Zhongyuan Securities·2025-05-19 09:43Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating a positive outlook compared to the market [3]. Core Insights - The report highlights significant developments in the domestic AI chip sector, particularly the upcoming launch of the Harmony PC and advancements in AI applications, which are expected to drive growth in the cloud computing market [3][4]. - The performance of major players like Meta and Tencent shows a mixed trend, with capital expenditures declining, raising concerns about market dynamics [4]. - The report emphasizes the increasing demand for AI applications, with a notable surge in the usage of large models, indicating a robust growth trajectory for the industry [63]. Summary by Sections Industry Data - In Q1 2025, the software industry revenue reached 3.15 trillion yuan, growing by 10.6% year-on-year, with profit margins also improving [12][13]. - The IC design sector showed the highest growth rate at 19.7%, driven by the demand for AI applications and the need for domestic chip production [17]. Domestic Developments - The report discusses the impact of U.S. export controls on AI chips, which have led to increased uncertainty for domestic server ecosystems [26][30]. - The launch of the Harmony PC on May 19, 2025, is seen as a critical step towards enhancing the domestic operating system landscape [56][58]. AI Sector - The report notes that the demand for AI applications has exploded, with daily token usage for the Doubao large model reaching 12.7 trillion, a 3.18-fold increase from December 2024 [63]. - The upcoming release of the DeepSeek-R2 model, which boasts 1.2 trillion parameters, is expected to be a focal point in the market [72]. Computing Power - The report indicates a clear differentiation in the performance of data center operators, with traditional IDC competition intensifying while AIDC is experiencing rapid growth [4]. - Major tech companies are increasing their capital expenditures for AI and core business investments, with Meta raising its investment range for 2025 to between 64 billion and 72 billion USD [4].