HUAXI Securities·2025-11-04 13:11Investment Rating - The industry rating is "Recommended" [5] Core Insights - The computer industry showed significant improvement in Q3 2025, with total revenue reaching 328.01 billion, a year-on-year increase of 5.28% [1][15] - Net profit for the industry increased by 25.19% year-on-year, totaling 10.54 billion, with over 19 companies experiencing more than double profit growth [1][16] - The gross profit margin for the industry declined by 2.46 percentage points year-on-year in Q3 2025 [1][31] - Management expenses saw a significant decrease, while sales and R&D expenses remained stable [1][31] Summary by Sections Overall Industry Performance - As of November 3, 2025, the computer industry reported a total revenue of 3280.13 billion for Q3 2025, marking a 5.28% increase compared to the same period last year [1][15] - Approximately 44% of companies in the sector reported negative revenue growth, with 145 companies (43.81%) experiencing a decline [15] Profitability Analysis - The industry achieved a net profit of 105.39 billion in Q3 2025, reflecting a 25.19% increase year-on-year [1][16] - A total of 154 companies reported losses, amounting to 62.15 billion, with the top 20 loss-making companies accounting for 53.86% of the total losses [16][26] Segment Performance - The industry is divided into 17 segments, with 10 segments reporting positive revenue growth, including: - Quantum Computing (+49.57%) - AI Computing (+12.88%) - Data Elements (+10.23%) - Financial IT (+10.74%) [2][33] Fund Holdings - As of November 3, 2025, the top five companies by fund holdings in the computer industry are: - Kingsoft Office - Zhongke Shuguang - iFlytek - Hikvision - Inspur Information [3] Investment Recommendations - Beneficial targets include: - AI Applications: RunDa Medical, Wanjing Technology, Kingsoft Office, etc. - Computing Integrated Machine Industry Chain: KaiPu Cloud, Yuncong Technology, etc. - Data Element Industry Chain: Taiji Co., Shensanda, etc. [4][7]