Guoxin Securities·2025-09-17 08:53Investment Rating - The report maintains an "Outperform" rating for the industry [5][11]. Core Insights - The demand for AI-driven cloud infrastructure is robust, with Oracle raising its revenue expectations for cloud infrastructure, projecting a 77% growth in IaaS revenue for FY2026, reaching $18 billion [1][19]. - Tesla is finalizing the design of its Optimus V3 humanoid robot, aiming for mass production with a target of 1 million units at a cost of $20,000 to $25,000 per unit [21][24]. Summary by Sections Key Events and Commentary - Oracle's cloud infrastructure revenue for FY1Q26 is projected at $3.3 billion, a 55% year-over-year increase, with a backlog of $455 billion in RPO, up 359% year-over-year [1][19]. - The report emphasizes the high growth potential in AI computing, particularly in AI liquid cooling, with recommended companies including Feirongda, Gaolan, and Tongfei [2][8]. Industry Dynamics & Government News - The report highlights the establishment of new standards for humanoid robots by the market regulatory authority and the implementation of the "Artificial Intelligence +" initiative by the National Development and Reform Commission [28][29]. - Significant investments in AI infrastructure are noted, including a $300 billion order between OpenAI and Oracle for computing power [19][20]. Company Dynamics - Companies like Green's Harmonic and others are recognized for their advancements in humanoid robotics, with products gaining acceptance in the market [35][36]. - The report mentions the establishment of new companies focused on robotics, such as the formation of Jufu Technology in Fujian [25][38]. Key Company Earnings Forecast and Valuation - The report provides earnings forecasts for several companies, maintaining an "Outperform" rating for firms like Green's Harmonic, Huichuan Technology, and others, with projected EPS growth for 2024 and 2025 [11][12].