According to the CITIC Construction Investment Research Report, on August 21, OpenAI lowered the GPT-5.6 Sol API price by more than 20% to further reduce the cost of calling high-performance models, which is expected to increase usage in high-token scenarios such as agents and code generation, and continue to drive demand for computational power on the inference side. Ali's AI Cloud and Compute Services revenue in the latest quarter was about 48.4 billion yuan, up 45% year on year. Revenue from AI-related products increased by three digits for 12 consecutive quarters, verifying that AI demand is being accelerated towards commercialization. Continue to be optimistic about industrial chain opportunities such as optical modules, servers, liquid cooling, and cloud computing driven by commercialization of large models and increased demand for computing power.

According to the CITIC Construction Investment Research Report, on August 21, OpenAI lowered the GPT-5.6 Sol API price by more than 20% to further reduce the cost of calling high-performance models, which is expected to increase usage in high-token scenarios such as agents and code generation, and continue to drive demand for computational power on the inference side. Ali's AI Cloud and Compute Services revenue in the latest quarter was about 48.4 billion yuan, up 45% year on year. Revenue from AI-related products increased by three digits for 12 consecutive quarters, verifying that AI demand is being accelerated towards commercialization. Continue to be optimistic about industrial chain opportunities such as optical modules, servers, liquid cooling, and cloud computing driven by commercialization of large models and increased demand for computing power.