计算机：信创催化推动全产业链国产化率提升

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Insights - The issuance of 1 trillion yuan in ultra-long-term special bonds is expected to benefit the Xinchuang industry, which is a major national strategy [6] - The Xinchuang market size is steadily increasing, with a projected growth rate of 15.49% in 2024, 17.84% in 2025, and 26.82% in 2026, potentially reaching 26,559 billion yuan by 2026 [10][12] - The hardware sector is expected to benefit from the Xinchuang initiative, with the server market projected to reach 221.98 billion yuan by 2026, growing at a CAGR of 7.93% from 2023 to 2026 [15][17] - The software sector is also anticipated to gradually achieve domestic substitution, with significant room for improvement in the localization rates of operating systems and middleware [21][24] Summary by Sections 1. Policy Support and Xinchuang Implementation - The Xinchuang market size was 15,388 billion yuan in 2023, with a year-on-year growth of 7.74% [10] - The market is segmented into infrastructure (53.60%), application software (38.20%), basic software (6.40%), and information security (1.80%) [10][12] 2. Benefits from Ultra-Long-Term Bonds - The government plans to issue ultra-long-term special bonds to address funding issues for major projects, with the Xinchuang industry likely to benefit [6][13] 3. Hardware Sector Growth - The server market is expected to grow significantly, with x86 servers dominating the market [15][17] - The domestic chip self-sufficiency rate is projected to increase from 23.26% in 2023 to 26.63% by 2027 [19] 4. Software Sector Development - The industrial software market is expected to grow at a CAGR of 13.20% from 2019 to 2023, with significant room for improvement in the adoption rates of various software types [21] - The localization rate of PC and server operating systems was approximately 4.70% in 2022, indicating substantial potential for growth [24] 5. Investment Recommendations - Recommended companies include Unisplendour, Inspur, China Software, Nasda, Kingsoft, and Yonyou, which are leading players in the Xinchuang industry chain [34]