AI基建维持高景气度 | 投研报告

Group 1: AI Applications and Models - The activity level of the overseas chat assistant application Gemini continues to rise, while ChatGPT remains stable; most domestic AI chat applications also show a recovering trend [1][2] - DeepSeek launched DeepSeek-OCR, followed by Baidu PaddlePaddle releasing PaddleOCR-VL, which topped the global OCR rankings; Tencent open-sourced the mixed Yuan world model 1.1, supporting video-level 3D reconstruction; MiniMax announced the upcoming release of Hailuo2.3, achieving breakthroughs in video generation realism and micro-expression capture [1][2] Group 2: Digital Realty Performance - In Q3 2025, Digital Realty's performance significantly exceeded expectations, with core FFO per share reaching $1.89, a record high, and a year-on-year growth of 13%; AFFO and EBITDA grew by 16% and 14% respectively, prompting the company to raise its guidance for the third time this year [2] - The backlog of orders reached $852 million, with new contracts exceeding $200 million, and IT power reserves at 5GW, laying a solid foundation for future growth; AI-related contracts have accounted for over half of the total for eight consecutive quarters, indicating strong ongoing demand for AI [2] Group 3: Vertiv's Market Performance - Vertiv's performance in Q3 2025 far exceeded market expectations, with organic revenue growing by 28% year-on-year, driven by a 43% increase in the Americas and a 21% increase in Asia-Pacific, benefiting from the AI data center construction boom [3] - Adjusted operating profit increased by 43% year-on-year, with an operating margin of 22.3%, showcasing the dual advantages of smooth price transmission and operational leverage; orders surged by 60% year-on-year, with backlog orders reaching a historic high of $9.5 billion, indicating a rolling, multi-year expansion characteristic of AI data center construction [3] Group 4: DRAM and NAND Pricing Trends - In Q4 2025, global DRAM and NAND entered a comprehensive price increase cycle, with spot prices soaring and contract prices adjusted upwards by up to 30%; AI computing power construction is driving strong demand for high-bandwidth memory and enterprise storage [3] - Server-side DDR5 and eSSD prices increased by 10% to 15%, while mobile and PC segments faced supply tightness due to original manufacturers prioritizing AI servers, leading to simultaneous price increases for LPDDR and cSSD; the overall price surge is attributed to the mismatch between AI demand and supply discipline, with price increases expected to continue until mid-2026 [3] Group 5: Tesla's Financial Results - On October 23, Tesla released its Q3 2025 financial report, with revenue reaching $28.095 billion, a new quarterly record, representing a year-on-year growth of 11.57%; net profit was $1.373 billion, down 36.81% year-on-year [4] - The Optimus V3 humanoid robot plan is set to showcase a near-mass production version in early 2026, with an annual production line of one million units expected to launch by the end of the year; the FSD v14 was officially released [4]