Sugon(SH:603019) Dongguan Securities·2025-11-14 09:43Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [1][32]. Core Insights - Domestic technology giants are actively investing in supernode technology, presenting investment opportunities in domestic AI computing power [1][28]. - The SW computer sector has seen a cumulative decline of 2.64% over the past two weeks, underperforming the CSI 300 index by 2.48 percentage points, ranking 28th among 31 first-level industries [10][13]. - The sector's price-to-earnings (PE) ratio is 55.36 times, placing it in the 88.40th percentile over the past five years and the 77.89th percentile over the past ten years [20][22]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 2.64% from October 31 to November 13, 2025, and a decline of 3.73% in November, while it has increased by 20.45% year-to-date, outperforming the CSI 300 index by 0.95 percentage points [10][13][14]. 2. Valuation Situation - As of November 13, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 55.36 times, which is in the 88.40th percentile for the last five years and the 77.89th percentile for the last ten years [20][22]. 3. Industry News - Major developments include the launch of the Kimi K2 Thinking model by Moon's Dark Side, the introduction of the world's first single-cabinet 640-card supernode scaleX640 by Inspur, and Tencent's announcement of lower-than-expected capital expenditures for the year [21][23][28]. - Anthropic plans to invest $50 billion in a data center in the U.S., while Baidu has released new Kunlun chips M100 and M300 for AI applications [21][23]. 4. Company Announcements - Recent announcements include a share transfer agreement by Jin Chengzi and a joint venture by Jin Yi Technology to establish a company focused on energy technology [24][25][27]. 5. Weekly Perspective - The report highlights the significance of the scaleX640 supernode, which enhances computing power and efficiency, and emphasizes the importance of domestic AI computing power investment opportunities [28][29].