计算机行业2024Q3基金持仓分析：持仓略有回升，景气修复曙光初现

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The total market value of heavily held stocks in the computer sector by funds reached approximately 31.54 billion, an increase from 26.18 billion in the previous quarter, indicating a recovery in holdings [4][13]. - The computer sector is experiencing a marginal recovery in fund holdings, with a slight increase in the proportion of holdings to 2.0%, up 0.2 percentage points from the previous quarter [4][13]. - The report highlights a significant concentration of holdings among top companies, with the CR5 and CR10 ratios increasing to 41.9% and 56.8%, respectively, indicating a trend towards increased concentration in fund holdings [6][23]. Summary by Sections Fund Holdings Analysis - The total market value of heavily held stocks in the computer sector is approximately 31.54 billion, up from 26.18 billion in the previous quarter, reflecting a recovery in fund holdings [4][13]. - The proportion of computer sector holdings among funds has shown a slight increase, reaching 2.0%, which is still low compared to historical levels [4][13]. - Over the past year, the proportion of fund holdings in the computer sector has been on a downward trend, with the latest quarter being at the 10.3% percentile since 2010 [4][13]. Policy Impact - Government policies have positively influenced macroeconomic expectations, leading to an increase in allocations across most sectors, including the computer sector [5][7]. - The report identifies key sectors expected to benefit from policy support, including domestic computing power, fiscal IT, and major innovation initiatives [7]. Valuation Insights - As of October 24, 2024, the PE-TTM for the computer sector stands at 56.5 times, placing it in the 72.6 percentile since 2016, indicating a recovery in valuations [6][26]. - The report notes that the concentration of holdings among top companies has increased significantly, reflecting a recovery in market sentiment [6][23]. Future Outlook - The report suggests that the computer sector may experience differentiation in performance, with a focus on sectors likely to see early improvements in fundamentals, such as domestic computing power and fiscal IT [7][12]. - The anticipated recovery in the computer sector is linked to the acceleration of AI applications and government fiscal policies aimed at stabilizing the economy [7][12].