计算机行业2025年科技板块两会前瞻：重点关注人工智能、未来产业、信创等方向

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, indicating an expected performance that is stronger than the market benchmark by more than 5% over the next 6 months [2][19]. Core Insights - The report emphasizes the importance of the technology sector in 2025, highlighting key areas of focus such as artificial intelligence, future industries, and domestic innovation (信创) [1][6]. - The rapid development of the artificial intelligence sector is driven by the introduction of domestic large models like DeepSeek, which are gaining attention for their cost-effectiveness and capabilities [6]. - Local governments are increasingly supportive of AI development, with specific targets for growth in the digital economy and AI applications outlined in various government work reports [6]. - Future industries are being prioritized by multiple provincial governments, with initiatives aimed at fostering innovation and establishing a modern industrial system [6]. - The report identifies significant opportunities in the信创 sector, particularly in the context of international tensions and the need for domestic technological self-reliance [6]. Summary by Sections Industry Overview - The computer industry comprises 268 listed companies, with a total market capitalization of approximately 48,223.53 billion yuan and a circulating market value of about 39,934.8 billion yuan [2]. - The average price-to-earnings ratio for the industry stands at 524.67 [2]. Key Focus Areas - Artificial Intelligence: The report suggests focusing on computing infrastructure, large models, and their applications as key investment areas [6]. - Future Industries: It highlights the importance of sectors such as humanoid robots, commercial aerospace, biomanufacturing, new materials, and future energy [6]. - 信创 Sector: The report recommends monitoring opportunities in domestic chip and server production, as well as foundational and industrial software [6].