集群效应提升毛利率。 Q&A 首都在线公司近期的经营情况和未来规划是什么？ 首都在线公司自 ...