NORTHEAST SECURITIES·2025-11-16 14:55Group 1 - The core viewpoint of the report emphasizes that the commercialization of AI is more important than digital transformation, with the computer industry expected to undergo a revaluation due to the recovery of fundamentals and the acceleration of AI commercialization by 2026 [2][3]. - The report highlights that the overall revenue of the computer sector reached 11,533.72 billion yuan in the first three quarters, representing a year-on-year increase of 6.93%, while the net profit attributable to the parent company increased by 18.45% to 203.14 billion yuan [2][3]. - The report identifies key segments to watch in 2026, including domestic computing power, overseas storage and computing power, cloud computing, IDC, and application chains, particularly focusing on AI applications in various industries [3][4]. Group 2 - Domestic computing power is accelerating, with leading companies like Huawei, Cambricon, and Haiguang Information driving development, supported by increased demand from major clients such as Alibaba and ByteDance [3][4]. - The overseas computing and storage market is evolving towards commercial application, with significant capital expenditures expected to drive performance in 2026, particularly in the CCL upstream sector [3][4]. - The cloud computing sector is witnessing a surge in demand, exemplified by OpenAI's partnership with Amazon, which involves a $38 billion AI cloud computing deal over seven years, indicating a growing need for underlying computing power [3][4]. Group 3 - The IDC sector is expected to see accelerated order releases as major domestic companies continue to invest, with orders anticipated to gradually materialize in 2026 [3][4]. - The application chain, particularly in AI, is projected to experience a dual recovery in valuation and fundamentals, with significant advancements expected in AI applications across healthcare, education, finance, and office scenarios [3][4]. - The report notes that the AI-driven demand for high-bandwidth memory (HBM) and other advanced storage solutions is reshaping the supply-demand structure and industry value [3][4].