计算机行业周报：板块下跌幅度较大，阿里千问拓展C端市场-20251117

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [6]. Core Insights - The computer industry index (Shenwan) declined by 3.03% during the week of November 10-14, 2025, following the overall market trend. The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01% [1][11]. - In terms of sub-sectors, the Shenwan secondary industry indices for computer equipment, IT services II, and software development experienced declines of -3.40%, -2.00%, and -3.60%, respectively [1][13]. - Alibaba has secretly launched the "Qianwen" project, developing a personal AI assistant app to compete with ChatGPT, which is seen as a critical move in the AI era. This initiative aims to expand Alibaba's presence in the consumer market, leveraging its vast customer base [4][20]. Summary by Sections 1. Index Performance - The computer industry index saw a decline of 3.03% during the specified week, with notable drops in the overall market indices [1][11]. 2. Major Events - OpenAI released the GPT-5.1 series models, enhancing AI interaction capabilities [16]. - LMArena introduced a new coding evaluation system, and the domestic model GLM-4.6 ranked first in performance [16]. - ChatGPT is set to launch a group chat feature, enhancing user interaction [16]. - Volcano Engine launched a new code model with reduced pricing, supporting visual understanding capabilities [16]. 3. Key Announcements - Lingzhi Software announced plans to acquire 100% of Kaimiride's shares through a combination of stock issuance and cash payment [2]. - Shiji Information reported a partnership with Amadeus to integrate their technology platforms for the travel industry [2][17]. - Four Directions Technology is planning to issue H shares and list on the Hong Kong Stock Exchange [3][19]. 4. Investment Perspective - The report emphasizes the potential of Alibaba's Qianwen app to accelerate its expansion into the consumer market, suggesting investors pay attention to related companies within Alibaba's ecosystem [4][20].