证券研究报告 | 2025年06月15日 通信行业周报 2025 年第 24 周 优于大市 英伟达加速欧洲市场拓展，展望 Marvell AI 活动及上海 MWC 展会 行业要闻追踪：英伟达加速拓展欧洲市场，Oracle 云基础设施收入高增， 算力持续高景气度。（1）英伟达：黄仁勋在 GTC 巴黎上发表演讲，宣布计 划在欧洲新建 20 家"人工智能工厂"，欧洲的 AI 算力将在两年内增长 10 倍，将配备 10000 个 GPU。同时在量子计算和工业 AI 领域加深合作，彰显英 伟达作为全球科技巨头在前沿领域的布局方向。近期，英伟达持续向海外发 力，加速拓展中东、欧洲市场，叠加"星际之门"计划，算力基础设施的高 景气度有望持续。（2）Oracle：发布 2025 财年第四季度及全年财报，第四 季度总收入达 159 亿美元，同比增长 11%。其中云基础设施收入 30 亿美元， 同比增长 52%，成为公司增长最快的业务板块。Oracle 2026 财年指引乐观， 云基础设施增长率将从 50%提升至超过 70%，RPO(已签署但尚未确认的合同 收入)将增长超过 100%。Oracle 目前有 23 个 MultiC ...

行 业 研 究 通信 2025 年 06 月 15 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-06 2024-10 2025-02 通信 沪深300 相关研究报告 《字节 Force 原动力大会亮点：豆包 大模型 1.6 发布、多模态模型升级、 Tokens 加速增长、多行业落地—行业 点评报告》-2025.6.11 《博通 TH6 交换芯片量产上市，持续 看好 AI 算力产业链—行业周报》- 2025.6.8 《DeepSeek R1 模型升级，GB300 季 度末有望出货，继续看好 AIDC 算力 产业链—行业周报》-2025.6.2 字节多模态模型加速，Oracle 大投 AI，看好全球 AIDC 产业链 | | | ——行业周报 | | --- | --- | --- | | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号： ...

证券研究报告·行业跟踪周报·电子 电子行业跟踪周报 甲骨文资本开支亮眼，关注二、三线 AI 厂商 相关投资-算力周报 增持（维持） ◼ 甲骨文 25/26 财年资本开支亮眼，关注二、三线 AI 大厂相关投资 本周算力产业链相关公司股价持续强劲。全周行情来看，数通 PCB/CCL 板块中沪电股份+9%、广和科技+7.37%、生益电子+5.66%； 服务器代工方面，工业富联+2.9%。对于算力需求，此前市场关注焦点 仅在北美头部云服务厂商资本开支方面，但二线云服务厂商及其他 AI 相关厂商等长尾客户需求依然值得重视。如本周甲骨文发布 FY25Q4 财 报，公司 25 财年资本支出超 210 亿美元，同增超 3 倍，指引新财年资 本开支将超 250 亿美元。马斯克旗下 xAI 启动了 50 亿美元债务销售， 这笔资金可能有助于马斯克继续大举投资 AI 基础设施。此外如本周黄 仁勋在 GTC 巴黎演讲中提到的英国云服务商 Nebius 和 Nscale，Nebius 已启动了一项 10 亿美元的私人配售，Nscale 正在推进一项总额约 27 亿 美元的融资计划。 ◼ 甲骨文：26 财年资本开支 250 亿美元，数据 ...

Core Viewpoint - Artificial intelligence (AI) is creating profitable opportunities in the cloud computing market, which was valued at $348 billion and grew 23% year over year in Q1 [1] Group 1: Oracle - Oracle's stock has tripled over the last three years and is approaching an all-time high following better-than-expected fiscal 2025 revenue [3][8] - In fiscal Q4, Oracle's total revenue grew 11% year over year, with cloud infrastructure revenue increasing by 52% year over year, driven by AI demand [5][6] - Management projects total cloud revenue growth to accelerate from 24% in fiscal 2025 to over 40% in fiscal 2026, potentially surpassing AWS's growth [7] - Oracle's forward price-to-earnings (P/E) multiple is 30, lower than Amazon's 34 and Microsoft's 35, indicating the stock may be undervalued [8] Group 2: Alphabet (Google) - OpenAI selected Google Cloud for its computing needs, validating Alphabet's AI investments and potential market share growth [10] - Google Cloud's revenue grew 28% year over year last quarter, positioning it third in market share behind AWS and Microsoft Azure [11] - Google Cloud is now generating over 7% of Alphabet's operating profit, up from 3.5% last year, with the potential to contribute around 25% in the next three years [13] - Alphabet's forward P/E is 18, reflecting its dependence on the advertising market, but its AI investments position it as a compelling buy among leading cloud stocks [14]

