Core Viewpoint - The December 2025 US CPI shows a year-on-year increase of 2.7%, consistent with previous values and expectations, while the month-on-month increase is 0.3%, higher than the previous 0.1% and in line with expectations. The core CPI year-on-year increase is 2.6%, matching the previous value but lower than the expected 2.7% [1][5][15] Summary by Sections Inflation Data - The overall CPI year-on-year increase is 2.7%, with a month-on-month increase of 0.3%, driven by rebounds in food and service prices. The core CPI year-on-year increase is 2.6%, with a month-on-month increase of 0.2%, higher than the previous 0.1% but lower than the expected 0.3% [1][5][15] Core Goods and Services - Core goods prices remained flat, with a year-on-year increase of 1.4% and a month-on-month change of 0%. Notably, used car prices fell significantly by -1.1% month-on-month, which is much lower than the average of 0.5% in October and November, impacting the core CPI by approximately 3 basis points [11][12] - Core service prices rebounded, with a month-on-month increase of 0.3%, up from an average of 0.1% in October and November, and a year-on-year increase of 3%. Rent was a major contributor, with both OER and primary residence rent increasing by 0.3% month-on-month [2][12][13] Market Reactions - Following the data release, expectations for interest rate cuts remained largely unchanged. The probability of no rate cuts in January, March, and April is high, while the probability of a cut in June is 48.1%, slightly up from 46.2% [3][17] - The US dollar index continued to appreciate slightly, reaching 99.18, while US stock markets saw declines, with the Dow down 0.8% and the S&P 500 down 0.19% [3][17][18] Federal Reserve and Policy Outlook - The divergence between the White House and the Federal Reserve regarding interest rate policy is a key market focus. The ongoing criminal investigation into Fed Chair Powell regarding potential perjury related to the Fed's renovation project raises questions about the independence of monetary policy [4][19]

Core Insights - The hybrid cloud strategy is expected to drive interest in specialized AI cloud services and emerging cloud providers that can support the expanding demands of AI workloads [2] - Emerging cloud providers' revenue is projected to grow by 205% year-over-year in Q2 2025, with annual revenue expected to exceed $23 billion [2] - By 2030, the revenue for emerging cloud providers is forecasted to reach nearly $180 billion, with an annual growth rate of 69% [2][7] Market Dynamics - The specialized AI cloud services segment will face intense competition by 2026, requiring emerging providers to intensify efforts to penetrate the enterprise buyer market [2] - Over 80% of enterprise cloud buyers are looking to modernize their cloud strategies, indicating a shift in purchasing preferences [2] - Emerging cloud providers can compete with large cloud service providers through aggressive pricing strategies and simplified services [2] Competitive Landscape - CoreWeave is identified as a leading competitor among emerging cloud providers, with significant contracts from major clients like Microsoft and OpenAI [4] - Microsoft has invested billions in CoreWeave's computing resources, while OpenAI has signed contracts exceeding $22 billion with the provider [4] - Other emerging cloud providers such as Vultr, FluidStack, and DataCrunch are also meeting the growing demand for AI infrastructure [4] Client Preferences - Clients engaged in AI-intensive tasks are increasingly willing to explore alternatives beyond existing cloud providers due to the high importance and cost of their work [5] - Emerging cloud providers are seen as attractive alternatives due to their value propositions, which sometimes include pricing advantages [4][5] Future Challenges - The emerging cloud market faces survival challenges as it approaches 2026, with growth dependent on enterprise market adoption [6] - To achieve broader adoption, emerging cloud providers need to adjust their marketing and distribution strategies, create more out-of-the-box functionalities, and customize service level agreements for critical business applications [6]

Core Viewpoint - The A-share market is experiencing a noticeable style switch, with sectors like military and commercial aviation cooling down, while AI application sectors, particularly GEO (Generative Engine Optimization), continue to thrive. Some stocks related to this concept have seen significant price increases, indicating potential investment opportunities [1][2]. Group 1: Market Trends - On January 13, 2023, the A-share market showed a clear rotation of hot sectors, with military stocks cooling down while AI application stocks, especially GEO concept stocks, maintained their upward momentum. Notably, stocks referred to as the new "Yi Zhongtian" saw substantial gains, with Easy Point rising by 10.72%, Chinese Online by 5.83%, and Tianlong Group hitting a 70% increase since January 9 [2][3]. - The market is witnessing a surge in active equity funds, with over 380 funds reporting returns exceeding 10% since the beginning of the year, and 42 funds achieving over 20% returns. The highest return recorded is nearly 40% [4][5]. Group 2: Fund Positioning - A limited number of funds have positioned themselves in the new "Yi Zhongtian" stocks, with only 9 funds holding Easy Point, totaling 593.64 million shares valued at 205 million yuan. Chinese Online has 5 funds with a total market value just above 200 million yuan [3][5]. - The performance of specific stocks has been notable, with Zhuoyi Information seeing a nearly 100% return since January 5, 2023, and Han De Information rising over 50% since the start of the year [6][7]. Group 3: Future Outlook - The public funds express caution regarding the recent rapid price increases, indicating a potential for short-term overheating in trading sentiment. However, they remain optimistic about the spring market and the overall economic fundamentals supporting high-growth industries [7][8]. - The AI sector is expected to be a continuous technological mainstay, with significant investments in AI infrastructure anticipated to drive software development and innovation. The domestic semiconductor industry is poised to benefit from the evolving AI landscape, enhancing the overall technology ecosystem in China [8].

