HUAXI Securities·2025-05-08 01:40Investment Rating - Industry rating: Overweight [6] Core Insights - In Q1 2025, the total capital expenditure (capex) of four major overseas tech companies reached $76.6 billion, a year-on-year increase of 64.3%, with a quarter-on-quarter decrease of 1.48% [1][10] - Microsoft reported a capex of $21.4 billion, up 52.86% year-on-year, while Amazon's capex was $24.3 billion, reflecting a 74.82% year-on-year increase [1][10] - Meta's capex surged by 103.90% year-on-year to $13.7 billion, indicating strong investment in data centers [1][10] - Companies are increasing their capex plans for 2025, with Meta raising its forecast from $60-65 billion to $64-72 billion, primarily for AI infrastructure [2][13] Summary by Sections 1. Domestic and International Major Tech Companies' Capex - The capex of major overseas tech companies remains robust, with significant year-on-year growth [1][10] - Meta plans to invest heavily in AI infrastructure, with a revised capex forecast for 2025 [2][13] 2. Cummins' Performance Reflecting Data Center Demand - Cummins reported a net income of $8.17 billion in Q1 2025, with a 3% year-on-year decline, but its power generation business saw a 19% increase in net income [3][14] - The demand for data centers has accelerated, leading to a 68% increase in sales of power generation equipment in China [3][14] 3. Investment Recommendations - The report maintains a positive outlook on the tight supply-demand relationship in disaster recovery power sources and the increasing application of HVDC in power distribution systems [4][17] - Beneficiary stocks include companies in disaster recovery power, HVDC, and end distribution sectors [4][17]