Soochow Securities·2025-08-14 13:33Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Insights - The report emphasizes the importance of "Artificial Intelligence +" as a key investment opportunity, highlighting the need to focus on specific applications rather than just AI technology itself [5][55] - It identifies significant differences in AI industry logic between China and the US, suggesting that China should leverage its comparative advantages in data, industrial chain, market size, and application scenarios [5][25] Summary by Sections 1. AI Application Stage - AI applications are on the verge of rapid growth, characterized by cost reductions and increased penetration rates [10] - The performance of large models has significantly improved, with costs dropping dramatically [13][17] 2. Comparative Advantages in AI - China has a unique advantage in data, with over 80% of data still undeveloped, presenting substantial economic potential [29][30] - The manufacturing sector in China is robust, contributing to 28.9% of global manufacturing value added in 2024 [11][38] - The domestic market is vast, with over 1.4 billion people and a growing middle-income group, providing rich application scenarios [12][41] 3. Industry Catalysts and Policy Trends - The report highlights the importance of industry catalysts, such as the release of new large model versions (e.g., GPT-5) and supportive government policies [55][56] - The recent policy initiatives emphasize the integration of AI into various sectors, aiming to enhance traditional industries [58][59] 4. Stock Selection Logic - Six key stock selection strategies are outlined: 1. Changes brought by new large model versions 2. Top-down policy relevance 3. Bottom-up event-driven or strong company fundamentals 4. Large-cap institutional stocks 5. Mapping to US stocks 6. Low valuation stocks [65]