中信建投 | 阿里巴巴资本开支创新高,持续推荐算力产业链

中信建投证券研究
Sep 01, 2025

文|阎贵成 刘永旭 于芳博 曹添雨 方子箫 朱源哲2025Q2阿里云业务营收333.98亿元,同比增长26%,AI相关收入继续保持三位数增长,外部商业化收入中AI贡献已超过20%;资本开支为386亿元,同比增长220%,环比上季增长57.1%,创下单季历史新高。英伟达预计今年CSP等资本开支约6000亿美元,今年中国市场预计规模约500亿美元,预计中国每年有望实现50%左右的增长。从阿里以及英伟达...

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