我们认为阿里巴巴收入增长提速、利润率提升确定性大，有望超预期。不同于市场的观点：我们认为阿里巴巴收入增长提速、公司利润率提升的确定性大。主要的不同点体现在对智能云业务收入提速、智能云供需和竞争优化后利润率快速提升的判断上。

首先，从长经济周期的视角，中国的最终居民消费率确实仍具备较高的提升空间。这些当前国内经济主体有效需求不足需要核心解 决的问题。所以我们认为当前GDP的结构的优化的进程，是中国经济发展必须经历的阶段，并且政府作为最终需求主体可能需要发 挥更强的作用。并且这个过渡阶段是存在特征重合的，比如“货币乘数有效性”是当前中美经济共同面临的问题。

2024 年我国软件产业增速呈现回落趋势。2024 年软件业务收入 13.73 万亿元，同比增长 10.0%，较 2023 年 13.4%的增速回落 了 3.4PCT。2024 年软件业务利润总额 16953 亿元，同比增长 8.7%，较 2023 年 13.6%的增速水平回落了 4.9 PCT

Coding bootcamps are immersive training programs that range from a few weeks to a few months. They are helpful to learners from diverse backgrounds to improve their programming skills and enhance their employability prospects.

A computerized maintenance management system, also called CMMS, refers to software that helps manage assets, schedule maintenance, and track work orders by maintaining a database of information about the maintenance operations of an organization.

Big data services refer to services that include big data business consulting, big data outsourcing, big data project-based services, and support and training services related to big data implementations.

2025年《政府工作报告》指出“要持续推进‘人工智能+’行动，将数字技术与制造优势、市场优势更好结合起来”，这与DeepSeek的技术突破相契合，低成本的开源模型为传统制造业接入、应用场景落地提供载体。在以人工智能为核心的现代产业体系加速构建的同时，中国AI的海外布局有望全面铺开。同时，政府工作报告特别强调了中国和东盟的合作，东盟是全球最具活力的市场之一，为AI应用落地提供了更为充足的市场空间，东盟与中国或将形成"技术供给+场景落地"的战略耦合。

Identification of potential partners • Shortlisting/finalization of potential partners • Customer need analysis • Customers’ purchase and usage behavior • Customer/partner feedback and satisfaction* • Brand perception analysis* • Key opinion leader insights

An automotive cockpit module is an assembly consisting of heating, ventilation, and air conditioning (HVAC) units, ducts, electronic units, wiring harnesses, and instrument panels. The instrument panels include the fuel and engine temperature gauge, speedometer, tachometer, fuel-economy gauges, odometer, infotainment systems, and various indicators, such as seat belt warning, parking-brake-engagement, tire-pressure monitoring system (TPMS), and an engine malfunction indicator built around the steering system.

股指动态:过去一周，全球主要科技股指普遍下跌，中概股科技小幅上涨。标普 500 指数-2.27%，纳斯达克综合指数-2.43%，费城半导体指数 -0.67%； TAMAMA科技指数-2.62%；纳斯达克中国金龙指数+0.37%;恒生科技指数-2.59%；计算机-1.20%。