海外加大Capex，国内cloudmatrix规模部署，算力和光通信具持续性

Investment Strategy - Google's first-quarter capital expenditure has increased, indicating that overseas cloud vendors may accelerate their investment in computing power. Google's revenue reached $90.23 billion, a 12$34.54 billion, exceeding market expectations. The company maintains a capital expenditure guidance of $75 billion for 2025, with first-quarter spending at$17.2 billion, up from $12 billion in the same period last year [12][13] - Huawei's CloudMatrix 384 has been launched, addressing "computing power anxiety" and suggesting sustained demand for optical communication. The CloudMatrix 384 system, consisting of 384 Ascend 910C chips, offers 300 PFLOP of computing power, approximately double that of NVIDIA's GB200 NVL72. However, it has a significantly higher power consumption, reaching 3.9 times that of the GB200 NVL72 [13] Industry News - Meituan's fourth-generation drone has received the first nationwide low-altitude logistics operation certificate, marking a significant milestone in the practical application of low-altitude economy. The drone can carry up to 2.5 kg and has a maximum delivery radius of 5 km, with operations already established in major cities [15] - Shanghai is accelerating the development of mobile direct satellite connections and plans to build a commercial satellite super factory, aiming for an industry scale of 100 billion yuan by 2027. This initiative is expected to enhance the competitiveness of China's commercial aerospace industry [16] - China Mobile Research Institute has released the industry's first multi-source fusion core network prototype, which significantly improves low-altitude perception capabilities. This development is expected to drive the intelligent upgrade of the low-altitude economy [17][18] - The 2025 National Industrial and Information Technology Planning Investment Work Conference emphasized increasing investment in new industrialization, highlighting the need for effective investment in advanced manufacturing clusters [19] Market Review and Focus - The communication sector (CITIC) rose by 1.43% this week, outperforming the Shanghai Composite Index, which increased by 0.56%. The optical communication and optical module sectors saw significant gains, with increases of 6.58% and 5.58%, respectively [20][21] - The focus for the upcoming week includes investments in domestic computing power and optical communication, with specific companies highlighted for attention [24]