计算机行业2025年度投资策略：科技自强，乘风破浪

Investment Rating - The report maintains an "Overweight" rating for the computer industry, with specific companies recommended for increased holdings [1]. Core Insights - The computer industry is expected to transition from a bottoming phase to a recovery phase, driven by policy counter-cyclical adjustments and improved liquidity, leading to a strong certainty of fundamental reversal in 2025 [2][13]. - The emphasis on technological self-reliance is becoming increasingly important, especially in light of the changing international environment and the upcoming U.S. elections [2][23]. - Key focus areas include major security and AI industries, technology sectors with overseas potential, and demand stimulation from government debt management and fiscal expansion [2][5]. Summary by Sections 1. 2025 Investment Outlook - The computer industry is poised for recovery, with a notable improvement in performance metrics expected due to policy support and increased demand [2][13]. - The upward momentum in the industry is anticipated to slow down after a rapid rise since August 2024, with a projected increase in operational efficiency and demand recovery [2][15]. 2. Strengthening the Core - The domestic core ecosystem is evolving, with significant opportunities in the fields of information technology, security, and quantum technology [3][30]. - AI demand is surging, with domestic capabilities improving and applications accelerating, indicating a robust growth trajectory for companies involved in AI [3][34]. 3. Global Positioning - The report highlights the importance of smart driving, financial technology, and emerging technologies as key areas for future growth and international expansion [3][42]. - Companies are encouraged to explore overseas markets, particularly in sectors like smart driving and third-party payment systems, which are expected to benefit from cross-border e-commerce and tourism [3][42]. 4. Policy Support and Demand Recovery - The report discusses the expected recovery in government IT demand due to new policies aimed at stimulating the economy and addressing local government debt [5][43]. - The focus on data elements and electronic certificates is expected to enhance the overall market environment for the computer industry [5][43]. 5. Key Companies - The report identifies several key companies for investment, including Kingsoft Office, Dameng Data, China Software, and others, all rated for increased holdings [1][4].