大家好，我是小圆！不知道你有没有注意到，最近关于AI的一个微妙变化：那些曾经誓言要保持用户 体验纯净的顶级大模型公司，开始频频和广告商接触了。OpenAI的CEO山姆·奥特曼在一次采访中表 示"对广告挺喜欢的"，这与几年前"绝不塞广告"的承诺大相径庭。 谷歌也被传出正在洽谈其AI助手Gemini的原生广告合作。虽然还没有哪家真正把广告挂出来，但风向 已然转变。这意味着，那个能免费、无干扰地向你提供知识建议的AI助手，未来可能会变成一个巧妙 的"导购"。 为什么烧钱模式难以为继？ AI大模型的研发和运营，堪称一场资本消耗的马拉松。训练一个顶尖模型，动辄需要数亿甚至数十亿 美元。以行业领头羊OpenAI为例，根据公开数据，尽管其2025年上半年营收达到数十亿美元，订阅用 户数庞大，但其净亏损累计高达135亿美元。 简单来说，它每赚1美元，就要花出去3美元。高昂的算力成本、持续的研发投入，让会员订阅费显得杯 水车薪。谷歌、Anthropic等公司也面临类似困境，长期依赖母公司或风投资金输血。 这种"只烧钱、不赚钱"的模式显然不可持续。当资本市场的耐心逐渐耗尽，公司就必须向投资者证明自 己具备盈利能力和商业前景。因此 ...

报告概要 当前，全球人工智能正加速从技术探索迈向规模化应用，而AI应用平台成为这一进程中的核心载体。它不仅是一个工具，更是集成了模型开发、部署与运 营能力的一体化企业级平台，旨在将复杂的AI技术转化为可解决实际业务问题的产品与服务。 获取更多维度报告数据,请访问亿欧网(sowaw 从市场格局来看，美国凭借深厚的技术积累与头部企业布局，持续主导全球AI发展，其市场规模占比超过55%，中美两国合计已占全球近七成份额。欧洲市 场同样增长迅速，预计2029年市场规模将达到约2500亿美元。在融资方面，2025年全球AI创业公司融资额达到2023亿美元，其中美国企业占全球总额的 79%，展现出强大的资本聚集效应。 中国AI市场同样充满活力，预计到2029年总投资规模将达1114亿美元，生成式AI占比将提升至41.1%。中国企业在用户规模和产品数量上已具备全球竞争 力，但在商业化收入和Web端渗透率上仍有提升空间，反映出从"应用广度"向"商业深度"演进的发展阶段。 AI应用平台的服务商主要分为三类：平台层/PaaS提供者（如微软Azure、百度智能云），提供开发工具与基础设施；解决方案构建者（如Palantir、迈富 时 ...

当国内三大外卖平台正面"硬刚"的时候，泰国的年轻人一到饭点，也拿起手机熟练地比对着Grab和 Lineman上的配送费，不消半小时，身穿绿色或粉色衣服的外卖员就送餐到门。游客无论在曼谷还是郊 区，Grab或Bolt上都总能约上网约车，乃至摩的和突突车。网上支付还是现金交易，都能任君选择。 "东南亚从网络基础设施，到互联网平台、移动支付、云端架构，都是紧跟中国步伐的。大家在使用习 惯上都很接近，尤其是疫情之后这几年，C端用户都习惯了无现金化、高度依赖手机，大家玩的游戏、 对内容的偏好，和国内也是高度趋同的。"腾讯云国际副总裁兼东南亚地区总经理陈锐告诉21世纪经济 报道记者。 十几年间，陈锐先是投身东南亚通信网络的建设，后又自己搭团队开发当地的移动支付平台，再到带领 腾讯云出海东南亚，他是资深的"东南亚通"，也一直见证着这片土地的数字化进程。 几年前，国产云厂商的出海都是跟随式的——中企走出去，相应也需要数据存储、云计算这些互联 网"水电"基础设施。在这一阶段，腾讯云、阿里云、华为云也就跟着生态伙伴踏上出海征程。至于海外 的本土客户，则基本是亚马逊、微软、谷歌这些传统美国大厂的天下。 不过，这几年东南亚掀起的数字 ...

