CITIC Construction Investment: AI applications resonate with cloud business, continuing to be optimistic about the computing power industry chain

On August 25, CITIC Construction Investment Research reported that on August 21, OpenAI reduced the price of GPT-5.6 SolAPI by over 20%, further lowering the cost of high-performance model calls, which is expected to drive growth in high Token scenarios such as Agent and code generation, continuously boosting demand for inference-side computing power.

Alibaba's latest quarterly AI Cloud and Compute Services revenue was approximately 48.4 billion yuan, a year-on-year increase of 45%. Revenue from AI-related products has seen triple-digit growth for 12 consecutive quarters, confirming that AI demand is accelerating towards commercialization. We remain optimistic about the opportunities in the industrial chain driven by the commercialization of large models and the increase in computing power demand, including optical modules, servers, liquid cooling, and cloud computing.