内容来源：https://blog.google/around-the-globe/google-asia/sea-economy-2025/

内容总结：

东南亚数字经济规模突破3000亿美元 人工智能成为发展新引擎

最新研究报告显示，东南亚数字经济正展现出强劲发展势头，预计到2025年商品交易总额将突破3000亿美元大关，较十年前预测值增长1.5倍。区域营收规模预计将达到1350亿美元，标志着该地区已成功从高速增长阶段迈入可持续盈利的新发展阶段。

根据谷歌、淡马锡和贝恩公司联合发布的《2025年东南亚数字经济报告》，该地区数字经济发展呈现三大趋势：

首先，企业通过创新驱动实现可持续增长。视频电商成为最大亮点，三年间规模激增五倍，预计到2025年将占据电商总交易额的四分之一。外卖平台多数已实现或接近盈利，交通出行领域通过分层服务和应用内广告持续增长，在线旅游则在价格提升和政府签证政策推动下稳步发展。

其次，投资重点转向长期价值创造。私人融资额同比增长15%至约80亿美元，资金主要流向后期项目和数字金融服务领域。投资者更关注合理估值、可验证的盈利模式及明确盈利路径，资本市场复苏迹象初显。

最引人注目的是，东南亚正崛起为全球人工智能发展新高地。该地区数字化基础坚实，约60%人口进行线上购物，数字支付普及率超60%。民众对人工智能的关注度达到全球平均水平的三倍，四分之三用户认可AI工具在内容发现和任务处理方面的帮助。

为支撑AI发展，该地区数据中心容量计划新增4600兆瓦，增速达180%，超过亚太其他地区。今年上半年，人工智能初创企业已获超23亿美元投资，占私人融资总额逾30%。

分析指出，在实现3000亿美元里程碑后，东南亚将继续把握人工智能加速发展、资本市场复苏和区域合作深化三大结构性机遇，开启数字经济发展新篇章。

中文翻译：

东南亚数字经济的3000亿美元时代正迈入人工智能新纪元。过去十年间，这片热土的数字经济不仅展现出强大韧性，更持续超越预期。根据谷歌、淡马锡与贝恩公司联合发布的第十版《东南亚数字经济报告》预测，到2025年该地区商品交易总额将突破3000亿美元，较十年前的首份预期值跃升1.5倍。随着盈利能力的全面提速，行业总收入有望达到1350亿美元。

数据显示东南亚已成功实现从超高速增长向可持续盈利的战略转型。自2016年以来，商品交易总额增长7.4倍、收入激增11.2倍的亮眼成绩，正为开启"人工智能实践新阶段"铺就康庄大道。本年度报告揭示三大核心趋势：

一、创新驱动与智慧增长构筑企业韧性动能
数字经济各领域企业在保持增长的同时聚焦可持续盈利。视频电商成为突出亮点，三年间规模激增五倍并重塑电商格局，预计2025年将占据电商交易总额的四分之一。多数外卖平台通过优化物流、精简运营及收入多元化已实现或接近盈亏平衡。出行领域依托分层服务与程序内广告持续扩张，在线旅游则受益于价格上浮与政府签证便利政策焕发新机。伴随零售媒体网络崛起、视频电商成熟及AI广告形式普及，在线媒体板块增势强劲。数字金融服务已突破基础支付范畴，跨境二维码互联互通在八国成为现实。

二、资本风向从规模扩张转向长期价值创造
私募资金同比增长15%达80亿美元，显示投资者信心正在结构性复苏。资本战略性地聚焦后期融资与快速成长的数字金融板块——后者吸纳了近半数投资额。这一谨慎回暖建立在三大基石之上：更合理的入场估值、GMV与收入协同增长的成熟盈利模式、清晰的盈利路径。资本叙事正从"唯快不破"转向"基业长青"。随着区域内IPO通道逐步畅通，构建可靠退出机制成为第四大关键要素。

三、东南亚崛起为全球人工智能新高地
该地区正快速抢占全球AI转型前沿阵地。数字化深度奠定发展根基——当前在线购物人口占比达60%，数字支付渗透率超六成。这片沃土催生AI热潮：民众对AI话题关注度超出全球均值三倍。实际效益同样显著，四分之三用户确认AI工具有效提升内容发现效率与任务处理能力。

