半导体主题投资与长期趋势：超大规模企业1Q25资本支出保持韧性

Investment Rating - The report maintains a "BUY" rating for the AI infrastructure supply chain, indicating a potential return exceeding 15% over the next 12 months [18]. Core Insights - The report highlights that major tech giants, including Amazon, Google, Meta, and Microsoft, have shown strong capital expenditure (capex) growth, reaching $73 billion in Q1 2025, a 63$60-65 billion to $64-72 billion, reflecting a 73$78.6 billion [1]. - The overall capex for 2025 is anticipated to exceed $319 billion, representing a 39% increase compared to the previous year [1][2]. AI Infrastructure Investment - The report emphasizes the ongoing investment in AI infrastructure, with Amazon's AI business revenue reaching hundreds of billions and a triple-digit growth rate [3]. - The report notes that 85% of global IT infrastructure is still on-premises, suggesting a significant opportunity for cloud services to grow in the next 10-20 years [3]. Domestic Beneficiaries - Key domestic beneficiaries of this trend include Yingli Technology (300308 CH, Buy), Yitexun (300502 CH, Hold), and TFC (300394 CH, Hold), which are expected to experience strong growth due to the increasing demand for AI infrastructure [4].