民生证券：当下AI叙事逻辑仍不变 重点聚焦AI基建侧

Group 1 - The current focus of AI infrastructure investment is shifting from cloud vendor spending to AIDC cloud computing centers, with companies like Oracle, Coreweave, Nebius, AppliedGigital, and Iris Energy having a first-mover advantage in GPU cards [1] - Minsheng Securities suggests focusing on AIDC chain companies such as Runze Technology (300442.SZ) and Runjian Co., Ltd. (002929.SZ), as well as optical module companies like Dekoli (688205.SH), Shijia Photon (688313.SH), Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), and Tianfu Communication (300394.SZ) [1] Group 2 - Nvidia is investing £500 million (approximately $683 million) in Nscale, a UK-based company, which will participate in a £11 billion AI infrastructure project [2] - Oracle expects a revenue growth of 14% to 16% year-over-year for Q2 of FY2026, driven by strong cloud performance, with Q1 cloud infrastructure revenue reaching $3.3 billion, a 55% increase [2] - Nebius has secured a significant agreement with Microsoft worth nearly $20 billion, which will provide $17.4 billion to Nebius, with an option for an additional $2 billion in services [3] - Global cloud infrastructure service spending is projected to reach $95.3 billion by Q2 2025, reflecting a 22% year-over-year growth [3] - Microsoft plans to increase its annual AI capital expenditure to $120 billion, up from $88 billion the previous year, while Meta anticipates spending between $66 billion and $72 billion in 2025 for generative AI infrastructure [3] - Google is also increasing its capital expenditure by 13% to $85 billion this year, with further increases expected in 2026 due to strong demand for cloud products and services [3]