通信行业：北美CSP资本开支展望不变，再论AI算力的需求逻辑

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected growth exceeding the benchmark index by over 10% [1][46]. Core Insights - AI has become the core driver of growth for cloud service providers (CSPs) in North America, with all major CSPs maintaining strong investments in AI [3][15]. - Microsoft reported a 33% revenue growth in Azure and other cloud services, with AI contributing 16 percentage points to this growth. The annual revenue from AI services has surpassed $13 billion, showing a year-on-year increase of 175% [4][15]. - Google has seen its monthly active users reach 1.5 billion, with AI features driving user engagement and advertising conversion rates. The company plans to invest $75 billion in 2025 [4][16]. - Amazon's AI business has exceeded annual revenue in the billions, with a growth rate exceeding three digits. The company plans to invest $100 billion in capital expenditures in 2025 [5][17]. - Meta is enhancing advertising efficiency through advanced AI models and plans to invest between $64 billion and $72 billion in capital expenditures in 2025 [5][17]. - Oracle's cloud growth is primarily driven by AI, with significant contracts signed with OpenAI and a projected capital expenditure of $16 billion for 2025, more than doubling from the previous fiscal year [6][17]. Industry Trends - The demand for computing power from CSPs is driven by three main areas: large model training, inference needs from applications like chatbots and AIGC, and private cloud deployments requiring significant computing resources [7][18]. - The report anticipates sustained demand for computing power due to the ongoing penetration of AI into traditional software and SaaS applications, as well as internal enterprise deployments [8][18]. Recommended Companies - The report suggests focusing on companies in various sectors, including: - Optical Communication: Zhongji Xuchuang, New Yisheng, Shijia Photon, Guangke Technology, Cambridge Technology, Yuanjie Technology, Huagong Technology, and Guangxun Technology [9][19]. - Copper Connection: Wolong Nuclear Materials, Dingtong Technology, Jinxin Nuo, Huafeng Technology, and Yihua Co., Ltd. [9][19]. - Domestic Computing Power: Cambrian, Haiguang Information, Chao Xun Communication, Shengke Communication, and Unisoc [9][19]. - Military Informationization: Chengchang Technology, Zhenlei Technology, Changying Tong, Bangyan Technology, and Zhimingda [9][19]. Market Overview - For the week of April 28 to April 30, 2025, the STAR Market Index rose by 0.78%, the Shenwan Communication Index increased by 0.59%, while the Shenzhen Component Index and the Shanghai Composite Index fell by 0.17% and 0.49%, respectively [9][19]. - The top-performing sectors included the Internet of Things (+9.95%), connectors (+5.23%), and controllers (+3.65%) [9][19].