计算机行业周报：字节AI布局Agent+MCP！25Q1机构加仓AI应用-20250426

Investment Rating - The report maintains a positive outlook on the computer industry, particularly focusing on AI applications and the Agent sector as key investment themes for 2025 [3][28]. Core Insights - The report highlights significant updates in the ByteDance AI ecosystem, including the launch of the upgraded Doubao platform, which emphasizes AI Agent and MCP (Multi-Cloud Platform) capabilities [3][5]. - In Q1 2025, public fund allocation in the computer industry increased to 3.1%, up by 0.3 percentage points from the previous quarter, indicating a growing interest in AI applications and related technologies [28][30]. - Key companies such as Kingsoft Office, Dameng Data, and iFlytek are noted for their strong performance and advancements in AI technologies, with Kingsoft Office reporting a 6% year-on-year revenue growth in Q1 2025 [45][48]. Summary by Sections ByteDance AI Updates - ByteDance has restructured its AI department to enhance large model research, emphasizing an end-to-end strategy and integrating various business lines [6][11]. - The Doubao platform has been significantly upgraded, featuring a MoE architecture that reduces GPU consumption and enhances multi-modal capabilities [3][19]. - The introduction of the Coze Space platform aims to automate complex tasks and integrate with the MCP ecosystem, showcasing advancements in AI Agent capabilities [26][27]. Q1 2025 Computer Industry Analysis - The computer industry saw a 3.1% allocation in public funds, ranking 11th among 30 sectors, with a configuration coefficient of 0.67, indicating a stable investment environment [28][30]. - The top ten holdings in the computer sector remained relatively stable, with Hikvision leading at a market value of 3.64 billion yuan, while new entries included Yonyou Network and Glodon [31][32]. - The report identifies significant increases in holdings related to AI applications, particularly in IDC and EDA sectors, reflecting a strategic shift towards AI-driven investments [36][37]. Key Company Updates - Kingsoft Office reported a steady performance with a revenue of 1.3 billion yuan in Q1 2025, driven by strong growth in personal business and overseas expansion [45][46]. - Dameng Data exceeded expectations with a 55.6% year-on-year revenue growth in Q1 2025, attributed to accelerated procurement in the Xinchuang (信创) sector [48][49]. - iFlytek continues to lead in AI model upgrades, maintaining a competitive edge in the market with ongoing advancements in its large model capabilities [3][45].