民生证券：AI应用是贯穿未来最核心主线 重点推荐“AI+”主线龙头企业

Group 1 - The computer sector is experiencing moderate growth, with institutional holdings at historical lows, while industrial capital buybacks and incentives continue [1] - AI applications are becoming the core theme for the future, with AI agents leading a software revolution and transforming various aspects of work and life [1] - Major tech companies are competing in both consumer and business sectors to develop diverse AI agent products, indicating a consensus in the industry [1] Group 2 - The introduction of the stablecoin legislation in Hong Kong signifies an acceleration in the development of blockchain and cryptocurrency technologies [2] - The People's Bank of China is promoting digital RMB internationalization and financial market services, creating a favorable policy environment for fintech innovation [2] - Structural monetary policy innovations in Shanghai are supporting financing for tech companies, further enhancing the fintech landscape [2] Group 3 - Domestic computing power and satellite internet are entering a phase of large-scale implementation, driven by supportive policies and the need to address critical technology challenges [3] - The development of domestic AI computing power is expected to be catalyzed by favorable merger policies and other supportive measures [3] - The satellite internet industry is accelerating its development, resonating with domestic policies and commercial progress in overseas markets [3]