法国巴黎银行分析师Stefan Slowinski在给客户的一份报告中写道："我们认为1月的一份面向全球企业的 重要调查结果对软件行业来说是一个警示信号，强化了近期市场对于一些软件股的负面情绪。" "作为对比，那些超级云计算公司继续在企业调查报告中'获胜'，比如微软、亚马逊AWS以及谷歌云的 整体支出得分保持相对韧性，公共云计算需求也在AI应用渗透率扩张的推动下显著增加。SAP和 ServiceNow则因需求改善而显得格外突出。" Slowinski表示。 智通财经APP获悉，法国巴黎银行(BNP PARIBAS)近日发布的一份研报显示，随着AI应用浪潮继续在全 球企业掀起波澜，即便包括微软、谷歌在内的全球最核心超级云计算巨头在人工智能应用领域继续主导 软件市场，该金融机构也认为全球云软件领军者ServiceNow(NOW.US)和SAP(SAP.US)将是全球软件行 业中最具"增长韧性"的公司之一，但是股价前景则将远逊于微软等云巨头。法国巴黎银行对于AI应用与 云计算领军者微软(MSFT.US)继续持有强劲看涨立场，认为微软将是AI应用浪潮的最大受益者之一。 整体而言，法巴银行更加看好大型云计算巨头(比如微 ...

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 Insights - 2026 is expected to be a year of accelerated revenue growth for major cloud computing companies in North America, driven primarily by demand for AI training and inference from large customers [1] - Traditional cloud business demand is also showing steady recovery, while the production of data centers and custom chips will further alleviate the tightness in computing power supply [1] - Based on the pace of order fulfillment and the data center reserves of various cloud providers, it is anticipated that the year-on-year revenue growth rates for Google GCP, Amazon AWS, and Microsoft Azure will accelerate further in 2026 compared to 2025 [1] - The company maintains a positive outlook on investment opportunities for leading cloud providers in 2026 [1]

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].