Changjiang Securities·2025-11-10 15:18Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The computer sector experienced a volatile correction last week, with an overall decline of 2.59%, ranking 32nd among primary industries in the Yangtze River region [2][4]. - Key developments include the launch of the commercial quantum computer Helios by Quantinuum, the establishment of a national data element comprehensive pilot zone in Beijing, and the release of the Kimi K2 Thinking model by Moonlight [5][10]. - The report emphasizes the potential investment opportunities in the space computing industry, particularly focusing on satellite manufacturers, space-hardened computing hardware suppliers, and space computing operators [6][52]. Summary by Sections Market Performance - The computer sector's trading volume accounted for 7.47% of the total market, with active mergers and acquisitions [2][4]. - The Shanghai Composite Index fluctuated around the 4000-point mark, closing at 3997.56 points with an overall increase of 1.08% [4][12]. Key Developments - Quantinuum's Helios quantum computer aims to accelerate the adoption of hybrid quantum-classical computing, featuring high fidelity and the highest accuracy among commercial quantum computers [20][23]. - Beijing's initiative to create a national data element comprehensive pilot zone is expected to enhance the data element industry, with a goal to complete pilot tasks by 2027 [24][25]. - The Kimi K2 Thinking model showcases advancements in agent and reasoning capabilities, achieving state-of-the-art performance in various benchmarks [31][34]. Investment Recommendations - The report suggests focusing on the space computing sector, particularly on companies involved in satellite manufacturing, launch services, and resilient computing hardware [6][52]. - The ongoing developments in space computing are seen as a critical direction for future computational resources, driven by the increasing energy demands of AI and data centers [42][43].