Huachuang Securities·2025-09-17 04:42Investment Rating - The report maintains a "Recommendation" rating for the computer industry [3] Core Viewpoints - The computer industry is entering a wide fluctuation period, focusing on leading companies and the bottom opportunities in AI+ applications. The report suggests that the industry may experience trends such as reduced R&D expenses, increased revenue share from AI+, and improved domestic levels, with performance expected to reach a turning point in the second half of 2025 [9][10] Summary by Sections Industry Weekly Viewpoint - The computer index rose by 4.26% during the week of September 8-12, outperforming the ChiNext index by 2.36 percentage points. The top three gainers were Chuangzhong Technology (52.91%), Kaipu Cloud (36.96%), and Xinjun Network (30.81%) [9][13] - The report emphasizes that the themes of stablecoins and DeepSeek are gradually cooling, while domestic application demand and orders are being released, marking a critical window for AI+ applications [9][10] Overseas Market - Oracle's 1QFY2026 financial report showed a significant increase in Remaining Performance Obligations (RPO), reaching $455 billion, a year-on-year growth of 359%. The growth is attributed to new cloud contracts signed with leading AI companies [11][18] - NVIDIA launched the Rubin CPX, a new generation GPU designed for large-scale contextual processing, which significantly enhances AI system performance [23][26] Domestic Market - Alibaba is increasing its investment in AI and cloud infrastructure, planning to invest over 380 billion yuan in the next three years, which exceeds the total of the past decade. In 1QFY2026, Alibaba Cloud achieved external commercial revenue of 33.398 billion yuan, a year-on-year increase of 26% [30][34] - The Qwen model has entered the global first tier, with significant advancements in AI capabilities, and has become a key player in the open-source model segment [33][34] Investment Recommendations - The report suggests focusing on domestic computing power companies such as Cambrian, Haiguang Information, and Inspur Information, as well as application companies like Dameng Data and China Software. It also highlights AI+ companies like Kingsoft Office and iFLYTEK as potential investment opportunities [10][36]