计算机行业月报：看好国产化和算力需求

Investment Rating - The report maintains a "Market Perform" rating for the computer industry, indicating a neutral outlook compared to the broader market [4]. Core Insights - The domestic software industry is experiencing a continuous decline in growth rate, with software business revenue for January to September 2024 reaching 9.83 trillion yuan, a year-on-year increase of 10.8%, down from 13.4% in 2023 [10][11]. - The report highlights significant growth in the AI computing sector, with a 15.1% year-on-year increase in computing power demand, driven by the rising application of AI in cloud and big data services [3][15]. - The domestic chip design industry is adapting to supply chain challenges due to restrictions from TSMC and Samsung on advanced chip manufacturing for China, which benefits upstream domestic suppliers [2][16]. Summary by Sections Industry Data - The software industry's profit growth rebounded in September 2024, with total profits reaching 1,162.1 billion yuan, a year-on-year increase of 11.2% [11]. - The export of software services showed positive signs, with a total export value of 41.03 billion yuan, up 4.2% year-on-year [12]. High-Growth Sectors - The IC design sector grew by 13.1% year-on-year, while cloud and big data services led the software industry with a growth of 15.1% [13][15]. Domestic Production - The release of HarmonyOS Next 5.0 marks a significant advancement in domestic mobile operating systems, with over 10 billion devices now using HarmonyOS and 15,000 native applications available [19]. - The proportion of domestically produced servers in China Telecom's procurement projects increased from 47% in 2023 to 68% in 2024 [27]. Computing Power - The liquid cooling market in China reached a scale of 1.26 billion USD in H1 2024, growing by 98.3% year-on-year, with a projected compound annual growth rate of 47.6% from 2023 to 2028 [3][34]. - Major technology companies, including Amazon, Google, and Microsoft, have significantly increased their capital expenditures, reaching 60.428 billion USD in Q3 2024, a 59% year-on-year increase [37]. Chip Manufacturers - AMD's data center business reported revenues of 3.549 billion USD in Q3, a 122.1% increase year-on-year, surpassing Intel's performance in the same segment [38].