通信行业周报(第三十一周):北美云CAPEX:2Q同比高增 坚定算力信心

华泰证券
Aug 04

本周观点市场方面,上周通信(申万)指数上涨2.54%,同期上证综指下跌0.94%,深证成指下跌1.58%。北美四大云厂商2Q25 合计资本开支同比增长69%至874 亿美元,并保持25 年资本开支的积极态度,如谷歌/Meta 分别给予25 年CapEx 指引:850(上调)/660-720(上调)亿美元。我们认为,海外CSP 资本开支高增叠加乐观指引,有望持续提振算力需求信心,一方面或持续利好海外...

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