Group 1 - The core viewpoint emphasizes the focus on alpha investment opportunities, suggesting to strategically invest in core leading companies while capturing alpha opportunities driven by policy, industry, or individual stock fundamentals [2][4] - The domestic computing power industry is expected to maintain high prosperity, benefiting from both policy and industrial transformation, with the Ministry of Industry and Information Technology issuing new requirements for computing power interconnectivity and standardization [2][4] - The merger of domestic companies Haiguang and Shuguang is anticipated to create a competitive effect, accelerating the concentration of market share towards leading companies in the domestic computing power sector [2][3] Group 2 - There is a heightened sensitivity in the market towards marginal changes in the technology industry, particularly in areas such as autonomous vehicles and stablecoins [3] - Key focus areas include monitoring Tesla's developments in autonomous vehicles and the implementation of logistics vehicles domestically, as well as the significance of Hong Kong's stablecoin regulatory draft as a milestone for the domestic virtual currency industry [3]

Group 1 - The core viewpoint emphasizes the strategy of accumulating positions in core leading companies during market dips, as the computer sector has seen adjustments, and valuations of some leading companies have become more attractive. The long-term industry trend remains positive, suggesting potential for valuation recovery driven by marginal changes in the industry or individual stocks [2][4] - The promotion of online identity verification and network numbers is accelerating, with a new regulation set to take effect on July 15, 2025, allowing the use of network numbers and online certificates for registration and verification in internet services. This initiative is expected to create new market opportunities across various segments, including product equipment, platform construction, and identity verification [2][4] Group 2 - A detailed follow-up on the online identity verification and network number industry is provided, indicating the start of a new era for digital identity [3][4]

中期展望：掘金阿尔法，聚焦 AI 与国产化 。 1 ）从业绩来看 ： 计算机行业有望结束 2020 年以来的持续下行， 进入到反转通道，下半年将伴随着需求端和费用端剪刀差的进一步显现，业绩增长具有加速潜力。 2 ）从持仓水 平来看： 目前仍处于低配状态且显著低于历史中枢，但已连续两个季度提升，未来进一步提升的空间较大。 3 ） 从月历效应来看： 计算机 5 、 6 月份较 4 月份更友好，而 2 月份超额收益最为显著。 4 ）从投资方向来看： 本 轮板块已上行的最大幅度为 98% 、时间跨度为 8 个月，参考历史上的四轮上行趋势，预计本轮上行仍有进一步 延展空间，但挖掘板块中的阿尔法投资机会将逐渐变得更为重要，建议重点关注人工智能与国产化的投资新机 会。 人工智能：星辰大海，扬帆算法平权新时代 。 1 ）在模型端： 国内外大模型厂商竞赛加剧， DeepSeek 指明了性 能提升的第二路径，带动了国产厂商加速崛起，未来多模态能力持续提升可期，建议关注 科大讯飞。 2 ）在算力 端： 持续高景气，英伟达引领芯片性能不断迭代升级，全球科技巨头加大资本开支，推理算力需求激增，建议关 注 海光信息、紫光股份、中科曙光、 ...

Core Viewpoint - The article emphasizes the importance of strategically investing in leading companies within key sectors during market adjustments, particularly focusing on the safety of combined advanced driving assistance systems (ADAS) [2]. Group 1: Policy and Industry Trends - In the second quarter, policies are increasingly being implemented, with the National Bureau of Statistics releasing the "Digital China Construction 2025 Action Plan," which includes initiatives for "Artificial Intelligence +" and other key projects [2]. - Major companies like Tencent and Alibaba have highlighted the empowerment of AI in their recent financial reports, indicating a strong industry trend towards AI integration [2]. - The upcoming Microsoft Build conference is expected to keep AI as a central theme, further driving interest in the sector [2]. Group 2: Advanced Driving Assistance Systems (ADAS) - The regulatory focus on the safety of combined ADAS is intensifying, with new policies being introduced to enhance vehicle safety features [2]. - Following the official release of the eCall strong installation national standard, the Ministry of Industry and Information Technology published a draft for the technical requirements of the Automatic Emergency Braking System (AEBS) on May 16, extending its applicability from M1 to N1 categories [2]. - The installation of AEBS is anticipated to significantly improve vehicle safety performance and stimulate demand across the related industry chain [2].

