金吾财讯 | 云计算股走强，五一视界（06651）最新71.100港元，涨幅8.14%、伟仕佳杰（00856）最新10.450港元，涨幅2.85%、新意网集团（01686）最新5.000港元，涨幅2.67%、阿里巴巴-W（09988）最新128.600港元，涨幅2.23%。东吴证券表示，云厂商的AI变现模式正由底层算力租赁向“基础设施-平台工具-模型服务-应用软件”多层延伸，通过算力、存储、数据库、模型API、Agent平台和企业软件等产品形成交叉销售。AI基础设施投入已进入业绩与回报验证阶段，建议重点关注：云收入、积压订单和利润率同步改善，且具备企业客户基础、自研芯片、资源调度及多层产品变现能力的云厂商；能够通过AI持续提升广告推荐效率、用户参与度和商业化能力，内部算力投资回报逐步兑现的互联网平台；受益于云厂商持续扩容，具备技术壁垒和订单可见度的AI基础设施环节，包括算力芯片、服务器、光通信、存储和液冷等。
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