Guolian Minsheng Securities: North American cloud computing leader raises prices, supporting service providers expected to undergo valuation restructuring.

Guolian Minsheng Securities released a research report stating that in Q4 2025, the AI industry chain is beginning to experience inflation transmission. After storage to CPU, cloud computing may be the next direction of inflation. The continuous increase in demand for AI is causing different segments of the AI industry chain to increase in price from top to bottom. The increase in prices by cloud computing providers may bring opportunities for value reassessment. According to the Weibo Cloud Computing Observer public account, the recent price increase by AWS signifies a break in the industry tradition of cloud service prices only decreasing for the past twenty years. With the rapid increase in demand for Tokens, the trend of price increases is gradually spreading from upstream to CPU and cloud services, and cloud computing and related service providers are expected to undergo valuation reconstruction. Looking at the major cloud providers in North America, their cloud-related revenue is showing an overall positive growth trend. Guolian Minsheng Securities points out that with the growth in demand for AI, the overall demand for AI inference and other needs is increasing, thereby driving the continuous increase in cloud providers' cloud business revenue. Taking Amazon Web Services (AWS) as an example, their financial report for the third quarter of the 2025 fiscal year showed that due to strong demand for AI infrastructure and customers accelerating their cloud migration process, AWS achieved net sales of $33 billion in the third quarter, a 20% increase year-on-year, marking the highest growth rate since 2022. At the same time, their quarterly operating profit increased from $10.447 billion in the third quarter of the 2024 fiscal year to $11.434 billion. NVIDIA has invested $2 billion in the cloud service provider Core Weave, further increasing the importance of cloud computing. In January 2026, NVIDIA announced an expansion of its long-term complementary partnership with Core Weave, investing $2 billion in Core Weave's Class A common stock at a price of $87.20 per share. AI has become an important driving force for the development of cloud computing, and infrastructure is expected to resonate with upper-layer applications. In the AI Agent era, the requirements for infrastructure continue to increase. According to the official Weibo account of Alibaba Cloud, first, there is a need for a large-scale elastic sandbox environment as the cornerstone for task execution; secondly, there is a need to support session-level state retention and long-term operation to meet the requirements of multi-round inference and complex task orchestration; at the same time, flexible tool invocation services and powerful knowledge retention capabilities are key to achieving higher levels of intelligence and continuous learning. From the perspective of domestic cloud computing leaders, AI has become an important driving force for their development. Alibaba Cloud ensures the efficient operation of AI Agents through efficient elastic sandbox scheduling mechanisms, elastic scaling mechanisms, high-quality search and memory services, etc. In 2025, Tencent Cloud achieved multiple development achievements while empowering customers and partners in various scenarios to improve efficiency through AI. Targets to pay attention to: 1) Cloud computing: BABA-W (09988), KINGSOFT CLOUD (03896), Ucloud Technology Co., Ltd (688158.SH), Sangfor Technologies Inc. (300454.SZ), Glory View Technology (301396.SZ), Capitalonline Data Service (300846.SZ), Hangzhou Shunwang Technology (300113.SZ), Wangsu Science & Technology (300017.SZ), Qingcloud Technologies Corp. (688316.SH), etc. 2) CPU: Hygon Information Technology (688041.SH), China Greatwall Technology Group (000066.SZ), Loongson Technology Corporation (688047.SH), Suzhou Hesheng Special Material (002290.SZ), etc. 3) Database: Transwarp Technology (Shanghai) Co., Ltd. (688031.SH), Wuhan Dameng Database-U (688777.SH), Beijing Vastdata Technology (603138.SH), Taiji Computer Corporation (002368.SZ), Beijing SuperMap Software (300036.SZ), TRS Information Technology (300229.SZ), etc. Risk warning: AI policies fall short of expectations; intensified industry competition; uncertainties in technological route changes.