通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 北美云厂商继续上调资本开支，硅光助力 AI 网络规模化扩展 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业月报：三大电信运营商 eSIM 手机 商用试验获批，全球电信设备收入恢复增长》 2025-10-15 《通信行业月报：甲骨文云业务高速增长，光 博会展出 3.2T demo 产品》 2025-09-18 《通信行业月报：北美云厂商上调资本开支， OpenAI 发布 GPT-5 模型》 2025-08-21 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共36页 发布日期：2025 年 11 月 13 日 -20% -8% 5% 17% 29% 42% 54% 66% 2024.11 2025.03 2025.07 2025.11 通信 沪深300 资料来源：中原证券研究所，聚源 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 ...

Greetings. I'm Sean Puit, Zach's equity strategist, and today I'm going to be discussing stocks to watch for the first trillion dollar holiday shopping season. So, with Black Friday approaching at the end of the month, savvy investors may be eyeing the retail sector for the possibility of lucrative returns.And to that point, the day after Thanksgiving will officially kick off what is projected to be the first holiday shopping season in US history to surpass 1 trillion in retail sales. And according to the N ...

Key Takeaways Microsoft's Q1 fiscal 2026 capex hit $34.9B as it ramps AI capacity by 80% this year.The $7B Fairwater facility and $10B Portugal project highlight Microsoft's global buildout.Azure remains capacity-constrained through fiscal 2026 despite surging demand backlog.Microsoft's (MSFT) aggressive datacenter expansion strategy presents both promise and pressure for investors evaluating the tech giant's trajectory. The company's first-quarter fiscal 2026 results revealed capital expenditures reaching ...

When I last covered Amazon.com, Inc. ( AMZN ) on August 1st, 2025, in my article "Amazon: Cloud Dominance Days Are Coming To An End," the stock was in the process of completing a rally ofThe Income Machine is driven by market analysis from strategies covering more than two decades of trading experience successfully navigating through a broad range of asset classes. I am @PROSTOCKMARKETS on YouTube, which is where I post daily video updates for all of my trades and define important price levels for the marke ...

Joining me now, Mark Mahaney, head of internet research at Evercore ISI. Mark, it's great to have you on. It's interesting to me because we went into the earnings season and the narrative was you want to see all these AI hyperscalers increase their capex, increase their spending.That'll be a bullish sign. And now we're coming out the other side of earnings. They all did that and everybody's worried that they're spending too much.Your thoughts. >> Well, I guess it depends. It's company by company.So of the t ...

联合研究丨行业点评 [Table_Title] AI 投资泡沫化了吗？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 近期海外四大云厂商披露季报显示其对 CapEx 的投入仍在加码，OpenAI 大规模算力布局与当 前 AI 投入的呈现出规模不经济引发担忧，与此同时美国宏观经济层面出现政府停摆等不确定 性因素，共同加重市场对 AI 投入泡沫化的讨论与担忧。从当前 AI 叙事来看，大模型巨头正围 绕操作系统与流量入口开启全面军备竞赛，一方面 OpenAI 的变现能力正在逐步体现，另一方 面预计 2026 年 Big5 经营状况依旧健康，此外从 Amazon 云计算投入复盘历程看，超前 Capex 并非经营风险，而是先行布局的必然代价，因此我们认为阶段性扰动无需担忧。 分析师及联系人 [Table_Author] 杨洋 宗建树 于海宁 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490517110002 SFC：BUW100 ...

