Group 1 - Nvidia reported Q2 revenue of $46.7 billion, a year-over-year increase of 56% and a quarter-over-quarter increase of 6% [1] - Data center revenue reached $41.1 billion, also reflecting a year-over-year growth of 56% and a quarter-over-quarter growth of 5% [1] - Nvidia did not sell H20 products to Chinese customers in Q2, but generated approximately $650 million in H20 sales to customers outside China [1] Group 2 - Alibaba's cloud segment achieved revenue of 33.398 billion yuan in Q1 FY2026, a year-over-year increase of 26%, significantly surpassing the 18% growth in Q4 FY2025 [2] - Alibaba's total capital expenditure for Q1 FY2026 was 38.676 billion yuan, marking a year-over-year increase of 219.79%, with property and equipment purchases accounting for 38.629 billion yuan, up 223.55% year-over-year and 61% quarter-over-quarter [2] - Over the next three years, Alibaba plans to invest more than 380 billion yuan in cloud and AI hardware infrastructure, driven by increasing demand for AI computing power [2] Group 3 - The communication ETF (515880) has a scale exceeding 9.5 billion yuan, with "optical modules + servers + copper connections + optical fibers" accounting for over 75% of the total [2] - Optical modules represent over 48% of the ETF, while servers account for nearly 20% and optical fibers for over 7%, indicating strong investment opportunities in the computing hardware sector [2]

今年 2 月，阿里巴巴便掷出重磅计划，宣布未来三年将投入超 3800 亿元用于建设云和 AI 硬件基础设 施。在 8 月 29 日的财报电话会上，阿里巴巴 CEO 吴泳铭进一步表示，尽管每个季度的 AI 开发支出会 因供应链波动，但依据全球 AI 芯片供应及政策变化，阿里已有 "后备方案"。通过与不同合作伙伴携 手，阿里正构建多元化供应链储备，确保 3800 亿的资本开支按预期推进。这一坚定投入，无疑是对其 AI 战略的有力背书。 9 月 1 日，港股市场上阿里巴巴（09988.HK）的股价走势成为焦点，盘中一度强势上涨超 19%，达 138 港元/股，阿里概念板块也随之攀升，涨幅一度超 2%。这一股价的大幅上扬，背后折射出市场对阿里巴 巴在 AI 领域布局的高度关注与积极预期。 从硬件供应来看，联想能够为阿里巴巴提供定制化、高性能的服务器产品，满足阿里在云计算、大数据 处理、AI 模型训练等复杂业务场景下的多样化需求。此外，在AI PC和面向行业和企业的智能体解决方 案方面，联想与阿里巴巴有着广泛和广阔的合作。 在联想集团 2026 财年第一季度财报中，其营业收入达到 1362亿元人民币，非香港财务报告准则 ...

Core Viewpoint - Morgan Stanley has named Alibaba as "China's Best AI Enabler" and raised its target price for Alibaba's U.S. stock from $150 to $165, driven by strong growth in Alibaba Cloud due to AI [1][6]. Group 1: AI-Driven Cloud Business Acceleration - Alibaba Cloud is seen as the main platform for capturing AI opportunities, achieving a 26% year-on-year growth in the first fiscal quarter, exceeding market expectations [2]. - AI-related revenue has shown triple-digit growth for eight consecutive quarters and now accounts for over 20% of Alibaba Cloud's total revenue, one of the highest ratios globally [2][3]. - The growth momentum for Alibaba Cloud is expected to continue, driven by strong industry demand, upgraded product offerings, and strategic partnerships with companies like SAP [2][3]. Group 2: Short-Term Pain from Instant E-commerce Investment - Alibaba is incurring significant short-term costs due to heavy investments in the instant e-commerce sector, with an estimated investment of approximately 110 billion RMB in the first fiscal quarter [4][5]. - The report predicts that losses in the instant e-commerce segment will increase from a previous estimate of 20 billion RMB to 35 billion RMB in the second fiscal quarter, indicating a peak in investment [5]. - The total investment forecast for instant e-commerce for the current fiscal year has been raised from 50 billion RMB to 80 billion RMB, impacting profit forecasts for fiscal years 2026 and 2027 [5]. Group 3: Long-Term Value Outlook - Despite short-term profitability pressures, Morgan Stanley remains optimistic about Alibaba's long-term value, raising the valuation of Alibaba Cloud from $60 to $67 per share to reflect its growth potential in the AI era [6]. - The report emphasizes that while the market should monitor the return on investment in the instant e-commerce business, Alibaba, with the largest cloud infrastructure in China, is well-positioned to capture the growth in AI-related demand [6].

