Changjiang Securities·2025-05-12 23:30Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The computer sector experienced a slight increase of 1.96% last week, ranking 19th among primary industries in the Yangtze River region, with a trading volume share of 10.96% [2][4] - Major cloud service providers in the US, such as Microsoft, Google, and Amazon, have reported better-than-expected earnings, indicating strong demand in the cloud services market [6][32] - The report emphasizes the importance of cloud infrastructure as a foundation for all applications, suggesting that the domestic application ecosystem is competitive with international counterparts [6][32] Summary by Sections Market Performance - The computer sector saw a slight increase of 1.96% last week, with the Shanghai Composite Index closing at 3342.00 points, up 1.92% [4][13] - The sector's trading volume accounted for 10.96% of the total market, with notable activity in military information technology and Hongmeng themes [2][4] Key Recommendations - The report recommends focusing on: 1. Major cloud service providers 2. Domestic computing power supply chains, including Cambrian and Ascend 3. IDC and computing power leasing suppliers [6][32] Notable Developments - Neuralink's brain-computer interface device received "breakthrough device" certification from the FDA, showcasing its potential in aiding patients with severe speech impairments [18][25] - Huawei's Hongmeng PC was officially launched, marking a significant step in the domestic PC market with a fully self-developed operating system [26][31] Financial Insights - Recent earnings reports from major internet companies like Tencent and Alibaba are expected to draw market attention, particularly regarding their capital expenditure (Capex) [6][36] - Alibaba's cloud business showed a significant revenue increase, driven by double-digit growth in public cloud services, while Tencent's Capex has also seen substantial year-on-year growth [36][39]