丨证券研究报告丨 %% %% %% %% research.95579.com 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：Oracle 云业务高歌猛进，CPX 聚焦超长上下文处理 报告要点 [Table_Summary] 2025 年第 37 周，通信板块上涨 3.00%，在长江一级行业中排名第 7 位；2025 年年初以来， 通信板块上涨 63.01%，在长江一级行业中排名第 1 位。Oracle 云业务高速扩张，AI 订单爆 发，全球多云布局推进，资本开支高增。英伟达 Rubin CPX 聚焦超长上下文推理，显著增强 LLM 长语境应用表现，Vera Rubin NVL144 CPX 分离式推理架构亮相。持续看好 AI 与算力主 线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 Oracle FY26Q1 营收 149.3 亿美元，同比+12.2%；GAAP 净利润 29.3 亿美元，同比持平。 AI 驱动订单爆发，截至季度末，Oracle 剩余履约义务同比大增 359%突 ...

Industry Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights a significant growth in AI-driven cloud business, with Oracle's cloud revenue reaching $7.2 billion, a year-on-year increase of 28% [4] - The demand for computing power infrastructure is expected to continue expanding due to the explosion of AI model requirements and the intelligent transformation across various industries [9] - Major cloud service providers are increasing their capital expenditures significantly, with Microsoft planning to raise its capex to over $30 billion in FY2026 [6] Summary by Sections Industry Overview - The closing index for the industry is 5267.07, with a 52-week high of 5841.52 and a low of 2855.49 [1] Performance of Relative Indices - The report indicates a relative performance trend of the computing industry compared to the CSI 300 index, showing fluctuations over the specified periods [3] Recent Developments - Oracle's first fiscal quarter revenue was $14.93 billion, with a cloud business revenue of $7.2 billion, reflecting a 28% increase year-on-year [4] - Coreweave is experiencing a surge in demand for computing power, with a current capacity of approximately 2.2GW and a significant increase in long-term contracts [5] Capital Expenditure Trends - Major international players like Microsoft, Google, Amazon, and Meta are increasing their capital expenditures, with Microsoft planning $24.2 billion for Q2 FY2025, a 27% year-on-year increase [6] - In China, companies like Alibaba and Tencent are also ramping up their investments in AI and cloud infrastructure, with Baidu's capex reaching 3.8 billion yuan, a 79.41% year-on-year increase [8] Investment Recommendations - The report suggests focusing on various sectors including cloud computing, AI and data, AI agents, and AI computing power, with specific companies highlighted for potential investment opportunities [9]