计算机行业专题研究：信创催化推动全产业链国产化率提升

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - 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 [11][20] - 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 [15][20] - 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 [22][24] - The software sector is anticipated to gradually achieve domestic substitution across various sub-markets, with significant room for improvement in the localization rate of operating systems and middleware [27][35] 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% [15] - The market is segmented into infrastructure (53.60%), application software (38.20%), basic software (6.40%), and information security (1.80%) [15] 2. Benefits to the Computer Industry Chain 2.1 Hardware Sector - The server market is expected to grow significantly, with the x86 server segment dominating the market [22][24] - China's server market is projected to reach 221.98 billion yuan by 2026, with a CAGR of 7.93% [22][24] 2.2 Software Sector - The industrial software market is expected to grow at a CAGR of 13.20% from 2019 to 2023, reaching 2,824 billion yuan in 2023 [29] - The localization rate of PC and server operating systems is currently low, at approximately 4.70% in 2022, indicating substantial room for growth [35][38] 3. Investment Recommendations - Recommended companies to focus on include Unisplendour, Inspur, China Software, Nasda, Kingsoft, and Yonyou Network, which are leading enterprises in the Xinchuang industry chain [56]