阿里雲能耗10年提升10倍，AI收入空間巨大

易簡財經

09/28

來源|雪球AI服務一、戰略目標與產業背景在2025年雲棲大會上，阿里雲CEO吳泳銘明確宣佈：到2032年，阿里雲全球數據中心能耗規模將較2022年提升10倍，對應算力投入的指數級增長。這一目標基於兩大判斷：AI算力需求爆發：大模型訓練所需的token消耗量每2-3個月翻倍，驅動算力需求年均複合增長率超30%（IDC數據）；基礎設施卡位窗口期：參考微軟Azure的智能雲毛利率提升路徑（2023年Q4...

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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928181116a6a3ddfb&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928181116a6a3ddfb&s=b\">易簡財經</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1235294995.USD","symbol_name":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928181116a6a3ddfb&s=b","article_id":"2570493958","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928181116a6a3ddfb&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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指出「外行領導佈置KPI式模型開發」或影響轉化效率；技術路徑競爭：英偉達GPU供應受限背景下，自主芯片（如寒武紀思元系列）的實際性能仍需驗證；行業對標差異：谷歌雲23倍PS估值與阿里雲當前投入期的盈利模式尚未完全匹配。四、機構與市場視角國信證券認為，10倍能耗計劃將打開AI收入增長空間，預計2026-2028財年阿里雲收入年複合增速達11%，利潤率隨海外擴張改善。但斌等投資人則強調，算力軍備競賽中，提前佈局基礎設施的龍頭將獲得業績彈性。當前市場分歧體現在阿里股價波動，但恒生科技ETF的加倉趨勢反映長期信心。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}