国内AI出海与海外本地AI需求双轮驱动互联网大厂云出海进程 1)互联网大厂本身AI出海需求：腾讯通过实现模型+算力+数据全链路打通，AI赋能电商、游戏、文娱 等板块出海势头迅猛；阿里巴巴加速部署通义、百炼、PAI、大数据等AI应用所需产品，为众多AI应用 企业提供全栈能力支持；字节跳动海外AI产品矩阵已涵盖Chatbot(Cici)、教育(Gauth)、图像视频 (Capcut、PicPic)、情感陪伴(AnyDoor)等多个垂类领域；百度的Robotaxi、AI相机Meira、AI聊天 SynClub和AI社交WiseAI等AI应用加速出海。 2)互联网大厂赋能中企出海需求：中企AI+云出海需求明确，不仅包含比亚迪、美的等行业巨头，也包 含米哈游、雷鸟等新兴独角兽。 3)海外本地AI应用需求：海外市场对AI本地化应用的需求显著增长，为互联网大厂提供全新业务增量， 如Goto集团、FlexTV等海外科技巨头纷纷转向国内云计算。 智通财经APP获悉，民生证券发布研报称，国内互联网大厂纷纷发布云出海战略规划，并通过债权融资 为云出海打下基础，以阿里云为例，未来三年，阿里巴巴将投入超过3800亿人民币，用于建设云和 ...

A股三大指数早盘集体上涨，截至午盘，上证指数涨0.16%报3859.62点，深成指涨1.14%，创业板指涨 2.22%报3256.38点续创2022年1月以来新高，北证50跌0.04%。沪深京三市半日成交额15558亿元，较上 日放量1355亿元，全市场2000只个股上涨。 盘面上，云计算板块走强，浪潮信息、中电鑫龙涨停，用友网络涨近9%，阿里昨日公布阿里云AI发展 路线图，并官宣与英伟达开展Physical AI合作。 | 证券代码 | 证券简称 | 当日涨幅% | 年内涨幅% | 基金管理人 | | --- | --- | --- | --- | --- | | 516700.SH | 大数据产业ETF | 4.41% | 31.26% | 花草童等 | | 560660.SH | 云50ETF | 3.97% | 86.87% | 新花直等 | | 516000.SH | 数据ETF | 3.93% | 32.11% | 表直直等 | | 517390.SH | 云计算ETF沪港深 | 3.93% | 84.28% | 天弘基金 | | 516630.SH | 云计算50ETF | 3.88% | 57 ...

Investment Rating - The report maintains a positive investment outlook for the cloud computing sector, particularly focusing on major internet companies' international expansion strategies [7]. Core Insights - The year 2025 marks the beginning of a new phase for major internet companies as they embark on cloud internationalization, supported by significant debt financing initiatives [1][10]. - Major players like Alibaba Cloud, Tencent Cloud, and ByteDance's Volcano Engine are actively enhancing their global cloud infrastructure to support Chinese enterprises' overseas expansion [17][23][50]. - The dual drivers of domestic AI internationalization and local AI demand abroad are propelling the cloud expansion efforts of these internet giants [2][3]. Summary by Sections 1. Internet Giants' Internationalization - Major internet companies are launching new rounds of debt financing aimed at cloud internationalization, with Alibaba planning to invest over 380 billion RMB in cloud and AI infrastructure over the next three years [1][11]. - Tencent Cloud has embraced internationalization, achieving high double-digit growth in international business over the past three years, with a doubling of overseas customer numbers [12][13]. 2. Domestic AI Internationalization and Local AI Demand - The demand for AI applications from both domestic companies and local markets abroad is driving the cloud internationalization process [2][3]. - Tencent, Alibaba, and ByteDance are leveraging their AI capabilities to support various sectors, including e-commerce and gaming, in their international endeavors [2][35][50]. 3. Investment Recommendations - The report suggests focusing on key players in the cloud platform sector, including Alibaba, Tencent, and Baidu, as well as companies involved in computing power leasing and optical communication [3][7]. - Specific companies recommended for investment include Hongjing Technology, Xiechuang Data, and various optical communication firms [3].

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - Alibaba Cloud leads the domestic public cloud market with a 47% market share in the big data public cloud sector, surpassing the combined market share of the second to fourth players [2][3]. - Tencent Cloud is adapting to mainstream domestic chips and actively contributing to the open-source ecosystem, focusing on long-term strategic investments in AI cloud [4]. - Baidu Cloud is implementing a full-stack AI strategy, achieving significant success in government and enterprise sectors with its self-developed Kunlun chip [5]. - Kingsoft Cloud is supporting Xiaomi's AI strategy across its ecosystem, with a substantial increase in related transactions expected [6]. - Volcano Cloud is shifting from internal support to external B2B services, aiming for aggressive market capture with competitive pricing strategies [6]. Summary by Relevant Sections Alibaba Cloud - Alibaba Cloud is the leader in the data infrastructure market with a significant market share [2]. - The company announced plans to issue approximately $3.2 billion in zero-coupon convertible bonds to enhance its cloud infrastructure [3]. Tencent Cloud - Tencent Cloud has fully adapted to mainstream domestic chips and is committed to enhancing the open-source community [4]. Baidu Cloud - Baidu Cloud is focusing on a full-stack AI layout, with its Kunlun chip achieving notable success in government procurement projects [5]. Kingsoft Cloud - Kingsoft Cloud is set to benefit from Xiaomi's AI strategy, with a significant increase in related transaction limits [6]. Volcano Cloud - Volcano Cloud is transitioning to a B2B model, targeting over 20 billion yuan in revenue by 2025 [6].