计算机行业2025年度策略：多脉络重燃行业高光

Investment Rating - The report rates the computer industry as "stronger than the market" for 2025, anticipating significant positive changes driven by innovation and policy support [47][70]. Core Insights - The computer industry is expected to experience performance and market value improvements due to fundamental enhancements and rapid technological advancements, particularly in sectors like robotics, intelligent driving, generative AI applications, and low-altitude economy [70][35]. - The report highlights a shift in demand for government IT solutions, with expectations of a recovery in 2025, supported by recent policy changes aimed at alleviating financial pressures [4][74]. - The domestic software ecosystem is maturing, with a focus on opportunities in operating systems and database software, particularly the HarmonyOS and domestic database solutions [46][21]. Summary by Sections Government IT Solutions - The easing of debt pressure on government entities is expected to significantly benefit sectors like computer information technology and e-government systems, with a projected market growth rate of 15.5% to 26.8% from 2024 to 2026 [4][74]. - Recent government procurement projects indicate a strong demand for IT solutions, with a notable budget of 240 million yuan for a unified government information project [4][74]. Low-altitude Economy - The low-altitude economy is gaining traction, with Chinese companies like EHang making significant strides in international markets, indicating a high acceptance of low-altitude operations abroad [8][6]. Data Elements - The construction of trusted data spaces is accelerating, with a goal to establish over 100 such spaces by 2028, enhancing the infrastructure for data circulation and utilization [10][12]. - The data trading market is experiencing rapid growth, with projections indicating a data transaction volume exceeding 4 billion yuan in 2024, reflecting a significant increase from previous years [12][13]. Domestic AI and Software - Domestic AI computing chip companies are increasingly entering the capital market, with several notable firms preparing for IPOs, indicating a robust growth trajectory in this sector [15][47]. - The report emphasizes the importance of domestic database software, with a high replacement rate in government sectors and significant opportunities in the financial industry [21][46]. Robotics and Intelligent Driving - The robotics sector, particularly humanoid and exoskeleton robots, is expected to see dual-line development, with substantial investment activity indicating a vibrant market [60][52]. - The intelligent driving market is projected to expand significantly, with L3 market penetration expected to reach 4.6% by 2025, reflecting a growing acceptance of advanced driving technologies [67][73].