通信行业月报：头部云厂商持续上调资本开支推进数据中心、液冷散热等行业结构重构

长城证券2025-08-06

全球头部云厂商陆续发布财报，AI驱动增势明显。7 月以来，微软、谷歌、亚马逊、Meta 等厂商陆续发布季度业绩报告，由AI 驱动业绩增长态势明显。1）谷歌FYQ2 AI 等相关业务带动整体营收利润稳步增长。FY25Q2 谷歌实现收入964.28 亿美元，同比增长14%；Q2 净利润为281.96 亿美元，同比增长19%。谷歌云业务增长强势，FY25Q2 谷歌云业务收入136 亿美元，同比增长32%...

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亿美元，同比增长16%。其中FY25Q4 微软营收764 亿美元，同比增长18%；净利润为272亿美元，同比增长24%。微软云业务保持稳定增势，实现1062.65 亿美元营收，同比增长21%。其中，服务器产品及云服务收入同比增长23%；Azure和其他云服务收入同比增长34%，Azure 2025 财年收入贡献超过750 亿美元，工作负载的全面增长推动收入提升。3）Meta 发布FY25Q2 财报。FY25Q2Meta 实现收入475 亿美元，同比增长22%；净利润为183 亿美元，同比增长36%。Meta 在本季度回购了98 亿美元的A 类普通股，并支付13 亿美元的股息；同时，Meta 进行了151 亿美元的非上市股权投资，包括对Scale AI的投资以及其他投资活动。4）亚马逊发布FY25Q2 财报。FY25Q2 亚马逊实现营收1677 亿美元，同比增长13%；实现运营利润192 亿美元，净利润182亿美元。其中AWS 云计算部门实现营收308.7 亿美元，同比增长18%。广告业务方面，亚马逊季度收入为156.9 亿美元，同比增长23%。海外巨头持续上调资本开支，AI算力景气度居高不下。在资本开支方面，谷歌FY25Q2 资本开支为224 亿美元，其中三分之二投资于服务器，三分之一投资于数据中心及网络设备。根据谷歌对自身云产品和服务以及在AI 方向的战略布局，将其2025 全年资本开支由原先的750 亿美元规划提升至850 亿美元，2026 年资本开支将进一步增加。微软FY25Q4 单季度资本开支为242亿美元，2025 财年全年资本开支882 亿美元，同比增长58.35%。微软预计2026 财年一季度资本开支将超过300 亿美元，致力于进行云基础设施的建设。Meta FY25Q2 发生资本开支170 亿美元，同比增长100%；Meta 预计2025 财年资本开支将在660-720 亿美元，较之前640-720 亿美元范围有所收窄，中点同比增长约300 亿美元。Meta 预计其2026 财年资本开支将保持类似幅度的显著增长，积极增加产能满足AI 方面提升和业务运营需求。亚马逊预计其2025 财年第三季度净销售额将在1740-1795 亿美元之间，同比增长10%-13%。推理训练能力快速迭代，数据中心建设规模不断扩大，液冷散热方案渗透率逐步提升。根据Epoch AI 数据显示，人工智能硬件性能正经历指数级跃迁，16/32 位浮点运算性能以43%的年复合增速提升，每1.9 年实现翻番。数字格式优化（TF32/FP16/INT8）及张量核心技术的应用贡献显著，相较传统FP32实现6-12 倍性能跃升，头部芯片如H100 在INT8 场景性能可达FP32 的59倍，此类技术进步驱动整体性能增益的50%。伴随半导体工艺升级与专用架构演进，单位FLOP 成本年均下降30%，同精度固定性能硬件价格年降幅同步达30%，能源效率持续优化支撑千亿级参数模型训练。为了应对高速增长的算力水平，全球各地区各厂商均加速数据中心集群建设速度。根据科智咨询数据显示，2024 年全球数据中心市场实现大幅跃升，市场规模突破千亿美元达到1086 亿美元，同比增长14.9%。同时，根据科智咨询预测，2025-2027年全球数据中心规模将持续增长，每年都保持双位数增速，到2027 年将达到1632.5 亿美元。根据中研网数据显示，2024 年全球液冷市场规模已突破500 亿元，中国占比达35%。预计2025 年全球液冷市场规模将突破2,000亿元。除以英伟达Blackwell 为架构的液冷机柜为代表外，微软也大力推动液冷技术发展及全面渗透程度。根据微软2025 财年官方业绩交流内容显示，微软已在六大洲新建了数据中心，在70 个区域拥有400+数据中心，并新增了超过2,000 兆瓦的新容量。微软每一个Azure 区域都实现了“AI First”部署策略，并使得所有区域都支持液冷技术，全面提高液冷方案渗透率。市场回顾：上周（2025 年7 月28 日-2025 年8 月1 日）美国标普500 指数下跌2.36%；纳斯达克指数下跌2.17%；道琼斯工业指数下跌2.92%。近一月以来，美国标普500 指数上涨2.69%；纳斯达克指数上涨4.19%；道琼斯工业指数上涨0.71%。今年以来美国标普500 指数上涨7.78%；纳斯达克指数上涨9.38%；道琼斯工业指数上涨3.73%。美股重点个股回顾：7 月（2025 年7 月1 日-2025 年7 月31 日，下同）美股7 巨头中，英伟达上涨幅度位列第一，上涨12.58%；特斯拉跌幅第一，下跌2.96%；苹果涨幅最小，7 月微涨1.17%；谷歌涨幅位列第二，7 月上涨8.89%；微软上涨7.26%；Meta 上涨4.79%；亚马逊上涨6.71%。建议关注的标的：云计算厂商：微软、谷歌、亚马逊、Meta、苹果；稳定币：Circle、Coinbase、Robinhood、FiserV、Paypal；IDC：万国数据、世纪互联、Vertiv；芯片：英伟达、高通、ARM、英飞凌、意法半导体；元宇宙：Unity、Roblox；IDC：Equinix、DLR；激光雷达：Luminar、Ouster、Lumentum、禾赛科技；量子计算/量子通信： IonQ、Quantum Computing Inc.、D-WaveQuantum Inc.、IBM、Honeywell。风险提示：人工智能技术发展不及预期风险；宏观经济环境波动风险；汽车智能化技术突破不及预期风险；监管政策不确定性风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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通信行业月报：头部云厂商持续上调资本开支 推进数据中心、液冷散热等行业结构重构

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通信行业月报：头部云厂商持续上调资本开支推进数据中心、液冷散热等行业结构重构