观点聚焦投资建议3Q25 国内外云厂商收入增长再加速，AI需求强劲。AI领域的竞争依然激烈，大模型、流量入口、芯片等核心资源是竞争重点。理由3Q25 AI需求拉动，云计算收入加速。3Q25 互联网云（阿里云、腾讯云、百度智能云）合计收入457 亿元（均为外部收入），同比增长24%，进一步加速，系AI需求拉动。3Q25 阿里巴巴、腾讯、百度核心合计资本开支 479 亿元，同比增速32%，环比有所波动...
Source Link观点聚焦投资建议3Q25 国内外云厂商收入增长再加速，AI需求强劲。AI领域的竞争依然激烈，大模型、流量入口、芯片等核心资源是竞争重点。理由3Q25 AI需求拉动，云计算收入加速。3Q25 互联网云（阿里云、腾讯云、百度智能云）合计收入457 亿元（均为外部收入），同比增长24%，进一步加速，系AI需求拉动。3Q25 阿里巴巴、腾讯、百度核心合计资本开支 479 亿元，同比增速32%，环比有所波动...
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