Zhongyuan Securities·2025-12-08 09:22Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the market [6]. Core Insights - The report highlights the acceleration of AI applications in the mobile sector, with DeepSeek planning to increase its investment in pre-training models, which is expected to enhance model capabilities and create significant opportunities for domestic chip manufacturers [6]. - The domestic operating system, HarmonyOS, is entering a critical development phase, benefiting from Huawei's strong push in AI business, which is favorable for ecosystem partners [6]. - The report emphasizes the increasing demand for AI servers and the need for manufacturers to enhance their overall system design capabilities due to the rising demand for supernodes [6]. Summary by Sections Industry Data - In the first ten months of 2025, the software industry revenue reached 12.51 trillion yuan, with a year-on-year growth of 13.2%, marking an ongoing recovery for eight consecutive months [11]. - The cloud computing and big data services sector grew by 13.4% year-on-year, driven by AI applications, outpacing the overall software industry growth [16]. Domestic Chip Development - The domestic AI chip market is witnessing a significant increase in production, with the domestic AI chip ratio rising from 34% in the second half of 2024 to 35% in the first half of 2025, indicating a clear upward trend [35]. - The HarmonyOS system has surpassed 23 million terminal devices, marking a significant milestone in its development and adoption [42]. AI and Computing Power - The report notes that overseas tech companies are increasing capital investments, while domestic firms are experiencing a decline in capital expenditure due to chip supply constraints, although a long-term upward trend is expected [6]. - AI chip performance is continuously improving, with liquid cooling becoming a mainstream solution, enhancing economic efficiency [6]. Investment Recommendations - The report suggests focusing on companies with significant intelligent computing center delivery plans, such as Runze Technology (300442), Sugon (603019), and Zhongke Xingtai (688568), which have integrated industry chain advantages [6].