计算机行业周报：大厂开始AI的“牛市思维”

Investment Rating - The report maintains an "Outperform" rating for the computer industry [3][11]. Core Insights - The DeepSeek series models are driving a pivotal moment in AI applications, significantly reducing the cost and barriers to AI development, which is expected to accelerate innovation across various industries [7]. - Alibaba's cloud revenue reached 31.742 billion yuan in Q3 2025, marking a 13% year-on-year increase, with AI-related product revenue growing for six consecutive quarters [7]. - The report highlights the increasing capital expenditures from major players like Alibaba, which reached 31.8 billion yuan, indicating a strong commitment to cloud and AI infrastructure [7]. - ByteDance and Tencent are rapidly innovating in AI applications, with ByteDance launching over 20 AI applications and Tencent integrating DeepSeek models into its popular WeChat platform [7]. Summary by Sections Market Performance - The computer industry has shown a significant performance trend compared to the CSI 300 index, with fluctuations observed over the past year [4]. Related Research - The report references several related studies that explore the implications of AI applications and the competitive landscape within the industry [5]. Investment Recommendations - The report suggests focusing on companies in various categories, including data centers, domestic computing power, AI applications, and major stakeholders in the industry [7].