中邮证券：AI时代重估云价值 把握AI Infra投资机遇

Core Viewpoint - The demand for computing power infrastructure is expanding due to the explosion of AI model requirements and the intelligent transformation across various industries, creating multi-layered investment opportunities in cloud computing, AI+Data, AI Agents, and AI computing power [1] Company Performance - Oracle's first fiscal quarter results showed mixed performance with revenue of $14.93 billion (up 12% year-on-year, below the expected $15.03 billion) and adjusted earnings per share of $1.47 (slightly below the expected $1.48) [1] - Oracle's cloud business experienced strong growth, with total cloud revenue of $7.2 billion (up 28% in dollars, 27% at constant currency), including IaaS revenue of $3.3 billion (up 55%) and SaaS revenue of $3.8 billion (up 11%) [1] - The company expects its cloud infrastructure business to grow by 77% this fiscal year, reaching $18 billion, with projected revenues for the next four years significantly exceeding previous expectations [1] Remaining Performance Obligations - Oracle's remaining performance obligations reached $455 billion, a year-on-year increase of 359%, with a significant contract signed with OpenAI valued at approximately $30 billion [2] - The CEO indicated that new multi-billion dollar contracts are expected to be signed in the coming months, potentially pushing remaining performance obligations over $500 billion [2] Market Demand Trends - Coreweave is experiencing a surge in demand for computing power, with long-term contracts becoming the norm as clients' needs have expanded from thousands to millions of GPUs [3] - The company has integrated approximately 2.2 GW of capacity, with 900 MW expected to be operational by the end of the year, indicating a supply-demand imbalance in computing power infrastructure [3] Capital Expenditure Trends - Major global cloud service providers (CSPs) are increasing capital expenditures, with Microsoft, Google, Meta, and Amazon raising their spending forecasts for AI infrastructure and data center expansions [4] - Microsoft plans to increase its capital expenditure to over $30 billion in FY2026, while Google has raised its capex to $85 billion for 2025 [4] - In China, companies like Alibaba and Tencent are also ramping up investments in AI and cloud infrastructure, with Alibaba's CEO indicating that the next three years will see more investment than the past decade combined [5] Investment Targets - Suggested investment targets include companies in cloud computing such as Kingsoft Cloud, Alibaba, and Tencent [7] - For AI+Data, companies like StarRing Technology and DaMeng Data are highlighted [8] - In the AI Agent sector, companies like Dingjie Zhizhi and Vision Source are recommended [8] - For AI computing power, companies such as Cambricon and Inspur Information are noted as potential investment opportunities [9]