阿里巴巴-W(9988.HK):云计算王者 AI时代强者更强

招商证券
Yesterday

本篇报告我们对阿里云与AI 的商业模式、业务结构、核心竞争优势进行分析。我们认为阿里云的底层核心竞争力由全栈自研能力构建的技术壁垒、规模效应带来的成本价格优势、集团生态优势带来的应用场景与客户粘性共同构筑。AI 时代,阿里云是全球市场中少有的兼具底层强大计算能力、先进大模型、以及繁荣变现生态的云厂商,竞争优势将进一步凸显。基于阿里云与海外云厂商的对比复盘,我们看好阿里云AI 驱动下的云收入增长提速...

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