信创行业点评报告：自主可控为盾，AI自强为茅

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The ongoing trade war has led to increased tariffs, with the U.S. imposing a total of 20% tariffs on Chinese goods as of February and March 2025, followed by an additional 34% tariff announced in April 2025 [1][2] - In response, China has implemented a 34% tariff on all U.S. imports and has taken measures against 16 U.S. entities, indicating an escalation in the trade conflict [2] - The heightened tensions between the U.S. and China have underscored the importance of self-reliance in technology and the need for China to enhance its technological capabilities [3] - The software sector is expected to focus on domestic demand, with significant potential for market growth and technological substitution [3] - 2025 is anticipated to be a pivotal year for government and party-related technology initiatives, with a focus on PC-based technology updates and strong performance from key companies in Q1 and throughout the year [3] - Domestic AI models, such as those from Alibaba and DeepSeek, are now among the global leaders, driving the development of AI applications tailored to local needs [4] - The report recommends several companies for investment, including those with high market share in foundational software, AI applications, and hardware sectors [5] Summary by Sections - Tariff Impact: The U.S. has increased tariffs on Chinese goods, leading to a total of 20% and then 34% tariffs, prompting China to retaliate with similar measures [1][2] - Technological Self-Reliance: The report emphasizes the need for China to focus on self-reliance in technology amidst rising tensions, particularly in the software sector [3] - AI Development: Chinese AI models are gaining global recognition, with a focus on applications that meet domestic enterprise needs [4] - Investment Recommendations: Key companies recommended for investment include Dameng Data, China Software, and others in the AI and hardware sectors [5]