Investment Rating - The report indicates a positive outlook for the computer industry, suggesting that it has fundamental support for investment and potential for future growth [1][2]. Core Insights - The computer sector is expected to experience a rebound in performance due to the recovery of the macro economy and advancements in AI technology, which are anticipated to enhance profitability [1][10]. - The report highlights a significant increase in demand for CPUs, driven by the rise of AI applications and the need for high-performance computing [16][19]. - The introduction of sandbox environments for AI agents is seen as a critical development, enhancing system security and performance in high-concurrency scenarios [22][29]. Summary by Sections Investment Allocation - In Q4 2025, the public fund allocation for the computer industry was 1.6%, a decrease of 0.8 percentage points from the previous quarter, ranking it 14th among 30 sectors [2][3]. - The top ten holdings in the computer sector included Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in the composition of these holdings [4][5]. Valuation Metrics - As of January 23, 2026, the PE (TTM) for the computer industry was 94.6x, placing it in the 94.80th percentile historically, while the PS (TTM) was 4.0x, in the 71.40th percentile [10][11]. - The report suggests that despite high PE levels, there is still room for growth in PS and PCF valuations as the market sentiment improves [10][11]. CPU Price Expectations - Intel and AMD are expected to raise server CPU prices by 10% to 15% in Q1 2026 due to supply constraints and increased demand from AI applications [16][21]. - The report emphasizes the growing importance of CPUs in AI workloads, particularly in managing complex tasks and ensuring system stability [19][40]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [41][42]. - Specific companies recommended for investment include Inspur Information, Kingsoft Office, and various firms involved in AI and data solutions [41][42].

Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [2]. Core Insights - The computer sector is supported by strong fundamentals, with expectations of increased allocations to high-performing stocks. The sector's public fund allocation is currently at 1.6%, down 0.8 percentage points from the previous quarter, marking a low point since 2010 [2][3]. - Valuation metrics such as PE, PS, and PCF suggest that there is still room for growth in the computer sector, despite high current levels. The PE (TTM) is at 94.6x, in the 94.80% historical percentile, while PS (TTM) is at 4.0x and PCF (TTM) is at 51.6x, indicating a divergence that could be resolved as market sentiment improves [2][11]. - Anticipated price increases for server CPUs due to supply constraints and rising demand driven by AI applications are highlighted. Major players like Intel and AMD may raise CPU prices by 10% to 15% in Q1 2026 [2][18]. - The report emphasizes the importance of sandbox environments for agents, which enhance system performance and security by isolating tasks, thus improving user experience in high-concurrency scenarios [24][32]. Summary by Sections 1. Fund Holdings Analysis - The computer sector's public fund allocation decreased to 1.6% in Q4 2025, ranking 14th among 30 sectors, reflecting a decline in investor confidence [3][4]. - The top ten holdings in the computer sector include Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in positions among these stocks [5][6]. 2. Valuation Metrics - The report notes that the current PE (TTM) of 94.6x exceeds previous peaks in 2020 and 2023, indicating market optimism about future earnings potential [11][12]. - The divergence between PE and PS/PCF suggests that as the macroeconomic environment stabilizes, the sector's valuations may realign, leading to potential market cap growth [11][12]. 3. CPU Price Expectations - The report anticipates a supply-demand mismatch for CPUs, with significant price increases expected due to locked-in capacities and rising AI-driven demand [18][23]. - The role of CPUs is evolving, with increased responsibilities in managing complex workflows driven by AI agents, necessitating higher performance specifications [21][42]. 4. Sandbox Technology - The report discusses the growing importance of sandbox environments for AI agents, which enhance performance and security by isolating tasks and managing resources effectively [24][32]. - The sandbox model is seen as crucial for handling high concurrency and ensuring system stability, particularly in AI applications [32][40]. 5. Key Investment Themes - The report identifies several key investment themes, including digital economy leadership, AIGC applications, and new industrialization, with specific companies highlighted for each theme [45].

