China Securities: AI Applications and Cloud Business Drive Mutual Growth, Remain Bullish on Compute Value Chain

According to TechFlow on August 25, CITIC Securities noted in a research report that on August 21, OpenAI reduced the price of GPT-5.6SolAPI by over 20%, further lowering the cost of invoking high-performance models. This is expected to drive growth in usage for high-token scenarios such as Agents and code generation, continuously boosting demand for inference-side compute capacity. Alibaba's latest quarterly revenue from AI Cloudand Compute Services totaled approximately 48.4 billion yuan, a 45% year-over-year increase, while revenue from AI-related products has seen triple-digit growth for twelve consecutive quarters, confirming that AI demand is accelerating its path to commercialization. We remain optimistic about industry chain opportunities in optical modules, servers, liquid cooling, and cloud computing, driven by the commercialization of large models and rising compute demand. (Jinshi)