计算机行业11月投资策略展望：海外AI算力维持高景气，关注信创产业投资机遇

Industry Overview - The "14th Five-Year Plan" emphasizes the comprehensive implementation of the "Artificial Intelligence +" initiative, aiming to integrate AI with various sectors to enhance productivity and innovation [15][43] - Recent performance from North American cloud computing companies shows strong capital expenditure in Q3 2025, with optimistic projections for AI investments in 2026, indicating sustained high demand for AI computing power [43][45] - The urgency for self-sufficiency in critical software areas like EDA and operating systems is increasing due to international tensions, highlighting the importance of key technology breakthroughs for national security [5][43] Industry Data - In September 2025, the Producer Price Index (PPI) for the computer industry remained flat month-on-month but decreased by 1.3% year-on-year [18][21] - From January to September 2025, China's software industry generated revenue of CNY 111,126 billion, a year-on-year increase of 13.0%, with total profits reaching CNY 14,352 billion, up 8.7% [21][26] - The cumulative production of electronic computers in China from January to September 2025 was 261.907 million units, reflecting a 0.4% year-on-year growth [20][21] Company Announcements - Kingsoft Office reported a 13.32% year-on-year increase in net profit for the first three quarters of 2025, driven by strong performance in its WPS product line [33] - Zhongke Shuguang achieved a 25.55% year-on-year increase in net profit for the same period, supported by its innovative hardware and software solutions [36] Market Performance - From October 1 to October 31, 2025, the Shenwan Computer Industry Index fell by 2.28%, with varying performances across sub-sectors [37][41] - As of October 31, 2025, the price-to-earnings ratio for the Shenwan Computer Industry was 58.30 times, with a valuation premium of 361.50% compared to the CSI 300 index [38][40] Investment Strategy - The report maintains a "positive" outlook for the computer industry, suggesting that the ongoing effects of AI industry growth and the deepening process of domestic substitution will continue to enhance industry prosperity [6][45] - It is recommended to focus on leading companies that possess the capability to implement AI technologies effectively and adapt to various application scenarios [5][43]