According to the CITIC Construction Investment Securities Research Report, in 2027, they are optimistic about the application opportunities brought by AI moving from model capability to scenario implementation. The big model sees that pre-training will continue to scale and post-training will accelerate. The progress curve of the national model is expected to accelerate again. The amount of tokens will drive ARR over the long term; overseas CSP capital expenses on the computing power side will continue to grow, and the share of Alibaba Cloud's high-margin PaaS and MaaS in China will increase, and emphasis is placed on return on investment. The application revolves around “fast, big, new”: fast implementation speed, large market size, new application scenarios. From short to long AI content, platforms are the first to benefit; programmatic advertising continues to enjoy the dividends of algorithms. On the platform side, the margins of competition between e-commerce and local life are slowing down. The platform invests more on efficiency and is optimistic about profit recovery.

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