计算机行业投资策略周报：风险偏好催化产业主题、中短期走势仍依赖市场环境因素

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" [1] Core Insights - The report emphasizes three main points: 1. Short-term fundamentals are below expectations, with valuation levels driven by risk appetite 2. The outcome of the U.S. election brings new trading opportunities 3. Risk appetite and liquidity determine the amplitude and rhythm of market fluctuations [2][7] - The market's performance aligns with expectations, particularly regarding the acceleration of self-controlled initiatives in the industry, including both traditional and broader fields such as EDA and industrial software [2][7] - In the short term, industry trends will continue to be dominated by risk appetite and liquidity changes, while medium to long-term industry trends are expected to strengthen [2][7] Summary by Relevant Sections Industry Themes - Major industry themes are characterized by self-control, including: 1. AI computing power-related sectors, where chip and server markets are currently stabilizing, with demand expected to show signs by year-end [3][8] 2. The Hongmeng ecosystem, particularly driven by Huawei's initiatives, is expected to enhance profitability through changes in business models [3][8] 3. Traditional self-controlled initiatives in government and key industries are anticipated to improve payment willingness and capacity by 2025 [3][9] 4. EDA and industrial software demand is expected to strengthen due to increased pressure from semiconductor restrictions [3][9] 5. The smart automotive sector is projected to benefit from economic policy support and advancements in autonomous driving technology [3][10] 6. Financial IT is expected to see improved market confidence due to a significant debt restructuring plan [3][10][11] Key Companies - Guangli Micro: Short-term performance is impacted by delays in downstream wafer factory expansions, but long-term growth is expected as production resumes [12] - Zhongwang Software: High growth in 3D product revenue reflects expanding application scenarios and customer recognition [12] - Nengke Technology: Anticipates a recovery in performance due to a strong order backlog and improved product standardization [12] - Desay SV: Expected to benefit from high-level autonomous driving product launches and domestic economic stimulus [12] - Kingsoft Office: Anticipated growth in both consumer and enterprise segments due to advancements in AI and self-controlled initiatives [12] - Cambricon: Recognized for improving supply chain conditions and increasing recognition of AI chips among commercial clients [12][16] - Unisplendour: Revenue growth is expected to continue due to strong demand for server and switch products [12][16]