计算机：政府化债及更积极财政有望加速信创发展

Investment Rating - The report assigns an "Overweight" rating for the computer industry, maintaining the same rating as the previous report [2]. Core Insights - Large-scale debt reduction measures by local governments are expected to boost the willingness to procure domestic IT products, while more proactive fiscal policies will further accelerate the procurement pace [4]. - The government’s procurement for domestic IT is anticipated to recover significantly, leading to better-than-expected growth for related companies [4]. Summary by Sections Investment Recommendations - The report suggests that the implementation of large-scale debt reduction measures and more proactive fiscal policies will likely lead to a significant recovery in government procurement of domestic IT products. Recommended stocks include: - Zhongfu Information - Taiji Co., Ltd. - Haoliang Data - Kingsoft Office - Inspur Information - Softcom Power - Tuwei Information - China Software International - Beneficiary stocks include: - Haiguang Information - Longxin Zhongke - Zhongke Shuguang - China Great Wall - Shenzhou Digital - China Software - Dameng Data - Dongfang Tong [5]. Government Debt Measures - On November 8, the Ministry of Finance announced three major measures for local government debt reduction, which include: - An increase of 6 trillion yuan in the local government debt limit to replace existing hidden debts. - An annual allocation of 800 billion yuan from new local government special bonds for debt reduction over the next five years, totaling 4 trillion yuan. - Continued repayment of 2 trillion yuan in hidden debts related to shantytown renovations as per existing contracts [5]. Fiscal Policy Impact - The Ministry of Finance is planning to implement more robust fiscal policies, including issuing long-term special bonds to support major national strategies and key areas, which will likely enhance support for technology innovation and related sectors [5].