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。 ...

Group 1 - The core viewpoint highlights that AI computing hardware-related stocks are leading the market, driven by strong demand from overseas cloud providers and the trend of domestic substitution in computing infrastructure due to national security concerns [1][3]. Group 2 - Recent financial reports indicate significant growth in cloud computing revenues for major overseas cloud providers, with Amazon AWS, Microsoft Azure, and Google GCP reporting year-on-year revenue increases of 17%, 39%, and 32% respectively in Q2 2025 [2]. - The capital expenditure (CAPEX) for leading cloud providers collectively grew by 64% year-on-year in Q2 2025, with an upward revision of the annual CAPEX guidance [2]. - Projections suggest that the investment in AI servers by the four major cloud providers (Microsoft, Amazon, Google, Meta) will reach $151.3 billion in 2025 (+81%) and $248.3 billion in 2026 (+64%) [2]. Group 3 - The trend of domestic substitution in the computing infrastructure sector is emphasized as a long-term necessity for national security, especially in light of uncertainties surrounding tariffs and trade policies from the current U.S. administration [3]. - The Chinese government is unlikely to allow the AI industry to heavily rely on imported infrastructure, reinforcing the need for domestic alternatives [3]. - Investors are encouraged to consider products like the Communication ETF (515880) and the Entrepreneurship Board AI ETF (159388) to capitalize on the high demand for global AI computing hardware, as well as the Chip ETF (512760) for the domestic substitution trend [3].