计算机行业2025年投资策略：需求改善多点有望、自主可控全域加持

Investment Rating - The report rates the computer industry as "Buy" for 2025, maintaining the previous rating of "Buy" [2]. Core Insights - The report highlights that demand improvement is expected from multiple points, supported by self-controllable domains [2]. - As of November 22, 2024, the computer industry has seen a cumulative increase of 12.4% year-to-date, ranking 10th among 30 industries [2]. - Two key characteristics of the computer market in 2024 are identified: 1. Short-term market dynamics are driven by risk appetite and liquidity, while fundamental performance plays a larger role in weaker market conditions. 2. In the medium to long term, industry direction remains dominant, especially at the individual stock level [2]. Summary by Sections 1. Investment Highlights - Factors influencing the computer industry in 2025 include: 1. Liquidity: The rapid expansion of passive funds may lead to industry index performance outpacing fundamentals [2]. 2. Risk Appetite: Market fluctuations in risk appetite are expected to be less volatile in 2025 compared to 2024, influenced by the new U.S. government's policies [2]. 3. Fundamentals: Focus on marginal demand improvements and valuation levels, with more sectors expected to show improvement compared to the current year [2]. 2. Market Review and Environmental Changes - The report discusses the overall market environment and its impact on the computer industry, emphasizing the importance of liquidity and risk appetite [2]. 3. Key Sub-industries - The report identifies several promising sub-industries: 1. AI Computing: Domestic AI computing is expected to see significant advancements [8]. 2. Enterprise Software: The industry is anticipated to recover as the economy stabilizes [9]. 3. Industrial Software: Focus on cyclical recovery and self-controllable initiatives [10]. 4. Smart Driving: Policy support and technological advancements are expected to enhance penetration rates [11]. 5. Harmonious Ecosystem: The growth of the Harmony ecosystem is projected to create new opportunities for IT outsourcing companies [15].