HTSC·2025-08-27 07:09Investment Rating - The report maintains a "Buy" rating for several companies, including Kingsoft Office, Fourth Paradigm, Fanwei Network, Yonyou Network, Deepin, Inspur Information, Zhongke Chuangda, and Ying Shi Network [8][11]. Core Insights - The "Artificial Intelligence+" action plan released by the State Council marks a strategic shift in China's AI industry, focusing on deep integration with the real economy and commercialization [1]. - The report emphasizes the importance of AI applications, with a goal for integration rates in key areas to exceed 70% by 2027 and 90% by 2030 [2]. - AI infrastructure, particularly computing power and data, is highlighted as a national strategic priority, indicating a potential for rapid growth in these sectors [3]. - The concept of "AI-Native" businesses is introduced, which fundamentally differs from traditional AI models, suggesting new investment opportunities in companies that can create disruptive value [4]. Summary by Sections AI Applications - The report anticipates that various government departments will introduce supporting policies to facilitate AI application deployment, addressing the "last mile" challenges [2]. - A clear roadmap is established with quantitative targets for AI integration in key sectors [2]. AI Infrastructure - The report identifies computing power and high-quality data as critical components for AI development, with a focus on building a unified national computing network [3]. - The emphasis on data supply innovation and the construction of high-quality AI datasets indicates a strategic move towards enhancing AI capabilities [3]. Investment Opportunities - The report outlines four main investment themes: AI + Computing Power, AI + Data, AI + Applications, and AI + End Devices, recommending specific companies within these categories [5]. - Companies such as Kingsoft Office, Fourth Paradigm, and others are highlighted for their potential in rapidly deploying AI solutions [5]. Company Performance - Kingsoft Office reported a revenue of 2.657 billion yuan in H1 2025, with a year-on-year growth of 10.12% [12]. - Fourth Paradigm's revenue reached 2.63 billion yuan in H1 2025, reflecting a year-on-year increase of 40.7% [13]. - Fanwei Network's H1 2025 revenue was 808 million yuan, down 8.79% year-on-year, but with a significant net profit increase [14]. - Yonyou Network's revenue for H1 2025 was 3.581 billion yuan, showing a decline of 5.89% year-on-year, but with positive growth in Q2 [15]. - Deepin's revenue for H1 2025 was 3.009 billion yuan, with a year-on-year growth of 11.16% [16].