需求端：阿里资本开支超预期，看好未来三年资本开支大年。FY25Q3 单季度CAPEX 317.8 亿元，环比+82%，24 全年CAPEX 为726 亿元，同比+196%，公司未来三年将进行历史最高水平的投资，我们计算未来三年平均或超1082 亿元。公司看到新需求中约60%到70%用于推理，阿里将与苹果合作，共同为国行iPhone 开发AI 功能，公司作为电子商务巨头，拥有更多的消费者数据，能够...
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