计算机行业跟踪报告：SW计算机行业2025上半年业绩向好，盈利能力及经营质量均有所提升

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [5][40]. Core Insights - The SW computer industry showed significant recovery in the first half of 2025, with revenue and net profit increasing year-on-year, reflecting improved profitability and operational quality. The industry achieved a revenue of 611.41 billion yuan, a year-on-year growth of 11.77%, and a net profit of 12.86 billion yuan, a substantial increase of 40.99% [2][14][16]. Summary by Sections 1. Performance Overview - In the first half of 2025, the SW computer industry experienced a notable recovery, with revenue reaching 611.41 billion yuan, up 11.77% year-on-year, and net profit at 12.86 billion yuan, up 40.99% year-on-year. The performance varied significantly among companies, with larger firms benefiting from scale effects [2][14][16]. 2. Subsector Performance - The performance across subsectors was mixed, with computer equipment showing better revenue and profitability compared to IT services and software development. The IT services III and other computer equipment subsectors saw higher revenue growth, while the vertical application software sector experienced a decline [8][31][34]. 3. Investment Recommendations - The report suggests focusing on two main investment themes: AI and domestic innovation (信创). Key areas of interest include the commercialization of AI products, demand for AI applications, and growth in the domestic innovation sector driven by government procurement and market demand [9][37].