主题投资与大趋势：海外云厂商一季度资本支出展现强劲韧性

Investment Rating - The report maintains a positive outlook on the AI infrastructure supply chain, particularly for companies like Zhongji Xuchuang (300308 CH, Buy, target price: RMB 151) [2][5]. Core Insights - The four major cloud service providers (Amazon, Google, Meta, and Microsoft) reported strong capital expenditures in Q1 2025, totaling $72.7 billion, a year-on-year increase of 63$319 billion for the year, reflecting a 39% year-on-year growth [2][5]. - Meta has raised its capital expenditure guidance from $60-65 billion to$64-72 billion, indicating a significant increase of 73% compared to 2024 [5]. - The AI infrastructure supply chain is expected to benefit from the large-scale investments by major cloud service providers, with no signs of a slowdown [5]. Summary by Sections Capital Expenditure Trends - The total capital expenditure of the four major cloud service providers reached a historical high of $72.8 billion in Q1 2025, with a year-on-year growth of 68% and a quarter-on-quarter growth of 22% [2][5]. - The capital expenditure ratio for these providers reached 20.3% of their revenue in Q1, compared to 13.8% in the same period last year [5]. AI Investment Outlook - The report expresses optimism regarding the ongoing commercialization of AI, with Amazon's AI business achieving annualized sales in the billions and a year-on-year growth rate exceeding three digits [5]. - The global IT landscape still has 85% of its infrastructure on-premises, with only 15% in the cloud, indicating significant potential for future growth in cloud services and AI chip demand [5]. Key Beneficiaries - Domestic beneficiaries of the AI infrastructure investment include Zhongji Xuchuang (300308 CH, Buy), Xinyi Sheng (300502 CH, Not Rated), and Tianfu Communication (300394 CH, Not Rated) [5].