股 票 研 股票研究 /[Table_Date] 2026.01.24 [Table_Industry] 计算机 2025Q4 计算机持仓环比回落 1.1pct，处 在历史低位，增配空间明显 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 张盛海(研究助理) | 021-23183956 | zhangshenghai@gtht.com | S0880125042247 | 投资要点： [Table_Report] 相关报告 计算机《计算机周观点第 31 期：千问发布 AI 助 手，C 端进入超级 Agent 时代》2026.01.18 计算机《上海发布"模速智行"行动计划，自动 驾驶产业驶入加速赛道》2026.01.18 计算机《AI 制造政策频出，关注 AI 工业制造》 2026.01.17 计算机《千问 App：开启"办事时代"，率先跑通 C 端落地 ...

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/罗池婧 图1、公募基金的计算机行业绝对配置比例(前十大持仓数: 图2、计算机行业的标准配置比例 ୧% 4. 73% 4. 92% 4 406% 4. 37% 39% 4. 39% 5% 44 354 4. 54% 4. 50% 4. 05 4. 3. 4. 30% 4. 249 4. 0 3. 68% 3.86% 3. 47 3. 74% 4% 3.62% 3. 2.3,75% ONG 2. 99% 2. 41% 3% 1. 89 74% 1. 77% 93% 2. 07% 1. 73% 数据来源:Wind,兴业证券经济与金融研究院整理 图3、公募基金的计算机行业相对配置比例(前十大持仓数: 12% 持有基金数最多的前二十名个股为:金山办公、海康威视、 潮信息、中科曙光、深信服、恒生电子、中科星图、合合作 、大华股份、润和软件、虹软科技、税友股份、拓维信息、 信息。 基金持有市值最多的前二十名个股为: 金山办公、科大讯ˉ 、同花顺、中科曙光、深信服、大华股份、恒生电子、中利 10. 709 PD PDJ P ...

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].

Core Insights - The AI industry is shifting focus from technological capabilities to practical applications, with a significant emphasis on how to translate AI technology into real-world value [1][2] - The stock price of BlueFocus Communication Group (300058) has surged by 107.2% within the month, indicating strong market interest in AI applications [1] Group 1: AI Application and Market Trends - The current AI models have not fully utilized their potential, with only about 10% of their capabilities being applied effectively [2] - The competition in the AI sector is moving towards integration and distribution capabilities, especially in the consumer market, where user experience and brand presence are critical [2] - In the B2B sector, the focus is on deep industry integration, with AI solutions aimed at cost reduction and efficiency improvements being essential for sustainable growth [2][3] Group 2: Standards for AI Implementation - Successful AI implementation is defined by three key standards: the ability to assist or replace tasks in production, the capacity for rapid replication of solutions, and the ability to quantify and create value from data [4] - A case study highlighted the effectiveness of AI in healthcare, where an AI-assisted diagnosis led to timely medical intervention, showcasing the practical value of AI applications [4] Group 3: Investment Trends in AI - In 2025, a total of 930 AI companies secured financing amounting to 107.07 billion yuan, with a significant concentration of investment in top AI application scenarios [6] - The majority of funding is directed towards AI projects that demonstrate practical applications and the ability to address industry pain points, rather than purely technical solutions [6] - There is a notable disparity in funding between consumer (C-end) and business (B-end) applications, with B-end projects attracting more investment [6]

国家知识产权局信息显示，科大讯飞股份有限公司取得一项名为"一种文本纠错方法、系统以及设备"的 专利，授权公告号CN115712714B，申请日期为2022年11月。 天眼查资料显示，科大讯飞股份有限公司，成立于1999年，位于合肥市，是一家以从事软件和信息技术 服务业为主的企业。企业注册资本231173.4185万人民币。通过天眼查大数据分析，科大讯飞股份有限 公司共对外投资了132家企业，参与招投标项目5000次，财产线索方面有商标信息2752条，专利信息 5000条，此外企业还拥有行政许可59个。 河北省讯飞人工智能研究院，成立于2019年，位于廊坊市，是一家以从事研究和试验发展为主的企业。 企业注册资本50万人民币。通过天眼查大数据分析，河北省讯飞人工智能研究院专利信息65条，此外企 业还拥有行政许可2个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 科大讯飞（北京）有限公司，成立于2011年，位于北京市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本55000万人民币。通过天眼查大数据分析，科大讯飞（北京）有限公司共对外投资 ...

