云计算板块多股扬升 腾讯控股(00700)涨3.90%、阿里巴巴-W(09988)涨2.98%

金吾财讯
Jul 15

金吾财讯 | 港股云计算板块多股扬升,截至发稿,腾讯控股(00700)涨3.90%,阿里巴巴-W(09988)涨2.98%,网易(09999)涨2.68%,明源云(00909)涨2.19%,新意网集团(01686)涨1.28%。消息面上,开源证券新近研究称,云服务需求与推理算力需求持续增长,云计算高景气延续,国产大模型流量提升带动商业化变现能力提升;AI智能体产业进入快速增长期。其中,Meta计划进军云基础设施市场,有望摊薄自建超大型数据中心固定成本并缩短Capex回收周期。对云计算竞争格局的冲击短期看Meta自2024年初以来大部分的电力容量增长是通过第三方实现的,或驱动Coreweave、Nebius等RPO增长。长期看云计算核心环节仍是AI芯片,随着AI需求从训练逐步转向推理,新增需求及估值溢价向具备GPU/TPU/ASIC异构算力、模型能力、积压订单可见性及资本开支投入能力的公司扩散。而国内云计算领域,阿里巴巴FY2027Q1业绩前瞻云收入同比增速加速至45%左右,高于市场预期,EBITAmargin提升至低双位数,考虑到Agent带动推理算力需求持续增长,国内云计算增长有望加速。

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