计算机行业双周报（2025、7、18-2025、7、31）：北美四大CSP再次上调全年资本开支指引，全球算力需求有望维持高位-20250801

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [1]. Core Insights - North America's four major cloud service providers have raised their annual capital expenditure guidance, indicating sustained high global computing power demand. The report suggests focusing on investment opportunities in NVIDIA and the domestic computing power supply chain [1][26]. - The computer industry index has shown strong performance, with a cumulative increase of 13.08% this year, outperforming the CSI 300 index by 9.51 percentage points [2][9]. Summary by Sections 1. Industry Performance Review - The computer sector has increased by 1.25% in the last two weeks, outperforming the CSI 300 index by 0.23 percentage points, ranking 17th among 31 first-level industries [2][9]. - In July, the sector rose by 3.86%, again outperforming the CSI 300 index by 0.31 percentage points [2][9]. 2. Valuation Situation - As of July 31, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 54.80 times, positioned at the 89.46th percentile over the past five years and the 77.59th percentile over the past ten years [19]. 3. Industry News - The State Council approved the "Artificial Intelligence +" action plan, aiming to promote the commercialization of AI applications across various sectors [20]. - OpenAI is set to launch GPT-5 in early August, which will integrate various technologies into a more powerful system [20]. - Major cloud providers like Alphabet, Microsoft, Meta, and Amazon reported double-digit growth in revenue and net profit, driven by AI [20][26]. 4. Company Announcements - Notable companies such as Zhimi Intelligent and Digital Certification have reported significant revenue growth and strategic developments, indicating a positive trend in the sector [23][25]. 5. Weekly Insights - The report highlights the substantial capital expenditures by major cloud providers, with Alphabet increasing its capital expenditure forecast to $85 billion, Microsoft planning to invest over $100 billion, and Amazon's capital expenditure reaching $31.4 billion in Q2 [26].