AI高景气度延续，算力基础设施持续受益

Group 1 - North American CSP cloud providers, including Amazon, Google, Meta, Microsoft, and Oracle, plan to invest over $370 billion in capital expenditures for the fiscal year 2025, representing a 40% year-on-year increase [1][3] - Oracle's latest quarterly report shows that its remaining performance obligations (RPO) reached $455 billion at the end of FY26Q1, an increase of $317 billion from the previous quarter, with expected capital expenditures of $35 billion for FY2026 [1][3] - The global Ethernet switch market is projected to generate $14.5 billion in revenue in Q2 2025, reflecting a year-on-year growth of 42.1% [1][3] Group 2 - In September, the communication sector underperformed the broader market, with the communication index declining by 0.15% while the CSI 300 index rose by 3.20%, ranking 14th among 31 primary industries [2] - The PE valuation for major companies in the communication sector was 23.8 times in September, slightly below the historical median of 33.6 times over the past decade [2] - Notable stock performances in September included Tengjing Technology (+66%), Chunzhong Technology (+92%), and Yuanjie Technology (+44%) [2] Group 3 - Domestic CSP cloud providers in China, such as ByteDance, Alibaba, Tencent, and Baidu, are expected to invest over 450 billion yuan in AI computing power by 2025, with accelerated industrialization of domestic super-node data centers [4] - Major chip manufacturers like NVIDIA, AMD, and Broadcom are increasing collaboration with CSP cloud providers, leading to a rise in demand for high-end chips [4] - Investment recommendations include focusing on AI computing infrastructure development, particularly in optical devices, communication equipment, and liquid cooling technologies [4][6] Group 4 - The three major telecom operators in China are considered important assets for dividend allocation, with stable operations and increasing dividend payout ratios, suggesting a long-term investment strategy [5][6] - The recommended stock portfolio for September 2025 includes China Mobile, Zhongji Xuchuang, ZTE, and Guanghetong [6]