Core Insights - The firewall industry in China is a critical component of the network security system, serving as the first line of defense for enterprises and individuals. The industry is characterized by a diverse range of listed companies, primarily concentrated in the upstream and midstream segments of the supply chain [1][5]. Group 1: Company Overview - Major companies in the firewall industry include Sangfor (300454.SZ), Tianrongxin (002212.SZ), Hillstone Networks (688030.SH), Deepin Technology (300768.SZ), Ruijie Networks (301165.SZ), Venustech (002439.SZ), Qihoo 360 (688561.SH), and NSFOCUS (300369.SZ) [1]. - The highest revenue in the firewall industry for 2024 is projected to be from Lenovo, with revenue reaching 114.77 billion yuan, followed closely by Inspur with the same revenue figure [4]. - The registered capital is highest for NSFOCUS, while Tianrongxin is the oldest company in the industry. Ruijie Networks has the most bidding information, totaling 7,141 entries [8]. Group 2: Revenue and Profitability - In terms of revenue from firewall-related business, Sangfor is expected to generate 3.629 billion yuan in 2024, ranking second in the domestic market for unified threat management. Qihoo 360 follows with an expected revenue of 2.653 billion yuan [9]. - The gross profit margin for representative companies in the firewall industry is projected to be around 60% in 2024, with Sangfor achieving the highest margin at 79.31% and Hillstone Networks at 71.97% [11]. Group 3: Business Layout - The firewall business layout of listed companies shows a combination of regional focus and nationwide outreach, with technological innovation and scenario deepening being key characteristics. Sangfor focuses on South China, covering over 30 countries and regions, while Qihoo 360 is centered in Beijing, targeting government and state-owned enterprises [13][15]. - Companies like Tianrongxin and Venustech are also focusing on specific sectors such as industrial internet and government services, respectively, to enhance their market presence [15]. Group 4: Business Planning - Future business plans for firewall companies emphasize technological iteration and scenario deepening. Sangfor aims to integrate network security with cloud computing and transition to a subscription model by 2026 [17]. - Qihoo 360 plans to allocate 25% of its R&D budget to encryption firewall research, while Tianrongxin is focusing on smart solutions for industrial firewalls [17].

Core Insights - The 2025 annual performance of AI-themed funds has drawn market attention, with significant adjustments in their holdings during the reporting period [1] - There is a divergence among fund managers regarding investment opportunities in the AI sector for 2026, despite some funds experiencing substantial net value increases due to their investments in AI application stocks [9] Fund Adjustments - The top-performing active equity funds have made considerable adjustments to their AI asset holdings, with some funds increasing their positions in leading companies while others have reduced their stakes [1][4] - For instance, the fund Yongying Technology Select increased its holdings in Dongshan Precision, Jingwang Electronics, and others, while reducing its stake in Zhongji Xuchuang [1][4] - The fund Zhongou Digital Economy has also shifted its focus, increasing investments in domestic AI and AI infrastructure while reducing exposure to smart driving and edge AI [1][6] Sector Consensus and Divergence - There is a consensus among high-performing funds regarding the PCB sector, with several funds increasing their positions in companies like Dongshan Precision and Shengxin Technology [5][6] - However, there are notable divergences in the strategies of different funds regarding specific AI sub-sectors, such as the varying approaches to Zhongji Xuchuang [4][5] Future Outlook - Fund managers are considering how to capitalize on the expanding AI market, with a focus on the potential for significant breakthroughs in AI applications and the ongoing competition in the large model sector [10][11] - Some managers emphasize the importance of balancing growth potential with safety margins, while others highlight the need for diversified investments to mitigate risks associated with high valuations in the AI sector [12]

