Changjiang Securities·2025-04-30 15:22Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The computer sector experienced a slight rebound of 0.80% last week, ranking 18th among primary industries in the Yangtze River region, with a trading volume share of 9.95% [2][5] - The report emphasizes the investment opportunities in cloud infrastructure, particularly in the context of the ongoing AI technology revolution, highlighting the increasing capital expenditures by major domestic internet companies [7][36] - The report suggests focusing on the Chinese inference computing industry chain, recommending leading domestic AI chip company Cambricon, cloud service providers collaborating with DeepSeek, and IDC firms partnering with major players like Tencent and Alibaba [7][36] Summary by Sections Market Performance - The computer sector showed a slight rebound last week, with the Shanghai Composite Index closing at 3295.06 points, up 0.56% [5][13] - The sector's trading volume share was 9.95%, with notable activity in cross-border payments and high-growth performance indicators [2][5] Key Recommendations - The report recommends focusing on cloud infrastructure investments, particularly as major companies like Tencent and Alibaba are set to release their quarterly financial reports, which may highlight significant capital expenditure [7][36] - The report also highlights the importance of the newly released "On-board Accident Emergency Call System" (AECS) and its implications for the eCall market, suggesting investment opportunities in this area [29][35] Cross-Border Financial Opportunities - The report discusses the recent issuance of the "Action Plan" by four ministries to enhance cross-border financial services, which may accelerate the development of China's cross-border financial system [20][28] - The increasing use of the Renminbi in cross-border transactions is expected to boost demand for related financial services, with the Renminbi's share in global payments reaching 4.69% as of August 2024 [22][23] AI and Cloud Infrastructure - The report notes that while domestic cloud service providers are increasing capital expenditures, there remains significant room for growth compared to leading overseas firms [36][40] - The report highlights the rapid increase in AI-related product usage and the corresponding demand for cloud infrastructure, indicating a positive outlook for the sector [44]