KAIYUAN SECURITIES·2025-11-03 09:23Group 1 - The computer index has outperformed the CSI 300 index, with a year-to-date increase of 25.12% as of October 31, 2025, ranking ninth among all primary industries [3][10] - Fund holdings in the computer sector remain low, with a percentage of 2.92% as of September 30, 2025, indicating a stable but historically low level of investment [3][19] - The computer sector has shown signs of performance recovery, with a median revenue growth of 3.10% and a net profit growth of 3.93% year-on-year for the first three quarters of 2025 [3][15] Group 2 - Two core trends are emphasized: rapid advancements in AI and the acceleration of domestic security initiatives [4] - AI innovation is ongoing, with significant developments in model capabilities, cost reductions, and the emergence of Chinese open-source models like Deepseek and Qwen gaining global recognition [4][27] - The domestic software and hardware sectors are entering a "usable" phase, with policies promoting technological self-reliance leading to a golden development period for domestic computing power and AI chips [4][99] Group 3 - Investment recommendations include companies benefiting from AI applications such as Kingsoft Office, Hohhot Information, and Dingjie Zhizhi, among others [5] - For AI computing power, recommended companies include Haiguang Information, Sugon, and Inspur Information, with beneficiaries like Cambricon and Jingjia Micro [5] - In the context of domestic innovation, companies like Dameng Data and Taiji Co., Ltd. are highlighted as key players in the software and hardware sectors [5]