点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 优选高景气赛道龙头，继续做多 AI 及金融科技 2、深度跟 踪 ： 大模型及应用加速升级，持续看好国产算力链 周观点 优选高景气赛道龙头，继续做多 AI 及金融科技 优选景气赛道龙头，挖掘财报季绩优个股。 本周市场成交量继续放大，市场风险偏好持续上行，建议继续加配板块，优选产业景气上行的核心赛道龙头，把握估值扩张 行情。同时， 8 月中下旬，板块将迎来半年报发布密集期，建议兼顾基本面，积极挖掘财报有亮点，且具备估值性价比的绩优个股。 腾讯发布最新财报， AI 商业化落地正加速。 本周腾讯发布财报， AI 已经从游戏、广告等多方面赋能业务，第二季度资本开支同比增速 119% ，后续 AI 产业商业化进 展有望持续加速，建议坚定布局 AI 产业投资机会。 金融科技景气上行，建议加配进攻性龙头。 市场成交量持续攀升，有助于提振金融科技下游景气度，助力基本面加速向上，且金融科技从历史复盘来看，在指数上行阶 段具备强进攻性，建议重点加配金融科技板块进攻性龙头。 本文第二章，对算力产业进行 ...

Group 1 - The core viewpoint emphasizes a strategic increase in investment in the computer sector, particularly focusing on leading companies in the Agent space, as the market shows positive growth trends both domestically and internationally [1][2] - The report highlights the acceleration of major model iterations since July, including Grok4, Kimi K2, GLM4.5, Genie3, and GPT5, indicating a trend towards open-source, low-cost, low-hallucination, and multi-modal features, which are expected to enhance AI application deployment [1][2] - The report suggests actively seizing market fluctuations to build positions in leading companies, especially in the commercial and military AI sectors, as evidenced by Palantir's impressive Q2 2025 performance, where its commercial Agent-driven revenue grew by 93% year-on-year [2] Group 2 - The second chapter of the report provides a focused analysis on overseas AI application leaders and the implications of GPT5, reinforcing the high growth potential in this sector [3]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 继续重点推荐 AI 、国产化 2、深度跟 踪 ： AI 跟踪：从 WAIC2025 看国内 AI 生态加速繁荣 周观点 继续重点推荐 AI 、国产化 继续重点推荐 AI 、国产化。 当前，计算机持仓水平处于低位，业绩趋势稳健向上，产业催化持续释放，关注度不断提升。建议积极配置景气上行的主赛道核心龙头， 重点方向包括 AI 和国产化，边际变化是影响股价的核心因子。 AI+ 正成为市场核心主线。 政策端，国常会于 0731 审议通过《关于深入实施"人工智能 + "行动的意见》，提出大力推进人工智能规模化商业化应用；在产业端，海外 AI 巨头最新财报指引积极， WAIC2025 验证国内 AI 全面繁荣与进步。 加大对国产化的重视力度。 包括 AI 芯片在内的基础软硬件国产化正成为不可逆的产业趋势，随着资金端的落实，后续招投标节奏将持续加快。同时， 8 月将进入中报 密集披露的窗口，国产化有望迎来业绩预期拐点，重点配置核心环节。 本文第二章，对 WAIC2025 进行了总结分析。 风 ...

Core Viewpoint - The report emphasizes the importance of actively increasing positions in the computer sector, particularly focusing on the changes in the intelligent connected vehicle industry, as market risk appetite continues to rise and the AI and domestic production landscape shows positive trends [2][3]. Group 1: Investment Strategy - The recommendation is to continue and actively increase positions in the computer sector, as the public fund's overweight ratio for this sector is currently at -1.74%, indicating a decrease of 0.1 percentage points from the end of Q1 2025 [2]. - There is a strong emphasis on reallocating investments towards AI applications and domestic AI chips, with global leaders like Nvidia and Microsoft reaching new highs, and domestic agents accelerating their deployment [2]. - The report draws parallels with Palantir's trajectory, suggesting that the launch of the AIP platform has significantly boosted its market valuation, indicating potential for similar growth in domestic AI chip companies [2]. Group 2: Intelligent Connected Vehicles - The report highlights the recent issuance of new operational licenses for intelligent connected vehicles in Shanghai, marking a significant step towards normalizing and scaling the demonstration operations in this sector [4]. - The operational licenses cover various scenarios, including smart transportation, trunk logistics, and last-mile delivery, indicating a broadening scope for intelligent connected vehicles [4]. - The report suggests a focus on related investment targets within the intelligent connected vehicle industry as it enters a new phase of development [4]. Group 3: Industry Tracking - The second chapter of the report provides a deep dive into the "Xinchuang" (信创) industry, noting that demand is accelerating and the ecosystem is continuously thriving [5].

