通信周跟踪：北美云厂商资本开支环比继续增长，5G-A投资有望大幅增长

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the communication industry [1]. Core Insights - North American cloud vendors continue to see a quarter-on-quarter increase in capital expenditures, with significant growth expected in 5G-A investments [1][3]. - Major tech companies like Amazon, Microsoft, and Google are leveraging AI to enhance their cloud services, leading to substantial increases in their capital expenditures [1][2][3]. - The demand for optical modules is expected to benefit directly from the AI capital expenditure boom, with significant growth forecasts for 2024 and 2025 [2][3]. Summary by Sections 1. Weekly Viewpoint and Investment Suggestions - North American tech giants have reported significant AI-driven growth in their cloud businesses, with Microsoft projecting annualized AI revenue to reach $10 billion in Q4 [3][14]. - Amazon's Q3 capital expenditure was $21.3 billion, reflecting a year-on-year increase of 88% and a quarter-on-quarter increase of 30% [1][15]. - Google reported a Q3 capital expenditure of $13 billion, with a year-on-year increase of 63% [2][16]. - The report suggests focusing on companies involved in AI servers, optical modules, and 5G-A technologies [1][19]. 2. Market Overview - The overall market experienced a decline during the week of October 28 to November 1, 2024, with the Shanghai Composite Index down by 0.84% and the Shenzhen Component Index down by 1.55% [5][20]. - The communication sector saw a drop of 3.28%, while the entrepreneurial board fell by 5.14% [5][20]. 3. Industry Trends - Huawei is actively promoting 5G-A products, supported by government initiatives to encourage 5G-A construction and applications [4][18]. - The report highlights the expected significant growth in 5G-A investments by 2025, driven by increased demand from operators [4][18]. 4. Company News - Companies such as Industrial Fulian, Unisplendour, and Inspur Information are recommended for their involvement in AI servers, while optical module companies like Zhongji Xuchuang and New Yisheng are also highlighted [4][19]. - The report notes that the optical module market is expected to see sales growth of over 60% in 2024, with continued strong performance in 2025 [2][16].