科技行业专题研究：英伟达业绩超预期，关注算力链机遇-240526-华泰证券-22页_1mb

报告摘要

English Summary

The report highlights NVIDIA's better-than-expected Q1 earnings and optimistic guidance for H200 and B-series GPUs, signaling sustained demand for AI computing power until 2025. As AI model scaling logic persists and tech giants intensify AI competition, the AI computing chain presents broad opportunities, focusing on optical modules, switches, liquid cooling, and IDC sectors. The telecommunications industry declined significantly last week, with the SW communication index falling 28.9%. However, AI-driven infrastructure stocks may offer growth potential.

Thailand marks a breakthrough with Galaxy Aerospace's low-orbit satellite internet trial, signaling international expansion for China's low-orbit technology. Guangdong Province targets RMB 300 billion in low-altitude economy development by 2026, integrating technologies like 5G-A, satellites, and AI, alongside energy-saving measures.

China Telecom's Shenzhen office collaborates with ZTE to advance 5G-A intelligent dual-domain networks, improving efficiency and coverage. Similarly, Guangdong and Henan provinces leverage 5G and AI for urban transformation, while Beijing focuses on high-speed rail communication. Shenzhen's industrial internet application market boosts digital innovation.

The market expected positive outcomes include the formation of national 20ms and 5ms latency circles, covering major cities. National data hub construction, such as the "cold lake" supercomputing center in Inner Mongolia, demonstrates green computing advancements. Policy support from the National Data Administration further drives digital transformation.

Industries experienced mixed performances, with optical module and server companies like ZTE and Optcore showing strong earnings, but some companies face temporary profit declines due to operational adjustments.

中文总结

英伟达业绩超预期
本周英伟达发布财报显示，一季度业绩及二季度指引均超出市场预期，数据中心收入再创新高，H200和B系列芯片需求预计持续至2025年，公司对“换代需求断档”问题不担忧。推理侧需求释放推动以太网交换机需求增长，建议关注光模块、光器件、服务器、液冷、IDC等核心环节机会。
运营商投资与网络建设
中国电信公布财报：Q1营收同比增长36%，利润增长近80%，拟提升分红比例至75%。公司持续拓展数字业务，对算力基础设施布局予以重视。
中国移动发布业绩：Q1营收增长52%，净利润增长55%，计划三年内派息率提升至75%，建议基于其高分红政策和龙头地位给予较高估值。
中国联通：Q1营收同比增长23%，净利润稳定增长，受益于云业务扩张。
AI与算力基础设施建设
粤港澳大湾区首个大规模全液冷智算中心完工，提供15万P算力，液冷技术显著降低能耗。国家数据局《2024年数字中国工作要点》强调算力网络、数字政府、技术创新与安全保障。中国联通启动江苏等项目的5G部署，“东数西算”政策推动算力资源优化。
卫星与低空经济
银河航天在泰国实现低轨卫星互联网落地，中国航天首次海外试验成功。内蒙“冷湖”超算中心提前18个月建成，年减碳排放3000吨。广东省推“无人装备创新平台”，推动空天地一体化网络。