TMT科技行业每周评议：继续把握科技浪潮下的投资机会-2025-03-16

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark by over 10% in the next 6-12 months [7]. Core Insights - The report continues to recommend investment in AI software applications, highlighting the potential of the domestic AI computing power industry chain. It also maintains a positive outlook on humanoid robots and the related electronic industries, as well as the valuation reassessment in the Hong Kong internet sector [1][3]. - The emergence of MaaS (Model as a Service) is expected to lead to a reevaluation of software companies, driven by increased update frequency of models, resulting in more stable cash flows for these companies [1]. - The humanoid robot industry is experiencing sustained interest, with a trend of expanding from structural components to electronic components, indicating potential for collaborative development within the electronic industry [3]. Summary by Sections AI Software Applications - Continued recommendation for investment in AI software applications, with a focus on the domestic AI computing power industry chain [1]. - Companies to watch include: 用友网络, 金蝶国际, 汉得信息, 鼎捷数智, 赛意信息, 新致软件, 迈富时, 博思软件, 泛微网络, 致远互联, 虹软科技, 金山办公, 合合信息, 福昕软件, 万兴科技 [1]. AI Computing Power - Emphasis on the importance of the domestic AI computing power industry chain, with a focus on low penetration rates and accelerating commercial trends [2]. - Key areas of interest include CPO, AEC, and liquid cooling technologies, as well as opportunities in cloud vendor valuation reassessment and demand improvement for computing power leasing and IDC leasing [2]. - Relevant companies include: 中国电信, 中国联通, 寒武纪, 海光信息, 浪潮信息, 华勤技术, 中兴通讯, 太辰光, 天孚通信, 瑞可达, 英维克, 龙迅股份, 澜起科技, 胜宏科技, 沪电股份, 中恒电气, 禾望电气, 麦格米特, 欧陆通, 杰华特 [2]. Humanoid Robots - The humanoid robot industry is gaining momentum, with a shift from structural components to electronic components, indicating a strong potential for synergy within the electronic industry [3]. - Companies involved include: 峰岹科技, 思瑞浦, 龙迅股份, 瑞芯微, 电连技术, 纳芯微, 韦尔股份, 地平线 [3]. Hong Kong Internet Sector - Continued focus on the valuation reassessment in the Hong Kong internet sector, driven by advancements in large model technology and the open-source movement [3]. - Tencent Holdings is highlighted for its strong ecosystem combining social and content services, leveraging its user base for monetization across various sectors [3].