电子行业点评报告：阿里巴巴宣布巨额资本开支计划，国产算力有望迎来景气周期

Investment Rating - The report assigns an "Overweight" rating to the electronic industry [2][7]. Core Insights - Alibaba announced a capital expenditure plan of 380 billion yuan, which is expected to drive a boom in domestic computing power [4][5]. - The AI development opportunities and competitive needs are likely to lead other internet companies like ByteDance, Tencent, and Baidu to increase their capital expenditures following Alibaba's announcement [5][7]. - The widespread application of DeepSeek is expected to significantly boost the demand for inference computing power, benefiting domestic AI chip manufacturers [6][7]. Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 47.51% compared to the CSI 300 index, with an absolute return of 60.10% [3]. Capital Expenditure Insights - Alibaba's capital expenditure for the fiscal year 2024 was 32.93 billion yuan, with a substantial increase in Q4 capital expenditure to 31.77 billion yuan, reflecting an 80% quarter-on-quarter growth [5]. AI and Computing Power - The report highlights that the domestic AI-driven computing power industry is entering a new expansion cycle, driven by significant investments in AI hardware infrastructure [5][7]. - DeepSeek's low-cost domestic model is gaining traction among government and enterprise users, further driving the demand for inference computing power [6].