Dongguan Securities·2025-08-29 08:07Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1]. Core Insights - The State Council has officially released the "Artificial Intelligence+" action plan, aiming for widespread integration of AI across six key areas by 2027, with a target application penetration rate of over 70% for new intelligent terminals and agents. By 2030, this rate is expected to exceed 90%, leading to a new stage of intelligent economy and society by 2035. The report suggests that continuous top-level policy support will accelerate AI applications across various fields, enhancing the infrastructure for AI, including algorithms, computing power, and data [2][20][28]. Summary by Sections Industry Performance Review - The computer sector has seen a cumulative increase of 13.61% over the past two weeks (2025/8/15-2025/8/28), outperforming the CSI 300 index by 6.65 percentage points, ranking 4th among 31 first-level industries. In August, the sector rose by 17.21%, and year-to-date, it has increased by 32.54%, surpassing the CSI 300 index by 19.10 percentage points [2][9][12]. Valuation Situation - As of August 28, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 61.77 times, placing it in the 96.09th percentile for the past five years and the 91.96th percentile for the past ten years [19][21]. Industry News - Key developments include the State Council's release of the "Artificial Intelligence+" action plan, the launch of DeepSeek-V3.1, Google's introduction of the Gemini 2.5 Flash Image model, OpenAI's GPT-realtime voice model, xAI's Grok Code Fast 1, and Alibaba's open-source video generation model Wan2.2-S2V [20][22][23]. Company Announcements - Notable company announcements include: - Dameng Data reported a 48.65% increase in revenue to 523 million yuan and a 98.36% rise in net profit to 205 million yuan for the first half of 2025 [23]. - Inspur Information achieved a revenue of 80.192 billion yuan, up 90.05%, with a net profit of 799 million yuan, a 34.87% increase [23]. - Yonyou Network reported a revenue decline of 5.9% to 3.581 billion yuan, with a net loss of 945 million yuan [23][24]. Investment Opportunities - The report suggests focusing on investment opportunities in AI applications and computing power, highlighting companies such as: - GuoDianYunTong (002152.SZ) for its stable growth in financial technology and deepening layout in data elements and computing power [29]. - Digital China (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain, expected to benefit from rising domestic computing power demand [29]. - Inspur Information (000977.SZ) for its strong position in cloud computing and AI servers [29].