电子行业周报：海外云厂商Q1云业务表现亮眼，资本开

Investment Rating - The report suggests a positive outlook for the electronic sector, indicating a moderate recovery in demand and recommending focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [4][5]. Core Insights - The electronic industry is experiencing a mild recovery, with significant capital expenditures from major cloud service providers like Google, Microsoft, Meta, and Amazon, reflecting their commitment to AI infrastructure [4]. - Microsoft reported Q1 revenue of $70.066 billion, a 13$25.824 billion. The intelligent cloud segment, including Azure, saw a 33% revenue increase [4]. - Meta's Q1 revenue reached $42.314 billion, up 16$16.644 billion, marking a 35% increase. The company raised its 2025 capital expenditure forecast to $64-72 billion [4]. - Amazon's Q1 revenue grew 9$155.67 billion, with net profit soaring 64% to $17.127 billion. AWS cloud revenue increased 17$95.4 billion, a 5% increase, with a net profit of $24.78 billion. The gross margin reached a three-year high of 47.1$558 million, up 44.08% year-on-year [19]. - Weir Shares: Q1 revenue of $6.472 billion, a 14.68$728 million, down 10.32% year-on-year [19]. Market Trends - The electronic sector outperformed the broader market, with the Shenwan Electronics Index rising 1.34% while the CSI 300 Index fell 0.43% [20][21]. - The semiconductor sub-sector showed a 2.25% increase, while electronic components experienced a slight decline of 0.39% [21]. Investment Recommendations - The report recommends focusing on: - AIOT sector companies such as Lexin Technology and Hengxuan Technology [5]. - AI-driven innovation companies, particularly in computing chips and optical devices [5]. - Domestic semiconductor equipment and materials companies due to expectations of local substitution [5].