证券研究报告 | 季报点评 gszqdatemark 2025 08 31 年 月 日 阿里巴巴-W（09988.HK） 即时零售打造协同，阿里云望持续提速 阿里巴巴发布 2025 年 6 月季度业绩。阿里巴巴 FY2026Q1 财季（截至 2025 年 6 月季度）录得总收入 2476.52 亿元，同比增长 2%。本季 non- GAAP 归母净利润约 353 亿元，同比减少 12%。 按业务条线看：1）中国电商录得 1401 亿元收入，同比增长 10%；经调 整 EBITA 约 384 亿元，同比下降 21%。其中，即时零售收入 148 亿元， 同比增长 12%，主要来自"淘宝闪购"订单增长。电商收入 1186 亿元， 同比增长 9%，主要来自 take rate 提升、物流收入增长。2）国际商业录 得 347 亿元收入，同比增长 19%；经调整 EBITA 亏损约 0.6 亿元，同比 收窄 98%。3）阿里云录得 334 亿元收入，同比增长 26%；经调整 EBITA 约 30 亿元，同比增长 26%。4）所有其他业务录得 586 亿元收入，同比 下降 28%；经调整 EBITA 亏损 14 亿元，同比 ...

国金证券近日发布电子行业研究：8月29日，阿里发布二季报，最大的亮点在于云业务 强劲表现，季度收入333.98亿元，同比增长26%，创下三年来的最高增速，AI相关产品收入 连续第八个季度保持三位数增长。阿里强调过去四个季度已累计在AI基础设施与产品研发 上投入超千亿元人民币，二季度资本支出达到387亿元，是去年同期的3.25倍，这些投入正 开始转化为业绩增长。 投资建议与估值 以下为研究报告摘要： 看好AI-PCB及算力硬件、苹果链、AI驱动及自主可控受益产业链。阿里发布二季度云 业务收入333.98亿元，同比增长26%，创下三年来的最高增速，AI相关产品收入连续第八个 阿里未来三年AI投资3800亿，继续看好AI算力核心硬件。8月29日，阿里发布二季报， 最大的亮点在于云业务强劲表现，季度收入333.98亿元，同比增长26%，创下三年来的最高 增速，AI相关产品收入连续第八个季度保持三位数增长。阿里强调过去四个季度已累计在 AI基础设施与产品研发上投入超千亿元人民币，二季度资本支出达到387亿元，是去年同期 的3.25倍，这些投入正开始转化为业绩增长。阿里重申未来三年计划投入3800亿元用于AI和 云基础设 ...

随着互联网大厂相继交出财报业绩，AI相关收入与资本开支也已尽数揭晓。据《科创板日报》统计， 第二季度BAT三家合计资本开支615.83亿元，同、环比分别提升168%、12%。其中： 8月29日，阿里发布二季报，云业务收入333.98亿元，同、环比分别提升26%、11%。单季度资本开支达 386.76亿元，同、环比提升220%、57%，单季度云收入及资本开支均大超预期。此外，针对AI芯片政策 与供应变化，公司已制定备用方案。无论行业出现何种变数，公司都将按计划推进3800亿元人民币的既 定资本支出投资。 之后摩根大通将阿里巴巴目标价从140美元上调至170美元。 此前不久，腾讯公布2025年二季度业绩，FinTech and Business service（含云业务）收入555.36亿元，同 比提升10%；单季度资本开支191亿元，同比大幅提升119%。 落实到投资标的上，民生证券表示，阿里云业绩超预期验证中国AI大基建加速发展，国产AI Infra有望 迎来价值重估，建议关注云计算、数据治理以及国产算力硬件供应链等核心环节： 云计算：阿里巴巴、深信服、金山云、优刻得、青云科技、顺网科技等； 数据治理：星环科 ...

