Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights strong performance and growth potential for leading companies in the AI sector, particularly those with established ecosystems like Alibaba and Google [3][4]. Core Insights - Major players in the AI sector, such as Alibaba and Google, are rapidly expanding their consumer-facing applications, indicating a strategic shift towards the C-end market. Alibaba's Qwen3-based Qianwen app and Google's Gemini 3 model are examples of this trend [3][4]. - Nvidia reported exceptional quarterly earnings, with revenues of $57 billion, a year-on-year increase of 62%. This performance alleviates concerns about an "AI bubble" and suggests a robust growth trajectory for AI-related infrastructure [3][4]. - The report emphasizes the increasing concentration of market share among leading AI model providers, predicting that top firms will continue to expand their token shares in the market [3][4]. Weekly Market Review - The TMT sector experienced declines across various sub-industries, with the media sector down by 1.25%, communication by 2.51%, computing by 2.74%, and electronics by 5.89%. Conversely, the marketing agency sub-industry saw a significant increase of 9.60% [3][4]. - Notable declines were observed in the semiconductor equipment and materials sectors, with decreases of 7.19% and 7.08%, respectively [3][4]. Industry News and Key Company Announcements - Alibaba's Qianwen app, launched on November 17, marks a significant move into the consumer AI application space, integrating with various services like maps and shopping [3][4]. - Google's Gemini 3 model has achieved top performance in AI benchmarks, showcasing its advanced multimodal capabilities and integration with Google's existing applications [3][4]. - Nvidia's strong financial results and optimistic future guidance suggest a continued upward trend in AI infrastructure investments, with expectations of reaching $65 billion in Q4 revenue [3][4]. Company-Specific Developments - Nvidia's data center revenue grew by 66% year-on-year, indicating strong demand for AI computing power [3][4]. - Xiaomi has invested heavily in AI, with plans to release multiple AI models and applications, reflecting a broader trend of tech companies enhancing their AI capabilities [3][4]. - OpenAI's collaboration with Target aims to enhance retail experiences through AI, further demonstrating the integration of AI into various sectors [3][4].

Investment Rating - The report maintains an "Overweight" rating for the computer sector, recommending specific stocks such as Wuxi Unicomp Technology, Kingsoft Office, Hand Enterprise, Hikvision, Newland Digital Technology, Autel Robotics, Hygon, and related target Dawning Information Industry [3][12]. Core Insights - Google has launched Gemini 3 and Nano Banana Pro, establishing a leading position in multimodal technology, while Tencent and Alibaba are promoting AI application accessibility through their respective platforms [3][12]. - The Chinese hard tech sector is witnessing significant capitalization with Moore Threads and Unitree Robotics advancing their IPO processes, marking an acceleration in AI computing power and robotics industrialization [3][12][15]. Summary by Sections Google’s Product Launches - Google released the Gemini 3 model on November 18, achieving top scores in math, reasoning, and multimodal understanding, surpassing competitors like GPT-5.1 and Claude Sonnet 4.5 [13]. - The Nano Banana Pro model enhances text rendering accuracy in images and supports generating professional-grade images up to 4K resolution, integrating with major creative software [13]. Chinese AI Application Ecosystem - The AI application ecosystem in China is advancing with significant developments in multimodal generation and general assistants, particularly from companies in Hangzhou [14]. - Alibaba launched the "Qianwen" App, expanding its AI strategy from B2B to B2C, while Ant Group introduced the "Lingguang" AI assistant for mobile applications [14]. Hard Tech Capitalization - Moore Threads is set to launch an IPO at RMB 114.28 per share, aiming to raise RMB 8 billion for AI training and inference chip development [15]. - Unitree Robotics is also progressing towards a domestic stock issue, with a product line that includes quadruped and humanoid robots [15].

Core Viewpoint - Zhongke Shuguang's stock price has experienced fluctuations, with a year-to-date increase of 30.24% but a recent decline of 6.95% over the past five trading days [1] Company Overview - Zhongke Shuguang, established on March 7, 2006, and listed on November 6, 2014, is located in Haidian District, Beijing. The company specializes in high-performance computers, general servers, and storage products, along with software development, system integration, and technical services [1] - The company's revenue composition is as follows: IT equipment accounts for 88.79%, software development, system integration, and technical services account for 11.15%, and other sources contribute 0.06% [1] Financial Performance - For the period from January to September 2025, Zhongke Shuguang reported revenue of 8.82 billion yuan, representing a year-on-year growth of 9.68%. The net profit attributable to shareholders was 966 million yuan, reflecting a year-on-year increase of 25.55% [2] - Since its A-share listing, Zhongke Shuguang has distributed a total of 1.92 billion yuan in dividends, with 1.08 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, Zhongke Shuguang had 323,500 shareholders, a decrease of 1.70% from the previous period. The average number of circulating shares per shareholder increased by 1.73% to 4,521 shares [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them. For instance, Huatai-PB CSI 300 ETF reduced its holdings by 1.06 million shares, while E Fund CSI 300 ETF increased its holdings by 213,470 shares [3]

