大行评级丨野村:云栖大会凸显建立模型、芯片及云端容量一体化AI基建野心,维持阿里“买入”评级

格隆汇
Sep 23
野村发表研报指,阿里2026年云栖大会凸显公司构建涵盖模型、芯片及云端容量的一体化AI基建堆栈野心。首席执行官吴泳铭认为,AI仍处于基建扩张早期,能力日增的智能体料带动算力及token(词元)消耗大幅增长。阿里目标于2032年全球营运数据中心容量达20吉瓦,对比该行目前估计约4吉瓦。容量料结合自有、租赁及第三方出资基建,限制直接资产负债表资本开支需求。该行认为此目标强化阿里云及对外AI云收入的长远增长潜力,并估计当营运容量达20吉瓦时,对外AI云收入至2032财年或有机会达1680亿美元。该行维持阿里“买入”评级,美股目标价维持178美元不变,相当于2027年历年(2028财年)市盈率22倍,对比目前约15倍。

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