计算机行业投资策略周报：短期继续消化、外部环境变化会导向不同走势

Investment Rating - The investment rating for the computer industry is "Buy" [1][25]. Core Viewpoints - The report indicates that the computer industry is expected to continue digesting recent gains, with limited upward momentum and a higher probability of continued fluctuations, potentially leading to further corrections [4][5]. - The overall performance in Q3 was disappointing, with only a few stocks maintaining growth, particularly in sectors like computing power, smart vehicles, and industrial software [4][6]. - The upcoming U.S. elections are anticipated to create trading opportunities, depending on the election outcome, which could influence the expectations for domestic innovation and the overseas supply chain [5][8]. Summary by Sections Industry Overview - The report highlights that the computer industry has experienced a significant rebound since late September, with the CITIC Computer Index rising approximately 58% from September 13 to October 8 [6]. - Despite this rebound, the report expresses caution due to the rapid increase in valuations without a corresponding improvement in market earnings forecasts [6][7]. Market Dynamics - The report notes that the current market lacks sustainable driving forces, with trends being fragmented and overly reliant on short-term themes without solid fundamentals [7][9]. - The report emphasizes that the performance of the industry will likely be influenced by market risk appetite and liquidity conditions [10]. Key Companies - Cambricon: The company is seeing increased recognition for its AI chips among commercial clients, with supply chain improvements expected to enhance its market position [11]. - Unisplendour: The company has shown a trend of increasing revenue growth, particularly in its server and switch products, benefiting from the growing demand for AI computing [11]. - ZWSOFT: The company is expected to maintain a positive outlook due to the anticipated release of new 3D products and the ongoing trend of domestic substitution [11][12].