Enterprise demand is shifting toward production-grade deployment of large models, driving MaaS to become a defining growth direction in the cloud computing market. In the first half of 2026, China's MaaS market reached 10.63 billion yuan, up 889.4% year-on-year, accounting for 21.0% of the public cloud PaaS market; total market token consumption reached 2,857.9 trillion, up approximately 432.5% year-on-year. In terms of revenue structure, large language models accounted for 47.0%, while video generation models became the second growth engine with a 32.7% contribution. In terms of market competition, Volcano Engine led the overall MaaS market with a 45.1% share, followed by Alibaba Cloud and Zhipu in second and third place; in the large language model segment, Alibaba led by a wide margin with a 46.6% share.