Core Insights - The upcoming holiday shopping season in the U.S. is projected to exceed $1 trillion in retail sales for the first time in history, with consumer spending expected to reach between $1.01 trillion and $1.02 trillion during November and December 2025, marking a 3.7%-4.2% increase from last year's $976 billion [1][2]. Retail Leaders - Amazon (AMZN) and Walmart (WMT) are highlighted as leading retailers with robust business models capable of capitalizing on the holiday shopping season while generating multiple revenue streams [3]. - Amazon has transformed into a platform-based ecosystem, benefiting from its AWS cloud services and subscription services like Prime Video, which are enhanced by advertising revenue [4]. - Amazon's e-commerce operations have improved significantly through the deployment of over 1 million robots, enhancing productivity in its fulfillment network [5]. - Walmart has successfully transitioned from a traditional brick-and-mortar model to a significant online presence, achieving annual digital sales exceeding $100 billion, supported by its grocery niche and low-cost pharmacy services [6]. Stock Performance - Both Amazon and Walmart are rated with a Zacks Rank 2 (Buy) and are expected to achieve new sales peaks in Q4, following last year's quarterly sales of $187.79 billion and $169.59 billion, respectively [7]. Apparel Sector Insights - The apparel sector has faced challenges due to higher tariffs, with Crocs (CROX) identified as a potential rebound candidate, currently trading at a low forward earnings multiple of 6X [9]. - Crocs' EPS is projected to dip 8% this year but is expected to rebound by 4% in FY26 to $12.60, with recent estimates showing a 5% increase over the last 30 days [10]. Additional Retail Stocks and ETFs - Costco (COST) is noted as a retail leader with a Zacks Rank 3 (Hold), alongside other apparel stocks like Lululemon (LULU), Nike (NKE), and Under Armour (UAA) that may benefit from the anticipated record holiday shopping season [11]. - The Consumer Discretionary Select Sector (XLY) ETF is recommended for exposure to top retail stocks, including Amazon, Nike, and Lululemon, and currently holds a Zacks Rank 3 (Hold) [12].

Core Insights - The market has seen significant declines in the market capitalization of major AI-related companies, presenting potential buying opportunities, particularly for Amazon, which is down 5.5% from its 52-week high [1] Amazon - Amazon is viewed as a breakout story, especially with its AWS segment showing a 20% reacceleration in growth, surpassing previous expectations [3][6] - The stock has recently pulled back but remains supported by its February record high, trading at a forward P/E of 26.6%, which is lower than its historical average [3][8] - The company is expected to benefit from productivity gains through robotics and cost management in its retail operations, particularly during peak seasons [7][6] - Amazon's valuation reflects its AWS growth potential, which is a key driver for the company's future performance [9][10] Uber - Uber is identified as a free cash flow story, with a 45% increase in free cash flow per share on a trailing 12-month basis, despite the stock experiencing a pullback [11][12] - The stock is seen as having strong support around the $93 to $95 range, indicating potential for recovery [13] - The overall market pullback is viewed as an opportunity to invest in companies like Uber that have shown strong earnings [14]

For a company that practically prints cash, Amazon.com Inc. (NASDAQ:AMZN) might soon need Wall Street's help again. The e-commerce and cloud giant has not issued a major bond deal since 2021, when it raised $18.5 billion to fund the MGM acquisition — its last significant borrowing in over four years.Track AMZN stock here.Even Amazon's Fortress Balance Sheet Has LimitsAmazon sits on roughly $84 billion in cash and marketable securities with only $58 billion in debt, giving it a net cash cushion that would ma ...

Core Insights - Amazon.com Inc. may soon seek Wall Street's assistance for funding, marking its first major bond issuance since 2021 when it raised $18.5 billion for the MGM acquisition [1] - Despite having a strong balance sheet with approximately $84 billion in cash and marketable securities against $58 billion in debt, Amazon's liquidity may not suffice for the anticipated surge in AI and data center spending, projected to reach $150 billion by FY26 [2][3] - JPMorgan forecasts that Amazon's capital expenditures (capex) will nearly double from $78 billion in FY24 as AWS ramps up investments to meet the growing demand for AI, contributing to a sector-wide capex nearing $450 billion [3][4] Industry Trends - The tech industry is expected to see a collective issuance of $1.5 trillion in new investment-grade bonds over the next five years, indicating a significant shift in funding strategies within Silicon Valley [4] - Analysts note that while hyperscaler cash flow has traditionally supported growth capital, the increasing intensity of capex is beginning to compress free cash flow (FCF) conversion [4] - Amazon has not engaged in borrowing since 2022, contrasting with peers like Meta Platforms and Oracle, which have raised substantial funds this year [4][5] Implications for Investors - A potential new bond deal from Amazon would not indicate financial weakness but rather highlight the substantial capital requirements driven by the AI boom, suggesting a transformation in corporate finance practices [5]