公司首次授予激励对象 公司于2025 年11 月21 日召开董事会，审议通过了《关于向激励对象首次授予限制性股票的议案》，同 意确定2025 年11 月21 日为首次授予日，并同意以90.25 元/股的授予价格向符合授予条件的878 名激励 对象授予1653.54 万股限制性股票，约占本激励计划草案公告时公司股本总额的0.71%。 截至2025 年6 月30 日，公司共有员工2803 人，激励对象占比超30%。本次激励授予范围广，股权价值 高，回报力度大，有利于加深员工与公司的深度绑定，巩固核心人才壁垒，为公司长期发展注入持久动 能。 算力领军企业的强强联合或将实现技术发展成果的共享，促进产业链上下游优质资源的整合，进一步推 动国产算力做大做强。 盈利预测与估值 我们预计公司25-27 年分别实现收入142.1 亿、207.0 亿、291.5 亿，同比增速为55%、46%、41%；归属 母公司股东的净利润为29.8 亿、43.4 亿、64.1 亿。对应25-27 年PE 估值分别为161、111、75 倍，维 持"买入"评级。 风险提示 产品研发不及预期、下游需求不及预期、业绩增长不及预期、政策落地不及预期、 ...

Core Insights - The article discusses the significant growth in data center infrastructure spending driven by AI training and inference cluster architectures, which also positively impacts the HPC (High-Performance Computing) architecture [1][2]. HPC-AI Market Overview - According to Hyperion Research, the global HPC spending over the past three years and future five-year forecasts indicate a robust market [2]. - The HPC-AI market is projected to generate $59.93 billion in total sales in 2024, reflecting a 23.5% growth compared to 2023, with on-premises HPC-AI systems contributing $50.39 billion (up 22.9%) and cloud HPC-AI systems contributing $9.54 billion (up 4.9%) [4][5]. Future Projections - For 2025, the overall HPC-AI market is expected to bring in $58.963 billion, a 17% increase from 2024, with cloud consumption at $12.38 billion and on-premises systems at $57.75 billion [5][6]. - The growth rate is anticipated to stabilize at around 7% to 8% annually by the end of the decade, which is still double the historical average [6]. Spending Breakdown - In 2024, cloud computing consumption will account for 15.9% of the HPC-AI product spending, with 30% of cloud spending allocated to storage, compared to 21.7% for on-premises HPC-AI centers [8]. - Services constitute a significant portion of the HPC-AI budget, primarily for system installation, maintenance, and technical support, while software accounts for only 5% of the total budget [8]. Revenue by Vendor - In 2024, the leading vendors in the HPC-AI market include HPE with $7.151 billion (28.2% market share), Dell Technologies with $3.916 billion (15.5%), and Lenovo with $1.450 billion (5.7%) [13][14]. - Non-traditional suppliers, referred to as Original Design Manufacturers (ODMs), have revenue nearly equal to HPE, indicating a competitive landscape [14]. Market Segmentation - The HPC-AI market is segmented into various price ranges, with the largest share (27.9%) coming from large HPC systems priced between $1 million and $10 million, while entry-level HPC systems (under $250,000) account for 24.3% [15]. Investment Trends - Investment in HPC-AI systems is accelerating, as evidenced by new supercomputers announced by the US Department of Energy, which are expected to stabilize revenue over time due to a shift towards cloud models [17].

