计算机行业点评：美国首个全球AI禁令发布，关注国产推理算力产业链

Investment Rating - The report maintains an "Outperform" rating for the computer industry [2][10]. Core Viewpoints - Recent U.S. bans on semiconductor manufacturing and AI model deployment are significant, impacting the global supply chain and creating opportunities for domestic computing power industries [4][5]. - The report highlights a substantial gap in capital expenditure between domestic companies and global giants, with expectations of increased investments in AI applications and infrastructure in 2025 [5]. - The report suggests focusing on the domestic computing power supply chain, including chips, servers, IDC, and supporting components [6]. Summary by Sections Market Performance - The computer industry has shown a performance trend with fluctuations ranging from -34% to +43% over the specified periods [3]. Regulatory Environment - The U.S. has implemented a series of restrictions affecting semiconductor exports and AI model deployment, categorizing countries into three tiers with varying levels of access to technology [4][5]. Investment Opportunities - The report identifies key players in the domestic computing power supply chain, including: - Chips and connectors: Huafeng Technology, Haiguang Information, Yuntian Lifei, and Cambricon [6]. - Servers: Digital China, Softcom Power, Zhongke Shuguang, Inspur Information, and Unisplendour [6]. - IDC: Century Internet, Huahuan New Network, Wangsu Science and Technology, and Runze Technology [6]. - Supporting components: Oulu Tong, Magmi Tech, Runxin Technology, and Guangxun Technology [6].