金吾财讯 | 招银国际表示，2Q26海外头部云厂商（亚马逊、微软、谷歌）业绩展现出AI相关投资ROI持续提升趋势，即在Capex指引不变或仅因存储涨价/交付提前等原因小幅上调的情况下，云业务营收及利润增长显著好于预期带动整体集团盈利展望上调，同时管理层对云业务投资回报周期的拆解、在手订单所预示的需求持续给出清晰的披露，关注现金流情况及进一步关注投资效率的指引获得了市场的积极反馈。企业软件端，该机构观察到企业 AI 采用率正在提升，但不同赛道的收入转化进程表现分化。展望而言，27-28年各厂商云营收的同比增速或均有望超过资本开支的同比增速，从而使投资的ROI进一步清晰化。在开源模型性价比持续提升的背景下，具备“为合适的工作提供合适的模型”的能力、底层基础设施资产具备很强的可互换性的龙头云厂商或将进一步受益。从估值角度，头部云厂商整体估值水平仍具备吸引力。该机构看好云厂商将在AI发展浪潮中持续受益，海外板块推荐亚马逊（AMZN）、微软（MSFT）和谷歌（GOOG ），中国厂商中推荐阿里巴巴（BABA），此外建议关注受益于云需求爆发增长背景下覆盖全栈可观测性和云安全的软件平台Datadog（DDOG US）。
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