转自：证券时报 人民财讯1月13日电，据深桑达A消息，近日，中国电子云成功中标石家庄市政务云（国产环境）人工 智能算力平台服务采购项目。石家庄数据局作为市政务云管理单位，向中国电子云按需购买智算算力服 务，各委办局根据人工智能应用按需使用，将支撑政务智能问答、政策匹配、辅助审批、智能派单、文 书生成、数据分析等场景，满足创新应用场景下的复杂算力需求。 ...

证券日报网讯 1月13日，优刻得在互动平台回答投资者提问时表示，脑虎科技既是公司的客户，也是公 司多年来共同成长的战略合作伙伴。自2022年起，优刻得与脑虎科技就建立了战略合作关系，共同推进 脑电数据的云端化处理。2023年，优刻得与脑虎科技、复旦大学附属华山医院共同入选上海市未来产业 脑机接口专家委员会成员单位，充分发挥在云计算、大数据、人工智能领域的先进优势，共同探索脑机 接口技术在医疗康复领域的应用。2024年以来，优刻得与脑虎科技进一步深化合作，共同参与了上海市 脑机接口领域的重大科研项目申报。双方联手研发"植入式言语合成脑机接口产品"，旨在帮助失语患者 恢复部分语言功能。目前，借助优刻得的高性能算力与可靠的数据存储能力，脑虎科技已成功搭建了 GPU算力平台和语料数据管理系统。云计算是AI时代重要的基础设施，作为国内领先的中立第三方云 计算服务商，优刻得一方面将智能算力高效、精准地提供给千行百业的企业客户，另一方面充分发挥自 身算力运营优势和技术研发能力，与部分前沿行业的重点客户开展多维度合作，共同探索AI应用场景 和商业闭环路径，努力推动AI解决实际问题、创造经济价值。 （编辑 丛可心） ...

云原生环境优化专业公司Cast AI Group Inc.今日宣布，获得Pacific Alliance Ventures的新一轮融资，公司 估值突破10亿美元，并将推出统一的云GPU市场平台。 继去年由G2 Venture Partners和软银愿景基金2期领投的1.08亿美元C轮融资后，Cast AI的融资总额已超 过1.8亿美元。该公司未透露此次战略融资的具体金额。 Cast AI成立于2019年，专注于利用机器学习技术为Kubernetes云环境提供自动化性能优化，通过"合理 调配"资源、自动扩缩容和管理竞价实例来实现成本节约和安全保障。这使企业能够更高效地使用云基 础设施进行FinOps和云工程等操作。 Cast AI联合创始人兼首席执行官Yuri Frayman表示："企业需要的不仅仅是更便宜的基础设施，而是能 够随着工作负载和约束条件变化而自动适应的基础设施。这正是我们的自动化智能体的设计目标，这笔 投资将帮助我们在全球范围内扩展这一能力。" 甲骨文公司作为首个主要云服务提供商加入Omni Compute，通过Cast AI为客户提供多余的GPU容量。 甲骨文云基础设施高级副总裁Karan Ba ...

Core Viewpoint - The company is focusing on a dual-driven strategy of "vertical field artificial intelligence + domestic computing power ecosystem" centered around its "Cloud Data Base Platform" [1] Group 1: Strategic Development - The investment in Shenzhen Jiangyuan Technology Co., Ltd. aligns with the company's strategic development direction [1] - The company plans to increase its investment by 400 million yuan to become the second-largest shareholder of Jiangyuan Technology [1] - The company’s controlling shareholder will transfer 12% of its shares to the actual controller of Jiangyuan Technology, facilitating deeper business cooperation [1] Group 2: Product Development - The company will collaborate with Jiangyuan Technology on operator optimization and software ecosystem development [1] - The "Pinyuan AI Integrated Machine" series products are set to be jointly launched in July 2025 [1] - Jiangyuan Technology's chip performance and domestic mass production capabilities for high-performance training and inference chips have been validated [1]

