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华龙证券：AI产业持续高景气度 行业复苏拐点进一步确立
智通财经网·2025-09-21 00:24

Group 1: Industry Overview - The AI industry is driving significant demand recovery, with continuous marginal improvement in performance, indicating a potential recovery inflection point [1][5] - The computer industry is expected to see double-digit year-on-year revenue growth in H1 2025 and Q2 2025, with profits growing faster than revenues [1] - In H1 2025, total revenue for listed companies in the computer industry reached 610.49 billion yuan, a year-on-year increase of 11.89%, while net profit attributable to shareholders was 12.58 billion yuan, up 28.38% [1] Group 2: AI Sector Performance - The AI computing sector showed significant revenue and net profit growth, outperforming the overall industry, driven by the wave of generative AI infrastructure [2] - In H1 2025, the AI computing sector's total revenue grew by 31.67% year-on-year, the highest growth rate in five years, with a net profit increase of 44.36% [2] - Major companies like Alibaba reported strong AI demand, with a 26% year-on-year revenue growth in their cloud intelligence group, and a capital expenditure increase of 220% [2] Group 3: AI Applications - The AI applications sector has shown a notable recovery, with net profit growth significantly outpacing revenue growth, marking the first positive growth after three consecutive declines [3] - In H1 2025, total revenue for the AI applications sector grew by 11.36% year-on-year, while net profit surged by 170.59% [3] Group 4: Sector-Specific Recovery - The industrial software, fintech, and cybersecurity sectors are experiencing varying degrees of performance recovery, with demand expected to continue increasing [4] - Geopolitical uncertainties and improvements in the availability of domestic software and hardware are accelerating the domestic replacement process [4] Group 5: Investment Recommendations - The computer industry maintains a "recommended" rating, with suggested companies to watch including Zhongke Shuguang, Guangliwei, and Zhinanceng [1][5][6] - Specific recommendations for the AI sector include companies like Kingsoft Office and Yike Technology, while for industrial software, companies like Guangliwei and Huada Jiutian are highlighted [5][6]