Zhongyu Securities published a research report stating that the supply-demand gap in computing infrastructure continues to widen, driven both by explosive demand from AI large models and intelligent transformation across all industries. AI Infrastructure, serving as the hub connecting computing hardware and AI applications, must adapt to hardware iterations and respond to application demands, showing high prosperity under dual drivers. This creates multi-layered investment opportunities including hardware upgrades at the computing layer, technological breakthroughs at the AI Infrastructure layer, and scenario implementations at the application layer. Cloud computing value will also be revalued amid AI penetration, ushering in new growth. The firm recommends focusing on: cloud computing, AI+Data, AI Agent, and AI computing power related targets.

**Oracle's Cloud Business Exceeds Growth Expectations, OpenAI Partnership Drives Order Surge**

Oracle announced first quarter results: 1) First quarter revenue and profit performance was moderate: revenue of $14.93 billion (up 12% YoY, vs. expectation of $15.03 billion); adjusted earnings per share of $1.47 (vs. expectation of $1.48). 2) AI drives strong cloud business growth: First quarter total cloud revenue was $7.2 billion, up 28% in USD and 27% at constant currency. IaaS revenue was $3.3 billion, up 55% YoY (vs. expectation of 53%); SaaS revenue was $3.8 billion, up 11% in USD and 10% at constant currency. 3) Cloud business expected to grow 77% this fiscal year, with revenue far exceeding expectations over the next four years.

CEO Safra Catz expects the company's cloud infrastructure business to grow 77% this fiscal year, higher than the previous 70% forecast, reaching $18 billion, and growing to $32 billion, $73 billion, $114 billion, and $144 billion respectively over the next four years. First quarter remaining performance obligations reached $455 billion, up 359% YoY. Earlier this summer, Oracle signed a partnership agreement with OpenAI to provide 4.5GW of data center capacity, with an annual contract value of approximately $30 billion. CEO Safra Catz stated that the company expects to sign multiple new multi-billion dollar contracts in the coming months, potentially pushing remaining performance obligations above $500 billion.

**Coreweave's Computing Demand Remains High, Long-term Contracts Become Mainstream**

Coreweave serves leading AI institutions worldwide including AI labs and hyperscale service providers. The company has currently integrated approximately 2.2GW of pending capacity, with 900MW to be operational by year-end and another 1,300MW of incremental capacity available. Due to limited capacity in 2025-2026, the company's computing reserves are expected to be rapidly consumed. Coreweave noted that due to the explosive inflection point in inference demand, client requirements have scaled from thousands or tens of thousands of GPUs to massive levels of hundreds of thousands to millions. Current computing infrastructure capacity faces supply shortage issues. Additionally, clients are seeking infrastructure for both training and inference workloads, with contract terms extending from 3 years to 4-6 years, reflecting longer-term partnership commitments and sustained computing demand.

**Domestic and International CSP Companies Launch AI Arms Race, Increased Capex Boosts Computing Infrastructure Demand**

**International**: Microsoft, Google, Meta, and Amazon's combined capital expenditures have risen consecutively for multiple quarters since 2023Q3, while raising capex guidance. Microsoft: Q2 FY25 capex was $24.2 billion, up 27% YoY, Q1 up 53% YoY; the company expects to potentially increase capex to over $30 billion in Q1 FY26. Google: Due to strong and growing demand for cloud products and services, 2025 capex raised to $85 billion, up 13% YoY. Amazon: Set an aggressive capital expenditure plan of $100 billion for fiscal 2025, focusing on AI infrastructure and data center expansion. Meta: In Q2 FY25, raised the annual capex minimum from $64 billion last quarter to $66 billion, with capex range between $66-72 billion, and total 2025 spending between $114-118 billion.

**Domestic**: China's open-source large models achieved important breakthroughs, with capital expenditures potentially rising consecutively. Alibaba: In February, Alibaba CEO Wu Yongming stated that the next three years will be the most concentrated period for cloud construction, with expected cloud and AI infrastructure investment exceeding the total of the past decade. Tencent: Starting from H2 2024, Tencent observed signs of AI acceleration and increased investment in AI chips. Baidu: Starting from Q3 2024, capital expenditure increased for three consecutive quarters. In Q2 2025, Baidu's capex was 3.8 billion yuan, up 79.41% YoY and 31.03% QoQ.

**Investment Targets**

1) Cloud Computing: KINGSOFT CLOUD (03896), Sangfor Technologies (300454.SZ), UCloud (688158.SH), QingCloud (688316.SH), Shunwang Technology (300113.SZ), Capital Online (300846.SZ), Alibaba (09988), Tencent Holdings (00700), Xiaomi Corporation-W (01810), NetEase-S (09999).

2) AI+Data: Transwarp (688031.SH), Dameng Data (688692.SH), Huichen (688500.SH), Hailiangdata (603138.SH), Taiji Computer (002368.SZ).

3) AI Agent: Digiwin (300378.SZ), CVTE (002841.SZ), Weaver Network (603039.SH), Seeyon (688369.SH), Kingdee International (00268), Yonyou (600588.SH), Hand Enterprise Solutions (300170.SZ), Saii (300687.SZ), Maifuture, Guangyun Technology (688365.SH), Tax & Friend (603171.SH), Raydata Medical (603108.SH), Flush (300033.SZ), Hundsun Technologies (600570.SH), WPS (688111.SH), Wondershare (300624.SZ), Foxit (688095.SH), iFLYTEK (002230.SZ), Goldbridge Info (603918.SH), Zhuoyi Information (688258.SH), Primeton (688118.SH), Bonree Data (688229.SH).

4) AI Computing Power: Cambricon (688256.SH), Yitu Tech (688343.SH), IDT International (00259), Industrial Fulian (601138.SH), Inspur Information (000977.SZ), Sugon (872808.BJ), Chaoxun Telecom (603322.SH), Huafeng Technology (688629.SH), Digital China (000034.SZ), iSoftStone (301236.SZ), FiberHome (600498.SH), GRG Banking (002152.SZ), Talkweb (002261.SZ), Sichuan Changhong (600839.SH), etc.

**Risk Warnings**

Technology development below expectations, downstream demand below expectations, supply chain and trade risks, etc.