Core Insights - Quantum technology is a strategic emerging field crucial for national information security, experiencing rapid market growth under national strategic guidance, with China's market size projected to grow from 4.523 billion yuan in 2015 to 13.104 billion yuan in 2024, reflecting a compound annual growth rate of 12.55% [1][14] - Significant breakthroughs in quantum technology are anticipated globally in 2024, transitioning from theoretical research to practical applications, with advancements in quantum computing platforms and quantum communication systems [1][14] - The development of quantum technology is expected to drive the next technological revolution, providing new tools and perspectives for exploring the unknown [1][14] Industry Overview - Quantum technology integrates principles of quantum mechanics with information science, computing, and materials science, focusing on information acquisition, processing, and transmission through quantum effects [4][13] - The industry primarily encompasses three core areas: quantum computing, quantum communication, and quantum precision measurement [4][13] Industry Development History - The Chinese government has emphasized the importance of advancing quantum technology, with strategic planning and support increasing since 2020 [6][9] - Notable achievements include the successful development of the "Zu Chongzhi No. 3" quantum computing prototype in March 2025, positioning China among the global leaders in superconducting quantum computing [1][7] - Recent advancements include the establishment of a 300-kilometer quantum direct communication network, validating the feasibility of long-distance secure communication [1][7] Industry Policies - The Chinese government has prioritized quantum technology in its "14th Five-Year Plan," aiming to implement significant national projects in frontier fields like quantum information [9][10] - The upcoming "15th Five-Year Plan" is expected to further promote quantum technology as a new economic growth point, alongside other emerging industries [9][10] Industry Value Chain - The quantum technology industry chain includes upstream components and technology development, midstream core equipment and system development, and downstream applications across various sectors such as cloud computing, finance, and defense [10][11] Market Size and Trends - The global quantum technology market is projected to reach $8.02 billion in 2024, with a year-on-year growth of 10.77%, and is expected to grow to $11.93 billion by 2025 [13] - Quantum computing dominates the market, accounting for 64.92% of the total, with North America leading in technological breakthroughs and industry applications [13][14] Key Companies - Major players in the Chinese quantum technology sector include China Great Wall Technology Group, Keda Technology, State Grid Information Communication, and others, contributing to a diverse competitive landscape [2][16] - China Great Wall Technology has reported significant growth in its computing industry, achieving a revenue of 5.148 billion yuan in the first half of 2025, a year-on-year increase of 9.63% [16] - Wuhan Guangxun Technology focuses on optical electronic devices and has seen a substantial increase in revenue from its data and access business, growing by 149.16% year-on-year in the first half of 2025 [16][17] Future Development Trends - Quantum computing is expected to overcome hardware performance bottlenecks, enhancing stability and developing new quantum bit architectures [17] - Quantum communication aims to establish broader and faster quantum key distribution networks, facilitating the construction of a future quantum internet [18] - Quantum measurement technology is anticipated to achieve significant precision improvements, expanding its applications in various fields [19]

Core Insights - The AI computing industry is transitioning into an "application dividend period," driven by the integration of artificial intelligence and high-performance computing, with a projected global market size of $234 billion in 2024 and expected to exceed $2.75 trillion by 2032, reflecting a compound annual growth rate of 36.8% [5][6][10] AI Computing Industry Overview - AI computing (Intelligent Computing) combines AI with high-performance computing, utilizing dedicated hardware and distributed architecture to provide efficient and scalable computing power for AI tasks [2][3] - The industry is characterized by a three-pronged model of "computing power + algorithms + data," which supports complex AI model training and inference, making it a critical infrastructure for the digital economy [2][3] Global and Chinese AI Computing Development - The global AI market is evolving from a "model dividend period" to an "application dividend period," becoming a core engine for the digital economy, with significant advancements in computing power architecture [5][6] - In 2024, the total global computing power is expected to reach 2207 EFLOPS, with intelligent computing power contributing 1610 EFLOPS, marking a year-on-year growth of 63.8% [5][6] - China's total computing power is projected to reach 280 EFLOPS in 2024, with intelligent computing power at 90 EFLOPS, indicating a significant gap between supply and future demand [6][10] AI Computing Industry Chain in China - The AI computing industry chain in China consists of upstream hardware (GPUs, NPUs), midstream service providers (telecom operators, cloud service providers), and downstream application sectors (internet, finance, manufacturing) [8][10] - The market for AI acceleration chips is expected to grow from 17.56 billion yuan in 2020 to 142.54 billion yuan in 2024, with a compound annual growth rate of 68.8% [9][10] Competitive Landscape - Major players in the infrastructure layer include Huawei, which leads in domestic chip production, and Inspur, which dominates the AI server market [10] - Telecom operators and cloud service providers, such as China Telecom, Alibaba Cloud, and Tencent Cloud, are key players in the computing service layer [10] Future Trends in AI Computing Industry - The industry is expected to evolve towards collaborative evolution, with a focus on efficient resource utilization and deep integration with the real economy [11][12] - The emphasis will shift from model performance to creating measurable business value through large-scale applications in key sectors such as manufacturing, finance, and healthcare [13]

