Oracle/CoreWeave业绩启示：海外AI训推需求共振进行时

Investment Rating - The report maintains a "Buy" rating for key companies in the telecommunications sector, including China Mobile, Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [10][50]. Core Insights - The report highlights the significant growth in AI training demand in North America, as evidenced by the strong performance of Oracle and CoreWeave in Q1 2025. Oracle observed a broad increase in AI training demand from multiple clients and raised its capital expenditure forecast for FY26. CoreWeave's revenue reached $982 million, exceeding market expectations by 14%, driven by substantial orders from major clients like Microsoft and OpenAI [2][3][14]. - The report suggests that the recent acceleration in overseas AI infrastructure development presents investment opportunities in related supply chains, including optical modules, CPO, copper connections, and AIDC [2][3][20]. Summary by Sections Market Performance - The telecommunications index fell by 0.78% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.25% and 0.60%, respectively [2][13]. Key Companies and Developments - Oracle's Q1 FY25 revenue was $15.9 billion, an 11% year-over-year increase, with cloud infrastructure revenue growing by 52%. The company plans to invest over $25 billion in capital expenditures next fiscal year due to observed AI training demand [14][15]. - CoreWeave reported Q1 FY26 revenue of $982 million, a 420% year-over-year increase, driven by strong AI training demand from major clients. The company signed a $11.9 billion contract with OpenAI and has a remaining performance obligation of $25.9 billion [15][20]. Recommended Companies - The report recommends several companies for investment, including: - China Mobile (600941 CH) with a target price of 126.40 and a "Buy" rating - Zhongji Xuchuang (300308 CH) with a target price of 164.78 and a "Buy" rating - Xinyi Sheng (300502 CH) with a target price of 128.76 and a "Buy" rating - Tianfu Communication (300394 CH) with a target price of 119.12 and a "Buy" rating - Other companies such as Ruijie Networks and Hengtong Optic-Electric are also recommended [10][50][51].