Core Viewpoint - The market is experiencing a decline in risk appetite, suggesting that investors should increase positions in certain directions and leading stocks during this period of volatility [1] Group 1: Market Analysis - The current market environment indicates a preference for stocks with cross-year certainty, focusing on valuation, earnings growth, and industry prosperity changes as core considerations [1] - The overall allocation in the computer sector is currently low, presenting a comparative advantage for positioning ahead of the spring rally [1] Group 2: AI Application Insights - Google's recent releases of Gemini3 and Nano Banana Pro have demonstrated significant performance improvements, reaffirming the effectiveness of Scaling Law and indicating sustained high demand in the AI sector [2] - The launch of xAI's Grok4.1 model and the public testing of Qianwen APP by Ant Group highlight ongoing advancements in AI capabilities, suggesting that the industry may be approaching a commercial singularity [2]

Group 1 - The core viewpoint emphasizes focusing on leading companies in key sectors with cross-year attributes, suggesting a gradual increase in allocation to these sectors due to stable performance and structural highlights [1] - The report highlights the acceleration of AI application deployment by major domestic companies, with notable projects such as Alibaba's "Qianwen" app, Tencent's AI integration in WeChat, and ByteDance's release of the Doubao programming model [1] - The recommendation is to pay close attention to the progress in AI application industries and to explore related investment opportunities [1] Group 2 - The second chapter of the report provides a specialized tracking of the current state of the AI application industry, indicating rapid growth in usage metrics such as call volume and monthly active users [2]

Core Viewpoint - The article emphasizes increasing investment in cross-year varieties, with a continued focus on the AI industry chain, highlighting significant investment opportunities in the computer sector due to performance recovery, policy benefits, and ongoing industrial innovation [1][2]. Group 1: Investment Strategy - The current computer sector shows characteristics of performance recovery, policy benefits, and low positions, indicating significant investment opportunities [1]. - As the year-end approaches, there is expected to be increased attention on cross-year varieties, driven by valuation shifts, improved prosperity, accelerated realization, relative bottoms, and expectations for the Two Sessions [1]. - The international trade friction is easing, which is beneficial for boosting expectations, while domestic policies are promoting the accelerated development of AI applications [1]. Group 2: AI Application Growth - AI application companies such as Palantir, Applovin, and Shopify are experiencing high growth trends, with notable acceleration in Q3 performance from leading domestic AI application firms [2]. - The cost-effectiveness of AI applications is highlighted, suggesting potential for a "seesaw effect" in market expectations [2]. Group 3: AI Ecosystem Tracking - The article includes a focus on tracking the ByteDance AI ecosystem, indicating ongoing expansion in applications that continue to drive demand for computing power [2].

Group 1 - The core viewpoint emphasizes that an excellent investment window for AI applications is emerging, supported by the positive trends in Q3 financial reports, which show revenue growth of 5.04%, net profit growth of 27.31%, and non-recurring profit growth of 25.96% [1][2] - The report suggests that the current low holding levels in the sector and the upcoming performance vacuum period in November create favorable conditions for increasing positions in the computer sector, particularly in AI applications [1][2] - It is recommended to focus on high-potential leading companies with accumulated data and customer resources, as well as model capabilities that create barriers to entry, during this internal rotation opportunity [1][2] Group 2 - The performance of global cloud giants has accelerated, with Microsoft Azure, Google Cloud, and AWS reporting year-on-year revenue growth rates of 40%, 34%, and 20% respectively, driven by AI demand [2] - The increase in cloud business growth rates is attributed to the boost from AI, and cloud giants are increasing capital expenditures, indicating confidence in future development [2]

Core Insights - The article discusses the allocation and performance of public funds in the computer industry, highlighting the absolute and relative configuration ratios of various stocks held by funds [2][6][10]. Group 1: Absolute Allocation of Public Funds - The absolute allocation ratio of public funds in the computer industry shows significant percentages for top holdings, with the highest being 13.36% [3]. - The data indicates a diverse range of allocation percentages among the top stocks, with several stocks holding between 4% to 6% of the total allocation [3][4]. Group 2: Relative Allocation of Public Funds - The relative allocation ratio reveals the most held stocks by the number of funds, with Industrial Fulian and Kingsoft Office being the most prominent [6][10]. - The market value held by funds also highlights key stocks, with Industrial Fulian and Kingsoft Office leading in total market value held [10][11]. Group 3: Fund Holdings and Changes - The top twenty stocks by fund holdings include notable companies such as Industrial Fulian, Kingsoft Office, and Deepin Technology, indicating strong investor interest [9][10]. - The article also notes which stocks have seen the most significant increases in fund holdings, with Industrial Fulian and Fangzheng Technology among the top gainers [9][10].

