摩根士丹利：电信与网络设备-2025 年第二季度CIO调查要点：整体平稳，但存在部分风险

Investment Rating - The industry view for Telecom & Networking Equipment is rated as In-Line [5]. Core Insights - The Q2 2025 CIO Survey indicates a largely stable spending environment, with Communications growth expectations at +2.9%, a slight deceleration from previous quarters but still above 2024 expectations [4][8]. - Networking equipment has seen a decline in prioritization among CIOs, now ranking 8th, but remains a relatively defensible sector [9][25]. - AI continues to be the top priority for CIOs, with a significant portion of AI investments coming from new budget allocations rather than reallocations [11]. Summary by Sections Spending Expectations - Overall IT budgets are expected to grow by +3.6% in 2025, reflecting a deceleration from earlier expectations [4][14]. - Networking equipment is anticipated to see a spending increase from 3.7% of CIOs, down from 4.0% in Q1 2025 [9]. Communications Sector - Communications growth expectations remain stable at +2.9%, with no significant step back from earlier expectations [8]. - The sector has shown resilience despite broader IT spending challenges, maintaining growth expectations above those of 2024 [4][8]. Networking Equipment - Networking equipment ranks 8th in priority for CIOs, indicating a slight decline from the previous quarter but an improvement year-over-year [9]. - The sector is viewed as relatively defensible, with 3.7% of CIOs expecting the largest spending increase in 2025 [9][25]. AI and Cloud Trends - 60% of CIOs expect to launch AI projects in production by 2025, with 56% of AI investments funded by new budget dollars [11]. - Public cloud usage is projected to rise significantly, with CIOs expecting 68% of workloads to be in the public cloud by the end of 2027, up from 44% today [11][30].