Investment Rating - The investment rating for the computer industry is maintained as "Recommended" [8] Core Insights - The computer sector's fund holdings in Q4 2025 accounted for approximately 2.34% of total fund holdings, showing a slight decrease from previous quarters, indicating a historical low. The focus remains on leading companies in AI applications and computing power, with expectations for increased holdings as national industrial policies support the AI sector [4][21] - Recent developments in the industry include significant financing rounds and advancements in AI chip technology, highlighting the ongoing growth and innovation within the sector [22][23][25] Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, down from 2.51% in Q3 2024 [11] - The number of computer companies in the top ten holdings decreased to 138 from 171 in the previous quarter, indicating a consolidation in holdings [14] - The top ten companies by fund holdings in Q4 2025 included iFlytek, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17] 2. Industry News - StepFun completed a B+ round financing exceeding 5 billion yuan, setting a record for single financing in the domestic large model sector [22] - Microsoft launched the second-generation AI chip Maia 200, which improves inference efficiency by 30% compared to its predecessor [23] - Alibaba's Pingtouge introduced the high-end AI chip "Zhenwu 810E," achieving full self-research in both hardware and software [25] 3. Company News - Inspur Information's chairman and vice president plan to reduce their holdings by a total of 30,000 shares, representing 0.002% of the total share capital [26] - Tianyang Technology's controlling shareholder plans to reduce holdings by up to 14.5 million shares, accounting for 3% of the total share capital [27] - Daily Interaction's controlling shareholder announced a plan to reduce holdings by up to 371,500 shares [29] 4. Market Review - During the week of January 26-30, the CSI 300 index rose by 0.08%, while the computer sector index fell by 4.47%. The top gainers included Wangsu Science and Technology and Youke Technology, while the biggest losers were Chuangzhong Technology and China Greatwall [30][37]

Investment Rating - The investment rating for the computer industry is maintained as "Cautious Recommendation" based on the current market conditions and future potential in AI applications and computing power [4][21]. Core Insights - The computer sector's fund holdings accounted for approximately 2.34% of total fund holdings in Q4 2025, showing a slight decrease from previous quarters, indicating a historical low [4][21]. - The leading companies in AI-related sectors are primarily focused on AI applications and computing power, suggesting a potential for increased investment as national industrial policies support the AI industry [4][21]. - Recent significant financing activities in the AI sector, such as StepFun's over 5 billion yuan B+ round, highlight the growing interest and investment in AI model development [22]. - Major advancements in AI hardware, including Microsoft's Maia 200 chip and Alibaba's Zhenwu 810E chip, demonstrate the competitive landscape and technological progress within the industry [23][25]. Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, with a historical trend showing fluctuations over the past quarters [11]. - The number of computer companies in the top ten holdings decreased to 138, indicating a consolidation in holdings among fewer companies [14]. - The top ten companies by fund holdings in Q4 2025 included iFLYTEK, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17]. 2. Industry News - StepFun completed a record financing round, emphasizing the competitive nature of AI model development in China [22]. - Microsoft announced the launch of its second-generation AI chip, Maia 200, which significantly improves performance metrics [23]. - The release of the Kimi K2.5 model by Moonlight Dark Side showcases advancements in open-source AI capabilities [24]. - Alibaba's introduction of the Zhenwu 810E chip reflects the company's commitment to self-developed AI hardware [25]. 3. Company News - Inspur Information's executives announced plans to reduce their holdings, indicating potential shifts in company ownership dynamics [26]. - Tianyang Technology's major shareholder plans to reduce their stake, which may impact market perceptions of the company [27]. - Hehe Information reported on the completion of a significant share reduction by its major shareholders, reflecting ongoing adjustments in ownership [28]. 4. Market Review - The market performance from January 26 to January 30 showed the CSI 300 index rising by 0.08%, while the computer sector index fell by 4.47%, indicating a challenging week for the sector [30].