据一份英伟达的内部文件显示，美国银行旗下的金融公司Capital One在与英伟达的一次科技会议上表达 了对云计算成本的担忧，尤其是亚马逊的云计算服务（AWS）。 Capital One看到了自己对GPU和推理模型需求的不断增长，因此认为其在AWS上的成本将很快失控。该 公司向英伟达表示，希望找到AWS的替代方案，因为该金融机构正在寻求控制成本。 根据文件内容，英伟达和Capital One讨论了人工智能工厂和新型云，前者是指企业自行搭建的内部数据 中心，后者则是新兴的云服务提供商，专注于人工智能工作负载。这两种方法都可以作为从第三方租用 计算资源的替代方案。 AWS是北美市场主要的云端服务提供者之一，支持了比新型云更广泛的计算需求，也是Capital One的重 要合作方。Capital One正在利用人工智能技术执行欺诈检测、客户支持和算法交易等任务。 针对这份内部文件，Capital One回应称，将继续致力于与AWS保持合作关系。AWS则指出，该公司的 定价理念是不断努力降低自身成本，并将节省下来的成本以更低的价格回馈给AWS的客户。 然而，Capital One也并非唯一一家对AWS费用提出担忧的公 ...

▲ 图源：Omdia ▲ 图源：Omdia 传统三强亚马逊 AWS、微软 Azure、谷歌 Google Cloud 排名没有发生变化，合计市占达 66%，营收之和同比增长 29%，增速高于行业整体。 其中亚马逊 AWS 的营收同比增速时隔三年重新站上 20%，微软 Azure、谷歌 Google Cloud 营收同比增幅均超过 35%。 IT之家 12 月 26 日消息，机构 Omdia 在当地时间本月 22 日的新闻稿指出，2025 年全球云基础设施服务支出总额达 1026 亿美元（IT之家注：现汇率约合 7198.18 亿元人民币），同比增幅 (25%) 连续第五个季度超过 20%。 分析显示，随着企业对 AI 的需求不断增长，云市场的增长点正从早期实验和试点项目转向企业级 AI 应用的大规模部署。三大云巨头的 AI 策略起初专注于 模型的性能提升，但现在正向为企业提供集成诸多可选模型的广泛平台演变。 ...

中信证券研报表示，2026年将是北美主要云计算厂商收入加速增长的一年，来自大客户的AI训练、推 理料将成为主要需求驱动力，传统云业务需求亦稳步复苏，而数据中心、定制芯片的投产等将会进一步 缓解算力供给端的紧缺程度。综合来看，从订单兑现的节奏，以及各家云厂商的数据中心储备情况来 看，我们预计2026年谷歌GCP、亚马逊AWS、微软Azure云计算收入同比增速相较2025年进一步加速。 我们持续看好一线云厂商在2026年的投资机遇。 ...

（文章来源：第一财经） 中信证券研报表示，2026年将是北美主要云计算厂商收入加速增长的一年，来自大客户的AI训练、推 理料将成为主要需求驱动力，传统云业务需求亦稳步复苏，而数据中心、定制芯片的投产等将会进一步 缓解算力供给端的紧缺程度。综合来看，从订单兑现的节奏，以及各家云厂商的数据中心储备情况来 看，我们预计2026年谷歌GCP、亚马逊AWS、微软Azure云计算收入同比增速相较2025年进一步加速。 我们持续看好一线云厂商在2026年的投资机遇。 ...

