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阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本
ZHOUQIANG
2020-11-05
中国
银保监会：未要求银行暂停与蚂蚁集团开展贷款合作
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20:19","market":"hk","language":"zh","title":"阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本","url":"https://stock-news.laohu8.com/highlight/detail?id=1113020660","media":"华尔街见闻","summary":"本季度，阿里AI相关产品年化收入突破495亿元人民币，在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速进一步提升；AI相关产品收入连续第12个季度实现三位数同比增长。基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量。吴泳铭进一步表示，AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。","content":"<html><head></head><body><p style=\"text-align: left;\">随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。</p><p style=\"text-align: justify;\">8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度<strong>，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元）</strong>，在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。</p><p style=\"text-align: justify;\">截至6月的季度，<strong>阿里云收入同比增长45%，增速进一步提升</strong>；AI相关产品收入连续第12个季度实现三位数同比增长。云业务EBITA利润率环比升至12%，显示AI带来的收入增长正逐步转化为利润增量。</p><p style=\"text-align: justify;\">与此同时，平头哥芯片商业化进程进一步加快。吴泳铭表示，<strong>基于新一代平头哥芯片真武M890的超节点实例近日已上线阿里云并开始规模化销售，下半年将持续放量，以满足客户旺盛的算力需求。</strong></p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI成为云业务增长核心引擎，平头哥芯片加速商业化</strong></h2><p style=\"text-align: justify;\">吴泳铭表示，阿里AI商业化已从上季度的“跨越拐点”，进入本季度“增长提速、利润率攀升”的阶段。随着AI业务自身造血能力增强，集团对持续投入AI的信心进一步提升。</p><p style=\"text-align: justify;\">AI需求增长正在同时拉动阿里云收入和盈利能力。管理层表示，越来越多客户开始采用覆盖AI智能体、模型、云基础设施及自研芯片的全栈AI产品，叠加业务规模扩大和算力供给偏紧带来的定价能力提升，推动AI从云业务的收入增长引擎进一步成为利润改善的重要驱动力。</p><p style=\"text-align: justify;\">与此同时，平头哥芯片开始进入规模化商业阶段。<strong>基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量</strong>。此前财报披露，截至8月初，真武芯片已服务超过650家客户，平头哥已形成覆盖GPU、CPU和网络芯片的全栈自研芯片布局。</p><p style=\"text-align: justify;\">阿里云表示，基于新一代平头哥芯片的“臻5 M890”超节点能够运行超过2万亿参数的大模型推理，Kimi K3、千问3.8 Max均已借助该实例提供服务。与此同时，<strong>阿里云大型AI数据中心交付周期已缩短至100天，进一步提升算力基础设施部署效率。</strong></p><p style=\"text-align: justify;\">整体来看，阿里云正形成“AI需求增长—算力扩张—自研芯片商业化—盈利改善”的循环，AI也正从此前的重点投入方向，逐步转变为驱动云业务增长和利润提升的核心业务。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>资本开支前置，三年3800亿元投资计划进度符合预期</strong></h2><p style=\"text-align: justify;\">管理层在电话会上进一步阐释了全栈AI平台的商业逻辑。首席财务官徐宏表示，无论是AI软件订阅、大模型API推理、GPU租用，还是训练与推理相关的软件服务，AI商业化都建立在算力中心等基础设施之上，<strong>因此“必须是capex先行，才能获得后面的业务增长”。</strong></p><p style=\"text-align: justify;\">截至2026年6月季度末，集团自2025年2月公布的三年3800亿元人民币投资计划已累计投入约1900亿元，整体进度符合预期。徐宏提醒，投资者不应简单按照单季资本开支线性外推全年投入节奏，硬件交付存在周期性波动。本季度资本开支较高，部分受到CPU采购增加及芯片组件价格上涨影响。</p><p style=\"text-align: justify;\">在投资回报方面，徐宏表示，按照目前的投入回报周期测算，AI算力资产约三年即可回收成本，此后仍可在较长时间内持续贡献正向自由现金流。他援引实际运营数据称，公司2018年采购的V100和2020年采购的A100目前仍接近满载运行，显示AI算力资产的实际使用寿命明显长于理论折旧周期。</p><p style=\"text-align: justify;\">吴泳铭进一步表示，<strong>AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。