Core Viewpoint - The incident involving the monitoring cameras produced by Chinese company Dahua Technology at Salisbury Cathedral has sparked controversy, with anti-China forces demanding the removal of the equipment due to alleged human rights concerns related to Xinjiang [1][5]. Group 1: Incident Overview - Salisbury Cathedral, which houses one of the four original copies of the 1215 Magna Carta, has faced backlash for using surveillance cameras made by Dahua Technology, a Chinese firm [1][4]. - The World Uyghur Congress (WUC), an organization known for its anti-China stance, has sent letters to both Salisbury Cathedral and the Parthenon in Greece, urging the removal of Chinese-made surveillance equipment [1][5]. - The WUC has been labeled a separatist organization by the Chinese government and has been involved in various anti-China activities [1]. Group 2: Allegations and Responses - The WUC claims that Dahua's technology is implicated in "genocide or crimes against humanity" in Xinjiang, asserting that the surveillance systems play a role in monitoring and controlling the region [1][7]. - Ukrainian organizations have echoed these concerns, alleging that the cameras have systemic security vulnerabilities that were exploited by Russia during the conflict with Ukraine [6][7]. - Dahua Technology has firmly denied these allegations, stating that it has never developed products aimed at targeting specific ethnic or national groups and that its products meet international cybersecurity standards [7]. Group 3: Broader Context - Since 2022, the UK government has been urging departments to stop installing Chinese-made surveillance cameras in sensitive buildings, a trend that has been followed by other countries like Australia [7]. - The Chinese government has consistently opposed the broadening of national security concepts to unjustly suppress Chinese companies and has emphasized the importance of fair trade practices [7].

Core Viewpoint - The visual inspection system is transforming traditional industrial production by integrating automation and intelligence, moving away from reliance on manual inspection. The market size for China's visual inspection system is projected to reach approximately 3.264 billion yuan in 2024, with a year-on-year growth of 9.71% [6]. Industry Overview - The visual inspection system is an automated detection solution based on computer vision technology, utilizing industrial cameras, light sources, image processing, and algorithm modules for non-contact data collection, analysis, and judgment. It is categorized into online and offline inspection systems, with online systems providing real-time, fully automated inspection on production lines, while offline systems offer flexibility and cost advantages [1][3]. Industry Chain - The upstream of the visual inspection system industry includes components such as light sources, industrial lenses, industrial cameras, image sensors, and AI platforms. The midstream involves the manufacturing and system integration of visual inspection systems, while the downstream applications span various sectors including electronics, automotive, semiconductors, and healthcare [3]. Market Size - The visual inspection system market in China is expected to reach approximately 3.264 billion yuan in 2024, reflecting a year-on-year increase of 9.71% [6]. Key Companies' Performance - Key players in the visual inspection system industry include: - **Tianzhun Technology**: Focuses on creating a leading visual equipment platform, with a significant drop in revenue for visual inspection equipment in the first half of 2025, amounting to 0.065 billion yuan, a decrease of 70.81% year-on-year [7]. - **Dahua Technology**: Utilizes AI technology to drive intelligent video perception systems, expanding its product offerings across various sectors [9]. - **Lingyun Optical**: Achieved a revenue of 2.127 billion yuan in the first three quarters of 2025, marking a year-on-year growth of 34.30% [9]. Industry Development Trends 1. **Technological Transformation**: The core technology of visual inspection is shifting from 2D to 3D vision combined with AI, enabling the detection of complex defects and enhancing analysis efficiency [10]. 2. **Application Expansion**: The application of visual inspection technology is broadening from standardized manufacturing to flexible and diverse scenarios, including healthcare and logistics [11]. 3. **Ecosystem Development**: The focus is moving towards high-end breakthroughs and collaborative ecosystem building, emphasizing domestic innovation and reducing reliance on imports [12].

