国盛证券：AI算力资本支出热潮持续算力服务仍被显著低估_老虎社区_美港股上老虎

国盛证券：AI算力资本支出热潮持续算力服务仍被显著低估

智通财经网2025-08-31

智通财经APP获悉，国盛证券发布研报称，6月至今，海内外算力投资共振，光模块、PCB、液冷、服务器等硬件代表性标的涨幅普遍超过100%，许多标的涨幅达200-300%。海外链受益于大厂算力投资超预期，其中，微软二季度资本支出242亿美元，同比增长27%，创单季最高纪录。中芯产能逐步扩充，国内算力链行情持续向好。对比来看，6月至今算力服务类(云服务、算力租赁、IDC)涨幅普遍在50%以内，仍被显著...

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在全球范围内扩大数据中心布局。2024年Equinix 的EBITDA利润率提高至 47%，较去年提升了160个基点，显示出公司在运营效率上的进步。数据中心业务是AI价值链中至关重要的一环。国内拥有优越地理位置、强大高运营标准、充足能耗指标的IDC提供商，有望获取类似的长期价值。3)Oracle：云业务高举高打，收获资本市场认可。Oracle最新财报预计总云增长率将从25财年的 24% 增加到 26 财年的 40% 以上。云基础设施增长率预计将从25财年的 50% 增加到 26 财年的70% 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