计算机行业周报：一文看懂CES 2025大会亮点

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The annual report forecasts will enter a period of intensive disclosure, suggesting a strategy of accumulating positions on dips [3][7] - Domestic demand for computing power is expected to remain robust, driven by rapid iterations in the AI industry, with significant capital expenditures planned by major companies [5][7] - The CES 2025 event highlighted the accelerated evolution of the AI industry, showcasing a strong presence of Chinese companies and a focus on AI technologies [9][27] Summary by Sections Industry Weekly Viewpoints - The annual report forecasts are set to be disclosed intensively, with expectations for better digestion of earnings forecasts. The current risk appetite has decreased due to macroeconomic factors, but the significant adjustment in the computer sector suggests a continued strategy of accumulating positions on dips, focusing on leading companies in upward-trending sectors [7] - The demand for domestic computing power is anticipated to remain high, with major companies like Microsoft planning to invest $80 billion in AI data centers in FY2025, while domestic giants like ByteDance and Alibaba are expected to maintain high capital expenditures for AI infrastructure [5][7] CES 2025 Highlights - The CES 2025 event concluded with over 1,500 Chinese companies participating, marking a historic high and showcasing the competitiveness of domestic tech firms. AI was the central theme, with various AI ecosystem products, including robots and AI glasses, being prominently featured [9][27] - The event demonstrated a significant integration of AI technologies across various sectors, indicating a trend towards deeper collaboration between AI models and hardware products [22][27] Investment Recommendations and Target Companies - Suggested focus areas include: 1. Domestic companies: Kingsoft Office, Haiguang Information, China Software, and others [8] 2. High cost-performance companies: Huihan Co., Hand Information, Newland, and others [8] 3. Securities IT firms: Hengsheng Electronics, Top Software, and others [8] - The integration of AI models with robotics, smart vehicles, and smart hardware is expected to drive demand for AI computing power and models [27]