北美大厂CapEx持续走高，看好AI产业发展

Investment Rating - The report maintains an investment rating of "Outperform the Market" [6] Core Insights - North American cloud service providers are experiencing strong demand for computing power and cloud-related services, leading to significant increases in capital expenditures, with year-on-year growth rates of 43% for Google, 68% for Amazon, 53% for Microsoft, and 104% for Meta [2] - Samsung Electronics reported a 42% decline in operating profit in its semiconductor business, primarily due to price drops, U.S. export controls, and customer order delays, prompting the company to accelerate high-end storage technology breakthroughs [1] Summary by Sections Industry Performance - The electronic sector index increased by 1.34% during the week of April 27 to May 4, 2025, while major indices like the Shanghai Composite Index and Shenzhen Component Index saw declines of 0.49% and 0.17% respectively [4][31] - The electronic sector ranked 5th in terms of performance among all sectors during this period [31] Capital Expenditure Trends - Major North American cloud companies have significantly increased their capital expenditures, with Meta raising its full-year CAPEX guidance to between $64 billion and $72 billion, primarily directed towards AI data centers and computing hardware [2] Semiconductor Industry Insights - Apple is restructuring its supply chain, planning to source over $19 billion in chips from the U.S. in 2025, while increasing its production capacity in India to over 20% for iPhones [18] - Two Japanese semiconductor companies have launched new silicon carbide (SiC) power semiconductor modules, enhancing energy efficiency by up to 50% for electric vehicles [20] Stock Performance - The top three gainers in the electronic sector for the week were Guangda Tongchuang (+30.91%), Xunjie Xing (+24.17%), and Yingtong Communications (+18.13%), while the largest decliners were Xilong Science (-14.39%), Transsion Holdings (-10.44%), and Longxun Shares (-10.03%) [38]