计算机：政策与需求共振，把握信创+AI

Investment Rating - The industry investment rating is "Outperform the Market" [1][19] Core Viewpoints - The report emphasizes the synergy between policy support and market demand, particularly benefiting the domestic innovation (信创) and artificial intelligence (AI) sectors. The focus is on strengthening foundational research and tackling key core technologies, as well as promoting large-scale applications of new technologies and products [2][3] - The report suggests that despite the rapid increase in valuations since September, the overall performance of the computer sector is expected to improve continuously, supported by government debt reduction efforts and a favorable policy environment. The dual drivers of policy support and technological innovation present significant investment opportunities in the domestic innovation and AI sectors [3][13] Summary by Sections - Industry Performance: The computer sector has shown absolute returns of 0.1% over 1 month, 65.0% over 3 months, and 8.3% over 12 months. Relative returns are 1.5% over 1 month, 41.2% over 3 months, and -8.8% over 12 months compared to the CSI 300 index [4] - Investment Suggestions: The report recommends focusing on the domestic innovation and AI themes, monitoring product implementation progress and opportunities for performance reversal, given the expected continuous improvement in the sector's fundamentals [3][13] - Market Conditions: The report indicates that the computer sector is likely to benefit from liquidity expectations and an increase in risk appetite, with clear signals from recent policy adjustments aimed at maintaining liquidity and stabilizing the market [13][14]