计算机行业观点：多重政策组合拳发布，关注顺周期高弹性金融IT板块

Investment Rating - The report indicates a positive outlook for the computer industry, suggesting it is a high-elasticity sector benefiting from cyclical trends [2][5]. Core Insights - The computer industry is currently experiencing a high PE ratio of 42 times, which is recognized for its growth potential despite being lower than the historical average of 52 times over the past decade, indicating significant allocation value [2][5]. - Fund holdings in the computer sector have decreased, with a total market value of 37.89 billion yuan in Q2 2024, reflecting a low allocation ratio of 1.7%, which is the lowest in the past five years, suggesting a potential bottoming out of the sector [2][5]. - Recent policy measures have been introduced to stimulate the market, including a reduction in the reserve requirement ratio and measures to encourage long-term capital inflow, which are expected to enhance trading volumes and positively impact financial IT sectors [3][13]. Summary by Sections Industry Review - As of September 30, 2024, the computer industry's PE (TTM, overall method, excluding negative values) stands at 42 times, which is high among first-level industries, indicating continued market recognition of its growth potential [2]. - The historical average PE for the computer index over the past decade is 52 times, and the current PE is significantly lower than this average, presenting a notable investment opportunity [2]. - The total market value of heavy-holding stocks in the computer sector was 37.89 billion yuan in Q2 2024, with a low allocation ratio of 1.7%, marking a significant decline and highlighting the sector's bottom characteristics [2]. Industry Strategy - From September 24 to September 26, multiple policy measures were announced, leading to a significant increase in market activity, with trading volumes reaching 2.4 trillion yuan on September 30, a 74% increase from the previous day [3][13]. - The financial IT sector is expected to benefit from increased trading demand and the promotion of financial innovation, with a focus on both C-end trading software and B-end financial IT systems [13][16]. - The promotion of financial innovation is progressing with a pilot program expanding from 47 institutions in 2020 to 198 institutions by 2021, indicating a growing demand for IT systems in financial institutions [16].