Market Overview - The Shanghai Composite Index fell by 2.45% on November 21, with the largest declines in the comprehensive and non-ferrous metal sectors, down 5.50% and 5.26% respectively [1] - The computer industry also experienced a decline of 3.01% [1] - Overall, there was a net outflow of 128.99 billion yuan in the main funds across the two markets, with only the media sector seeing a net inflow of 1.48 billion yuan [1] Computer Industry Analysis - The computer industry saw a net outflow of 11.448 billion yuan, with 336 stocks in the sector; 37 stocks rose, including 3 that hit the daily limit, while 299 stocks fell, with 6 hitting the lower limit [2] - Among the stocks with net inflows, Rongji Software led with a net inflow of 267 million yuan, followed by Jiuqi Software and Wanxing Technology with inflows of 240 million yuan and 198 million yuan respectively [2] - The stocks with the largest net outflows included Huasheng Tiancheng, Zhongke Shuguang, and Haixia Innovation, with outflows of 762 million yuan, 475 million yuan, and 426 million yuan respectively [2] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +9.98%, turnover rate 39.35%, main fund flow 266.57 million yuan - Jiuqi Software: +9.96%, turnover rate 17.55%, main fund flow 240.39 million yuan - Wanxing Technology: +6.18%, turnover rate 22.44%, main fund flow 198.01 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - Huasheng Tiancheng: -9.99%, turnover rate 26.70%, main fund flow -761.64 million yuan - Zhongke Shuguang: -4.19%, turnover rate 2.23%, main fund flow -474.65 million yuan - Haixia Innovation: -20.01%, turnover rate 34.07%, main fund flow -425.94 million yuan [3]

Core Insights - The integration of artificial intelligence with the real economy is accelerating, with computing power being a crucial component of new productive forces, driving industrial upgrades [1][6] - Domestic companies are adopting a dual-track development model of "open collaboration" and "full-stack ecosystem" to break single technology dependencies and build a diverse technology-driven ecosystem [1][7] Group 1: Technological Breakthroughs - The Chinese government's 20th Central Committee has set a clear direction for domestic computing power development, emphasizing the need for innovation in AI and digital technologies [1] - At the Changsha World Computing Conference, the scaleX640 supernode showcased by Inspur demonstrated significant advancements in computing power, achieving a 30%-40% performance improvement for trillion-parameter model training compared to traditional solutions [3][6] Group 2: Market Demand and Growth - The global demand for computing power is surging, with the AI computing power market expected to reach 141.98 billion yuan in 2024 and nearly 1.344 trillion yuan by 2031, reflecting a compound annual growth rate of 37.3% [6] - Traditional computing architectures face challenges such as insufficient computing power, slow data transmission, high energy costs, and instability, which are significant barriers to digital transformation for many companies [6] Group 3: Industry Strategies - Leading domestic companies are exploring differentiated paths to address the growing computing power demand and systemic technological bottlenecks, with Inspur's open architecture and Huawei's full-stack solution representing two distinct approaches [7] - The collaboration between Inspur and over 20 upstream and downstream companies aims to establish an open and inclusive AI computing industry ecosystem, highlighting the trend towards diversified technological routes in the market [7]

Group 1 - The A-share market experienced a decline, with the Shanghai Composite Index down by 2.05%, the Shenzhen Component Index down by 2.80%, and the ChiNext Index down by 3.31% as of 14:13 on November 21 [1] - Lenovo Group announced plans to launch a personal super intelligent agent at the Lenovo Innovation Technology Conference next year, which will learn user habits and predict intentions to enhance user experience [1] - Lenovo's CEO Yang Yuanqing expressed confidence that the market will not experience an AI bubble, predicting a shift towards the popularization of AI technology, making it accessible to a broader audience [1] Group 2 - Huatai Securities noted that generative AI is entering a new development stage dominated by AI agents, with a trajectory of "first B2B, then B2C, and finally terminal" [2] - The AI ETF (515070) tracks the CS AI Theme Index (930713), focusing on companies providing technology, foundational resources, and applications in the AI sector, often referred to as the "robot brain" creators [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Zhongji Xuchuang, Xinyisheng, and Hikvision, indicating a strong presence in the AI industry [2]