计算机行业2025年半年度业绩综述：上半年业绩表现亮眼，营收及利润实现双位数增长

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting it to outperform the market index by over 10% in the next six months [1][87]. Core Insights - The computer industry has shown strong performance in the first half of 2025, with revenue and profit both achieving double-digit growth. The overall revenue for H1 2025 reached 604.415 billion yuan, a year-on-year increase of 12.14%. The net profit attributable to shareholders was 13.496 billion yuan, reflecting a significant year-on-year growth of 38.37% [3][26][81]. - The industry is benefiting from the rapid development of artificial intelligence (AI) and related technologies, with strong demand in sectors such as computing infrastructure, intelligent driving, and cybersecurity [3][80]. Summary by Sections 1. Market and Institutional Holdings Review - The SW computer industry index has increased by 30.59% year-to-date as of August 31, 2025, outperforming the CSI 300 index by 16.31 percentage points, ranking fifth among 31 industries [3][10]. - As of September 5, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 55.75 times, indicating a high valuation level [11][15]. - Institutional holdings in the computer industry were 1.60% in Q1 2025 and slightly decreased to 1.51% in Q2 2025, remaining below the benchmark allocation [12][15]. 2. Industry Performance in H1 2025 - The computer industry reported a total revenue of 604.415 billion yuan in H1 2025, with a net profit of 13.496 billion yuan, marking a recovery in profitability [26][35]. - The industry’s gross margin was 23.19%, a decrease of 2.58 percentage points year-on-year, while the net margin improved by 0.42 percentage points to 2.23% [26][40]. 3. Subsector Performance - The computing infrastructure sector saw a remarkable revenue growth of 50.06% in H1 2025, driven by strong demand for AI-related products [53]. - In Q2 2025, the intelligent driving sector achieved a net profit growth of 146.72%, while the cloud SaaS sector also showed significant improvement in profitability [69][80]. - The subsectors of AI and cloud SaaS demonstrated comprehensive improvements in operational performance and profitability in Q2 2025 [80]. 4. Investment Recommendations - The report suggests focusing on areas with expected demand expansion and government policy support, particularly in AI computing, AI applications, and trusted innovation sectors [81].