Group 1 - The core viewpoint emphasizes increasing investment in the theme of technological self-reliance and strength, supported by significant policy backing from the recent Fourth Plenary Session, which highlights the acceleration of high-level technological self-reliance as a core development line for the 14th Five-Year Plan [1] - The report indicates that the upcoming third-quarter earnings reports will be released, suggesting a focus on core sectors with strong growth potential while also identifying alpha opportunities in companies with standout financial results [1] - The domestic computing power sector is experiencing high prosperity, with notable capitalizations of core chip manufacturers, as evidenced by the successful IPO of Mu Xi Co., a leading high-performance general GPU company, and the rapid revenue growth of companies like Haiguang Information and Cambrian [1] Group 2 - The second chapter of the report focuses on tracking the AI browser industry, particularly in relation to OpenAI's release of Atlas, which is expected to accelerate penetration in this sector [2]

Group 1 - The core viewpoint emphasizes the exploration of alpha opportunities in sectors, with a strengthening trend in domestic industrialization [1] - The report suggests focusing on high-quality stocks with marginal changes at the bottom, especially around the third-quarter reports, as the computer sector has shown relatively low gains [1] - The domestic IT industry is expected to have significant growth potential due to external pressures accelerating the growth of domestic IT manufacturers [1] Group 2 - The report highlights the importance of the industrial software sector, particularly the integration of AI and domestic innovation, urging attention to leading companies in this field [1]

Core Viewpoint - The article emphasizes that market fluctuations present an opportunity for increased investment, particularly focusing on the acceleration of domestic production in the technology sector [1]. Group 1: Market Analysis - From a medium to long-term perspective, the computer sector is recommended for overweight investment due to strong earnings improvement certainty and sustained industrial and policy benefits [1]. - In the short term, the article suggests that investors should confidently increase their positions during market volatility, as macroeconomic factors may improve in October and November, and third-quarter reports are expected to continue the positive trend seen in the first half of the year [1]. Group 2: Domestic Production Focus - The article highlights a shift in trade dynamics, with an emphasis on domestic production as a significant trend. Key developments since the second half of this year include accelerated fiscal funding and a focus on the domestic production of AI chips [1]. - Recent U.S. measures regarding tariffs and key software exports are expected to further accelerate the trend towards domestic production [1].

Core Viewpoint - The company maintains a bullish outlook on the computer industry for October, anticipating benefits from AI advancements and upcoming policy changes [1][2]. Group 1: Market Trends - The computer industry has shown relatively low growth in Q3 compared to other AI sectors, but October is expected to bring positive returns, with a historical probability of 53% for positive performance in this month since 2010 [1]. - The upcoming 20th Central Committee meeting on October 20 is expected to provide further policy support for the computer sector, which is sensitive to technological and policy changes [1]. Group 2: Investment Recommendations - The company continues to recommend investments in AI, domestic production, and financial technology, highlighting the rapid iteration of AI models that drive demand for computing power and applications [1]. - It is advised to focus on leading companies in the industry, those with significant marginal changes, and firms with favorable Q3 earnings expectations and valuation switching logic [1]. Group 3: Impact of Sora 2 - The release of OpenAI's new video generation model Sora 2 on September 30 has boosted confidence in the AI sector, particularly in multimodal applications, and has led to increased market interest in AI computing power and applications [2].

Group 1 - The core viewpoint emphasizes a strategic increase in allocation to the computer industry, focusing on uncovering alpha opportunities driven by AI [1][2] - As of September 27, 2025, the quarterly performance of TMT sectors shows significant growth, with telecommunications, electronics, media, and computers increasing by 49.6%, 43.6%, 20.2%, and 14.8% respectively in Q3 2025 [1] - The highest growth since the lowest point in Q3 2024 for these sectors is 144.8% for telecommunications, 132.5% for electronics, 101.2% for media, and 114% for computers [1] Group 2 - Q3 earnings expectations are anticipated to be stable, with a focus on leading companies that demonstrate strong and sustainable growth [2] - The Alibaba Cloud Summit highlighted significant investments in AI infrastructure, with Alibaba planning to invest 380 billion yuan and JD.com committing to a 1 trillion yuan AI ecosystem over the next three years [2] - The domestic AI ecosystem is rapidly developing, driven by improvements in foundational model capabilities and domestic AI chip performance [2]