Amazon(US:AMZN) KAIYUAN SECURITIES·2025-10-31 12:53Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights significant growth in cloud services, with Amazon AWS, Google Cloud, and Microsoft Azure all reporting strong revenue increases and capital expenditures [4][6][7] - The report emphasizes the "siphoning effect" of AI, predicting continued global resonance in the AI sector, and recommends focusing on three core themes: optical technology, liquid cooling, and domestic computing power [8] Summary by Sections Amazon AWS - In Q3 2025, Amazon reported revenue of $180.2 billion, a 13% year-over-year increase, with net profit rising 39% to $21.2 billion [4] - AWS net sales reached $33.006 billion, growing 20% year-over-year, with a backlog of $200 billion in orders [4] - Capital expenditures for Q3 2025 were $34.2 billion, up approximately 61% year-over-year, primarily for AWS and custom chips [5] Google Cloud - Google Cloud revenue for Q3 2025 was $15.2 billion, a 33.5% increase year-over-year, with operating profit margin rising to 23.7% [6] - Capital expenditures for Q3 2025 were $23.953 billion, an 83% increase year-over-year, with a backlog of $155 billion in orders [6] Microsoft Azure - Microsoft reported a 28% year-over-year revenue increase in its intelligent cloud segment, reaching $30.9 billion in Q1 FY2026 [7] - Capital expenditures for Q1 FY2026 were $34.9 billion, a 75% increase year-over-year, with significant investments in GPU and CPU procurement [7] Industry Recommendations - The report recommends several companies for investment, including Zhongji Xuchuang, Xinyi Sheng, and others, focusing on the three core themes of optical technology, liquid cooling, and domestic computing power [8]