计算机行业点评报告：把握AI主线，关注政府报告中新质生产力方向

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The government work report emphasizes the continuous promotion of artificial intelligence (AI) and its integration with manufacturing and market advantages, highlighting support for the widespread application of large models and the development of new intelligent terminals such as AI smartphones and computers, as well as intelligent manufacturing equipment [6]. - The report indicates an increased focus on AI applications, particularly edge AI, compared to the previous year, reflecting a higher level of importance [6]. - The report discusses the optimization of national computing power resource allocation, suggesting that future computing power construction will remain a crucial direction for the digital economy [6]. - The report introduces new attention to cross-border data flow, indicating that data, as a production factor, is essential for developing new productive forces [6]. - The report highlights the need for a modern industrial system and mentions emerging industries such as commercial aerospace, low-altitude economy, embodied intelligence, and 6G, indicating a shift in focus and increased attention to these future industries [6]. Summary by Sections AI and Computing Power - The government report proposes to "continuously promote" AI and emphasizes the integration of digital technology with manufacturing advantages [6]. - There is a clear mention of supporting the widespread application of large models and the development of intelligent terminals and manufacturing equipment [6]. Data and New Productive Forces - The report stresses the importance of optimizing computing power resources and enhancing data resource development and utilization [6]. - New attention is given to cross-border data flow, indicating a more mature and complete industrial system for data factors [6]. Future Industries - The report encourages the development of new productive forces tailored to local conditions and mentions the establishment of a growth mechanism for future industries [6]. - The focus on commercial aerospace, low-altitude economy, embodied intelligence, and 6G reflects a growing interest in these sectors [6]. Investment Recommendations - The report suggests maintaining a focus on AI, computing power, data factors, commercial aerospace, and low-altitude economy, with a more detailed emphasis on new intelligent terminals and manufacturing equipment [6]. - AI remains the core investment theme, with the potential for "AI+" to accelerate implementation across various industries [6].