本报讯 （记者冯思婕）1月30日，杭州海康威视数字技术股份有限公司（以下简称"海康威视"）公众号 发布消息称，公司新上岗了一位包装配件"AI质检员"——海康观澜工业大模型产线场景方案。依托海康 观澜工业大模型能力，该方案即使面对工厂配件包装体量大、规格多变的复杂场景，也能精准识别配件 错放、漏放问题，并实时拦截风险。 据介绍，海康观澜工业大模型产线场景方案不需要复杂调试，就能直接上产线，实现分钟级部署。同 时，只要产线调整，它也会自动切换检测模型，实现"零延迟"换产，高效适配柔性产线。 以海康威视智造工厂为例，这里生产节奏快，工人平均每10秒就要完成一组包装；但频繁切换的产线， 又让配件规格、组合处于持续变化中；即便是最熟练的工人，也很难在高强度重复作业与多变的订单需 求交织下，始终确保配件不错漏。 为了守住配件齐套这道质量防线，以往，海康威视工厂采用"元素管控"方式，工人事先按每种配件10个 为一组分装；包装时按组取用，一组用完若有剩余，再开箱倒查。但这种方式既耗人力、又费时间，错 漏问题难以快速追溯。 但传感器只以"取件次数"判定包装是否完成，无法识别取件品类、数量是否匹配单套产品要求，且计数 未达标时无 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][33]. Core Insights - The report highlights a competitive landscape in AI applications among major internet companies, with significant cash giveaways during the Spring Festival to attract users and enhance engagement with AI products. This marks a new phase in AI application competition, aiming for widespread adoption and commercialization [2][28]. - The computer industry index has shown a decline of 5.32% over the past two weeks, underperforming the CSI 300 index by 5.37 percentage points, ranking last among 31 sectors. However, it has increased by 9.08% in January, outperforming the CSI 300 index by 6.40 percentage points [10][20]. - The current price-to-earnings (PE) ratio for the SW computer sector stands at 59.79 times, placing it in the 96.66 percentile for the past five years and 91.70 percentile for the past ten years, indicating high valuation levels [20][22]. Summary by Sections Industry Performance Review - The SW computer sector has experienced a two-week decline of 5.32%, ranking 31st among 31 sectors. In January, it rose by 9.08%, outperforming the CSI 300 index by 6.40 percentage points [10][13]. Valuation Situation - As of January 29, 2026, the SW computer sector's PE TTM is 59.79 times, indicating a high valuation compared to historical data [20][22]. Industry News - Major announcements include Tencent's cash giveaway of 1 billion RMB for the Spring Festival, the launch of new AI models by Alibaba and ByteDance, and price increases for server CPUs by Intel and AMD due to high demand [22][24][25]. Company Announcements - Notable company forecasts include iFlytek expecting a net profit of 785 million to 950 million RMB for 2025, and SuperMap Software projecting a profit turnaround from a previous loss [25][26][27]. Weekly Insights - The report emphasizes the strategic moves by leading internet companies to capture AI traffic during the Spring Festival, suggesting a focus on investment opportunities related to AI applications and partnerships with leading firms [28][29].

更重要的是，这套系统部署灵活，可以适配不同形态配件的识别需求： 如果配件形态简单，比如螺栓、支架，只需要 拍摄1-8张图片，无需额外训练，分钟级实现配件注册和算法部署。 即使是形态不规则的配件，比如塑料袋螺丝包，也 无需担忧——只需要拍摄少量样本照片启动大模型训练，系统就能自动捕捉配件特征，不管角度怎么变，都能精准识 别！03堆叠场景巧应对复杂工况稳拿捏真实的产线现场，情况往往更复杂。在海康威视网络工厂，网络摄像机的配件包 装并不是规整平铺，而是直接堆叠放进包装盒里。 面对这类配件堆叠的包装场景，大模型虽然不能"一眼看穿"，但会换个思路"解题"：通过内置的高精度预训练手部检测 大模型，精准识别工人的手部是否进入指定料盒区域，以及是否完成有效取件动作。一旦拿取次数不足或拿错料盒区 域，系统就会触发NG警报，督促工人复核。 凭借灵活的检测逻辑，这套检测系统让海康威视工厂配件包装实现100%全 检，质量效率得到双提升；更支持全流程可视化追溯，让质量问题有据可查。目前其已广泛覆盖汽车零部件、电子产品 组装、家电产品总装、医药用品分拣等场景。 财经频道更多独家策划、专家专栏，免费查阅>> 配件包装看似简单，但以柔性产线 ...

