国君计算机|三重底已现,信创与新质吹响反攻号角

Investment Rating - The report suggests a positive outlook on three main directions: Xinchuang, new productivity, and AI [1] Core Insights - The report highlights that the industry has reached a triple bottom in terms of fundamentals, valuation, and fund holdings, indicating a favorable cost-performance ratio for investment [1] - It emphasizes that the revenue outlook remains weak, but larger enterprises show better resilience compared to smaller ones, with industry profit margins near the breakeven point, suggesting limited room for further decline [1] - The report anticipates a rebound in industry sentiment, leading to greater profit elasticity in the future [1] Summary by Relevant Sections Xinchuang - The Xinchuang sector is driven by supportive policies and demand, with continuous policy support providing a strong guarantee for regular procurement [1] - Recent overseas incidents have highlighted the importance of self-controllable IT supply chains, potentially accelerating customer transitions to Xinchuang solutions [1] - Huawei's computing ecosystem is evolving, positioning it as a core market participant, which is expected to lead to rapid development in the Xinchuang industry [1] New Productivity and AI - New productivity technologies, including vehicle-road-cloud integration and low-altitude economy, are receiving significant policy support [1] - Although short-term market attention on low-altitude economy has decreased, enthusiasm remains high at the industry level, with accelerated domestic and international technological advancements [1] - Breakthroughs in core technologies such as AI, big data, and cloud computing are driving the industry into a long-term growth trajectory, with ample development space as technologies mature [1]