KAIYUAN SECURITIES·2025-07-27 06:56Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - Google's capital expenditure has been raised, with cloud customer orders continuing to grow, and token consumption has doubled compared to May [13] - Alibaba's Qwen3 model has been updated, showing continuous performance breakthroughs, and domestic computing power is accelerating development [16] - The report emphasizes optimism towards the global AI computing power industry chain, satellite internet, and 6G among seven major industry directions [19] Summary by Sections 1. Investment Insights - Google's Q2 2025 revenue reached $96.4 billion, a year-on-year increase of 13.8%, with cloud revenue at $13.6 billion, growing 31.7% year-on-year [13] - The operating profit margin for Google Cloud improved to 20.7%, up 9.4 percentage points year-on-year, with backlog orders reaching $106 billion, a 38% increase [13][15] - Alibaba's new Qwen3 model has 235 billion parameters and shows superior performance in various benchmarks, indicating significant advancements in AI capabilities [16][18] 2. Industry Trends - The report highlights the ongoing construction of AIDC data centers, with recommended stocks including Yingwei Technology and New Idea Network Group [20] - In IT equipment, recommended stocks include Unisplendour and ZTE, while beneficiaries include Cambricon and Inspur [21] - For network equipment, recommended stocks include Unisplendour and ZTE, with beneficiaries like Ruijie Networks and Minghan Technology [22] 3. Cloud Computing and AI Applications - Beneficiaries in cloud computing platforms include China Mobile, China Telecom, and Alibaba [25] - In AI applications, beneficiaries include Guohua Tong and Meige Intelligent [26] - The report suggests that the AI computing power industry chain is a core focus area, with significant investment potential in AI applications and satellite internet [19] 4. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, a year-on-year increase of 21.3% [29] - The report notes that 5G mobile phone shipments in May 2025 were 21.19 million units, accounting for 89.3% of total shipments, although this represents a year-on-year decrease of 17% [29]