Group 1: Stock Performance - As of January 22, Keda Xunfei's stock price increased by 2.12%, reaching 59.32 CNY per share, with a trading volume of 9.23 billion CNY and a turnover rate of 0.72%, resulting in a total market capitalization of 137.139 billion CNY [1] - Year-to-date, Keda Xunfei's stock has risen by 17.96%, but it has decreased by 6.42% over the last five trading days, increased by 22.01% over the last 20 days, and increased by 10.69% over the last 60 days [1] Group 2: Company Overview - Keda Xunfei, established on December 30, 1999, and listed on May 12, 2008, is located in Hefei, Anhui Province. The company specializes in voice support software, industry application products/systems, information engineering, and operation services [2] - The revenue composition of Keda Xunfei includes: Smart Education 32.36%, Open Platform and Consumer Business 24.97%, Telecom Operators 8.12%, Smart Hardware 7.98%, Smart City Information Engineering 6.54%, Enterprise AI Solutions 4.03%, Smart Automotive 3.66%, Mobile Internet Products and Services 2.80%, Digital Government Applications 2.68%, Smart Medical 2.53%, Smart Justice Applications 2.43%, and Others 1.58% [2] Group 3: Financial Performance - As of September 30, Keda Xunfei reported 356,000 shareholders, an increase of 3.42% from the previous period, with an average of 6,149 circulating shares per person, a decrease of 3.31% [3] - For the period from January to September 2025, Keda Xunfei achieved a revenue of 16.989 billion CNY, representing a year-on-year growth of 14.41%, while the net profit attributable to shareholders was -66.675 million CNY, showing an increase of 80.60% year-on-year [3] Group 4: Dividend and Shareholding - Keda Xunfei has distributed a total of 2.621 billion CNY in dividends since its A-share listing, with 689 million CNY distributed over the past three years [4] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 70.5968 million shares, an increase of 7.934 million shares from the previous period [4]

Group 1 - The Chinese humanoid robot industry is accelerating its development, with the Ministry of Industry and Information Technology (MIIT) emphasizing ongoing support for technological innovation and ecosystem enhancement [2][3] - By 2025, the number of domestic humanoid robot manufacturers is expected to exceed 140, with over 330 humanoid robot products launched [2] - China is projected to lead the global market in humanoid robot shipments by 2025, with an estimated 5,168 units shipped, capturing 39% of the global market share [3] Group 2 - The number of patents related to humanoid robots in China has surpassed 2,000, with 1,620 applications filed since 2021, marking a 30.7% year-on-year increase in 2025 [3] - The humanoid robot sector is anticipated to unlock a trillion-yuan market across various applications, including industrial, medical, commercial, and domestic settings [4] - Companies like Ningde Times and Northern Rare Earth are significantly investing in humanoid robotics, with Ningde Times establishing a self-research team focused on robotic arms and AGVs [5] Group 3 - Shenghong Technology expects a net profit growth of 260.35% to 295% in 2025, having established partnerships with leading companies in the humanoid robot sector [6] - Jinli Permanent Magnet anticipates a net profit increase of 127% to 161% in 2025, with products for humanoid robots already in small-scale delivery [6]

近日，OpenAI和 Anthropic 陆续发布了面向大众用户的健康功能和面向医疗行业的产品方案，全面进入医疗健康领域。OpenAI 还发表了《美国人如何利 用 ChatGPT 来进行健康保健》的文章，显示在ChatGPT 8 亿多用户中，每周提交医疗相关请求的用户数占四分之一，而每天通过 ChatGPT 咨询医疗相关 问题的用户数超 4000 万。谷歌也更新发布其开源多模态医疗模型 MedGemma1.5 和 MedASR 语音转录技术，支持生态更好的开发行业应用。 另一方面，随着国家卫健委《关于促进和规范"人工智能+医疗卫生"应用发展的实施建议》和《医疗保障领域"数据要素 x" 典型场景指引》在岁末年初的 正式发布，国内也涌现出一批"AI 健康管家"和"AI 健康医疗助手"，成为公众关注焦点和行业落地亮点。 对话式AI健康助手，已成为国际人工智能应用新热点，并有望在 2026 年进入快速发展期，实现消费者服务、行业落地和产业升级的协同迭代与创新。本 文透过热点冷静思考其背后的原因、机遇和挑战，并结合中外相关领域发展分析，为行业协同做好AI+医疗健康创新、为用户提供可信可靠健康服务提供 启示。 【万字长文 ...

刘莫闲 腾讯研究院高级研究员 近日，OpenAI和 Anthropic 陆续发布了面向大众用户的健康功能和面向医疗行业的产品方案，全面进入医疗 健康领域。OpenAI 还发表了《美国人如何利用 ChatGPT 来进行健康保健》的文章，显示在ChatGPT 8 亿多 用户中，每周提交医疗相关请求的用户数占四分之一，而每天通过 ChatGPT 咨询医疗相关问题的用户数超 4000 万。谷歌也更新发布其开源多模态医疗模型 MedGemma1.5 和 MedASR 语音转录技术，支持生态更好 的开发行业应用。 另一方面，随着国家卫健委《关于促进和规范"人工智能+医疗卫生"应用发展的实施建议》和《医疗保障领 域"数据要素 x" 典型场景指引》在岁末年初的正式发布，国内也涌现出一批"AI 健康管家"和"AI 健康医疗助 手"，成为公众关注焦点和行业落地亮点。 对话式AI健康助手，已成为国际人工智能应用新热点，并有望在 2026 年进入快速发展期，实现消费者服 务、行业落地和产业升级的协同迭代与创新。 本文透过热点冷静思考其背后的原因、机遇和挑战，并结合 中外相关领域发展分析，为行业协同做好AI+医疗健康创新、为用户提供可 ...

数据显示，截至2025年12月31日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、中科曙光、科大讯飞、海康威视、豪威集团、金山办公、浪潮信息，前十大权 重股合计占比58.08%。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据 ...