计算机行业研究：AI Agent产品持续发布，关税对板块业绩影响较小

Investment Rating - The report suggests a focus on leading domestic generative model companies such as iFlytek, AI hardware companies like Yingshi Network and Hongsoft Technology, and AI-related applications that can enhance user engagement and payment rates, recommending companies like Kingsoft Office and Wanjing Technology [2] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power remaining stable and application growth accelerating. Other sectors like intelligent driving and financial IT are also projected to show steady growth [11][12] - The report highlights the recent advancements in AI products, including the launch of free intelligent products by Zhiyuan and significant funding for OpenAI, which will enhance AI research and infrastructure [4][13] - The impact of the recent tariff policy announced by Trump is expected to have a limited effect on the overall performance of the computing sector, as overseas revenue accounts for only about 10% of demand [11] Summary by Sections 1. Industry Perspective - The report discusses the launch of Zhiyuan's free intelligent product "AutoGLM" and the advancements in AI capabilities by Baidu and OpenAI, emphasizing the competitive landscape and technological advancements in the AI sector [11][13] - It notes that the computing sector's performance is likely to be influenced by domestic demand policies and the ongoing trend of domestic substitution and self-control in technology [11] 2. Subsector Insights - AI Industry Chain: High prosperity maintained, with computing power stable and application growth accelerating [10] - Intelligent Driving: Growth is expected to accelerate, particularly in areas like LiDAR and vehicle-road cloud integration [10] - Financial IT: The sector is experiencing steady growth, supported by high trading volumes and favorable policies [14] - Industrial Software: Anticipated breakthroughs in industrial AI applications, with significant projects underway [15] 3. Market Performance - The computing industry index saw a decline of 1.87% from March 31 to April 4, 2025, underperforming compared to the CSI 300 index [16] - The report identifies the top-performing companies in the computing sector during this period, highlighting both gains and losses among key players [22] 4. Upcoming Events - The report outlines several upcoming industry events, including technology exchange days and conferences focused on 6G, drones, and machine learning, suggesting potential investment opportunities in related sectors [29]