Core Viewpoint - Palantir is a leading player in data analysis and AI applications, experiencing significant growth through its AIP platform and commercial agent business, with a revenue of $2.866 billion and a net profit of $468 million in 2024, marking year-on-year increases of 28.79% and 115.26% respectively [1][2]. Business Logic - The company focuses on high-value government and large commercial clients, evolving from deep customization to a subscription and service model, creating a closed-loop AI system that enhances customer retention and revenue [2]. - In 2024, the average annual revenue per client was $4.03 million, with the top 20 clients averaging $64.6 million, indicating strong customer expansion and retention capabilities [2]. Growth Drivers - The AIP platform integrates large models with existing data, providing significant advantages in various sectors such as healthcare, manufacturing, retail, finance, energy, and construction, leading to over 50% growth in commercial business revenue in 2024 [2]. Stock Price Review - Following the launch of the AIP platform, Palantir's market capitalization increased approximately 20 times, with the price-to-sales (PS) ratio rising from around 10 times to over 100 times, reflecting strong investor confidence driven by AI and commercial agent growth [3].

Core Viewpoint - The report emphasizes the importance of independent evaluation of investment opportunities and risks, highlighting the need for clients to consider their specific financial situations and investment goals [1]. Group 1 - The report is prepared by the research team of Industrial Securities, indicating a collaborative effort among multiple analysts [1]. - It mentions that the information provided is for reference only and does not constitute a recommendation for any specific securities transactions [1]. - The report underscores that the sources of information are deemed reliable, but the company does not guarantee their accuracy or completeness [1].

Core Viewpoint - The Q2 performance of the computer sector shows continuous improvement, with the AI industry's prosperity increasing [2][3] Group 1: Q2 Performance Analysis - As of now, 77 companies in the computer sector have released performance forecasts, accounting for 23% of the sector [2] - According to the median of the forecast range, the revenue growth rate for Q2 is -1%, an improvement from -6% in the first half of the year; net profit attributable to shareholders is -243 million yuan, a reduction in loss by 611 million yuan; and the non-recurring profit is -873 million yuan, a reduction in loss by 490 million yuan [2] - Using the median method, the revenue growth rate for Q2 is 8%, compared to -5% in the first half of the year, indicating a positive trend in performance [2] Group 2: AI Industry Insights - The AI industry is experiencing continuous catalysis, with recommendations to increase investments in AI computing power and applications [2] - The Ministry of Industry and Information Technology has announced plans to introduce multiple digital transformation schemes and promote "Artificial Intelligence + Software" initiatives [2] - Kimi has released the K2 foundational model, showing significant improvements in performance, cost optimization, and agent tool utilization; OpenAI has launched the ChatGPT intelligent system [2] - The World Artificial Intelligence Conference (WAIC) 2025 is set to open on July 26 in Shanghai, highlighting the ongoing developments in the AI sector [2]

Core Viewpoint - The company suggests to continue increasing positions in the computer industry, emphasizing the marginal changes in AI applications and the domestic innovation (信创) sector [2]. Group 1: Computer Industry Outlook - The current holdings in the computer industry are at a low level, with expectations for improvement in sector prosperity driven by demand and innovation [2]. - The release of semi-annual report forecasts, the continuous rise of overseas markets, and the release of policy dividends are expected to enhance market risk appetite [2]. - Key focus areas for investment include AI, financial technology, and domestic innovation [2]. Group 2: AI Applications - AI applications are anticipated to experience an upward trend in prosperity, with large models entering a new round of intensive iteration [2]. - Notable releases include xAI's flagship model Grok-4 on July 10 and 月之暗面's Kimi K2 model on July 11, both of which are expected to accelerate the penetration of AI applications [2]. - Future releases of models such as GPT-5, DS V4, and DS R2 are expected to further enhance the certainty of prosperity in AI applications [2]. Group 3: Domestic Innovation Sector - The domestic innovation sector has experienced a transition from expected improvement to a decline in expectations due to changes in bidding rhythms since Q3 2024 [2]. - Current market attention is low, but with government budgets being implemented, the certainty of order fulfillment is high [2]. - Considering the semi-annual report expectations of related companies, this period is seen as an excellent opportunity for bottom-fishing and increasing positions [2].

Group 1 - The article focuses on leading companies in the AI sector and those with positive mid-term report forecasts, highlighting the importance of these companies in the current market context [2][3] - The AI industry is expected to experience a significant release of catalysts, with notable developments such as the acceptance of initial public offerings by companies like Muxi and Moore Thread, and substantial investments in major models like GPT-5 [2][4] - The Beijing government has announced 12 AI application scenarios with a total budget of 110 million, indicating a strong push for AI applications and investment opportunities in the sector [4] Group 2 - The article emphasizes the importance of data and scenarios in the Agent sector, suggesting that companies with advantages in these areas should be prioritized for investment [3][4] - The current adjustments in the Agent sector have improved investment cost-effectiveness, making it a favorable time to invest in leading companies across various sub-sectors [4]

Group 1 - The core viewpoint emphasizes capturing high-growth alpha from mid-year reports and focusing on the auxiliary driving and financial IT sectors [2][3] - The market is beginning to pay attention to key companies' performance in the first half of the year as the mid-year report forecast window approaches [2] - The auxiliary driving sector is experiencing marginal changes, highlighted by significant developments from Tesla and Xiaomi in their autonomous driving initiatives [2] Group 2 - Continuous focus on investment opportunities in financial IT is recommended, particularly in light of recent regulatory changes and innovations in the sector [4] - The upgrade of existing securities trading licenses to include virtual asset trading services by Guotai Junan International and the Hong Kong government's new digital asset development policy are notable developments [4] - Expectations of financial innovation and liquidity easing are likely to drive the financial IT sector's upward trend [4]