Dongguan Securities·2025-12-12 08:40Investment 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 [36]. Core Insights - The approval of NVIDIA's H200 chip sales to China is expected to enhance domestic AI computing power supply, alleviating bottlenecks in model training and AI application deployment. However, the 25% revenue share to the U.S. government may increase procurement costs for domestic users, pushing for rapid development of domestic computing capabilities [31][22]. - The SW computer sector has seen a cumulative decline of 3.01% over the past two weeks, underperforming the CSI 300 index by 3.82 percentage points, ranking 25th among 31 first-level industries [11][4]. Summary by Sections 1. Market Review - The SW computer sector has experienced a cumulative decline of 3.01% from November 28 to December 11, 2025, and a 3.79% decline in December, underperforming the CSI 300 index by 3.82 and 4.35 percentage points respectively. Year-to-date, the sector has risen by 14.05%, lagging behind the CSI 300 index by 1.64 percentage points [11][4]. 2. Valuation Situation - As of December 11, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 52.80 times, positioned at the 84.54th percentile over the past five years and the 70.80th percentile over the past ten years [21][23]. 3. Industry News - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, imposing a 25% fee per chip. Other companies like AMD and Intel are also included in this arrangement [22]. - DeepSeek has released version 3.2 of its software, enhancing its reasoning capabilities [22]. - Alibaba has established a new C-end business group, aiming to create a super app for AI services [22]. - OpenAI has launched the GPT-5.2 series, significantly improving its capabilities in various tasks [22]. - Microsoft plans to invest $17.5 billion in India over the next four years to expand its AI and cloud computing operations [22]. 4. Company Announcements - Various companies have made announcements regarding asset transfers, capital increases, and strategic investments aimed at enhancing operational efficiency and market competitiveness [24][25][26][27][28][29][30]. 5. Weekly Perspective - The approval of H200 chip exports is expected to boost domestic AI computing capabilities in the short term, while the associated costs and performance limitations may drive the rapid development of domestic computing solutions in the long term [31]. 6. Recommended Focus Stocks - The report suggests focusing on companies like GuoDianYunTong, ShenZhouDigital, Inspur Information, and TaxFriend for their strong growth potential in the financial technology and AI sectors [32].