未知机构：广发通信美股算力板块反弹逐步走出DeepSeekShock影响-20250206

Summary of Conference Call Notes Industry Overview - The conference call discusses the rebound in the U.S. computing power sector, indicating a gradual recovery from the "DeepSeek Shock" impact [1] - Major companies in the computing power sector, including NVIDIA (NV), Broadcom, and Coherent, have shown significant stock price increases, with NV up by 5.35% and Broadcom by 4.3% [1] Key Points and Arguments 1. Earnings Reports and Capital Expenditure Guidance - Microsoft, Meta, and Google released their quarterly earnings reports and provided capital expenditure (Capex) guidance for 2025, indicating no adverse effects from the DeepSeek incident [1] - The four major cloud providers are expected to exceed $300 billion in Capex for 2025, representing a 40% year-over-year increase, which is anticipated to drive supply chain growth by 60-100% due to direct procurement eliminating middlemen [1] 2. Market Recovery Indicators - The U.S. computing power sector is beginning to recover from the DeepSeek Shock, with companies focused on inference narratives, such as Broadcom, Marvell, and Credo, nearing their previous highs [1] - This trend supports the annual strategy of entering a "Great Inference Era" [1] 3. A-Share Market Sentiment - The A-share computing power sector experienced significant volatility before and after the holiday, driven more by emotional risk aversion than actual fundamental changes [2] - Despite efficiency improvements, the demand for computing power, primarily led by large tech companies, remains strong, suggesting that the pace of "gold mining" in AI will not slow down [2] - The prevailing view supporting the Jevons Paradox indicates that increased efficiency leads to higher demand [2] Additional Important Insights - The A-share computing power sector should be viewed rationally, with recommendations for leading stocks such as Xuchuang, Xinyi Sheng, Tianfu, Taichuang, and Ruikeda [2]