随着AI相关产品毛利率持续提升，算力资产的回收周期未来有望进一步缩短至约2.5年，甚至两年左右。</strong></p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-20 20:19 北京时间 <a href=https://wallstreetcn.com/articles/3779910><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元），在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3779910\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3fab76ba0fa95124391044ee356d645f","relate_stocks":{"BABW":"Roundhill BABA WeeklyPay ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","09988":"阿里巴巴-W","BABO":"BABA期权收益策略ETF-YieldMax","BABX":"2倍做多BABA ETF-GraniteShares","BABA":"阿里巴巴","KBAB":"2倍做多BABA ETF-KraneShares","BABU":"Direxion Daily BABA Bull 2X ETF"},"source_url":"https://wallstreetcn.com/articles/3779910","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113020660","content_text":"随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元），在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速进一步提升；AI相关产品收入连续第12个季度实现三位数同比增长。云业务EBITA利润率环比升至12%，显示AI带来的收入增长正逐步转化为利润增量。与此同时，平头哥芯片商业化进程进一步加快。吴泳铭表示，基于新一代平头哥芯片真武M890的超节点实例近日已上线阿里云并开始规模化销售，下半年将持续放量，以满足客户旺盛的算力需求。AI成为云业务增长核心引擎，平头哥芯片加速商业化吴泳铭表示，阿里AI商业化已从上季度的“跨越拐点”，进入本季度“增长提速、利润率攀升”的阶段。随着AI业务自身造血能力增强，集团对持续投入AI的信心进一步提升。AI需求增长正在同时拉动阿里云收入和盈利能力。管理层表示，越来越多客户开始采用覆盖AI智能体、模型、云基础设施及自研芯片的全栈AI产品，叠加业务规模扩大和算力供给偏紧带来的定价能力提升，推动AI从云业务的收入增长引擎进一步成为利润改善的重要驱动力。与此同时，平头哥芯片开始进入规模化商业阶段。基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量。此前财报披露，截至8月初，真武芯片已服务超过650家客户，平头哥已形成覆盖GPU、CPU和网络芯片的全栈自研芯片布局。阿里云表示，基于新一代平头哥芯片的“臻5 M890”超节点能够运行超过2万亿参数的大模型推理，Kimi K3、千问3.8 Max均已借助该实例提供服务。与此同时，阿里云大型AI数据中心交付周期已缩短至100天，进一步提升算力基础设施部署效率。整体来看，阿里云正形成“AI需求增长—算力扩张—自研芯片商业化—盈利改善”的循环，AI也正从此前的重点投入方向，逐步转变为驱动云业务增长和利润提升的核心业务。资本开支前置，三年3800亿元投资计划进度符合预期管理层在电话会上进一步阐释了全栈AI平台的商业逻辑。首席财务官徐宏表示，无论是AI软件订阅、大模型API推理、GPU租用，还是训练与推理相关的软件服务，AI商业化都建立在算力中心等基础设施之上，因此“必须是capex先行，才能获得后面的业务增长”。截至2026年6月季度末，集团自2025年2月公布的三年3800亿元人民币投资计划已累计投入约1900亿元，整体进度符合预期。徐宏提醒，投资者不应简单按照单季资本开支线性外推全年投入节奏，硬件交付存在周期性波动。本季度资本开支较高，部分受到CPU采购增加及芯片组件价格上涨影响。在投资回报方面，徐宏表示，按照目前的投入回报周期测算，AI算力资产约三年即可回收成本，此后仍可在较长时间内持续贡献正向自由现金流。他援引实际运营数据称，公司2018年采购的V100和2020年采购的A100目前仍接近满载运行，显示AI算力资产的实际使用寿命明显长于理论折旧周期。吴泳铭进一步表示，AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。随着AI相关产品毛利率持续提升，算力资产的回收周期未来有望进一步缩短至约2.5年，甚至两年左右。","news_type":1,"symbols_score_info":{"09988":2,"BABX":0.6,"BBYY":0.6,"BABO":0.6,"BABW":0.6,"BABA":2,"BABU":0.6,"KBAB":0.6}},"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":302159252,"gmtCreate":1604579184076,"gmtModify":1703833892257,"author":{"id":"3500346114548310","authorId":"3500346114548310","name":"ZHOUQIANG","avatar":"https://static.tigerbbs.com/fc96a9ab24d6d65f645bb125b3a7a16e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3500346114548310","idStr":"3500346114548310"},"themes":[],"title":"","htmlText":"中国","listText":"中国","text":"中国","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/302159252","repostId":"1160761046","repostType":4,"repost":{"id":"1160761046","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1604577073,"share":"https://www.laohunote.com/m/news/1160761046?lang=zh_CN&edition=full","pubTime":"2020-11-05 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href=\"https://laohu8.com/S/06688\">蚂蚁集团</a>开展联合贷款业务合作”</b>。