东方证券研报指出， 深信服前三季度实现归母净利-0.81亿（+86.10%），其中Q3单季度实现归母净利 1.47亿（+1097.40%），业绩改善明显，系费用端控制所致。公司整体研发战略向AI智能化倾斜，逐渐 在各个产品落地AI相关技术和能力，如安全GPT、AICP、AIPaaS、SAVE3.0、AIOps等。认为AI带来公 司产品新功能和新范式的补足，进一步提升公司产品竞争力。公司上半年率先发布了"HCI+AICP新一 代超复制选中秒转数据融合"解决方案，帮助用户在原有集群基础上仅增加一台GPU节点，就能基于本 地集群快速部署并承载DeepSeek在内的企业级大模型。凭借优秀的产品创新能力以及全渠道优势，公 司有望充分受益于日渐兴起的大模型本地化部署需求。根据可比公司25年的PS水平，维持给予公司25 年6.10倍PS，对应目标价为119.00元，维持"买入"评级。 ...

Investment Rating - The report does not explicitly provide an investment rating for the cloud computing industry Core Insights - Cloud computing is a critical infrastructure in the AI era, facilitating the deep integration of AI into various industries and driving the digital economy forward [7][8] - The global cloud computing market is projected to reach nearly $2 trillion by 2030, with a significant contribution from AI applications [8][20] - China's cloud computing market is expected to exceed 3 trillion yuan by 2030, driven by the integration of quantum computing, blockchain, and AI [9][45] Summary by Sections Global Cloud Computing Development Overview - Countries are accelerating cloud computing strategies to enhance competitiveness in the AI era, with the US investing over $100 billion in cloud infrastructure since 2018 [14][15] - The global cloud computing market is experiencing stable growth, with a market size of $692.9 billion in 2024, reflecting a year-on-year growth of 20.3% [19][20] - Cloud computing technologies are continuously integrating, becoming the engine for innovative development across various sectors [27] China's Cloud Computing Development Overview - China's cloud computing market reached 828.8 billion yuan in 2024, growing by 34.4% year-on-year, with public cloud services accounting for 621.6 billion yuan [45][46] - The integration of AI with cloud computing is becoming a key driver for market growth, with significant advancements in IaaS and SaaS sectors [48][51] - The dual drive of "cloud + AI" is accelerating the adoption of intelligent applications across industries, with a focus on government and transportation sectors [52][56] Cloud Computing Driving Service Paradigm Innovation - New service models such as AIIaaS, AIPaaS, and AIMSP are emerging, reflecting the evolution of cloud services towards AI integration [9][24] - The concept of "one cloud, multiple calculations" is gaining traction, allowing for efficient resource management and data integration across various computing needs [29][30] - The cloud excellence architecture is helping enterprises optimize their cloud usage, focusing on security, stability, and operational efficiency [34][35] Development Outlook - The report emphasizes the importance of cloud computing in supporting the digital transformation of traditional industries, with a focus on enhancing operational efficiency and service quality [57][58] - The integration of cloud computing with AI technologies is expected to create new business models and enhance the overall productivity of various sectors [36][38]