智谱GLM-4.5重磅发布，国产大模型国际竞争力持续增强

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][30]. Core Insights - The launch of the new flagship model GLM-4.5 by Zhipu enhances the international competitiveness of domestic large models, achieving the best performance in domestic evaluations and ranking third globally among all models [6][10]. - Figma's successful IPO on the New York Stock Exchange, with a market capitalization of $67.6 billion, highlights the rapid evolution of generative AI in the design software industry [14][15]. - The computer industry is expected to see dual improvements in performance and valuation due to accelerated demand recovery [26]. Summary by Sections Industry News and Commentary - Zhipu's GLM-4.5 model integrates reasoning, coding, and agent capabilities, achieving state-of-the-art performance in open-source models and ranking first among domestic models [10][11]. - Figma's stock surged 250% on its first trading day, reflecting strong market interest and the company's strategic focus on AI functionalities to enhance design efficiency [14][15]. Weekly Market Review - The computer industry index decreased by 0.20%, outperforming the CSI 300 index by 1.55 percentage points [20]. - The overall P/E ratio for the computer industry is 55.2 times, with 159 out of 359 A-share component stocks rising in price [23]. Investment Recommendations - The report recommends focusing on several sectors within the computer industry, including: 1. New Infrastructure Sector: Strong recommendations for companies like Longxin Zhongke and Zhongke Shuguang [26]. 2. Huawei Supply Chain: Suggested companies include Softcom Power and Tuo Wei Information [26]. 3. AI Algorithms and Applications: Strong recommendations for companies like Zhongke Chuangda and Shengshi Technology [26]. 4. AI Computing Power: Recommendations for companies such as Haiguang Information and Industrial Fulian [26]. 5. Financial IT Sector: Strong recommendations for companies like Hengsheng Electronics [26].