计算机 2025 年度策略：拨云见日，政策与技术革新共振

Group 1: Market Overview - The Shenwan Computer Industry Index increased by 13.6% year-to-date, while the CSI 300 Index rose by 14.5% as of December 20, 2024[17] - The PS-TTM (excluding negative values) for the Shenwan Computer Index is currently at 3.50 times, which is at the 75.4% historical percentile[20] - The PE-TTM (excluding negative values) has risen to 49.6 times, placing it at the 70.0% historical percentile[20] Group 2: AI and Technology Developments - The domestic AI application market is accelerating, with over 190 generative AI models launched by July 2024, achieving a 16.4% penetration rate[5] - OpenAI's new models, including Sora and Gemini 2.0, are expected to drive further advancements in AI applications domestically[9] - The AI application landscape is shifting towards general and industry-specific large models, indicating a trend from thematic investment to genuine industrial trends[9] Group 3: Investment Opportunities - The domestic market for trusted computing (信创) is projected to be approximately 632.5 billion yuan, with significant growth potential in various sectors[10] - Investment recommendations include companies in the trusted computing chain, AI sector, smart automotive industry, and industrial software[10] - The high-performance driving domain is expected to see significant growth, with a 382.29% year-on-year increase in shipments of high-computing power driving domain controllers in 2023[39]