计算机行业深度报告：看好AI+国产人形机器人产业链-东北证券

Group 1: AI Progress and Market Trends - Continuous advancements in AI, with a focus on Agent, domestic computing power, and AIDC [1] - DeepSeek released the Prover-V2 model with 671 billion parameters, indicating significant progress in AI capabilities [1] - Major overseas tech companies reported better-than-expected earnings, with capital expenditures (capex) continuing to grow [1] - From September 24, 2024, to May 23, 2025, representative agent companies saw an average stock price increase of 76%, suggesting a positive market trend [1] - AI agents are prioritized in sectors such as healthcare, education, government, and industry for practical applications [1] Group 2: Domestic Robotics and Market Positioning - The domestic humanoid robot sector is lagging compared to international players like Tesla, with significant expectation gaps [2] - The domestic humanoid robot market is still in the early stages (0-1 phase), while the T chain is more mature and moving towards mass production [2] - Investment in humanoid robots is increasing, with government reports highlighting their importance, leading to a surge in industry funds [2] - Huawei is positioned as a leader in the domestic humanoid robot industry, leveraging its supply chain and technological advantages [2] Group 3: Capital Expenditure and Infrastructure Demand - Capital expenditures from major overseas companies reached 77 billion, with a year-on-year growth rate of 67.5% [1][74] - Microsoft, Google, Amazon, and Meta have optimistic capex guidance for 2025, indicating strong demand for computing power and infrastructure [74] - The domestic computing power ecosystem is expected to resonate with international demand, maintaining a positive outlook for the AIDC industry [74]