Group 1: AI Computing Sector Performance - The AI computing sector has rebounded for the second consecutive day, with the cloud computing ETF Huatai (159273) rising by 1.18% and achieving a trading volume exceeding 240 million yuan [1] - Continuous capital inflow has been observed for five days, accumulating over 120 million yuan [1] Group 2: Market Reactions to Greenland Crisis - The U.S. government announced a framework agreement regarding the Greenland issue, which is expected to benefit the U.S. and all NATO member countries [3] - Following this announcement, U.S. stock markets surged, with all three major indices rising by over 1% [3] Group 3: Cloud Computing ETF Performance - The majority of the weighted stocks in the Huatai cloud computing ETF showed positive performance, with notable gains from companies such as Zhongji Xuchuang (up nearly 7%) and Runze Technology (up over 4%) [4] - The trading volume for Zhongji Xuchuang reached 24.275 billion yuan, while Alibaba-W had a trading volume of 9.837 billion yuan [5] Group 4: Supply and Demand Dynamics in Domestic Computing Power - Domestic computing power is experiencing steep growth due to high supply and demand, driven by increased AI application in mobile devices and policy support for energy-efficient computing hardware [6] - The scaling law for large models continues to enhance training demand, while domestic GPU performance is improving, facilitating the adaptation of local CSP manufacturers [6] Group 5: Future Projections for Domestic Computing Power - The intelligent computing capacity in China is projected to maintain a compound annual growth rate of 57% from 2020 to 2028 [7] - Domestic general-purpose GPUs are advancing from "usable" to "highly usable," significantly narrowing the performance gap with international competitors [7] Group 6: Light Module Demand Forecast - Nomura Oriental predicts that the demand for optical modules will remain strong due to increased investment in AI infrastructure and supply chain constraints, with significant growth expected through 2026 and beyond [8] - The upgrade of 1.6T optical modules and silicon photonics technology is identified as a key growth driver for the industry [8]

Market Performance - The computer equipment sector increased by 2.9% on January 21, with China Great Wall leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Top Gainers - China Great Wall (000066) closed at 17.82, up 10.00% with a trading volume of 1.4259 million shares and a transaction value of 2.501 billion [1] - Zhongke Shuguang (603019) closed at 98.23, up 6.93% with a trading volume of 1.2428 million shares and a transaction value of 12.008 billion [1] - Ruiming Technology (002970) closed at 58.68, up 4.99% with a trading volume of 93,900 shares [1] Top Losers - Wanjite Technology (300552) closed at 33.84, down 3.31% with a trading volume of 143,900 shares [2] - Shensi Electronics (300479) closed at 20.96, down 2.56% with a trading volume of 159,400 shares [2] - Jiayuan Technology (301117) closed at 61.65, down 2.51% with a trading volume of 84,800 shares [2] Capital Flow - The computer equipment sector saw a net inflow of 3.502 billion in main funds, while retail funds experienced a net outflow of 1.246 billion [2] - The main funds' net inflow for Zhongke Shuguang was 1.636 billion, accounting for 13.63% of the total [3] - China Great Wall had a main fund net inflow of 1.403 billion, representing 56.10% of its total [3]

Group 1 - The core viewpoint of the articles highlights the optimistic outlook of fund managers on the technology sector, particularly in artificial intelligence, cloud computing, and robotics, as key investment directions for the upcoming years [1][3][12] - Fund managers are emphasizing the importance of risk management in the technology sector, which is characterized by high growth potential and volatility, advocating for diversified investment strategies [2][21] Group 2 - Fund manager Ren Jie focuses on global cloud computing investments, with a notable performance of the fund achieving a unit net value growth rate of 233.29% in 2025, ranking first among active equity funds [3][4] - The fund's latest quarterly report indicates a decrease in stock positions, with a stock market value proportion of 78.76%, down by 13 percentage points from the previous quarter [3][4] - The top ten holdings include companies like Shengyi Technology and Zhongji Xuchuang, with significant annual growth rates of 205.82% and 396.38% respectively [3][4] Group 3 - Fund manager Li Jin expresses a strong interest in artificial intelligence computing-related assets, focusing on sectors with the best growth potential, including technology, new energy, and pharmaceuticals [8][12] - The fund's top three holdings are Zhongji Xuchuang, Xinyi Technology, and Huamao Technology, with substantial increases in positions for companies like Dongshan Precision and Industrial Fulian [9][10] Group 4 - Fund manager Yan Siqian emphasizes the investment opportunities in manufacturing and low-carbon technologies, highlighting the importance of intelligent manufacturing and technological innovation for sustainable development [13][15] - The fund's top holdings include Wuzhou Xinchun and Zhenyu Technology, with significant increases in positions for companies like Beite Technology and Sili Technology [14][15] Group 5 - Fund manager Feng Ludan notes that the artificial intelligence industry is in the early stages of forming a bubble, suggesting a cautious approach to investment while monitoring technological advancements and business model validations [16][21] - The fund's latest report shows a stock position of 86.04%, with significant increases in holdings for companies like Huadian Technology and Tencent Holdings [18][19]

