Group 1 - The article highlights that the most economically beneficial application of AI is in space, as it becomes the only long-term scalable computing power carrier due to ground electricity bottlenecks [5] - The demand for computing power is experiencing exponential growth, while global electricity production, excluding China, is stagnating [5] Group 2 - Key companies involved in core computing and operational energy support include Qianzhao Optoelectronics, Shunhao Co., and Zhongke Xingtou [6] - Companies in the computing chip sector include Hangyu Micro, Guangxun Technology, and Beijing Junzheng [6] - Infrastructure and manufacturing companies mentioned are Tianyin Electromechanical, Ruantong Power, and Lingyi Zhi Manufacturing [6]

Investment Rating - The investment rating for the computer industry is "Positive" and maintained [10] Core Insights - The total market value of heavy holdings in the computer sector for Q4 2025 is approximately 23.27 billion, down from 37.36 billion in Q3 2025, reflecting a decrease of about 14.09 billion. The concentration of holdings has further increased, with a higher proportion in storage and vertical applications. Overall, the allocation ratio for the computer industry has reached a historically low level, indicating limited downside potential. With the acceleration of AI application commercialization, the sector is expected to see a recovery [2][5][6][35]. Summary by Sections Heavy Holdings and Allocation - The heavy allocation ratio for the computer sector has continued to decline, reaching a historical low of 1.6% in Q4 2025, down 0.7 percentage points from Q3 2025. The heavy allocation ratios over the past year have been -2.8%, -3.4%, -3.6%, and -3.8%, indicating a deepening decline [19][20]. Sector Performance and Fund Flow - The absolute value of holdings in various sub-sectors has generally decreased, with increased pressure from fund outflows. The top five sub-sectors by market value in Q4 2025 are IT infrastructure (2.8%), government IT (2.3%), industrial software (2.1%), cybersecurity (1.7%), and automotive IT (1.7%). The government IT sector saw a significant increase of 0.6%, while energy IT experienced a notable decline of 1.3% [6][34]. Concentration of Holdings - The concentration of holdings in the computer sector has significantly increased, reaching a new high. The CR10 and CR5 concentration ratios rose from 65.9% to 69.8% and from 49.1% to 57.8%, respectively, indicating a trend towards increased concentration of fund holdings [7][43]. Future Outlook - The application and computing power chains are expected to continue attracting institutional investments, with a focus on structural opportunities amid sector rotation. The current optimistic narrative surrounding AI is expected to drive demand for computing power, particularly as AI applications begin to materialize in various high-value scenarios [8][27][28]. Valuation Metrics - As of February 3, 2026, the latest PE-TTM for the Jiangsu computer index is 68.5 times, which is at the 91st percentile since 2016. In comparison, the latest PE-TTM for the CSI 300 is 13.3 times, at the 78th percentile [48][50].

Core Viewpoint - ChaoTu Software (300036) holds a leading position in the land spatial planning business, with significant market share and technical advantages through its subsidiaries, Shanghai Shuhui and Nanjing Guotu [1] Group 1: Market Position and Achievements - The company has completed dozens of provincial-level land spatial planning projects, showcasing its extensive project experience [1] - The project "Implementation Supervision Information System (Phase I) for the 'One Map' of Sichuan Province Land Spatial Planning" won the Silver Award at the 2023 China Geographic Information Industry Excellent Engineering Awards [1] - The "Basic Capability Construction (Phase I) Project for Natural Resource Planning Informationization in Changde City" received the Gold Award at the 2024 Geographic Information Industry Excellent Engineering Awards [1] Group 2: Future Opportunities and Contributions - In 2025, the company will participate in drafting the "Technical Guidelines for the Construction of Land Spatial Planning Implementation Monitoring Network (Trial)" issued by the Ministry of Natural Resources, leveraging its practical experience in CSPON scene construction, AI applications, and data governance [1] - The new national "One Map" scheme presents greater opportunities for the company [1]

Core Viewpoint - The company, SuperMap Software, is focused on becoming a key player in spatial intelligence, with significant advancements in AI technology planned for the coming years [1] Group 1: Company Developments - Since 2019, the company has been dedicated to the research and innovation of AIGIS technology [1] - The company plans to launch a geographic spatial AI technology platform in 2024 [1] - In 2025, the company aims to release spatial intelligence and industry intelligence systems [1] Group 2: Business Growth - The AI business is expected to see substantial growth, with major benchmark project breakthroughs and rapid increases in contract amounts [1]

Core Viewpoint - ChaoTu Software (300036.SZ) is focusing on the development and innovation of AI GIS technology since 2019, with plans to launch a geospatial AI technology platform in 2024 and industry-specific intelligent systems in 2025, leading to significant growth in AI business and rapid increase in contract amounts [1] Group 1 - ChaoTu Software is recognized as a core player in spatial intelligence [1] - The company has committed to AI GIS technology research and innovation since 2019 [1] - A major breakthrough in flagship projects is anticipated, along with a substantial increase in contract amounts [1]

Core Viewpoint - ChaoTu Software (300036.SZ) is focusing on the development and innovation of AI GIS technology since 2019, with plans to launch a geospatial AI technology platform in 2024 and industry-specific intelligent systems in 2025, leading to significant growth in AI business and rapid increase in contract amounts [1] Group 1 - ChaoTu Software is recognized as a core player in spatial intelligence [1] - The company has committed to AI GIS technology research and innovation since 2019 [1] - A major breakthrough in flagship projects is anticipated, along with a substantial increase in contract amounts [1]

Core Viewpoint - As of January 30, the company reported approximately 38,000 shareholders [2] Company Summary - The company, 超图软件, has engaged with investors through an interactive platform [2] - The number of shareholders indicates a significant level of investor interest and engagement [2]

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].

Group 1 - The China Academy of Launch Vehicle Technology announced the establishment of the country's first commercial aerospace common test platform, aiming to drive the development of the commercial aerospace industry through "technological breakthroughs + full-chain service guarantees" [1] - According to Huolong Securities, the global space race will enter a heated "new space race" era by 2025, with 2026 expected to be a breakout year for the commercial aerospace industry due to a combination of policy, technology, and industry catalysts [1] - The China Satellite Industry Index (931594) rose by 1.04% as of January 29, 2026, with component stocks such as Hailanxin up by 4.12% and Guobo Electronics up by 3.40% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Satellite Industry Index (931594) include China Satellite, Aerospace Electronics, China Satcom, and others, collectively accounting for 63.64% of the index [2]

格隆汇1月28日丨超图软件(300036.SZ)公布，预计2025年归属于上市公司股东的净利润4,500万元–6,700 万元，同比扭亏为盈，扣除非经常性损益后的净利润3,000万元–4,500万元，同比扭亏为盈。公司业绩变 动主要原因为：1、报告期内，公司组织变革效能初步显现，人效得到提升，带动了毛利率的提升；2、 报告期内，公司强化了费用管控措施，费用有所降低；3、相较于上年同期计提的商誉减值损失，经初 步评估本报告期商誉减值可能性较小。 ...