计算机行业投资策略周报：主题趋势轮动抢跑背景下的更多选择方向

Investment Rating - The report assigns a "Buy" rating for the computer industry, indicating an expectation that stock performance will exceed the market by more than 10% over the next 12 months [1]. Core Insights - The application themes in the past week were influenced by the release of the Doubao product ecosystem, leading to a rotation in industry performance from enterprise applications to consumer terminals and back to computing power [11]. - The report emphasizes the importance of generative AI applications, highlighting three main aspects: 1) improvement and upgrade of existing product forms, 2) stock price changes exceeding commercial realization expectations, and 3) liquidity overflow as a primary basis for stock performance [11]. - The report suggests continued focus on AI-related subfields and provides additional stock recommendations, particularly those with low absolute or relative valuations and strong certainty of marginal changes [11][19]. Summary by Sections Current Recommendations - Key recommended stocks include: 1. Unisplendour Corporation 2. Newland Group 3. Zhongwang Software 4. Fourth Paradigm 5. Kingdee International 6. Cambricon Technologies 7. Vertex Software [11][12][13][15][16][18][28][29]. Market Trends - The report notes that the computer industry index rose by 0.49% over the past week, ranking 4th among all industries, while the Shanghai Composite Index fell by 0.70% [22]. - It highlights that the industry is expected to see fundamental improvements and thematic trends in 2025, with several sectors showing strong certainty of opportunities [34]. Valuation Insights - As of December 20, 2024, the report indicates that Unisplendour Corporation has a 2025 PE ratio of 26, which is lower than its peers, suggesting a favorable valuation [8]. - The report also discusses the potential for significant revenue growth in the AI chip market, driven by demand from major commercial clients, with expectations for a clearer market position by Q1 2025 [28]. Sector-Specific Developments - The report discusses the anticipated acceleration of the HarmonyOS in 2025, which is expected to bridge the gap between PC and terminal operating systems, enhancing confidence in downstream industry applications [20]. - It also mentions the potential for significant growth in the intelligent driving sector, driven by policy catalysts and industry iterations, with a focus on domestic intelligent driving chips and related technologies [35].