Century Securities·2025-05-12 03:08Investment Rating - The report maintains an optimistic outlook on capital expenditure (Capex) for overseas cloud vendors, with a total Capex guidance of approximately $338 billion for 2025, reflecting a year-over-year increase of 35% [3]. Core Insights - The report highlights that major overseas cloud vendors have reported strong first-quarter results for 2025, with significant increases in Capex. Google reported $17.2 billion in Capex for Q1 2025, up 43% year-over-year, while Meta's Capex reached $13.7 billion, a 114% increase. Microsoft and Amazon also reported substantial increases of 53% and 74% respectively [3]. - The report suggests that the current demand for computing power is shifting from training to inference, and the evolution of application products from Chatbots to Agents will significantly increase computing power consumption. This trend supports the optimistic Capex guidance from cloud vendors and indicates potential investment opportunities in the overseas computing power supply chain [3]. Market Weekly Review - From April 28 to May 9, the TMT sector outperformed the CSI 300 index, with notable gains in the communication (5.57%), computer (4.44%), and media (4.13%) sectors. The top-performing sub-industries included communication network equipment and devices (8.13%) and communication application value-added services (6.72%) [3][5]. - Specific stocks within the electronic sector saw significant gains, with XunJieXing up 40.23%, ST YuShun up 34.03%, and JinLongJiDian up 31.22%. In the computer sector, WeiDe Information surged by 53.44%, while in the media sector, BaoTong Technology rose by 26.31% [3][13][14][6]. Industry News and Key Company Announcements - The report notes several key events in the industry, including the upcoming Google I/O developer conference and the Taipei International Computer Show, which may influence market dynamics [17][19]. - Significant announcements from companies include Nvidia's new AI model releases and OpenAI's restructuring plans to enhance its funding capabilities in the competitive AI landscape [19][20]. Company Announcements - Recent announcements from companies such as Zhongxin International and Litu Electronics indicate varied performance in Q1 2025, with some companies reporting substantial profit increases while others faced declines [24][26]. - For instance, Litu Electronics' major shareholder released 21 million shares, while Zhongxin International projected a revenue decline of 4% to 6% in Q2 [24].