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通信行业周报:运营商投资向算力倾斜,AIDC具有持续性
Tebon Securities·2025-03-30 06:23

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1] Core Insights - The report emphasizes that operators are continuously directing capital expenditures towards computing power, which is essential for the ongoing development of computing infrastructure [3][4] - There is a sustained demand on the end-user side, ensuring a long-term narrative for AIDC (Artificial Intelligence Data Center) [3][4] - The report highlights the normal progression of AIDC construction projects and the growing domestic industry chain that warrants attention [3][4] Summary by Sections Investment Strategy - Operators' capital expenditures are increasingly focused on computing power, with significant improvements in computing infrastructure. The three major operators have reported steady advancements in their computing capabilities and have committed to increasing capital spending in this area. For instance, China Unicom's smart business revenue reached 82.5 billion RMB, a year-on-year increase of 9.6%, while China Mobile's cloud revenue hit 100.4 billion RMB, growing by 20.4% [3][4][9] - The computing infrastructure of operators is gradually being enhanced, with China Mobile's general computing power reaching 8.5 EFLOPS and intelligent computing power at 29.2 EFLOPS in 2024. China Telecom's "Xirang" platform has integrated with 50 computing partners, achieving a total of 62 EFLOPS [3][4][9] - Capital expenditures for computing are expected to continue rising, with China Unicom forecasting a 28% increase in computing investments for 2025. China Mobile anticipates a slight increase in its budget for computing resources despite an overall decrease in capital spending [3][4][9] Industry News - China Telecom's 2024 annual report indicates a continued focus on computing power, with total revenue of 523.6 billion RMB, a 3.1% increase year-on-year. The company plans to invest 836 billion RMB in capital expenditures for 2025, with a significant portion directed towards digital infrastructure [3][4][13] - Global investments in AI data centers are projected to approach 3 trillion RMB this year, driven by major tech companies like Microsoft and Amazon, which are expected to invest 371 billion USD in 2025, a 44% increase from the previous year [3][4][14] - Shanghai aims to achieve a computing scale of 200 EFLOPS by 2027, with a focus on developing a comprehensive ecosystem for the AI cloud industry [3][4][16] - A strategic cooperation agreement was signed between China Mobile and Alibaba to enhance their AI data center capabilities, indicating a collaboration between state-owned and private enterprises in the computing sector [3][4][17] Weekly Review and Focus - The telecommunications sector experienced a decline of 3.54% this week, underperforming compared to major indices. The report suggests focusing on investment opportunities within the AIDC and related industry chains [3][4][18] - The report recommends monitoring companies such as China Telecom, China Mobile, and China Unicom, as well as other firms involved in the AIDC ecosystem [3][4][21]