计算机行业2025年度投资策略：Trump2.0时代，科技自主与未来产业竞争

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, emphasizing the significance of self-reliance and future industrial competition in the Trump 2.0 era [1]. Core Insights - The year 2025 is identified as a critical year for intensified competition between China and the U.S., particularly in advanced technology sectors such as AI, commercial aerospace, and chip computing power [1]. - The report highlights the importance of self-sufficiency in the technology supply chain, predicting significant opportunities and transformations in various industries driven by domestic demand for security and control [1][5]. - The report outlines the expected growth in the AI application era, with a focus on the rapid iteration of large AI models and the increasing demand for computing power [1][5]. Summary by Sections Section 1: Technology Self-Reliance - The report discusses the implications of the Trump 2.0 era, predicting a continuation of a hardline stance against China, which necessitates domestic technological alternatives [1][32]. - It notes that the security and controllability sector has reached a turning point, with performance improvements expected in 2024 after a challenging period in 2022-2023 [1][33]. - The report emphasizes the government's procurement standards mandating self-reliance, which will accelerate the domestic technology replacement process [1][36]. Section 2: Computing Power Industry - The report indicates that the computing power industry is becoming a national strategic focus, with increasing policy support leading to a high level of industry prosperity [1][40]. - It highlights the rapid growth of the AI chip market, projecting a compound annual growth rate of 64.84% from 2019 to 2024, with the market expected to reach 1,412 billion yuan in 2024 [1][41]. - The report suggests that domestic GPU companies are improving their competitiveness through innovation and product upgrades [1][42]. Section 3: Industrial Software - The report outlines the importance of industrial software in enhancing enterprise competitiveness, with a focus on the need for updates and improvements in various software categories [1][45]. - It predicts that the domestic industrial software localization rate will reach 60% by 2025 and 70% by 2030, driven by government policies and market demand [1][47][48]. Section 4: Frontier Industries - The report identifies AI applications as a key area of growth, with domestic models rapidly catching up to international counterparts [1][51]. - It discusses the increasing importance of data elements in driving industry development, supported by a series of government policies aimed at enhancing data utilization [1][57]. - The report highlights the growth potential of the intelligent driving market, projecting a compound annual growth rate of 49.4% from 2023 to 2030 [1][64]. Section 5: New Quality Combat Power - The report emphasizes the growth of the commercial aerospace sector, with significant opportunities arising from the acceleration of low-orbit satellite networks and applications [1][68]. - It notes the importance of integrating communication satellites and low-orbit satellite internet to enhance connectivity and support various industries [1][69].