计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -4% 2% 8% 15% 21% 28% 2024.12 2025.04 2025.08 2025.12 计算机 沪深300 相关报告 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 《计算机行业月报：鸿蒙迎来重要升级，AI 算 力需求多元化趋势明显》 2025-10-23 联系人：李智 预训练规模 ——计算机行业月报 发布日期：2025 年 12 月 08 日 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共50页 手机端 AI 应用加速，DeepSeek 将加大 投资要点： 电话： 0371-65585629 ...

Group 1 - A new company, Hebei Runyu Technology Development Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The company's business scope includes artificial intelligence industry application system integration services, artificial intelligence basic software development, artificial intelligence public service platform technical consulting services, and data processing and storage support services [1] - The company is wholly owned by Runze Technology through indirect shareholding [1]

Group 1 - Software concept stocks declined, with Kunlun Wanwei, Runze Technology, and Yinzhijie dropping over 2% [1] - The ChiNext software-related ETFs fell approximately 2% [1] Group 2 - The current global technological competition emphasizes the need for self-controlled basic software, which is essential for national security and sustainable industrial development [2] - Future basic software companies will face higher technical requirements and stronger competitive pressures, but this also presents more market opportunities [2] - With the ongoing promotion of domestic substitution and the deepening of financial services in the industrial chain, basic software companies are expected to transition from "catching up" to "keeping pace" and eventually to "leading," providing solid technical support for China's new industrialization and high-quality development [2]

格隆汇12月2日丨润泽科技(300442.SZ)公布，2025年11月，公司未进行股份回购。截至2025年11月30 日，公司通过回购专用证券账户以集中竞价方式累计回购公司股份数量为11,276,886股，占公司总股本 0.69%，回购成交的最高价格为59.28元/股，最低价格为45.52元/股，支付的总金额为人民币 558,351,633.91元（不含交易费用）。本次回购符合法律法规、规范性文件的有关规定及公司股份回购 方案的要求。 ...

证券代码：300442 证券简称：润泽科技 公告编号：2025-065 润泽智算科技集团股份有限公司 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 润泽智算科技集团股份有限公司（简称"公司"）于 2025 年 4 月 22 日召开 第四届董事会第二十九次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司使用不低于人民币 5 亿元（含本数）且不超过人民币 10 亿元（含本数） 的自有资金或自筹资金（回购专项贷款）以集中竞价交易方式回购公司部分人民 币普通股（A 股）股份，回购价格不超过人民币 75.00 元/股（含）。按照回购价 格上限和回购金额上限测算，预计可回购股份数量为 13,333,333 股，约占公司总 股本的 0.77%；按照回购价格上限和回购金额下限测算，预计可回购股份数量为 6,666,667 股，约占公司总股本的 0.39%，具体回购股份数量以回购实施完成时实 际回购的股份数量为准（"本次回购股份"）。本次回购股份的实施期限为自公 司董事会审议通过本次回购股份方案之日起 12 个月内。公司分别于 2025 年 ...

Group 1 - The computer industry is showing signs of improvement in both revenue and profit for 2025, with software business revenue reaching 11.11 trillion yuan, a year-on-year increase of 13.0% [11][13] - The overall revenue for the computer industry in the first three quarters of 2025 is 1.51 trillion yuan, with a growth rate of 10.1% after excluding the high proportion of Industrial Fulian [13][16] - The net profit for the industry in the first three quarters of 2025 is 184 billion yuan, reflecting a year-on-year increase of 57.4% [16] Group 2 - The "14th Five-Year Plan" emphasizes self-sufficiency in key areas such as integrated circuits and basic software, with increased government procurement for domestic innovation [25][26] - The EDA sector has become a focal point of U.S. export controls, accelerating the demand for domestic alternatives [29][30] - The release of HarmonyOS 6 marks a significant milestone for Huawei, with terminal numbers surpassing 23 million, indicating a strong growth trajectory for domestic operating systems [38][41] Group 3 - The AI and computing concepts have shown significant growth, with the AI computing demand driving the "East Data West Computing" concept to rise by 146.8% in 2025 [20][21] - The overall valuation of the computer industry is above historical averages, with a TTM valuation of 55.33 times as of November 27, 2025 [21][24] - Domestic AI chip manufacturers are experiencing accelerated growth, with companies like Cambrian and Haiguang reporting substantial revenue increases [48][49] Group 4 - The integration of AI applications is expected to enhance the competitive advantage of integrated AI manufacturers, with DeepSeek collaborating with domestic chip manufacturers to optimize performance [4][4] - The demand for AI servers is increasing, requiring manufacturers to enhance their overall system design capabilities [3][3] - The trend towards liquid cooling technology is becoming mainstream as AI chip performance continues to improve [3][3]

