计算机行业国新办金融支持经济高质量发展新闻发布会点评：流动性释放催化估值修复，并购支持力度加大

Investment Rating - The investment rating for the computer industry is "Outperform the Market" [1] Core Viewpoints - The release of liquidity is expected to catalyze valuation recovery, supported by increased merger and acquisition (M&A) activities [1][2] - The central bank's announcement of lowering the reserve requirement ratio and policy interest rates is a positive signal for economic high-quality development, which is likely to boost market confidence and risk appetite [1] - The computer sector is particularly sensitive to liquidity and risk preferences, with its valuation at historical lows since 2017, indicating a high allocation value in the context of liquidity-driven valuation recovery [1] - The regulatory environment is becoming more favorable for M&A activities, with the recent guidelines encouraging companies to pursue cross-industry mergers to enhance competitiveness and achieve high-quality development [2] - The concentration of the industry is expected to increase, highlighting the value of quality companies, as the new policies streamline the M&A process for companies with strong disclosure records [2] Summary by Sections Industry Performance - The computer sector's performance is closely linked to market liquidity, with a significant correlation observed over the past decade [1] - The recent monetary policy changes are anticipated to enhance the sector's performance, especially during economic downturns [1] M&A Support - The regulatory body has expanded support for M&A across all sectors, allowing companies to pursue strategic acquisitions to adapt to new market conditions, particularly in AI and technology [2] - The new guidelines facilitate M&A for companies seeking to enhance their product offerings and market presence, which is crucial in a competitive landscape [2] Investment Recommendations - The report suggests focusing on leading companies that are likely to enhance their business layout through M&A and those with strong resource integration capabilities [2]