计算机行业研究：风险偏好提升利好计算机板块，建议关注AI应用相关产业链

Investment Rating - The report maintains a positive outlook on the computer industry, particularly focusing on domestic substitution and AI application implementation as key investment directions for 2025 [2]. Core Insights - The overall backdrop includes geopolitical changes, trade conflicts, and domestic economic policies aimed at stabilizing growth, with a strong emphasis on technology and self-reliance. The computer sector, primarily driven by domestic demand, is expected to benefit from these changes, especially in areas like domestic substitution and digital transformation [1][2]. - The report highlights the increasing market interest in small-cap companies within the computer sector, which aligns with current market trends favoring such firms. It also notes that the sector is experiencing a shift towards larger-cap companies and AI applications that have not seen significant prior gains [1][2]. - Long-term growth areas identified include smart driving, smart home technologies, and AI applications, which are still in early growth stages in terms of market penetration [1]. Summary by Sections Current Market Overview - The computer industry index saw a decline of 1.0% from December 9 to 13, 2024, underperforming the CSI 300 index by 0.4 percentage points, ranking fourth from the bottom among 31 industry indices [44]. - Despite a general downturn in operational performance, the market shows strong resilience, indicating a rise in risk appetite among investors [1][44]. Key Company Tracking - Notable companies such as Kingsoft Office, Hikvision, and others are highlighted for their leadership in office software, digital scene applications, and smart driving technologies, respectively. These companies are positioned well for growth in the context of domestic substitution and AI application implementation [2][61][67]. AI Application Data Tracking - Global AI applications are dominated by major internet companies, with the top applications showing a combined increase in monthly visits of 3.2% compared to the previous month. The top five applications include ChatGPT and Bing, indicating strong user engagement [68][69]. - In the domestic market, the top AI applications also show significant user engagement, with Kimi.ai leading with over 32 million visits in November 2024 [76][80]. - The report notes that AI applications targeting overseas markets are gaining traction, with Gauth and Hailuo AI among the top visited applications [89].