对此，银保监会相关部门负责人表示：相关报道不实。银保监会近期未就银行与合作机构合作发放贷款业务出台新的监管举措。</p><p><b>银保监会支持银行保险机构依法合规与蚂蚁集团开展业务合作，更好地支持实体经济发展</b>。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/40a2c9defcfcf2c57516e386ea81da75","relate_stocks":{"06688":"蚂蚁集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160761046","content_text":"近日，有个别媒体报道称“银保监会计划引导银行机构暂停和蚂蚁集团开展联合贷款业务合作”。对此，银保监会相关部门负责人表示：相关报道不实。银保监会近期未就银行与合作机构合作发放贷款业务出台新的监管举措。银保监会支持银行保险机构依法合规与蚂蚁集团开展业务合作，更好地支持实体经济发展。","news_type":1,"symbols_score_info":{"688688":0.9,"06688":0.9}},"isVote":1,"tweetType":1,"viewCount":5144,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":302159252,"gmtCreate":1604579184076,"gmtModify":1703833892257,"author":{"id":"3500346114548310","authorId":"3500346114548310","name":"ZHOUQIANG","avatar":"https://static.tigerbbs.com/fc96a9ab24d6d65f645bb125b3a7a16e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3500346114548310","idStr":"3500346114548310"},"themes":[],"title":"","htmlText":"中国","listText":"中国","text":"中国","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/302159252","repostId":"1160761046","repostType":4,"repost":{"id":"1160761046","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1604577073,"share":"https://www.laohunote.com/m/news/1160761046?lang=zh_CN&edition=full","pubTime":"2020-11-05 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n银保监会：未要求银行暂停与蚂蚁集团开展贷款合作\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-11-05 19:51</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>近日，<b>有个别媒体报道称“银保监会计划引导银行机构暂停和<a href=\"https://laohu8.com/S/06688\">蚂蚁集团</a>开展联合贷款业务合作”</b>。对此，银保监会相关部门负责人表示：相关报道不实。银保监会近期未就银行与合作机构合作发放贷款业务出台新的监管举措。</p><p><b>银保监会支持银行保险机构依法合规与蚂蚁集团开展业务合作，更好地支持实体经济发展</b>。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/40a2c9defcfcf2c57516e386ea81da75","relate_stocks":{"06688":"蚂蚁集团"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160761046","content_text":"近日，有个别媒体报道称“银保监会计划引导银行机构暂停和蚂蚁集团开展联合贷款业务合作”。对此，银保监会相关部门负责人表示：相关报道不实。银保监会近期未就银行与合作机构合作发放贷款业务出台新的监管举措。银保监会支持银行保险机构依法合规与蚂蚁集团开展业务合作，更好地支持实体经济发展。","news_type":1,"symbols_score_info":{"688688":0.9,"06688":0.9}},"isVote":1,"tweetType":1,"viewCount":5144,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3527667803686145","idStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":598856699310584,"gmtCreate":1787231050707,"gmtModify":1787231535282,"author":{"id":"3500346114548310","authorId":"3500346114548310","name":"ZHOUQIANG","avatar":"https://static.tigerbbs.com/fc96a9ab24d6d65f645bb125b3a7a16e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3500346114548310","idStr":"3500346114548310"},"themes":[],"title":"","htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/598856699310584","repostId":"1113020660","repostType":2,"repost":{"id":"1113020660","kind":"news","pubTimestamp":1787228363,"share":"https://www.laohunote.com/m/news/1113020660?lang=zh_CN&edition=full","pubTime":"2026-08-20 