计算机行业周度点评：重大政策及事件落定，重视信创和算力

Investment Rating - The investment rating for the computer industry is "Buy" for specific stocks like Unisplendour, with a target PE ratio decreasing from 39.26 in 2023A to 28.78 in 2025E [1]. Core Views - The computer industry is expected to benefit significantly from a series of major policies and external events, including the approval of debt reduction measures by the National People's Congress and the outcome of the U.S. presidential election [4][9]. - The capital expenditure of major North American cloud providers remains high, with a combined capital expenditure of 59.8 billion yuan in Q3 2024, reflecting a year-on-year increase of 61.66% [5][12]. - The report emphasizes the importance of focusing on the domestic innovation sector and the AI computing sector, which are expected to maintain high growth rates [15]. Summary by Sections Industry Views - A series of major policies and external events have settled, indicating that the computer industry is likely to benefit. The National People's Congress has approved debt reduction measures, which could significantly alleviate the debt burden on local governments [9][10]. - The victory of Trump in the U.S. presidential election may intensify competition in the technology sector, highlighting the urgency of self-sufficiency in technology [11]. Market Performance - During the reporting period from October 21, 2024, to November 8, 2024, the computer index rose by 13.20%, outperforming the Shanghai Composite Index by 7.35 percentage points [16]. - The absolute valuation of the computer sector is at the 55.69% percentile, with a relative valuation premium over the CSI 300 index at the 56.22% percentile [22]. Major Industry News - The domestic GPU unicorn Moore Threads is preparing for an IPO, indicating a growing interest in the GPU market [25]. - The liquid cooling server market in China is expected to grow by 98.3% year-on-year in the first half of 2024, reaching a market size of 1.26 billion USD [26][28]. - Microsoft has significantly increased its orders for NVIDIA's Blackwell GB200 chips, indicating strong demand in the AI and cloud computing sectors [29].