计算机行业月报：AI模型成果密集发布，制裁或将全面升级

Investment Rating - The report maintains a "Market Perform" rating for the computer industry, indicating a performance in line with the broader market [2]. Core Insights - The software industry in China shows a slight decline in growth, with software business revenue reaching 12.29 trillion yuan from January to November 2024, growing by 10.7%, down from 13.4% in 2023 [7][8]. - The report highlights the ongoing trend of domestic production, particularly in response to intensified U.S. sanctions against China's technology sector, with the import dependency of integrated circuits at 80% [3][30]. - Significant developments in computing power and AI applications are noted, with over half of the provinces implementing policies for computing infrastructure, and major AI companies ramping up investments [3][36]. Summary by Sections Industry Data - Software business revenue for January to November 2024 is 12.29 trillion yuan, a 10.7% increase year-on-year, reflecting a decline from the previous year's growth rate [7]. - The total profit for the software industry in the same period is 1.4822 trillion yuan, with a year-on-year growth of 9.2%, which is lower than the revenue growth [8][9]. - Software exports reached 51.01 billion USD, marking a 4.8% increase year-on-year, showing a recovery compared to the previous year [9]. Domestic Production - The report discusses the impact of U.S. sanctions, with 140 Chinese entities added to the U.S. Entity List, affecting AI and semiconductor industries [18][19]. - The domestic integrated circuit import dependency is at 80%, indicating a 1% decrease from the previous month, with a potential for further decline [30]. - The revenue of the domestic server company Super Fusion is expected to exceed 40 billion yuan in 2024, reflecting significant growth in the Huawei server ecosystem [32][35]. Computing Power - Policies for computing infrastructure have been introduced in over half of the provinces, emphasizing the importance of computing power in local development [36]. - The first liquid-cooled server standard in China has been released, with expectations for the GB300 model to enhance cooling technology [3][36]. - Major AI companies are increasing their spending plans, indicating a robust investment landscape in the AI sector [3]. Artificial Intelligence - The central economic work conference at the end of 2024 focused on "Artificial Intelligence +", highlighting the strategic importance of AI in economic development [3]. - The report notes a price war among domestic large model providers, driven by increased model invocation rates [3][36]. - Upcoming releases from major AI firms, including OpenAI's O3, are anticipated to further enhance the capabilities of AI models [3].