Changjiang Securities·2025-08-04 23:30Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Viewpoints - The report expresses a strong optimism regarding the performance of AI applications in the second half of the year, driven by supportive government policies and increasing market activity in AI-related sectors [6][27]. - Recent policies from Shanghai and Shenzhen are expected to accelerate the development and application of AI technologies, particularly in infrastructure and low-altitude economy [20][29]. Summary by Sections Market Performance - Last week, the computer sector experienced a slight decline of 0.39%, ranking 8th among major industries in the Yangtze River region, with a market share of 9.27% in total trading volume [2][4][16]. Key Recommendations - Focus areas include: 1. AI infrastructure 2. Overseas applications in AI+ fields such as video, coding, and integrated solutions 3. Vertical integration companies in closed-loop scenarios like education, taxation, and healthcare [6][27][42]. Policy Support - Shanghai's recent measures include a 600 million yuan subsidy for computing power and various incentives for AI model development, which are expected to lower operational costs and enhance AI application deployment [20][24]. - Shenzhen's plan aims to establish a comprehensive low-altitude infrastructure by 2026, with projected economic output exceeding 130 billion yuan [32][29]. Investment Opportunities - The report highlights potential investment opportunities in: 1. Domestic large model manufacturers 2. AI intelligent entities 3. Domestic computing power supply chains 4. High-quality data-related companies [27][42].