计算机行业2025年度投资策略：AI应用前景广阔、自主可控已是大趋势

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating optimism about future growth prospects [41]. Core Insights - The computer industry is experiencing a rebound in sentiment, with the AI application landscape showing strong user growth and commercial viability. The report highlights that AI applications are becoming essential for users, particularly in practical scenarios, and that the commercialization of AI is accelerating in both domestic and international markets [67][23]. - The demand for AI computing power is robust, driving the need for domestic alternatives in AI chips and EDA software, especially in light of increasing restrictions from the U.S. on China's access to advanced computing capabilities [67][19]. - The report emphasizes the importance of self-sufficiency in technology, particularly in the context of ongoing geopolitical tensions, and notes that the development of the HarmonyOS ecosystem is gaining momentum [67][19]. Summary by Sections 1. Market Overview and Future Outlook - The computer industry index has shown volatility in 2024, with a significant rebound following a downturn in Q1. The overall sentiment in the industry is improving due to macroeconomic policy adjustments [53][67]. - The report notes that the computer sector's revenue for the first three quarters of 2024 reached 784.17 billion yuan, a year-on-year increase of 7.6%, while net profit saw a significant decline of 50% [54][67]. 2. AI Product Usage and Commercialization - Global AI product usage continues to rise, with significant performance from U.S. AI application companies. The report highlights that practical tools and vertical applications are becoming essential for users, driving the acceleration of commercialization [60][67]. - The report identifies that AI Agents are emerging as a new wave of technology with substantial potential for monetization, gaining traction in both consumer and business markets [67][10]. 3. AI Computing Power and Domestic Alternatives - The demand for AI computing power remains strong, with ongoing investments in intelligent computing centers across China. The report indicates that over 250 intelligent computing centers are currently established or under construction [26][67]. - The report discusses the challenges and opportunities in the EDA sector, noting that domestic companies are accelerating their development efforts in response to U.S. export controls [67][19]. 4. Self-Sufficiency and Ecosystem Development - The report emphasizes the trend towards self-sufficiency in technology, particularly in response to U.S. sanctions. The development of the HarmonyOS ecosystem is highlighted as a significant advancement, with a growing number of devices and applications [67][19]. - The report suggests that companies involved in the domestic software and hardware ecosystem are likely to benefit from these trends, particularly in the context of national support for self-reliance in technology [67][19].