计算机ETF南方(159586.SZ)涨0.78%，恒生电子涨1.49%

Core Viewpoint - The A-share market experienced fluctuations on December 25, with the domestic software sector rising by 0.77%, indicating a mixed performance in the market [1] Group 1: Market Performance - As of 11:15 AM, the Southern Computer ETF (159586.SZ) increased by 0.78%, and Hengsheng Electronics rose by 1.49% [1] Group 2: Industry Outlook - Longjiang Securities predicts a weak recovery in the computer sector's fundamentals by 2025, with AI entering its second phase in 2026, emphasizing the importance of system capabilities and application implementation [1] - The revenue recovery in the sector by 2025 is expected to be driven by profit growth through cost reduction, supported by continuous growth in contract liabilities [1] Group 3: AI and Computing Trends - The current narrative focuses on application implementation, with early constraints on the sector's beta due to AI applications; however, the transition between the first and second phases of AI is anticipated to boost demand for reasoning computing power [1] - The arms race in technology is favorable for basic resources, with a focus on cloud computing and domestic computing power, which is expected to enhance gross margins through improved value pricing [1] - The supply-demand landscape for domestic computing power is optimistic, with quantum computing emerging as a new paradigm [1] Group 4: Investment Opportunities - The Southern Computer ETF (159586.SZ) is positioned to capture opportunities driven by AI, covering core areas such as cloud computing, computing power, and applications [1]