20:19","market":"hk","language":"zh","title":"阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本","url":"https://stock-news.laohu8.com/highlight/detail?id=1113020660","media":"华尔街见闻","summary":"本季度，阿里AI相关产品年化收入突破495亿元人民币，在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速进一步提升；AI相关产品收入连续第12个季度实现三位数同比增长。基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量。吴泳铭进一步表示，AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。","content":"<html><head></head><body><p style=\"text-align: left;\">随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。</p><p style=\"text-align: justify;\">8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度<strong>，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元）</strong>，在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。</p><p style=\"text-align: justify;\">截至6月的季度，<strong>阿里云收入同比增长45%，增速进一步提升</strong>；AI相关产品收入连续第12个季度实现三位数同比增长。云业务EBITA利润率环比升至12%，显示AI带来的收入增长正逐步转化为利润增量。</p><p style=\"text-align: justify;\">与此同时，平头哥芯片商业化进程进一步加快。吴泳铭表示，<strong>基于新一代平头哥芯片真武M890的超节点实例近日已上线阿里云并开始规模化销售，下半年将持续放量，以满足客户旺盛的算力需求。</strong></p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>AI成为云业务增长核心引擎，平头哥芯片加速商业化</strong></h2><p style=\"text-align: justify;\">吴泳铭表示，阿里AI商业化已从上季度的“跨越拐点”，进入本季度“增长提速、利润率攀升”的阶段。随着AI业务自身造血能力增强，集团对持续投入AI的信心进一步提升。</p><p style=\"text-align: justify;\">AI需求增长正在同时拉动阿里云收入和盈利能力。管理层表示，越来越多客户开始采用覆盖AI智能体、模型、云基础设施及自研芯片的全栈AI产品，叠加业务规模扩大和算力供给偏紧带来的定价能力提升，推动AI从云业务的收入增长引擎进一步成为利润改善的重要驱动力。</p><p style=\"text-align: justify;\">与此同时，平头哥芯片开始进入规模化商业阶段。<strong>基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量</strong>。此前财报披露，截至8月初，真武芯片已服务超过650家客户，平头哥已形成覆盖GPU、CPU和网络芯片的全栈自研芯片布局。</p><p style=\"text-align: justify;\">阿里云表示，基于新一代平头哥芯片的“臻5 M890”超节点能够运行超过2万亿参数的大模型推理，Kimi K3、千问3.8 Max均已借助该实例提供服务。与此同时，<strong>阿里云大型AI数据中心交付周期已缩短至100天，进一步提升算力基础设施部署效率。</strong></p><p style=\"text-align: justify;\">整体来看，阿里云正形成“AI需求增长—算力扩张—自研芯片商业化—盈利改善”的循环，AI也正从此前的重点投入方向，逐步转变为驱动云业务增长和利润提升的核心业务。</p><h2 style=\"text-align: left; padding-left: 10px;\"><strong>资本开支前置，三年3800亿元投资计划进度符合预期</strong></h2><p style=\"text-align: justify;\">管理层在电话会上进一步阐释了全栈AI平台的商业逻辑。首席财务官徐宏表示，无论是AI软件订阅、大模型API推理、GPU租用，还是训练与推理相关的软件服务，AI商业化都建立在算力中心等基础设施之上，<strong>因此“必须是capex先行，才能获得后面的业务增长”。</strong></p><p style=\"text-align: justify;\">截至2026年6月季度末，集团自2025年2月公布的三年3800亿元人民币投资计划已累计投入约1900亿元，整体进度符合预期。徐宏提醒，投资者不应简单按照单季资本开支线性外推全年投入节奏，硬件交付存在周期性波动。本季度资本开支较高，部分受到CPU采购增加及芯片组件价格上涨影响。</p><p style=\"text-align: justify;\">在投资回报方面，徐宏表示，按照目前的投入回报周期测算，AI算力资产约三年即可回收成本，此后仍可在较长时间内持续贡献正向自由现金流。