Changjiang Securities·2025-11-10 15:21Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [11]. Core Insights - Major overseas cloud service providers (CSPs) continue to increase capital expenditures (CapEx) to meet strong downstream demand, with expectations of sustained AI computing power demand through 2026 [3][19]. - The report expresses a comprehensive positive outlook on the domestic AI industry chain, highlighting the internet sector as a key player and domestic computing power as a flexible direction [3][9]. Summary by Sections Financial Performance of Major CSPs - In Q3 2025, major CSPs reported robust revenue growth, with Microsoft achieving $77.7 billion in revenue (YoY +18%), Google at $102.3 billion (YoY +16%), Meta at $51.2 billion (YoY +26%), and Amazon at $180.2 billion (YoY +13%) [6][20]. - The overall revenue for the four major CSPs reached approximately $411.4 billion, a 16% increase YoY, with a net profit of about $86.6 billion, growing 6% YoY [20]. Capital Expenditure Trends - CSPs are significantly increasing their CapEx, with Microsoft at $34.9 billion (YoY +75%), Google at $24.0 billion (YoY +83%), Meta at $19.4 billion (YoY +111%), and Amazon at approximately $35.1 billion (YoY +55%) in Q3 2025 [7][26]. - The total CapEx for the four major CSPs is expected to exceed $360 billion in 2025, reflecting a nearly 60% YoY growth [28]. AI Model Commercialization - Anthropic has raised its revenue forecast for the year by approximately 26% to $4.7 billion (about 33.5 billion yuan), with a projected 1134% YoY growth [8]. - OpenAI is accelerating its commercialization efforts, focusing on creating an AI operating system and maximizing computing power infrastructure [8][9]. Investment Recommendations - The report suggests focusing on leading domestic computing power chains and internet giants poised for a second surge driven by AI [9].