Ping An Securities·2025-11-17 09:43Investment Rating - The industry investment rating is "Outperform the Market" [1][20] Core Insights - The capital expenditure of leading global Cloud Service Providers (CSPs) continues to grow rapidly, providing strong support for the development of the global AI computing power industry. In Q3 2025, the combined capital expenditures of Microsoft, Google, Meta, and Amazon reached $112.5 billion, a year-on-year increase of 76.9% [4][6][16] - The competition in the global AI large model field remains intense, which is beneficial for the continuous promotion of large model applications and will drive sustained high prosperity in the AI computing power market [16] Summary by Sections Industry News and Commentary - Leading global CSPs have reported significant capital expenditures, with Microsoft at $34.9 billion (up 74.5%), Google at $24 billion (up 84.6%), Meta at $19.4 billion (up 110.9%), and Amazon at $34.2 billion (up 59.8%) for Q3 2025. This collective growth is expected to bolster the AI computing power industry [4][6][7] Weekly Market Review - The computer industry index fell by 3.03% this week, underperforming the CSI 300 index, which declined by 1.08%. The overall P/E ratio for the computer industry stands at 54.1 times, with 359 A-share constituents showing varied performance [10][13] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and AI algorithms and applications. Specific companies highlighted include: - AI Computing Power: Recommended companies include Haiguang Information, Longxin Zhongke, and Inspur Information [16] - AI Algorithms and Applications: Strong recommendations for companies like Hengsheng Electronics and Zhongke Chuangda [16]