Changjiang Securities·2025-05-09 02:43Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The computer sector experienced a rebound, rising by 2.59%, ranking second among primary industries in the Yangtze River region, with a trading volume accounting for 10.45% of the market. The focus is on cloud services and AI agents, particularly following strong earnings reports from major cloud service providers like Microsoft and Amazon [2][4][6]. Summary by Sections Market Performance - The computer sector showed a continuous rebound, with a 2.59% increase last week, despite a general market adjustment due to the May Day holiday. The Shanghai Composite Index closed at 3279.03 points, down 0.49% [4][12]. Key Developments - Major cloud service providers, including Microsoft, Google, and Amazon, reported earnings that exceeded market expectations. Microsoft’s Foundry platform is being utilized by over 70,000 developers for AI application design and management. Amazon has signed contracts with several leading global enterprises and is expanding its AI capabilities significantly [6][50]. Recommendations - The report recommends focusing on: 1. Major cloud service providers 2. Domestic computing power supply chains, specifically companies like Cambricon and Ascend 3. Various vertical AI agent-related companies [6][52]. Notable Company Reports - Alibaba released the Qwen3 model, a new generation of mixed reasoning models, which is open-sourced and expected to accelerate the application of AI agents. Duolingo reported a revenue of $230 million for Q1 FY25, a 38% year-over-year increase, and raised its revenue guidance for the upcoming quarters [19][26][27].