Tianfeng Securities·2025-11-17 08:01Investment Rating - The industry rating is maintained as "Outperform" [11] Core Insights - The report highlights the accelerating investment in AI infrastructure by major tech companies, indicating a robust demand for computing power and a positive outlook for the AI ecosystem [1][17] - The end-side AI market is expected to see significant growth, with key players like Apple, Nvidia, and Meta leading innovations and product launches [2][20][24] Summary by Sections AI Cloud Side - The ongoing US-China talks are easing tensions, leading to increased investments from major tech firms, which is expected to drive demand in the computing supply chain [1][17] - Meta has raised its capital expenditure forecast to $70-72 billion, driven by urgent needs in AI computing [1][18] - Microsoft's capital expenditure reached $34.9 billion in Q1 2026, with plans to double its data center capacity in the next two years [1][19] - Alphabet has adjusted its capital expenditure guidance for 2025 to $91-93 billion, focusing on expanding AI and cloud computing infrastructure [1][19] AI End Side - Apple reported record earnings, with iPhone revenue expected to grow by double digits in Q1 2026, and is increasing its AI R&D investments [2][20] - Nvidia's GTC Washington summit showcased the Vera Rubin superchip, with GPU shipment targets raised to 20 million by 2026 [2][24] - Meta's smart glasses have seen strong sales, with Reality Labs exceeding expectations, prompting increased production [2][26] - Industrial Fulian's net profit surged by 62% YoY in Q3, validating the profitability of its AI server business [2][29] - Luxshare Precision is leading innovations in AR technology and showcasing advanced optical interconnect solutions [2][32] - Google officially launched the seventh-generation TPU "Ironwood," expected to be available soon [2][41] - Rokid has introduced the new BOLON AI smart glasses, marking a significant collaboration in the smart wearable sector [2][8]