【招银国际】Thematic investing and megatrends: China’s hyperscalers accelerate AI infra. buildout amid strengthening cloud demand-250528（3页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 28 May 2025 CMB International Global Markets|Equity Research|Sector Update Semiconductors Thematic investing and megatrends:Chinas hyperscalers accelerate AI infra.build

2、out amid strengthening cloud demand Chinas major hyperscalers(Alibaba,Tencent,and Baidu,all covered by our internet team)are intensifying their investments in AI infrastructure,with capex doubling YoY in 1Q25.While their combined spending still trails overseas hyperscalers,the sharp increase indicat

3、es a clear strategic focus on scaling compute capacity to support LLM training and inference.Despite near-term headwinds from export restrictions from the US on AI GPUs,these domestic players remain committed to long-term AI growth.In particular,early signs of returns are emerging,with all three rep

4、orting solid cloud revenue growth driven by rising enterprise adoption of AI services.Looking forward,we expect this investing momentum to continue throughout the rest of 2025E,benefitting local players on AI supply chain,such as Innolight(300308 CH,BUY,TP:RMB151),Shengyi Tech(600183 CH,BUY,TP:RMB34

5、.5),and SCC(002916 CH,BUY,TP:RMB146.8).Robust capex across the board from Chinas hyperscalers.Alibaba,Tencent,and Baidu collectively invested RMB55bn(US$7.5bn)in capex during the quarter,2x YoY,despite a fraction of the US$73bn was deployed by overseas hyperscalers(Amazon,Meta,Microsoft,Google)over

6、the same period.Alibabas capex rose 120%YoY to RMB24.6bn but declined 22.5%QoQ,likely due to the US restriction on Nvidias H20 GPU exports.This fell short of its earlier RMB380bn capex roadmap for 2024-26E expectations(translating to 130bn in FY25E).Tencents capex jumped 91.4%YoY to RMB27.5bn,with a