计算机行业：重点关注低估值有边际变化预期的个股

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [7]. Core Viewpoints - The report emphasizes focusing on individual stocks rather than sector allocation due to three main reasons: (1) AI application stock price drivers are primarily liquidity spillover; (2) AI computing power requires more catalysts, indicating a current state of stock competition rather than overall growth; (3) the overall industry valuation faces certain pressures [10][12]. - Current viewpoints suggest: (1) Given absolute valuation levels and changes in market risk appetite, it is not advisable to be overly aggressive at the sector level; (2) Focus on undervalued stocks with a high probability of marginal changes in Q1; (3) Maintain positive attention on Hongmeng, Xinchuang, and smart vehicles [10][12]. Summary by Relevant Sections Key Stocks - Unisplendour: Strong expectations for network switching equipment and server segments, with a current PE of 21 times for 2025 [11][14]. - Newland: Stable traditional business with early layout in network certificate encryption systems, with a PE of 13 times for 2025 [14]. - Kingsoft Office: Expected to benefit from the solidification of its leading position in office software and the ongoing AI application rollout, with a PS of approximately 19 times and PE of 64 times for 2025 [18][19]. - ZWSOFT: Anticipated revenue growth as the proportion of educational clients decreases, with a PS of 8 times for 2025 [19]. - Cambricon: Recognized as a flagbearer in hard technology, with a PS of 74 times for 2025 [19]. - Fourth Paradigm: Benefiting from strong demand for AI application development tools, with a PS of 4 times for 2025 [23]. - Kingdee International: Successful cloud transformation with a PS of 3.5 times for 2025 [24]. - Vertex Software: Expected to benefit from the upcoming core trading system tenders, with a PE of 24 times for 2025 [25]. Market Performance - The computer industry index fell by 12.70% over the past week, ranking 30th among all industries, while the Shanghai Composite Index decreased by 5.55% [26].