通信行业周报：阿里Capex超预期带来国产链利好，海外光通信技术持续迭代_老虎社区_美港股上老虎

通信行业周报：阿里Capex超预期带来国产链利好，海外光通信技术持续迭代

国金证券2025-08-31

（以下内容从国金证券《通信行业周报：阿里Capex超预期带来国产链利好，海外光通信技术持续迭代》研报附件原文摘录）1）国产算力链再迎利好。阿里单季AI+云Capex达386亿元，三年规划3800亿元建设AI基础设施，带动算力需求扩张。阿里云收入同比增26%创三年新高，AI产品连续八季三位数增长。寒武纪发布2Q25业绩，营收高速增长，净利率改善显著，经营性现金流由1Q的-13.99亿转为2Q的...

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