科技巨头正用一份份超预期的财报，缓解市场对其在人工智能领域历史性"烧钱"模式的焦虑。最新业 绩表明，这场昂贵的AI赌注已不再只是成本黑洞，而是开始切实地提振收入，一个投资回报的叙事正 在形成。 在本轮财报季中，微软、Alphabet和Meta成为明显的赢家。在公布了两位数的收入和净利润增长后， 三家公司市值合计飙升超过3500亿美元。其中，微软市值突破4万亿美元，紧随芯片制造商英伟达之 后；Meta股价也大涨11%，市值逼近2万亿美元。 尽管科技巨头在AI领域的"军备竞赛"式支出仍在加剧，但科技巨头最新的财报改变了市场叙事。投资 者不再仅仅担忧成本，而是开始看到AI驱动的云服务和广告业务带来的切实收入增长。在公布了两位 数的收入和净利润增长后，微软、Alphabet和Meta三家公司市值合计飙升超过3500亿美元。 市场情绪的转变，源于科技巨头们指出了对AI计算能力的强劲需求和积压的客户订单，并对这项新兴 技术如何创造收入提供了更清晰的说明。 "只要收入和预订数据在那里，他们想花多少钱都可以，"投行Jefferies的分析师Brent Thill表示。"这是 一场持续的资本支出战争……只有大约五家公司有能力以 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the continuous investment by overseas giants in AI, emphasizing the importance of both overseas and domestic computing power [12] - Major companies like Meta, Microsoft, and Amazon are significantly increasing their capital expenditures to support AI-related infrastructure and services [12][14][16] - The report identifies seven key industry directions for investment, including AIDC data center construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [18] Summary by Sections 1. Investment Insights - Meta has raised its 2025 capital expenditure forecast to between $64 billion and $72 billion, focusing on AI model training and infrastructure [12][13] - Microsoft reported a 13% year-over-year revenue increase to $70.1 billion in FY2025Q3, with cloud revenue growing by 20% [14][15] - Amazon's AWS cloud revenue grew by 17% year-over-year to $29.3 billion in Q1 2025, with significant investments in AI infrastructure [16][17] 2. Communication Data Tracking - As of March 2025, China had 4.395 million 5G base stations, with a net increase of 145,000 stations from the end of 2024 [28] - The number of 5G mobile phone users reached 1.068 billion, reflecting a year-over-year growth of 22.20% [28][33] - In February 2025, 5G mobile phone shipments were 17.982 million units, with a year-over-year increase of 43.5% [28][38] 3. Operator Performance - In 2024, China Mobile's cloud revenue reached 100.4 billion yuan, a year-over-year increase of 20.4% [45] - China Telecom's Tianyi Cloud revenue was 113.9 billion yuan, growing by 17.1% [45] - China Unicom's cloud revenue was 68.6 billion yuan, also reflecting a 17.1% increase [45]