计算机行业点评：不惧分化

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The computer sector has shown resilience despite market differentiation, with a significant increase of 49.7% in the SW computer index from September 24 to October 8, outperforming the Shanghai Composite Index [1] - The industry has undergone sufficient adjustment, with both the industry index and institutional holdings reaching a 10-year low, indicating a stabilization in fundamentals and increasing policy support [1] - Historical trends suggest that the computer industry has been a leader in bull markets, benefiting from technological waves and demonstrating strong growth potential [1] - The current environment presents new opportunities in domestic substitution, artificial intelligence, and data monetization, with expectations for further growth and scenario realization [1] Summary by Sections Market Performance - The SW computer index hit a 10-year low in August 2024, with declines of 51% and 46% in the last two adjustments, ranking last among sectors [1] - Institutional heavyweights' allocation dropped to 2.50%, also a 10-year low [1] Revenue and Profit Trends - The industry is experiencing accelerated revenue growth in the first half of 2024, with a focus on cost control [1] - Anticipated improvements in income and continued cost management are expected to enhance profitability [1] Policy Support - Government funding, including trillions in national bonds, is expected to bolster the sector, particularly in sub-sectors like trusted computing and intelligent driving [1] Investment Recommendations - Recommended stocks include those that have been oversold and are heavily held by institutions, such as Hengsheng Electronics, Guanglian Da, and Shenxinfeng [2] - For trusted computing, companies like Suochen Technology and Kingsoft Office are highlighted as having reached a fundamental turning point [2] - In the autonomous driving sector, Desay SV is recommended as a leading stock, with attention on underperformers like Zhongke Chuangda [2] - Data elements are expected to benefit from policy catalysts, with recommendations for oversold stocks like Shanda Diwei and New Point Software [2] - Financial IT stocks such as Hengsheng Electronics and Dingdian Software are suggested for their potential to benefit from increased market activity [2]