Group 1 - The A-share market saw a continuous rise in the afternoon of December 1, with the Shenzhen Component Index and ChiNext Index both increasing by over 0.9%. The storage chip sector and photolithography machine concept experienced significant upward movement, while AI glasses and AI mobile phone sectors collectively surged. The ChiNext Software ETF Huaxia (159256) rose by 0.51% during the session, with its holding stock Runze Technology increasing by over 6% [1] - ByteDance and ZTE Corporation announced a joint development of an AI-native mobile phone, set to be released in early December. The product features a core breakthrough with the Doubao mobile assistant, which has system-level permissions and can execute complex commands across applications, marking a shift from "clicking icons" to "intent recognition" in interaction paradigms. The collaboration involves ByteDance leading the integration of the Doubao large model and AI interaction functionality, while ZTE is responsible for hardware development, production, and overall integration. The initial batch will have a supply of approximately 30,000 units, with a second-generation product already in the planning stage for release in the first half of 2026 [1] - In the AI industry chain, the software sector plays a crucial role in both the midstream technology layer and downstream application layer, providing essential technical support and facilitating the implementation of AI applications. Specifically, the software industry offers AI frameworks, development platforms, and algorithm models in the midstream, which are foundational for AI application development. In the downstream, the software sector integrates AI technology with various industries to promote the practical application of AI [1] Group 2 - CITIC Securities analysis indicates that the collaboration between ZTE and Doubao signifies a new phase of ecological collaboration between consumer electronics manufacturers and internet giants, with expectations that the global AI mobile phone penetration rate will exceed 35% by 2026, driving growth in orders across the industry chain [2] - Huachuang Securities further notes that the deep integration of the Doubao large model as a system-level capability will significantly expand the application boundaries of AI models, facilitating the deployment of AI functionalities in more scenarios [2] - Related products include ChiNext Software ETF Huaxia (159256), ChiNext 200 ETF Huaxia (159573), and Artificial Intelligence AI ETF (515070) [2]

Core Insights - The A-share index opened higher and continued to rise, with the commercial aerospace sector showing strong performance, alongside storage, humanoid robots, and solid-state battery sectors [1] - The "Guidelines for Equipment Renewal and Technological Transformation in Key Industrial Sectors" highlight the need for updates in industrial software and operating systems, aiming to complete approximately 2 million sets of industrial software and 800,000 sets of industrial operating systems by 2027 [1] - The software industry plays a crucial role in the AI industry chain, providing essential technology support and application implementation [1] Group 1 - The commercial aerospace sector and related stocks, such as software ETFs, are experiencing significant gains, with specific stocks like Runze Technology and Hand Information leading the charge [1] - The focus on updating programmable logic controllers, distributed control systems, and embedded software indicates a substantial market opportunity for companies involved in industrial software [1] - The software industry is positioned in the midstream technology layer and downstream application layer of the AI industry, providing AI frameworks and development platforms essential for application development [1] Group 2 - AI large models, exemplified by domestic open-source models like DeepSeek, are accelerating the development of industrial software and lowering application barriers [2] - Companies in the ERP sector are creating multi-layered AI product service systems, offering various AI models and development tools, which presents diverse investment opportunities [2] - Relevant products include the ChiNext Software ETF (159256), ChiNext 200 ETF (159573), and AI ETF (515070), indicating a growing interest in AI-related investments [2]

Group 1 - The core viewpoint of the news is that Runze Technology has seen a stock price increase of 5.01%, reaching 50.11 CNY per share, with a total market capitalization of 81.897 billion CNY [1] - Runze Technology, established on June 27, 2007, and listed on April 24, 2015, primarily operates in the data center service sector, with IDC business contributing 64.67% and AIDC business 35.33% to its revenue [1] Group 2 - According to fund holdings, one fund under Jianxin Fund has a significant position in Runze Technology, with Jianxin China Manufacturing 2025 Stock A (001825) reducing its holdings by 49,600 shares to 77,900 shares, representing 4.9% of the fund's net value [2] - Jianxin China Manufacturing 2025 Stock A has experienced a year-to-date loss of 14.43%, ranking 4205 out of 4206 in its category, and a one-year loss of 11.88%, ranking 4005 out of 4008 [2]

Group 1 - The A-share market experienced a significant adjustment in November 2025, with high valuation growth stocks undergoing notable corrections while value and dividend stocks showed relative resilience [2][17] - Economic data for November indicated a weak recovery in investment and consumption, with exports declining due to high base effects and holiday impacts. However, CPI growth turned positive, and PPI declines narrowed, suggesting a mild recovery in prices [2][17] - The central bank's report emphasized maintaining relatively loose social financing conditions to support "steady growth," alongside various policies aimed at stimulating domestic demand and private investment [2][17] Group 2 - For December 2025, a balanced investment strategy is recommended, focusing on high-dividend defensive assets like banks and power companies due to cautious investor sentiment, while also gradually positioning in high-growth sectors like TMT and industrial machinery as valuations have returned to reasonable levels [3][18] - The recommended stocks for December 2025 include: 002850.SZ Keda Li, 300037.SZ Xinzhou Bang, 601058.SH Sailun Tire, 603755.SH Richen Co., 300442.SZ Runze Technology, 002046.SZ Guoji Precision, 002714.SZ Muyuan Foods, 688041.SH Haiguang Information, 688498.SH Yuanjie Technology, and 688313.SH Shijia Photon [4][22] Group 3 - The monthly gold stock portfolio for November 2025 yielded a return of -2.16%, outperforming the CSI 300 index by 0.21 percentage points and the ChiNext index by 1.82 percentage points [6][9] - The cumulative return of the monthly gold stock portfolio as of November 28, 2025, was 42.86%, surpassing the CSI 300 index by 27.73 percentage points, while slightly underperforming the ChiNext index by 0.01 percentage points [13]