计算机行业周度：AI算力爆发与商业落地分化-20250908

Investment Rating - The report maintains a "Positive" rating for the computer industry, indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [7]. Core Insights - The report highlights a significant explosion in AI computing power driven by the deployment of AI Agents, which has led to a rapid increase in token consumption. For instance, Google's monthly token processing volume reached 980 trillion in May-July 2025, while China's daily token consumption surged over 300 times compared to early 2024, reaching 30 trillion [3][17]. - The integration of AI into core business operations is becoming a critical differentiator for growth, with successful companies leveraging AI to enhance their primary business functions, as seen with Palantir and Spotify. In contrast, companies that fail to align AI with their core operations face increased challenges [20][21]. - The report emphasizes the need for investors to focus on quantifiable metrics, as the decline in AI inference costs accelerates commercialization. Companies like Qianfang Technology and Hengsheng Electronics have demonstrated significant growth, validating the effectiveness of AI in enhancing business performance [4][25]. Summary by Sections Market Review - The computer sector index fell by 7.27% from September 1 to September 5, 2025, underperforming the CSI 300 index by 6.46 percentage points, ranking 30th among other industries [12][15]. Focus of the Week - AI computing demand is experiencing exponential growth, primarily driven by the deployment of AI Agents, which significantly increases task complexity and interaction frequency, leading to a surge in token consumption [3][17]. - The report notes a divergence in commercial outcomes, where successful companies integrate AI deeply into their core operations, while others struggle due to a disconnect between AI initiatives and their primary business [20][21]. Investment Clues - The report suggests focusing on quantifiable indicators, as the reduction in AI inference costs accelerates commercialization. The high usage rates of applications like ChatGPT lay a solid foundation for monetization [4][24]. - Structural opportunities in AI are concentrated in vertical sectors such as enterprise management, finance, healthcare, office, education, and coding, with specific companies highlighted as leaders in these areas [27][28].