计算机行业双周报（2025、11、14-2025、11、27）：阿里、腾讯入局C端智能体，关注AI应用商业化进程-20251128

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [30]. Core Insights - The report highlights the entry of Alibaba and Tencent into the consumer AI market, focusing on the commercialization of AI applications. It emphasizes the potential for these tech giants to leverage their extensive user ecosystems and AI technologies to create a complete AI business loop, enhancing competitiveness and profitability [19][27]. - The report suggests actively monitoring the commercialization process of AI applications and favoring companies that are expected to accelerate performance through AI-driven technologies and products [27]. Summary by Sections Industry Performance Review - The computer industry index fell by 2.38% over the two weeks from November 14 to November 27, 2025, outperforming the CSI 300 index by 1.59 percentage points, ranking 6th among 31 first-level industries. The index dropped 6.02% in November, underperforming the CSI 300 by 3.32 percentage points, but has risen 17.58% year-to-date, outperforming the CSI 300 by 2.83 percentage points [8][11]. Valuation Situation - As of November 27, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 54.14 times, placing it in the 86.46th percentile over the past five years and the 73.87th percentile over the past ten years [18]. Industry News - Key developments include Alibaba's launch of the "Qianwen" project aimed at the AI to C market, and Tencent's plans to introduce an AI assistant within WeChat. Both companies are expected to enhance their platforms with AI capabilities, potentially creating new revenue streams [19][21][27]. - Nvidia reported a revenue of $57 billion for Q3 FY2026, a 62% year-on-year increase, driven primarily by its data center business [21]. Company Announcements - Recent announcements include various companies' strategic moves, such as Zhongfu Information's capital increase and Chuangxin Technology's potential stock issuance, which may lead to changes in control [22][24]. Weekly Perspective - The report reiterates the significance of Alibaba's "Qianwen" project and Tencent's AI initiatives, suggesting that these developments could lead to a robust AI commercial ecosystem, benefiting both companies and the broader industry [26][27]. Recommended Stocks - The report identifies several companies to watch, including: - Guodian Yuntong (002152.SZ) for its stable growth in fintech and deepening layout in data elements and computing power. - Shenzhou Digital (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain, expected to benefit from rising domestic computing power demand. - Inspur Information (000977.SZ) for its focus on cloud computing and AI, maintaining a leading position in AI servers [28].