AlphaWise 调查：外汇顺风助力加速增长- AlphaWise Survey, FX Tailwinds Support Accelerating Growth

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Communications Infrastructure industry in North America, specifically regarding American Tower Corp. (AMT) and SBA Communications (SBAC) [1][7][9]. Core Insights and Arguments - Leasing Revenue Growth: The 2Q25 AlphaWise survey indicates that US leasing revenue growth is expected to accelerate through the second half of 2025 into 2026, supported by increased leasing activity reported by private tower owners [1][3][9]. - Survey Results: The survey revealed a net leasing increase of +44%, marking the second strongest reading in three years. This reflects a positive trend in leasing activity among tower operators [3][23]. - Carrier Activity Expectations: All private tower operators anticipate increased application activities from the Big 3 carriers (Verizon, AT&T, T-Mobile), with 0% expecting a decrease. Specifically, 75% of operators expect increased leasing levels from AT&T in the next three months [4][5][9][14]. - Verizon's Performance: Verizon reported a net reading increase to +56% in 2Q25, up from +47% in 1Q25, with all tower operators noting increased activity from Verizon [12][35]. - AT&T and T-Mobile Trends: AT&T's net reading was +44%, down from +47% in the previous quarter, while T-Mobile's net reading decreased slightly to +45% from +59% [13][14]. Investment Implications - Price Target Adjustments: The price target for AMT has been raised from $260 to $270, reflecting a 19% upside potential. Similarly, SBAC's price target increased from $255 to $260 [5][7][64][66]. - Growth Expectations: The expectation is for higher growth in domestic net leasing revenues starting in 2H25, as the impact of Sprint-related churn diminishes and core leasing activity increases [5][9][64]. Additional Insights - Mobile Data Traffic Growth: The primary driver of long-term revenue growth for tower companies is the increasing mobile data traffic, projected to grow at a 17% CAGR to 2030, driven by 5G and Fixed Wireless Access (FWA) [45][54]. - AI and Digital Infrastructure: There is an anticipated increase in mobile data traffic due to AI applications, particularly as AI-induced traffic shifts from model training to real-time inferencing, expected to double after 2027 [56][61]. - Survey Methodology: The survey included 18 respondents who own a combined ~3,100 sites, indicating that results are directional rather than statistically conclusive due to the small sample size [16]. Conclusion - The overall sentiment from the conference call is optimistic regarding the growth trajectory of the communications infrastructure sector, particularly for AMT and SBAC, driven by increasing leasing activity and mobile data traffic growth. The adjustments in price targets reflect confidence in the companies' ability to capitalize on these trends moving forward [5][9][64].