AI加速亟需坚实物理基建，资本已闻风而动。规划新增超4600兆瓦容量将使区域数据中心规模扩张180%，增速远超亚太其他地区120%的预期。AI领域亦成投资亮点：过去一年逾23亿美元注入680余家本土AI初创企业，占2025年上半年私募投资总额三成以上。

3000亿美元里程碑印证了东南亚"数字基建黄金十年"的成功。这片土地正蓄力把握三大结构性机遇：人工智能的即时爆发力、资本市场的复苏曙光、以及深化区域合作与制度支持的战略推进。

英文来源：

ASEAN’s $300 billion digital economy enters the AI reality
The digital economy in the Southeast Asian nations 1 has hit its stride, proving its resilience and exceeding expectations over the last decade. According to the 10th edition of the annual e-Conomy SEA report 2 by Google, Temasek, and Bain & Company, the region is set to surpass $300 billion 3 in Gross Merchandise Value (GMV) 4 by 2025, beating the inaugural forecast 10 years ago by 1.5 times. Revenues are forecasted to hit $135 billion as profitability accelerates across the region.
The report shows Southeast Asia has successfully transitioned from a phase of hyper-growth to one focused on sustainable profitability. The 7.4x increase in total GMV and an 11.2x jump in revenue since 2016 5 are now paving the way for the region’s next phase: the AI reality.
Here are the three key takeaways from this year’s e-Conomy SEA 2025 report:

1. Businesses sustain momentum through innovation and smarter growth.
   Across digital economy sectors, businesses are pursuing sustainable profitability while continuing to drive growth. Video commerce is a highlight, fundamentally transforming the e-commerce sector by surging five-fold in three years, and expected to account for 25% of total e-commerce GMV by 2025. Most food delivery platforms are profitable or approaching that milestone, having successfully optimized logistics, streamlined operations and diversified earnings. Similarly, the transport sector continues to grow via tiered services and in-app ads, while online travel is gaining momentum driven by higher rates and government-backed visa schemes. Online media growth is fueled by the rise of retail media networks, increasing maturity of video commerce and AI-powered ad formats. Digital financial services (DFS) have grown beyond basic payments, with cross-border QR interoperability now a reality across eight countries.
2. Investor interest shifts from rapid expansion to long-term value creation.
   Investor confidence is staging a targeted rebound, with private funding 6 climbing 15% year-over-year to roughly $8 billion. This capital is strategically focused on late-stage deals and the rapidly growing DFS sector, which is drawing about half of the total deal value. This cautious uptick is built on three solid pillars: more realistic entry valuations, proven monetization models where revenue growth keeps pace with GMV, and a clearer pathway to profitability. The narrative is shifting from merely rapid expansion to long-term value creation. Looking ahead, the focus is now moving to the fourth enabler — dependable exit pathways — with positive signs emerging from a healthy IPO pipeline in the region.
3. Southeast Asia is emerging as a global AI hotspot.
   The region is quickly positioning itself at the forefront of the global AI transformation. Its digital depth provides a launchpad, with three in five people now shopping online, and over 60% of all payments being digital. This foundation fuels the AI boom: consumer interest in AI topics stands at an impressive three times the global average. And the benefits are tangible: Three out of four users report that AI-powered tools have helped them discover content and make tasks easier.
   The AI acceleration demands robust physical infrastructure, and investment is actively flowing in to answer that call. With over 4,600 MW new capacity planned, the region’s data center capacity is set to grow by 180% – faster than the 120% growth projected for the rest of Asia Pacific. 7 AI is also a bright spot for investors: over the past year, more than $2.3 billion has been invested into the region's over 680 AI startups, accounting for over 30% of private funding in the first half of 2025.
   The achievement of the $300 billion GMV milestone confirms the success of Southeast Asia's foundational digital decade. The region is poised to capitalize on the structural shifts defining the future: the immediate, high-impact acceleration of AI, signs of the revival of capital markets and a strategic drive toward deeper regional cooperation and regulatory support.