Cambricon(SH:688256) Changjiang Securities·2025-06-23 23:30Investment Rating - The report maintains a "Positive" investment rating for the industry [8]. Core Insights - The computer sector experienced a decline of 2.11% last week, ranking 19th among primary industries in the Yangtze River region, with a trading volume share of 10.53% [2][5]. - The successful clinical trial of China's first invasive brain-computer interface marks a significant advancement in the technology, positioning China as the second country globally to enter this phase [18][22]. - The Huawei Developer Conference (HDC 2025) showcased the release of HarmonyOS 6, indicating ongoing evolution in the ecosystem [25][29]. Summary by Sections Market Performance - The computer sector faced a downturn, with the Shanghai Composite Index closing at 3359.90 points, down 0.51% [5][13]. - The sector's trading volume share was noted at 10.53%, with stablecoin concepts gaining traction [2][5]. Key Developments - The launch of MiniMax Agent and related AI products is expected to accelerate the commercialization of AI agents in various sectors such as education, healthcare, and enterprise services [7][44]. - The report emphasizes the importance of AI agent-related companies and the domestic AI chip leader, Cambricon, within the inference computing industry chain [7][44]. Notable Events - The successful clinical trial of an invasive brain-computer interface in China is a landmark achievement, with the market for such technology projected to grow significantly, reaching over 5.5 billion yuan by 2027 [22][24]. - The Huawei Developer Conference highlighted advancements in the HarmonyOS ecosystem, with over 30,000 applications in development, indicating a robust growth trajectory [29][30]. Recommendations - The report suggests focusing on AI agent-related manufacturers, the inference computing industry chain, cloud service providers, and IDC collaborations with major companies like Tencent, Alibaba, and ByteDance [7][44].