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Oracle. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool. ...

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Core Insights - Oracle Inc. (ORCL) experienced a significant trading signal known as Power Inflow at a price of $206.95, indicating a potential uptrend and a bullish sign for traders [1][5]. Group 1: Trading Signals - The Power Inflow is a crucial indicator for traders, reflecting institutional activity and suggesting a possible upward movement in Oracle's stock [1][3]. - Active traders interpret the Power Inflow as a bullish signal, which can guide their trading decisions [2][5]. Group 2: Market Analysis - Order flow analytics, which includes the study of buy and sell orders, helps traders gain insights into market conditions and identify trading opportunities [2][4]. - The Power Inflow typically occurs within the first two hours of market opening and can influence the stock's direction for the remainder of the trading day [3]. Group 3: Performance Metrics - Following the Power Inflow, Oracle's stock reached a high price of $216.59 and a close price of $215.22, resulting in returns of 4.7% and 4% respectively [8].

Shares of tech giant Oracle (ORCL 7.84%) rallied another 7.8% on Friday, even as the broader Nasdaq Composite was down 1.3% on the day.The notable and divergent outperformance came after a series of sell-side analyst upgrades in the aftermath of Wednesday's blowout earnings report.Analysts race to upgrade Oracle's price targetIn Wednesday's fiscal fourth-quarter 2025 report, Oracle posted 11% revenue growth to $15.9 billion, while adjusted (non-GAAP) earnings per share (EPS) rose a more modest 4.3%. Still, ...

Group 1 - Oracle has appointed two new presidents, Clay Magouyrk and Michael Sicilia, as part of a succession plan for co-founder Larry Ellison [1][2] - Magouyrk, who has a background as a former Amazon software development engineer, has rapidly ascended within Oracle since joining in 2014 and currently oversees Oracle Cloud Infrastructure [3] - Sicilia is the executive vice president of Oracle Industries and has been leading the company's acquisition of Cerner [3] Group 2 - The new executives are expected to help Oracle gain traction in the cloud-computing market, which has seen Oracle shares reach a record high after beating analyst estimates and raising revenue forecasts [4] - Analysts from Piper Sandler noted that Oracle has entered a new wave of enterprise popularity reminiscent of the late 1990s Internet era [4]

Core Viewpoint - Oracle shares are experiencing significant gains due to a strong earnings report and positive outlook in cloud computing, marking the best week for the company since 2001 [1][2]. Financial Performance - The stock has risen approximately 24% for the week, primarily after the quarterly earnings release, with the last comparable performance occurring in April 2001 [2]. - Oracle's revenue and earnings exceeded estimates in the latest earnings report, with CEO Safra Catz projecting sales for the new fiscal year to exceed $67 billion, surpassing the consensus of $65.18 billion [4]. Market Position and Demand - Oracle is witnessing rapid growth in cloud computing, particularly in supporting artificial intelligence models, and is currently facing more demand than it can fulfill [3][5]. - The company has made significant capital expenditures, exceeding $21 billion in fiscal 2025, with projections of reaching $25 billion in fiscal 2026 [6]. Clientele and Competitive Landscape - Oracle's client roster includes major companies such as Meta, OpenAI, and xAI, which require substantial Nvidia graphics processing units for generative AI model training [7]. - The company aims to build and operate more cloud infrastructure data centers than all its competitors combined [7]. Stock Performance - Oracle shares have increased by 28% in 2025, outperforming the Nasdaq, which is roughly flat, with Meta being the next best performer at 17% [8].