Oracle(US:ORCL) Guoyuan Securities·2025-09-15 03:28Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Viewpoints - The computer industry index increased by 3.37% during the week of September 8-12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52%, and the Shenzhen Component Index, which rose by 2.65% [12][22]. - Oracle reported a significant increase in unfulfilled contractual obligations, reaching $455 billion, a year-on-year increase of 359%. The company signed contracts worth "several billion dollars" with three different clients during the quarter [5][22]. - The demand for computing power is expected to continue growing, driven by the development of AI applications, which will benefit related listed companies [5][22]. Summary by Sections 1. Index Performance - The computer industry index rose by 3.37% during the week, with notable gains in sub-sectors: Computer Equipment (+6.12%), IT Services II (+2.48%), and Software Development (+2.47%) [12][14]. 2. Major Events - Oracle's quarterly report highlighted a partnership with OpenAI to develop a data center with a capacity of 4.5 GW, indicating strong future revenue potential [5][22]. - Significant technological advancements were reported, including NVIDIA's new GPU designed for long-context inference, which is expected to enhance performance in software development and video generation tasks [17]. 3. Key Announcements - Four-dimensional Tsinghua announced plans for an investment in PhiGent Robotics, aiming to enhance their autonomous driving capabilities [3][21]. - Haiguang Information's stock incentive plan aims for substantial revenue growth targets over the next three years, with ambitious growth rates of 55%, 125%, and 200% [3][21]. 4. Investment Insights - The report emphasizes the importance of monitoring large clients' business developments and contract fulfillment schedules, as large orders significantly impact revenue [5][22]. - The expected revenue from Oracle's cloud infrastructure is projected to reach $18 billion in fiscal 2026, a nearly 77% increase from the previous year [22].