CMS·2025-04-23 09:30Investment Rating - The report maintains a "Recommendation" rating for the computer industry [3] Core Insights - In Q1 2025, the market value of computer stocks held by public funds increased slightly, reaching approximately 49.2 billion yuan, a growth of about 3.5 billion yuan from Q4 2024 [10][11] - The proportion of computer holdings in public funds rose to 2.90%, up by 0.17 percentage points from Q4 2024 [10][11] - The overall market capitalization of the computer industry accounted for 4.55% of the total A-share market, indicating a low allocation ratio of approximately 1.65% for public institutions in the computer sector [10][11] Summary by Sections 1. Institutional Holdings Changes - In Q1 2025, the top ten computer companies by institutional holdings included Shenxinfu, Huada Jiutian, Kingsoft Office, iFLYTEK, Kingdee International, Desay SV, Yonyou Network, Glodon, Tonghuashun, and Kingsoft Cloud [17] - Compared to Q4 2024, Yonyou Network and Tonghuashun entered the top ten, while Inspur Information and Zhongke Shuguang exited [17] 2. Foreign Capital Flow - The top ten computer companies by stock value held through the Shanghai-Hong Kong Stock Connect in Q1 2025 were Kingsoft Office, Hengsheng Electronics, Tonghuashun, Glodon, iFLYTEK, Baichu Electronics, Baoxin Software, Yonyou Network, Inspur Information, and Shenxinfu [35] - The report noted that foreign capital mainly increased positions in cyclical and AI-related sectors [39] 3. Institutional Buying and Selling - The top ten computer companies by institutional buying in Q1 2025 included Yonyou Network, Meitu, Dingjie Zhizhi, Tonghuashun, Glodon, Jieshun Technology, Lenovo Group, Fanwei Network, Ying Shi Network, and Weining Health, with a total increase of approximately 4.8 billion yuan [28] - The top ten companies by institutional selling included Kingsoft Office, Kingsoft Cloud, Hand Information, Inspur Information, Zhongke Shuguang, Huada Jiutian, Shenxinfu, Desay SV, Top Software, and Zhongke Chuangda, with total selling amounting to 6.7 billion yuan [31]