计算机行业：央国企引领专题-AI浪潮与新型举国体制下央国企迎价值重估

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [9]. Core Insights - The AI wave is leading a new phase in the digital economy, with central state-owned enterprises (SOEs) taking on new historical missions as they drive technological breakthroughs and deep industrial transformations [9]. - The share of SOE revenue in China's GDP has increased from 62.44% in 2020 to 68.01% in 2023, highlighting their significant role in the economy [9]. - The restructuring of global supply chains is expected to lead to a revaluation of central SOEs, as their counter-cyclical investments can mitigate external shocks and enhance cash flow predictability [9]. - The domestic innovation ecosystem is being revalued, with central SOEs playing a crucial role in stabilizing the industry chain and enhancing long-term development stability [9]. - The report emphasizes the importance of central SOEs in the information technology sector, with companies like China Electronics and China Electronics Technology Group leading in key technologies [9]. Summary by Sections Section 1: New Quality Productive Forces - New quality productive forces are characterized by high technology, high efficiency, and high quality, driven by technological breakthroughs and deep industrial transformations [12][49]. - The integration of data as a new productive factor is recognized, with its marketization providing more momentum for technological innovation [49]. Section 2: Missions of Information Technology Central SOEs - Information technology central SOEs are tasked with enhancing core functions and competitiveness, as outlined in the recent central government directives [52][53]. - Key missions include strengthening innovation resource coordination, deepening state-owned enterprise reforms, promoting digital transformation, ensuring network security, and expanding international markets [53][54]. Section 3: Counter-Cyclical Regulation - Central SOEs play a vital role in counter-cyclical regulation, stabilizing production and operations of non-state-owned enterprises during economic downturns [58][60]. - The revenue share of SOEs in GDP has shown a consistent upward trend, indicating their buffering effect against external shocks [60]. Section 4: R&D Investment and High-Quality Development - Central SOEs have significantly increased R&D investments, with total R&D spending surpassing 1 trillion yuan in 2023, reflecting a commitment to high-quality development [72]. - The report highlights the growth in R&D spending among selected central SOEs in the computer industry, with a compound annual growth rate (CAGR) of 19.29% over five years [72]. Section 5: Mergers and Acquisitions in the Innovation Industry - The report discusses the role of mergers and acquisitions among central SOEs in developing the domestic innovation industry, particularly in the context of the "信创" (Xinchuang) initiative [83][88]. - Recent mergers, such as the integration of China Electronics Technology Group and China Hualu Group, are expected to enhance core competencies and strengthen the innovation ecosystem [88].