Group 1 - The core viewpoint emphasizes the continued focus on AI applications and domestic production, suggesting that the sector's performance is expected to improve in the second half of the year [2][3] - The article highlights the upcoming events such as the release of HarmonyOS 5 on May 19 and major developer conferences from Microsoft and Google, indicating potential industry changes [2] - The analysis of the calendar effect shows that the months of May and June have favorable win rates and median returns, with May having a win rate of 53% and a median return of 0.03%, while June has a win rate of 60% and a median return of 2.26% [2] Group 2 - The article discusses the upcoming release of Harmony PC, which is a significant step in Huawei's efforts to complete the Harmony ecosystem, with over 300 applications already adapted and expectations to exceed 2000 by the end of the year [3] - It is noted that the second half of the year will be a critical window for the Harmony PC ecosystem to expand, with potential breakthroughs anticipated in the government sector next year [3]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 重点布局 AI 应用及国产化。 从细分领域来看，在当前的位置，综合考虑产业本身的迭代催化、后续的政策发力 方向、订单的落地节奏等因素，建议重点布局 AI 及国产化，以及 eCall 及金融科技。其中，上述领域中，从受 业绩影响的维度来看，对 5 月的风险偏好改善相对更敏感的是 AI 应用及国产化；同时考虑到产业的催化密度， 预计 AI 应用将最为核心。 国内 AI 产业持续加速发展。 自 4 月底以来，国内 AI 产业正迎来密集催化。 4 月 25 日，中共中央政治局就加 强人工智能发展和监管进行集体学习； 4 月 28 日，阿里巴巴发布了最新 Qwen3 模型； 4 月 30 日，小米开源 推理大模型 Xiaomi MiMo ，同日 DeepSeek 开源了最新的数学定理证明专用模型 DS-Prover-V2-671B 。后 续，包括 DS-R2 等在内的大模型进展值得期待。 风险提示：板块业绩不达预期；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 注：文中报告节选自兴业证券经济与金融研究院已公开发布研究报告，具体报告内容及相关风险提示等详 ...

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： 持续加大板块配置比例，关注 AI 产业变化 2、深度跟 踪 ： AI 应用：巨头逐鹿，加速繁荣 周观点 持续加大板块配置比例，关注 AI 产业变化 加大板块配置比例，布局核心赛道龙头品种。 下周板块将完成 2024 年报及 2025 年 Q1 业绩披露，业绩端的压力释放充分。 5/6 月份是比较好的财报空窗期，叠加板 块前期调整充分，板块有望迎来较好的投资窗口期。同时，目前公募基金的持仓水平仍具备较大提升空间，持续建议加大板块配置比例，把握板块修复行情，重点布局 风险偏好修复预期下，具备较大弹性的主赛道龙头公司。 AI 产业加速发展，布局核心环节头部公司。 近期，国内大厂在 AI 产品层面取得了新的进展，飞猪推出旅行 AI "问一问"，字节跳动发布 AI 协同办公平台"扣子空间"， 百度推出通用超级智能体"心响"。后续伴随大模型持续迭代，其在各类应用场景中的落地有望进一步加速，并催生出大量的具备高价值的 AI 产品，建议持续重点跟踪 AI 产业变化，并积极布局应用、模型、算力等 ...

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 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

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： 财报披露冲刺期将至，底部加仓质优龙头 2、深度跟 踪 ： 信创复盘研究：观往知来，超额成长可期 周观点 财报披露冲刺期将至，底部加仓质优龙头 财报披露冲刺窗口将至，建议底部加仓。 截至到 04/19 ，已正式披露 2024 年年报、 2025 年一季报的计算机公司数量分别为 133 家、 12 家，占比为 40% 、 4% ， 距离财报季结束还有 8 个工作日，财报将密集披露。伴随着财报的披露，以及国际形势的变化，板块近期持续调整，但业绩趋势及产业变化偏正向的格局并未变化。同 时，对于市场关心的月历效应，根据统计，自 2010 年以来，计算机指数在 4/5/6 月上涨概率分别为 20% 、 53% 、 60% 。综上，继续建议底部加仓。 MCP 加速 AI 应用落地，积极关注其进展。 MCP （ Model Context Protocol ）通过标准化接口实现 AI 模型与外部工具 / 数据的无缝交互，有助于 Agent 应用快速搭 建。近期，阿里云百炼、腾讯云、百度地图等均 ...

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/陈鑫/杨本鸿/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 把握超跌加仓机会，加力布局信创产业链 2、深度跟 踪 ：信创：国际环境变局下的成长之矛 周观点 把握超跌加仓机会，加力布局信创产业链 把握超跌加仓机会，布局绩优成长龙头。 受关税事件等影响，市场风险偏好下行，板块调整充分。从基本面来看，计算机板块大部分公司和国内 G 端、 B 端支出关系 更强，在国内政策发力，内需有望提振的背景下，受关税影响较小，且将更受益于国产化产业趋势。伴随后续风险偏好企稳，板块估值修复可期。建议当下以长打短， 积极加仓，重点布局被错杀的超跌质优龙头。 信创产业发展加速，加大板块布局力度。 本周，半导体协会发文定义半导体产品原产地认定规则，有望刺激国产硬科技自主可控进程加速。中物联呼吁锻造 " 自主链核 " ，优先采购国产尖端产品。经过长期的产业积累，国内基础软硬件产品已经具备了较强的竞争力，在海外环境倒逼的背景下，有望迎来更大的市场需求，更好的发展格 局，建议以长期视角审视板块发展逻辑，优选核心环节自主可控龙头公司大力布局。 本文第二章，对信创产业最新进 ...