计算机行业行业月报：美国大选尘埃落定，拥抱自主可控主线

Investment Rating - The report maintains a "Recommended" rating for the computer industry, focusing on specific segments such as domestic computing power and AI applications [4]. Core Insights - The election of Trump is expected to accelerate the trend of technological independence in the U.S., potentially impacting Chinese tech companies through continued restrictions on technology and intellectual property access [1]. - The computer industry has shown resilience in certain sub-sectors, with Huawei's HarmonyOS revenue growth at 88.75% and data centers and computing infrastructure exceeding 20% revenue growth [2][15]. - The AI Agent development is gaining momentum, with significant advancements in multi-modal AI applications, enhancing user experience and efficiency across various industries [3]. Summary by Sections 1. Industry Overview - The computer industry achieved a revenue of 3148.31 billion yuan in Q3 2024, reflecting a year-on-year growth of 5.88%, with a net profit of 94.43 billion yuan, up 7.16% [14]. - The industry is segmented into 25 sub-sectors, with notable growth in Huawei HarmonyOS, data centers, and computing infrastructure [15]. 2. Market Performance - The AI sector index rose by 14.10% in October, outperforming major indices like the Shanghai Composite Index, which fell by 1.70% [23]. - The computer industry index also saw a monthly increase of 14.46% [23]. 3. AI Industry Dynamics - The report highlights the rapid development of AI Agents, with significant releases from major companies like Microsoft and Google, and the emergence of domestic multi-modal AI applications [3]. - Recommendations include focusing on domestic computing power supply chains, ISV manufacturers closely cooperating with Huawei, and companies involved in AI PC and autonomous driving sectors [3]. 4. Company Performance - Over half of the companies in the computer sector reported positive revenue growth, with 30 companies exceeding 50% growth [21]. - Profitability remains under pressure for many firms, with 85 companies experiencing declining net profit growth [21]. 5. Investment Recommendations - The report suggests focusing on the domestic computing power industry chain, AI PC supply chains, and companies involved in autonomous driving and integrated vehicle-road-cloud solutions [105].