Core Viewpoint - The technology market is expected to continue its momentum after a short-term correction, supported by strong performance from leading AI companies in the US and significant stock buybacks [1] Group 1: Technology Market Outlook - The AI sector in the US, particularly companies like Microsoft and Google, is showing robust revenue growth, with Azure and Google Cloud experiencing increases of 20% to 40% [1] - A significant stock buyback authorization for 2025, with a year-on-year increase of 15%, is expected to support valuations of comparable companies in the A-share market [1] - The current phase of the A-share AI market is transitioning from hardware to application, with hardware already fully developed and the application layer just beginning [1] Group 2: Index and ETF Insights - The China Securities A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] - The index compilation incorporates mechanisms like mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1] Group 3: ETF Performance - According to the 2025 mid-year report, the Guotai China Securities A500 ETF has the highest number of accounts among similar products, being more than three times that of the second-ranked product [1] - The growing interest in the China Securities A500 ETF (159338) indicates a potential investment opportunity for interested investors [1]

Core Insights - Gartner's latest report positions Alibaba Cloud as a "Leader" in the Generative AI market, making it the only vendor in the Asia-Pacific region to achieve this status alongside Google and OpenAI [1][3] - The report evaluates Generative AI across four dimensions: cloud infrastructure, engineering platforms, foundational models, and knowledge management applications, with Alibaba Cloud recognized as a leader in all four areas [3][5] - Multiple authoritative reports have reaffirmed Alibaba Cloud's leading position, with a significant market share in China's enterprise-level model usage [5][8] Group 1: Market Position and Recognition - Alibaba Cloud is the only company in the Asia-Pacific region to be rated as a leader across all four dimensions of Generative AI by Gartner [3][5] - Frost & Sullivan's report indicates that Tongyi, Alibaba's model, holds the largest market share in China's enterprise-level model usage as of the first half of 2025 [5] - Omdia's findings show that over 70% of Fortune China 500 companies have adopted Generative AI, with Alibaba Cloud having a penetration rate of 53%, the highest among competitors [5][8] Group 2: Competitive Landscape - The AI cloud market is filled with claims of being "number one," but definitions of "AI cloud" vary across different research firms, leading to different interpretations of market leadership [5][6] - The true competition lies in the ability to integrate across the entire stack rather than excelling in isolated segments, as highlighted by Gartner's four-dimensional evaluation [5][6] - Alibaba Cloud's comprehensive product offerings align with its positioning as a full-stack AI service provider, demonstrating its capability to deliver end-to-end solutions [11][14] Group 3: Infrastructure and Technological Advancements - Alibaba Cloud has committed significant investments in AI infrastructure, including a 380 billion yuan investment announced in February and plans to expand cloud data center energy consumption by tenfold by 2032 [6][14] - The efficiency of Alibaba Cloud's AI training and inference has improved significantly, with its one-stop AI development platform achieving over three times acceleration in model training [6][14] - The Tongyi model family has established a complete lineup, with a penetration rate of 53% among Fortune China 500 companies, serving over 1 million clients [8][16] Group 4: Global Influence and Strategic Moves - Alibaba's open-source models have gained significant traction globally, with Singapore's national AI initiative shifting to Alibaba's Tongyi Qwen architecture for its Southeast Asian language model project [16] - The vertical integration strategy, while requiring substantial upfront investment, is expected to yield long-term advantages in performance optimization and cost control [16] - The competition in AI is evolving into a systems battle rather than just a model competition, with Alibaba Cloud positioned as a leading player in the Asia-Pacific region [16]

Core Insights - AI technology has become a core driving force in the computer and software development industry, with significant capital expenditures from major cloud providers [1] - The combined investment of Amazon, Microsoft, Google, and Meta in AI-related infrastructure is expected to exceed $110 billion by Q3 2025, primarily for data centers and AI infrastructure [1] - AI is significantly boosting cloud business revenues, with Amazon AWS backlog orders exceeding $200 billion, Microsoft Azure experiencing a growth rate of 40%, and Google Cloud revenue share increasing to 14.8% [1] - NVIDIA's data center business achieved a record revenue of $51.2 billion in a single quarter, with future quarters expected to generate $500 billion [1] - AI technology is also driving revenue growth for SaaS companies, with firms like ServiceNow and Palantir seeing substantial income increases through AI platforms [1] - Overall, AI's deep penetration in cloud computing, computing power, and software applications is continuously reshaping the industry landscape and creating new growth momentum [1] Industry Overview - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies involved in software development, IT services, and hardware manufacturing from the Shanghai and Shenzhen markets [1] - The index reflects the overall performance of publicly listed companies related to computing, with a focus on the information technology sector and a growth-oriented style [1]