Group 1 - The core viewpoint of the news highlights the performance of the AI-themed index and ETF, with notable gains in specific stocks like iFlytek and Kunlun Wanwei, while the AI ETF shows significant trading volume and growth in assets [1][2] - As of January 28, the AI-themed ETF has a total asset size of 34.06 billion yuan, with a recent increase of 2.24 million shares over the past six months, indicating strong investor interest [1][2] - The AI-themed index consists of 50 companies involved in providing resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 58.08% of the index [2] Group 2 - The storage chip supply tightness and price increases driven by the AI infrastructure boom are expected to persist until 2027, potentially leading to a systematic upcycle in the chip industry [2] - Domestic chip manufacturers are expected to raise prices, reflecting enhanced pricing power and accelerated localization, which may improve gross margins and cash flow, supporting R&D and expansion [2] - The AI ETF closely tracks the performance of the AI-themed index, which is designed to reflect the overall performance of listed companies in the AI sector [2]

Market Overview - The computer equipment sector experienced a decline of 0.56% on January 28, with Chunzhong Technology leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Top Performers - Xiling Information (300588) saw a significant increase of 14.78%, closing at 28.27 with a trading volume of 167,200 shares and a transaction value of 443 million [1] - Other notable gainers included: - Xuanji Information (300324) up 3.98% to 6.53 with a trading volume of 1,756,700 shares [1] - Haohan Depth (688292) up 3.96% to 32.52 with a transaction value of 577 million [1] - Tongfang Co., Ltd. (600100) up 3.96% to 9.46 with a transaction value of 2.293 billion [1] Underperformers - Chunzhong Technology (603516) fell by 10.00%, closing at 161.68 with a trading volume of 11,000 shares and a transaction value of 177 million [2] - Other significant decliners included: - Weihong Co., Ltd. (300508) down 7.27% to 41.47 [2] - ST Yingfeituo (002528) down 5.08% to 2.43 [2] - Wanji Technology (300552) down 4.30% to 32.01 with a transaction value of 327 million [2] Capital Flow - The computer equipment sector saw a net outflow of 1.09 billion from institutional investors, while retail investors contributed a net inflow of 571 million [2] - Notable capital flows included: - Tongfang Co., Ltd. (600100) with a net inflow of 1.30 billion from institutional investors [3] - Aerospace Intelligent Equipment (300455) with a net inflow of 75.97 million [3] - Haikan Vision (002415) with a net inflow of 72.70 million [3]

Group 1 - The visit by the China Electronic Audio Industry Association aimed to promote collaboration between industry, academia, and research to advance acoustic technology innovation and application development [1] - Hikvision introduced its comprehensive acoustic technology system, which includes AI acoustic signal processing, array audio processing systems, and a large model-based intelligent cognitive platform [3] - The AI noise reduction technology can handle over 300 types of transient noise, while the AI echo cancellation technology significantly enhances voice clarity in dual-talk scenarios [3] Group 2 - Hikvision has developed a multi-task model with a parameter scale of 1 billion, trained on over 1 million hours of data, supporting multilingual and multi-domain applications [3] - The industrial diagnostic model has a parameter scale of 10 billion, capable of monitoring faults in equipment such as bearings and gears [3] - The association emphasized the importance of technology innovation and industry integration, and both parties agreed on the need for enhanced cross-domain collaboration [5] Group 3 - The upcoming China International Audio Industry Conference was announced, highlighting the association's role in standard setting, technical training, and industry collaboration [5] - Both parties reached a consensus on product demand insights and new technology introduction, recognizing the trend of intelligent upgrades in acoustic technology [5] - The visit concluded with a tour of Hikvision's exhibition hall, showcasing its development history and a wide range of acoustic technology products and application solutions [5]