2025 年 05 月 28 日 —计算机行业点评报告 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 0.4 | -12.3 | 31.0 | | 沪深 300 | 1.4 | -1.4 | 6.3 | 券 研 究 报 告 Alphabet（GOOG.O）：Gemini 驱动 AI 商业化 加速，多元生态协同释放增长潜力 市场表现 -40 -20 0 20 40 60 80 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：Claude4 模 型技术升级，天工超级智能体开启 AI 办公新纪元》2025-05-27 2、《计算机行业点评报告：Meta 广告主业稳健增长，AI 与可再生生 态协同驱动长期价值提升》2025- 05-22 3 、 《 计 算 机 行 业 点 评 报 告 ： Spotify ...

Group 1 - The company reported an unaudited financial performance for the three months ending March 31, 2025, with total revenue reaching 1.97 billion yuan (271.51 million USD), representing a year-on-year growth of 10.9% [1] - Public cloud service revenue was 1.354 billion yuan (186.5 million USD), showing a year-on-year increase of 14.0% [1] - Industry cloud service revenue amounted to 617 million yuan (85.0 million USD), with a year-on-year growth of 4.8% [1] Group 2 - Adjusted gross profit was 328 million yuan (45.2 million USD), reflecting a year-on-year increase of 9.6% [1] - Adjusted operating loss narrowed to 55.8 million yuan (7.7 million USD), a reduction of 56% year-on-year [1] - Adjusted EBITDA profit reached 319 million yuan (43.9 million USD), with an adjusted EBITDA margin of 16.2% [1]

Core Viewpoint - Investors are encouraged to explore several REITs that are currently trading under $12 and have made it to the Zacks Rank 1 (Strong Buy) list, as these present favorable risk-to-reward opportunities amid a stock market rebound [1] Group 1: DigitalBridge Group (DBRG) - DigitalBridge Group focuses on investments in fiber networks, macro cell towers, and data centers, which are essential for the growth of 5G technology, cloud computing, and artificial intelligence [2] - The company has over $100 billion in assets and is projected to achieve over 20% EPS growth in fiscal years 2025 and 2026 [3] - DBRG stock has increased from a 52-week low of $6 in early April but remains 34% below its 52-week high of $17 from last October [3] Group 2: Invesco Mortgage Capital (IVR) - Invesco Mortgage Capital manages residential and commercial mortgage-backed securities and is currently trading at $7, which reflects a low valuation at just 3X forward earnings [5] - EPS is expected to decline to $2.26 this year from $2.88 in 2024, with a further projected dip of 12% in FY26, while offering an annual dividend yield of 18.5% [5][6] - The stock has a stable 52-week range, with a low of $5.86 and a high of $9.97, indicating less volatility [6] Group 3: New York Mortgage Trust (NYMT) - New York Mortgage Trust is trading at $6 and is expected to see a significant rebound in its bottom line, offering a generous annual dividend of 12.26% [7] - The stock trades at a reasonable forward earnings multiple of 10.5X and has a low-volatile 52-week range, making it appealing for investors [7][8] - EPS estimates for FY25 and FY26 have increased significantly over the last 60 days, supported by a leveraged portfolio of residential mortgage securities [8] Group 4: Honorable Mentions - Ares Commercial Real Estate (ACRE) and Braemar Hotels & Resorts (BHR) are trading under $5 and are also on the Zacks Rank 1 (Strong Buy) list, with expected positive adjusted EPS next year and annual dividends of 13.27% and 10%, respectively [9]

23 May 2025, Bavaria, Munich: The logo and lettering of global online mail order company Amazon can ... More be seen on the façade of Amazon Germany's headquarters in Parkstadt Schwabing in Munich (Bavaria) on May 23, 2025. Photo: Matthias Balk/dpa (Photo by Matthias Balk/picture alliance via Getty Images)dpa/picture alliance via Getty Images Question: Why would you pay 33 times earnings for Amazon stock (NASDAQ: AMZN) when you can buy Arista Networks stock at 36 times earnings? It wouldn't make much sense, ...

reinvesting the dividend -- doing so will yield even stronger performances. Many investors are worried about the recent market volatility caused by Trump's trade policies. However, presidents come and go, and so do economic policies. Throughout it all, broader equities always deliver competitive returns over the long run. Dividend stocks in particular have produced much better performances than their non-dividend-paying peers. Purchasing shares of just any random dividend company won't do, but the following ...

