通信：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" for the industry, indicating expected performance above the benchmark index [1]. Core Insights - North American cloud vendors continue to see a quarter-on-quarter increase in capital expenditures (capex), driven significantly by AI integration into cloud services. Major companies like Microsoft, Amazon, and Google are reporting substantial growth in their AI-related revenues and capital investments [2][3][4]. - The report highlights that the demand for optical modules is expected to benefit directly from the AI capex boom, with projections indicating a sales increase of over 60% for Ethernet optical modules in 2024 [4][19]. - Huawei is actively promoting 5G-A products, supported by government initiatives to encourage 5G-A construction and applications, suggesting a significant increase in investment in this area by 2025 [20][23]. Summary by Sections 1. Weekly Insights and Investment Recommendations - North American tech giants have reported significant growth in AI capabilities, with Microsoft projecting an annualized revenue of $10 billion for its AI business in Q4 2024, and a capex of $14.9 billion for Q3, up 51% year-on-year [2][17]. - Amazon's AI business is also growing rapidly, with a Q3 capex of $21.3 billion, reflecting an 88% year-on-year increase, and an expected total capex of $75 billion for the year [3][18]. - Meta and Google are enhancing their platforms with AI, with Google reporting a Q3 capex of $13 billion, primarily for server investments [4][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 0.84% and the Shenzhen Component Index down 1.55% [7][25]. - The telecommunications sector saw a significant drop, with the Shenwan Communications Index down 3.28% [7][25]. 3. News Announcements - Key companies to watch include those in AI servers (e.g., Industrial Fulian, Unisplendour), optical modules (e.g., Zhongji Xuchuang, New Yisheng), and 5G-A (e.g., Canqin Technology, ZTE) [24][43].