Zhongyuan Securities·2025-07-18 09:31Investment Rating - The report maintains an "Outperform" rating for the computer industry [1][4]. Core Insights - The report highlights significant advancements in AI, particularly with the release of xAI's Grok 4, which claims to be the world's strongest AI model, achieving a training volume 100 times greater than its predecessor Grok 2 [3][60]. - Domestic AI chip companies are entering a concentrated IPO phase, with notable advancements in the domestic AI ecosystem, including the launch of Huawei's Ascend AI Cloud based on CloudMatrix 384 [3][4]. - The easing of EDA and H20 bans by the US is expected to accelerate the differentiation within the server industry, while the domestic market continues to push for localization and replacement of foreign systems [3][4]. Summary by Sections Industry Data - From January to May 2025, the software industry revenue reached 5.58 trillion yuan, growing by 11.2% year-on-year, with profit totaling 672.1 billion yuan, a 12.8% increase [13][14]. - The IC design sector showed the highest growth at 15.2%, while cloud and big data services also experienced significant growth [19][20]. AI Developments - The AI sector is witnessing rapid advancements, with Grok 4 outperforming other leading models in various assessments [60][65]. - Meta has initiated a talent acquisition strategy to bolster its AI capabilities, following setbacks with its Llama 4 model [74]. Localization Trends - The report notes that the domestic AI chip industry is moving towards a concentrated IPO phase, with significant developments in the domestic software ecosystem, including the number of applications for Huawei's Harmony OS surpassing 2,500 [3][4][19]. - The easing of US technology bans is seen as a catalyst for further domestic advancements and localization efforts [3][4]. Computing Power - The upcoming release of NVIDIA's next-generation AI server chip, GB300, is anticipated to enhance capital expenditures and chip procurement among major tech firms [4]. - The Ministry of Industry and Information Technology has launched initiatives to promote the construction of a unified national computing power service market [4].