Salesforce, Inc. (CRM) is set to release its first-quarter fiscal 2026 earnings on May 28, and expectations are high. The company continues to benefit from the growing trend of digital transformation, as more businesses move to the cloud and look for ways to integrate artificial intelligence (AI) into their operations.Even though the broader economy is facing headwinds, Salesforce is expected to deliver decent revenue and profit growth. Demand remains strong for its cloud-based software and AI-powered tools ...

Market Overview - The AI-driven bull run of 2023 and 2024 faced significant challenges in 2025 due to overstretched valuations, stock inflation, weak economic data, geopolitical conflicts, and concerns over the Trump administration's trade policies, impacting confidence in equities [1] - The technology sector, particularly AI-focused stocks, has been the most affected, but current low valuations present investment opportunities [2] Recommended AI Stocks - Five Internet-based AI stocks with favorable Zacks Rank recommended for purchase on the dip include Arista Networks Inc. (ANET), Fastly Inc. (FSLY), Five9 Inc. (FIVN), HubSpot Inc. (HUBS), and Twilio Inc. (TWLO), all carrying a Zacks Rank 2 (Buy) [3] Arista Networks Inc. (ANET) - Arista Networks is positioned well with a robust network architecture for cloud and AI networking, focusing on proactive products, zero-touch automation, and predictive operations [6] - The company’s AI suite enhances job monitoring and performance issue resolution, with expected revenue and earnings growth rates of 18.7% and 12.8% for the current year, respectively [8] - ANET is currently trading at a 31.6% discount from its 52-week high price [8] Fastly Inc. (FSLY) - Fastly provides cloud computing infrastructure and recently launched Fastly AI Accelerator, optimizing generative AI applications [10][11] - The company has expected revenue and earnings growth rates of 8.7% and 16.7% for 2025, respectively, and is trading at a 40.5% discount from its 52-week high price [12] Five9 Inc. (FIVN) - Five9 offers intelligent cloud software for contact centers, benefiting from the growing adoption of AI tools [13][15] - The expected revenue and earnings growth rates for the current year are 9.6% and 11.7%, respectively, with a 47.6% discount from its 52-week high price [16] HubSpot Inc. (HUBS) - HubSpot provides a cloud-based CRM platform and is experiencing steady adoption from enterprise customers, driven by its AI features [17][18] - The expected revenue and earnings growth rates for the current year are 15.4% and 14.9%, respectively, with a 30.2% discount from its 52-week high price [19] Twilio Inc. (TWLO) - Twilio focuses on generative AI offerings and has launched Customer AI technology to enhance customer engagement [20][21] - The expected revenue and earnings growth rates for the current year are 7.8% and 22.6%, respectively, with a 25.3% discount from its 52-week high price [24]

Core Insights - Cloud computing is one of the fastest-growing sectors in technology, characterized by the delivery of computing services over the internet, allowing organizations to scale resources efficiently [1][3] - The sector benefits from economies of scale, where profitability growth can significantly exceed revenue growth once fixed costs are covered [2] - The rise of artificial intelligence (AI) has accelerated growth in cloud computing as organizations utilize cloud services to develop and run AI models and applications [3] Company Summaries Amazon - Amazon is the largest cloud computing service provider globally, holding nearly a 30% market share, with its Amazon Web Services (AWS) segment being the most profitable and fastest-growing [6] - AWS revenue increased by 17% year-over-year to $29.3 billion, while operating income rose by 22% to $11.5 billion [6] - Key growth drivers for AWS include its Bedrock and SageMaker solutions, which allow customers to customize AI models and build their own from scratch [7][8] Microsoft - Microsoft Azure has been gaining market share, with revenue growth of 30% or more for the past seven quarters, reaching a market share of around 22% [9] - The partnership with OpenAI has enhanced Azure's offerings, allowing customers to integrate leading AI models into their applications [10] - Microsoft is diversifying its AI portfolio by hosting models from xAI and hiring talent from DeepMind to develop its own AI models [11] Alphabet - Alphabet's Google Cloud, with about a 12% market share, has reached a profitability inflection point, with revenue climbing 28% year-over-year to $12.3 billion and operating income surging 142% to $2.2 billion [12][13] - Google Cloud's competitive edge comes from its Vertex AI platform, analytics tools like BigQuery, and leadership in Kubernetes [14] - Alphabet has developed advanced AI models like Gemini and custom AI chips to enhance its cloud services, despite concerns about AI's impact on its search business [15][16]