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, with the CSI Artificial Intelligence Theme Index rising by 2.68% and significant gains in individual stocks such as Lanke Technology and Zhongke Shuguang [1] - The AI Artificial Intelligence ETF has seen continuous net inflows over the past week, totaling 802 million yuan, with a peak single-day inflow of 318 million yuan [1] - The storage chip sector is experiencing a strong upward trend, driven by rising prices and increased demand due to AI, with companies like SanDisk and Seagate receiving target price upgrades from Citigroup [2] Group 2 - CITIC Securities believes that regional friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their chip performance [2] - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely tracks the CSI Artificial Intelligence Theme Index, reflecting the overall performance of AI-related listed companies [2]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The AI medical sector is experiencing rapid development, with significant commercial opportunities emerging. Major players like NVIDIA and Eli Lilly are investing heavily in AI drug development, while domestic companies like Ant Group are promoting AI health management products [5][13][14]. - Alibaba's Qianwen app has transitioned into the "AI service era," integrating over 400 AI service functions and achieving over 100 million monthly active users, showcasing the potential for AI applications in enhancing user experience and operational efficiency [15][17]. - The report emphasizes the importance of building a self-sufficient and efficient computing infrastructure in response to increasing global competition and the exponential growth of AI application demands [16]. Summary by Sections AI Empowerment in Healthcare - The AI healthcare sector is at a commercial inflection point, with significant investments from both domestic and international companies. Key areas of growth include AI drug development, medical imaging analysis, and personal health management, which are expected to see increased investment value as clinical validation and regulatory frameworks improve [5][14]. Development of AI Ecosystem - Domestic tech giants are rapidly advancing their AI ecosystems, leveraging their large user bases and data resources. This integration is expected to enhance service delivery and operational efficiency across various sectors [15][16]. Market Performance - The computer sector index rose by 3.82% from January 12 to January 16, 2026, indicating positive market sentiment [8]. Key Companies and Investment Recommendations - The report highlights several companies for investment consideration, including: - AI Computing: Cambrian (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ), and Zhongke Shuguang (603019.SH) [6][17]. - Vertical AI Applications: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Hand Information (300170.SZ), and others [6][17].

Market Overview - The Shanghai Composite Index rose by 0.29% on January 19, with 23 out of the 28 sectors experiencing gains, led by the basic chemical and petroleum sectors, which increased by 2.70% and 2.08% respectively [1] - The computer and communication sectors faced the largest declines, with decreases of 1.55% and 0.96% respectively, with the computer sector being the worst performer of the day [1] Capital Flow Analysis - The main capital flow showed a net outflow of 35.714 billion yuan across the two markets, with 13 sectors seeing net inflows [1] - The power equipment sector had the highest net inflow, totaling 7.597 billion yuan, followed by the basic chemical sector with a net inflow of 1.331 billion yuan [1] Computer Sector Performance - The computer sector experienced a decline of 1.55%, with a total net outflow of 10.750 billion yuan [2] - Out of 336 stocks in the computer sector, 96 stocks rose while 231 stocks fell, including one stock that hit the daily limit down [2] - Notably, the top three stocks with the highest net inflow were Unisplendour (5.23 billion yuan), Zhongke Shuguang (2.78 billion yuan), and Langxin Technology (1.17 billion yuan) [2] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Unisplendour: +2.77% with a turnover rate of 5.33% and a net inflow of 522.89 million yuan - Zhongke Shuguang: +0.81% with a turnover rate of 3.60% and a net inflow of 278.39 million yuan - Langxin Technology: +7.36% with a turnover rate of 7.91% and a net inflow of 117.38 million yuan [2] Top Losers in Computer Sector - The top losers in the computer sector included: - Yanshan Technology: -9.93% with a turnover rate of 29.87% and a net outflow of 1.002 billion yuan - Keda Xunfei: -4.16% with a turnover rate of 6.81% and a net outflow of 715.66 million yuan - Inspur Information: -3.36% with a turnover rate of 4.64% and a net outflow of 584.89 million yuan [3]