他援引实际运营数据称，公司2018年采购的V100和2020年采购的A100目前仍接近满载运行，显示AI算力资产的实际使用寿命明显长于理论折旧周期。</p><p style=\"text-align: justify;\">吴泳铭进一步表示，<strong>AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。随着AI相关产品毛利率持续提升，算力资产的回收周期未来有望进一步缩短至约2.5年，甚至两年左右。</strong></p></body></html>","source":"lsy1762389672944","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; 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float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n阿里电话会：AI年化收入突破495亿，平头哥芯片下半年将持续放量，Capex投入三年内回本\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-20 20:19 北京时间 <a href=https://wallstreetcn.com/articles/3779910><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元），在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3779910\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/3fab76ba0fa95124391044ee356d645f","relate_stocks":{"BABW":"Roundhill BABA WeeklyPay ETF","BBYY":"GraniteShares YieldBOOST BABA ETF","09988":"阿里巴巴-W","BABO":"BABA期权收益策略ETF-YieldMax","BABX":"2倍做多BABA ETF-GraniteShares","BABA":"阿里巴巴","KBAB":"2倍做多BABA ETF-KraneShares","BABU":"Direxion Daily BABA Bull 2X ETF"},"source_url":"https://wallstreetcn.com/articles/3779910","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113020660","content_text":"随着AI产品收入增长、盈利能力改善，阿里AI业务正从持续投入阶段逐步走向“自我造血”。8月20日，在业绩电话会上，阿里巴巴集团CEO吴泳铭表示，AI已经成为阿里云加速增长的核心引擎。本季度，阿里AI相关产品年化收入（ARR）突破495亿元人民币（73亿美元），在阿里云外部商业化收入中的占比升至35%；与此同时，AI相关产品毛利率显著高于云产品平均水平。截至6月的季度，阿里云收入同比增长45%，增速进一步提升；AI相关产品收入连续第12个季度实现三位数同比增长。云业务EBITA利润率环比升至12%，显示AI带来的收入增长正逐步转化为利润增量。与此同时，平头哥芯片商业化进程进一步加快。吴泳铭表示，基于新一代平头哥芯片真武M890的超节点实例近日已上线阿里云并开始规模化销售，下半年将持续放量，以满足客户旺盛的算力需求。AI成为云业务增长核心引擎，平头哥芯片加速商业化吴泳铭表示，阿里AI商业化已从上季度的“跨越拐点”，进入本季度“增长提速、利润率攀升”的阶段。随着AI业务自身造血能力增强，集团对持续投入AI的信心进一步提升。AI需求增长正在同时拉动阿里云收入和盈利能力。管理层表示，越来越多客户开始采用覆盖AI智能体、模型、云基础设施及自研芯片的全栈AI产品，叠加业务规模扩大和算力供给偏紧带来的定价能力提升，推动AI从云业务的收入增长引擎进一步成为利润改善的重要驱动力。与此同时，平头哥芯片开始进入规模化商业阶段。基于真武M890的超节点实例已上线阿里云并开始销售，下半年将持续放量。此前财报披露，截至8月初，真武芯片已服务超过650家客户，平头哥已形成覆盖GPU、CPU和网络芯片的全栈自研芯片布局。阿里云表示，基于新一代平头哥芯片的“臻5 M890”超节点能够运行超过2万亿参数的大模型推理，Kimi K3、千问3.8 Max均已借助该实例提供服务。与此同时，阿里云大型AI数据中心交付周期已缩短至100天，进一步提升算力基础设施部署效率。整体来看，阿里云正形成“AI需求增长—算力扩张—自研芯片商业化—盈利改善”的循环，AI也正从此前的重点投入方向，逐步转变为驱动云业务增长和利润提升的核心业务。资本开支前置，三年3800亿元投资计划进度符合预期管理层在电话会上进一步阐释了全栈AI平台的商业逻辑。首席财务官徐宏表示，无论是AI软件订阅、大模型API推理、GPU租用，还是训练与推理相关的软件服务，AI商业化都建立在算力中心等基础设施之上，因此“必须是capex先行，才能获得后面的业务增长”。截至2026年6月季度末，集团自2025年2月公布的三年3800亿元人民币投资计划已累计投入约1900亿元，整体进度符合预期。徐宏提醒，投资者不应简单按照单季资本开支线性外推全年投入节奏，硬件交付存在周期性波动。本季度资本开支较高，部分受到CPU采购增加及芯片组件价格上涨影响。在投资回报方面，徐宏表示，按照目前的投入回报周期测算，AI算力资产约三年即可回收成本，此后仍可在较长时间内持续贡献正向自由现金流。他援引实际运营数据称，公司2018年采购的V100和2020年采购的A100目前仍接近满载运行，显示AI算力资产的实际使用寿命明显长于理论折旧周期。吴泳铭进一步表示，AI算力Capex的投资回报确定性较高，目前整体投入预计可在三年内回本。随着AI相关产品毛利率持续提升，算力资产的回收周期未来有望进一步缩短至约2.5年，甚至两年左右。","news_type":1,"symbols_score_info":{"09988":2,"BABX":0.6,"BBYY":0.6,"BABO":0.6,"BABW":0.6,"BABA":2,"BABU":0.6,"KBAB":0.6}},"isVote":1,"tweetType":1,"viewCount":51,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