Group 1: Advanced Micro Devices (AMD) - AMD's stock has decreased by 47% from its previous peak, but it experienced a boost following its first-quarter earnings report in May, marking its fourth consecutive quarter of accelerating growth driven by demand for data center and AI chips [3][4] - For Q1, AMD reported a revenue increase of 36% year over year to $7.4 billion, with adjusted earnings rising by 55%. The company anticipates a return to growth in its embedded chip business by the second half of 2025 [4][8] - The gaming segment saw a revenue increase of 28% year over year, attributed to strong demand for the new Radeon 9070 series graphics chips. If growth continues in both the embedded and gaming segments, AMD's stock could rise further [5][8] - AMD's stock is trading at a forward P/E ratio of 29, which is considered attractive given its growth history. However, chip export restrictions to China are expected to reduce full-year revenue by $1.5 billion [6][8] - The company has announced a $6 billion share repurchase program, increasing its total share repurchase authorization to $10 billion, reflecting management's confidence in AMD's strategic direction and growth prospects [7][8] Group 2: Micron Technology - Micron Technology is experiencing strong demand for memory and storage products due to the rising need for data processing in data centers, although its stock has fallen 37% from recent highs due to uncertainty in near-term demand trends [9][10] - The company is currently in a strong demand cycle, with revenue growing by 38% year over year in the most recent quarter, and management expects record quarterly revenue in the fiscal third quarter driven by data center demand [11] - Micron operates in a highly cyclical industry, and while its annual revenue growth has been inconsistent, the company is well-positioned to benefit from the increasing need for memory and storage in AI and cloud computing markets over the next decade [12][14] - The consensus analyst estimate projects Micron's revenue to reach $45 billion over the next two years, with earnings expected to be $11.12, resulting in a forward P/E ratio of less than 10, indicating potential for significant upside [15]

投资风险 1. 技术风险：互联网技术的快速迭代可能导致投资项目失去竞争优势或价值降低。 2. 市场风险：激烈的市场竞争和用户需求的变化可能导致投资项目面临困境。 应对策略 以某成功的互联网教育平台为例,该平台在面临市场竞争加剧和政策环境变化的情况下，依然取得了良 好的发展，投资者在投资该平台时，深入研究了市场趋势和政策环境，关注技术创新和团队实力评估， 通过多元化投资策略降低风险，在投资后加强项目管理，与项目方保持紧密沟通，提供必要的支持和帮 助，最终取得了良好的回报。 互联网项目投资涉及策略、风险与机遇的共存，投资者需精准识别项目潜力，制定明智的投 资策略，面对激烈的市场竞争和技术变革，风险亦不可忽视，包括市场风险、技术风险、运 营风险等，伴随挑战的是巨大的市场机遇，如创新技术的涌现、用户需求的增长等，投资者 需权衡利弊，灵活调整策略，以实现投资回报的更大化。 互联网项目投资是一个充满策略、风险与机遇的领域，对于投资者而言，要想在这个领域取得成功，必 须深入研究市场趋势、技术发展以及项目潜力，也要意识到互联网项目的波动性、市场竞争和不确定性 带来的风险，本文将深入探讨互联网项目投资的策略、风险及应对策略，帮 ...