周观点，AI软件的拐点逐渐临近

Core Viewpoint - The computer industry is currently experiencing low institutional holdings and significant underweighting in the market, despite some improvement in revenue and profit for leading software companies [1][3][4]. Group 1: Market Overview - As of September 30, 2025, the fund holding ratio for computer industry stocks is 2.92%, remaining stable and at a historical low [1][3]. - By October 31, 2025, the total market capitalization of the computer sector accounts for 4.61% of the A-share market, indicating significant underweighting [1][3]. - The computer sector has seen a year-to-date increase of 25.12%, which is lower than the TMT sectors: communication (61.88%), electronics (48.10%), and media (27.50%) [1][3]. Group 2: Financial Performance - In the first three quarters of 2025, the computer sector's revenue and profit have improved, with median revenue growth of 3.10% year-on-year and net profit growth of 3.93% [4]. - The majority of companies in the sector have initiated cost-cutting and efficiency-enhancing strategies, leading to significant improvements in profit margins [4]. - Notable software companies such as Kingsoft Office, Dameng Data, Hehe Information, Deepin Technology, and Foxit Software have shown strong performance in Q3, indicating an upward trend [4]. Group 3: AI Development - The global model innovation in AI has entered a phase of orderly and high-quality development, with continuous improvements in model capabilities and reductions in costs [4]. - For instance, GPT-5 shows enhanced intelligence while its input cost is half that of its predecessor, GPT-4.1, representing a 37.5% decrease [4]. - The next-generation foundational model architecture Qwen3-Next from Alibaba demonstrates significant efficiency, requiring only 9.3% of GPU resources compared to Qwen3-32B for superior model performance [4]. Group 4: Investment Recommendations - The computer sector's improving revenue and profit, along with historically low institutional holdings, suggest increasing allocation value [5]. - Recommended companies include Kingsoft Office, Hehe Information, Dingjie Digital, and others, with beneficiaries such as Foxit Software and Han's Information [5].