Core Viewpoint - The future of AI hardware is firmly rooted in China, as evidenced by the recent intelligent hardware exhibition hosted by Alibaba Cloud, which is being compared to CES in the U.S. [1][10] Group 1: Exhibition Overview - The exhibition covered over 5,000 square meters and showcased more than 1,500 new AI hardware products, with 180 items debuting simultaneously at CES in the U.S. [2] - The exhibition featured a diverse range of products across various consumer sectors, including 3C digital products, home appliances, toys, fitness equipment, and more [2][4]. Group 2: AI Hardware Trends - The terms "emergence" and "generalization" were used to describe the rapid proliferation of AI products across industries, indicating a significant transformation in the application of AI technology [7]. - The exhibition highlighted the integration of AI into traditional industries, suggesting a profound industrial restructuring that surpasses the previous mobile app revolution [10]. Group 3: Future AI Development - A second wave of AI development is anticipated by 2026, characterized by accelerated technological iterations and a shift in application timelines from 5-10 years to 2-3 years [11]. - The concept of "physical AI" is emerging, with applications expected to extend beyond consumer devices to include automobiles, robotics, and various industrial terminals [13][14]. Group 4: Economic Impact - The potential economic impact of AI on global GDP could be a growth of 10%, representing a value reconstruction space of up to $11 trillion [14]. - By 2026, it is projected that 80% of the AI market will be driven by new incremental markets, emphasizing the importance of future market capture over current market share [14]. Group 5: Competitive Landscape - The competition in China is dual-tracked, with traditional industries leveraging AI for transformation while "AI-native companies" explore new business models [15][16]. - AI applications in China are focusing on traditional manufacturing, new energy vehicles, and agriculture, utilizing cloud services to enhance efficiency [16][18]. Group 6: Infrastructure and Global Expansion - The foundational infrastructure for AI is evolving from a "Token factory" to an "AI super factory," indicating a shift towards comprehensive AI cloud services [25][27]. - Alibaba Cloud is expanding its global infrastructure to support Chinese enterprises' internationalization, with plans to establish facilities in 29 regions and 92 availability zones by 2025 [29]. Group 7: Conclusion - The intelligent hardware exhibition signifies a pivotal moment for China's AI industry, with the potential to lead in global AI advancements and redefine the landscape of consumer electronics [30][32].

证券日报网讯 1月13日，首都在线在互动平台回答投资者提问时表示，脑机接口作为前沿科技领域，其 技术研发与商业化落地高度依赖底层云计算资源的强力支撑。公司深耕云计算领域多年，凭借高性能、 弹性可扩展的算力资源，可高效支撑脑机接口实验产生的海量多模态信号的实时解码分析，为合作方的 模型训练与算法优化提供强劲算力支持；同时，依托安全可靠的云存储与数据管理能力，保障实验数据 全生命周期的安全传输与高效管理。 （文章来源：证券日报） ...

Investment Rating - The investment rating for Alibaba-W (09988.HK) is "Outperform" [1][6][4] Core Views - The report anticipates a revenue growth of 2% year-on-year for 3QFY26, with an expected revenue of 285.8 billion yuan. The adjusted EBITA margin is projected to be 11.7%, reflecting a decline of 7.8 percentage points year-on-year [3][5] - The international digital commerce group and cloud intelligence revenue are expected to grow by 8% and 35% year-on-year, respectively, indicating continued acceleration in cloud revenue growth [3][10] - The report highlights the ongoing investment in AI and model training, which is expected to impact profitability in the short term but may enhance competitive positioning in the long run [11][22] Summary by Sections Financial Performance - For 3QFY26, Alibaba is projected to achieve a revenue of 285.8 billion yuan, with a year-on-year increase of 2%. The adjusted EBITA is expected to be 33.5 billion yuan, down 39% year-on-year [3][5] - The adjusted EBITA margin is forecasted at 11.7%, a decrease of 7.8 percentage points compared to the previous year [5][3] Cloud Business - The cloud segment is expected to see a revenue increase of 35% year-on-year in FY26Q3, with a stable EBITA margin. The Qwen model is anticipated to enhance the company's market share in overseas markets [10][11] E-commerce Performance - The e-commerce group's GMV is expected to grow by 3% year-on-year in FY26Q3, influenced by a weak retail environment. The report notes that the monetization rate is expected to align closely with GMV growth [19][21] - Instant retail is projected to incur losses of approximately 20-25 billion yuan, with a focus on maintaining market share through increased investment [21][22] Financial Forecasts - Revenue forecasts for FY2026-FY2028 have been slightly adjusted to 1,030.7 billion, 1,149.4 billion, and 1,275.1 billion yuan, reflecting a decrease of 1.5%, 2.8%, and 1.4%, respectively, due to a soft consumer environment [4][23] - Adjusted net profit forecasts for FY2026-FY2028 are revised to 101.6 billion, 135.4 billion, and 165.5 billion yuan, with adjustments of -9.1%, -6.6%, and -3.7% respectively [4][23]