Bank of China Securities·2025-11-04 00:16Investment Rating - The report assigns a "Strong Buy" rating for the computer industry, particularly focusing on AI applications and quantum computing [6]. Core Insights - The integration of AI into various applications is deepening, with significant government support and technological advancements driving growth in the sector [6][12]. - Quantum computing is entering a new era with the introduction of NVQLink, which facilitates practical applications by connecting quantum processors with GPU supercomputers [6][17]. - Cursor has transitioned from an AI shell to a native AI programming platform, enhancing its capabilities with new models and interfaces [6][19]. - OpenAI is preparing for a historic IPO, potentially valued at $1 trillion, marking its shift from a non-profit to a profit-driven tech giant [6][22]. - The signing of an 80.5 million yuan contract by Yujian Robotics signifies the commercialization of embodied intelligence in high-precision manufacturing [6][24]. Summary by Sections AI Integration - The "14th Five-Year Plan" emphasizes the implementation of "AI+" actions, aiming to integrate AI across various sectors, enhancing productivity and innovation [12][13]. - As of September 2025, the active user base for AI applications reached 729 million on mobile and 200 million on PC, indicating robust growth in the sector [12][14]. Quantum Computing - NVQLink, introduced by NVIDIA, connects quantum processors with GPU supercomputers, enhancing computational efficiency and enabling real-time error correction [17][18]. - The system has shown a 200-fold increase in computational speed for molecular simulations while reducing power consumption by 15% [17][18]. AI Programming Platforms - Cursor's new model, Composer, offers a fourfold speed advantage in coding tasks, marking its evolution into a fully integrated AI platform [19][20]. - The platform allows for parallel operation of multiple AI agents, improving coding efficiency and quality through collaborative problem-solving [19][20]. OpenAI's IPO - OpenAI's restructuring aims to bolster its market position, with plans to raise at least $60 billion through its IPO, potentially making it the largest in history [22][23]. Robotics in Manufacturing - Yujian Robotics has secured a significant contract for embodied intelligence robots, indicating a shift from concept to practical application in high-end manufacturing [24][25][26].