Huaan Securities·2025-09-21 08:48Investment Rating - Industry investment rating: Overweight [1] Core Views - Nvidia is under further investigation for antitrust violations by the State Administration for Market Regulation, leading to a decline in its stock price and raising investor concerns about its risks in the Chinese market [3][12] - Nvidia has invested $5 billion in Intel stock, which has positively impacted Intel's stock price [5][14] - The investigation of Nvidia may create uncertainties in the global semiconductor industry and redefine the rules and landscape of the China-U.S. semiconductor supply chain, potentially accelerating the development of domestic chip companies [5][14] Summary by Sections 1. Computer Industry Views - Nvidia's antitrust violations have prompted further investigation by the State Administration for Market Regulation, causing a drop in its stock price and investor concerns about risks in the Chinese market [3][12] 2. Market Review 2.1 Computer Sector Performance - The computer industry index increased by 1.12%, outperforming the Shanghai Composite Index by 2.43 percentage points and the CSI 300 Index by 1.56 percentage points, while underperforming the ChiNext Index by 1.22 percentage points. Year-to-date, the computer industry index has risen by 26.57% [16][17] 2.2 Computer Stock Performance - Notable performers in the computer sector include Information Development, Tianze Information, and Kaipu Cloud, with recommendations to focus on investment opportunities in financial IT, industrial software, and trusted computing [19] 3. Technology Software Industry News 3.1 Computing Power - Huawei has launched the world's strongest computing power supernodes and clusters, supporting significant advancements in AI development [22] 3.2 Low-altitude Economy - The second International Low-altitude Economy Expo will be held in July 2026, focusing on the high-quality development of the low-altitude economy [23] 3.3 Automotive Intelligence - Hong Kong is accelerating the development of autonomous driving with government support, aiming for commercial operations [24] 3.4 Cybersecurity - New regulations require timely reporting of cybersecurity incidents, emphasizing the need for improved security operations among enterprises [25][27] 3.5 Data Elements - The National Data Bureau is advancing the construction of data element pilot zones to enhance data circulation and value [26] 3.6 Artificial Intelligence - The Zhangjiang AI Innovation Town aims to become a hub for AI innovation, providing various support measures for startups [28]