China Post Securities·2025-09-11 07:32Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the strong performance of major companies in the AI and cloud sectors, with Tencent and Alibaba showing significant revenue growth driven by AI investments [5][6] - Tencent's Q2 revenue reached 184.5 billion, a year-on-year increase of 15%, while Alibaba's cloud revenue grew by 26% to 33.398 billion, marking a three-year high [5][6] - The report emphasizes the competitive advantage of Chinese super apps in dominating the AI entry point, contrasting with the hardware-dominated market in the U.S. [7] Summary by Sections Industry Overview - The closing index for the computer industry is 5307.24, with a 52-week high of 5841.52 and a low of 2855.49 [1] Recent Company Performance - Tencent's gaming revenue for Q2 was 40.4 billion domestically and 18.8 billion internationally, reflecting year-on-year growth of 17% and 35% respectively [5] - Alibaba's capital expenditure for Q2 was 38.676 billion, a 220% increase year-on-year, as the company aims to invest 380 billion over the next three years in AI [6] Investment Recommendations - The report suggests focusing on companies such as Tencent, Alibaba, NetEase, Kuaishou, Xiaomi, JD Group, Tencent Music, Kingdee International, Baidu, SenseTime, Kingsoft Cloud, Bilibili, Meitu, China Software International, and Inspur Digital [8]