[GF Computer & Technology] Cloud and Applications: Closed Loop Accelerating, AI Industry Chain Prosperity, Low-Position Allocation Opportunity

English summary

Cloud and application closed loop formed, currently ushering in a low-position allocation opportunity — Cloud vendors' revenue continues to accelerate, enterprise AI payments, Agent applications and vertical industry commercialization are starting to land, the cloud and application sector is at a relatively low position overall with fundamental marginal improvements, and it has now entered a stage worthy of key allocation. Cloud vendors' fundamentals continue to strengthen, and the AI commercialization closed loop is accelerating — The latest financial reports of leading domestic and overseas cloud vendors continue to verify the high prosperity of AI demand: Microsoft Azure's latest quarterly revenue grew 43% YoY, full-year revenue exceeded $100 billion for the first time, and AI demand still significantly exceeds computing power supply; Microsoft 365 Copilot paid users exceeded 30 million seats, verifying that AI is shifting from infrastructure investment to cloud services, software subscriptions and token consumption monetization.…