计算机行业双周报（2025/2/28-2025/3/13）：英伟达年度GTC大会召开在即，关注相关技术创新内容-2025-03-14

Investment Rating - The investment rating for the computer industry is "Overweight" (maintained) [1][24]. Core Insights - The upcoming NVIDIA GTC conference from March 17 to 21 is anticipated to showcase significant technological innovations, which could present important investment opportunities [1][3]. - The government work report emphasizes the importance of technological self-reliance and the promotion of AI applications, indicating a favorable environment for investment in the computer industry, particularly in the fields of domestic innovation and artificial intelligence [3][20]. Summary by Sections 1. Industry Performance Review - The Shenwan computer sector experienced a cumulative decline of 2.00% over the past two weeks (February 28 to March 13, 2025), underperforming the CSI 300 index by 0.58 percentage points, ranking 23rd among 31 Shenwan primary industries [3][5]. - In March, the sector saw a cumulative increase of 3.54%, outperforming the CSI 300 index by 2.99 percentage points, and a year-to-date increase of 17.82%, surpassing the CSI 300 index by 18.42 percentage points [5]. 2. Valuation Situation - As of March 13, 2025, the PE TTM (excluding negative values) for the Shenwan computer sector is 53.06 times, positioned at the 79.93 percentile for the past five years and the 68.70 percentile for the past ten years [3][13]. 3. Industry News - The government work report highlights the ongoing promotion of "AI+" initiatives, aiming to better integrate digital technology with manufacturing and market advantages, and supports the widespread application of large models [15][20]. - NVIDIA's GTC conference will focus on advancements in computing hardware, including the introduction of the CPO switch, NVL288 cabinet solution, and GB300 computing card, which are expected to address energy consumption and transmission bottlenecks in high-performance computing scenarios [15][20]. - A Chinese team has launched a general-purpose AI Agent product named Manus, which has achieved state-of-the-art performance in benchmark tests, indicating its potential as a powerful assistant for users [15]. - Huawei is set to release a new commercial AI notebook in April, featuring the DeepSeek large model, while Amazon Web Services has introduced the fully managed DeepSeek-R1 model on Amazon Bedrock [15][16]. 4. Company Announcements - Zhongke Xingtu reported a revenue of 3.257 billion yuan for 2024, a year-on-year increase of 29.49%, with a net profit of 352 million yuan, up 2.67% [17]. - Inspur Information announced a revenue of 13.148 billion yuan, a year-on-year decrease of 8.4%, with a net profit of 1.911 billion yuan, up 4.1% [17]. - Tongxingbao's subsidiary won a bid for a digital transformation project worth 283 million yuan [17]. - Ruijie Networks plans to adjust its investment in a project to enhance its infrastructure capabilities in Jiangsu [17]. 5. Weekly Perspective - The government work report reiterates the importance of achieving technological self-reliance and emphasizes the need for significant advancements in key technologies, which is expected to accelerate the development of domestic alternatives in the computer industry [20].