证券研究报告：计算机|行业周报 发布时间：2025-09-01 行业投资评级 强于大市|维持 行业基本情况 近期研究报告 《"人工智能+"顶层文件发布，步入 AI 大时代》 - 2025.08.27 人工智能行业报告 （2025.08.25-2025.08.31） | 收盘点位 | | 5755.35 | | --- | --- | --- | | 52 | 周最高 | 5841.52 | | 52 | 周最低 | 2844.68 | 行业相对指数表现 -5% 5% 15% 25% 35% 45% 55% 65% 75% 85% 95% 2024-08 2024-11 2025-01 2025-04 2025-06 2025-08 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:陈涵泊 SAC 登记编号:S1340525080001 Email:chenhanbo@cnpsec.com 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 200.0 HKD per share [3][11]. Core Insights - The company is focusing on two historical strategic opportunities: cloud computing and AI, with a strong commitment to increasing investments in these areas. The revenue from cloud services reached 334.0 billion CNY, showing a year-on-year growth of 25.8% and a quarter-on-quarter increase of 8.1 percentage points [7][11]. - The integration of the original Taotian Group and the local life group into the China e-commerce group reflects the company's strategy to concentrate on consumer-facing e-commerce and instant retail, as well as AI and cloud services [7][11]. - The company has seen significant improvements in its two main business lines, with AI cloud revenue contributing over 20% to external revenue and experiencing triple-digit growth for eight consecutive quarters [7][11]. Summary by Sections Financial Performance - The company forecasts revenues of 10049 billion CNY, 11256 billion CNY, and 12129 billion CNY for FY2026-2028, with adjusted net profits of 1405 billion CNY, 1866 billion CNY, and 2091 billion CNY respectively [8][11]. - The company reported a CMR of 892.5 billion CNY for FY26Q1, a year-on-year increase of 10.1%, driven by commission adjustments and AI-driven improvements in site penetration [7][12]. Business Segments - The cloud business is expected to continue its rapid growth, with capital expenditures reaching 387.6 billion CNY, a year-on-year increase of 219.8% [7][11]. - The food delivery segment has shown high operational efficiency, with monthly active users exceeding 300 million and weekly orders maintaining above 80 million, indicating a narrowing gap with competitors [7][11]. Valuation - The report estimates the company's market value at 34772 billion CNY, corresponding to a per-share value of 200.00 HKD, based on a comprehensive valuation of its various business segments [8][22].

齐鲁晚报·齐鲁壹点 康聚恺 姚骁在致辞中说，亚马逊是全球领先的科技企业，临沂是闻名全国的"中国物流之都"和商贸名城，物流 网络发达、产业基础雄厚。临沂亚马逊云科技出海创新中心正式启动，标志着亚马逊云科技与临沂市的 合作迈入全新阶段。将把亚马逊云科技的全球云基础设施、服务企业出海的实战经验与临沂的制造、物 流优势紧密结合，为企业打造"技术赋能+生态链接+渠道拓展"的全链条出海支持体系，进一步打造一 体化赋能平台，加速龙头企业全球化孵化，构建产业生态集群，强化人才队伍建设，共同构建开放、共 赢、可持续的跨境出海模式，为北方地区外贸升级增添新引擎。 杨志明在致辞中表示，此次"临沂亚马逊云科技出海创新中心跨境出海峰会"正逢其时，必将推动数智赋 能临沂科技创新和人才开发在数字化转型中"数"起"云"涌。亚马逊等"头部企业"、"独角兽"企业和临沂 一批专精特新企业、瞪羚企业正在形成数字经济的支柱力量，使资源临沂、产业临沂向数字临沂、智慧 临沂转变、跃升。 活动中，临沂亚马逊云科技出海创新中心正式启动，临沂亚马逊云科技出海创新中心与光环云数据有限 公司等15家企业签约，并举行了2025临沂亚马逊云科技出海创新中心跨境出海峰会 ...

每日经济新闻 国盛证券指出，阿里有望修正云服务预期差，国内算力初步闭环。具体而言，阿里二季度Capex达 386亿元，创历史新高。阿里云收入增长继续加速至26%，AI相关产品收入已连续8个季度实现三位数同 比增长。阿里已建立AI全栈技术能力，此外，阿里AI芯片或迎突破，面向广泛的AI推理任务，与英伟 达的架构兼容，由国内企业代工生产。开源证券观点认为，未来三年，阿里将投入超过3800亿元，用于 建设云和AI硬件基础设施。AI驱动阿里云进入正循环，同时阿里资本开支的高增长有望驱动国产AI算 力链迎基本面拐点。 阿里巴巴资本开支大超预期，显示AI算力需求强劲，国产算力链又迎重磅催化。公开信息显示， 云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块&光器 件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指数合 计费率最低的ETF。 9月1日，A股三大指数高开后集体翻绿。盘面上，芯片股延续强势，算力概念股盘初活跃，创新药 概念股异动拉升。近期热度较高的云计算50ETF（516630）一度涨超1%，持仓股中，数据港、千 ...