金吾财讯 | 摩根士丹利发布报告指出，阿里(09988)定于2月20日发布2025财年第三季度财报。这份财报将成为观察国内AI投资趋势的首个关键催化剂。由于阿里巴巴是万国数据在中国的主要客户，预计会对万国数据(09698)产生重大影响。
大摩认为，阿里管理层很可能会在财报中谈及未来资本支出计划以及公共云收入展望。其推测，若阿里巴巴宣布加大在AI领域的投资，整个数据中心行业的新订单预期将得到进一步提升。
大摩预测，若阿里2026财年资本开支与2025财年保持一致，即预计约为700亿元人民币，或者对资本支出不发表相关评论，同时云收入增长展望维持在低双位数（约10%-13%），那么这对数据中心行业预期不会造成影响；如果阿里透露出因2026财年AI投资而大幅上调资本支出，并且对公共云收入增长展望更为乐观，大摩预计万国数据将会迎来更多新订单，同时也会有新客户入驻其数据中心；但要是阿里选择降低资本开支，大摩预测万国数据股价可能会随之下跌10%。目前，大摩对万国数据给出“增持”评级，其美股目标价为39美元。
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