Hygon Information Technology (SH:688041) Ping An Securities·2025-12-14 08:44Investment Rating - The industry investment rating is "Outperform the Market" [18] Core Viewpoints - The launch of AutoGLM by Zhiyu is expected to accelerate the development of the AI Agent mobile ecosystem, providing a public foundation for the industry to collaboratively enhance AI capabilities [3][4] - The Central Economic Work Conference emphasizes the need for innovation-driven growth and the urgent cultivation of new economic drivers, highlighting the importance of AI and technology innovation [7] - The competition in the global AI large model sector remains intense, which is likely to drive the widespread application of large models and sustain high demand in the AI computing market [14] Summary by Sections Industry News and Commentary - Zhiyu announced the open-source release of AutoGLM on December 9, which includes a trained core model, Phone Use capability framework, demo covering over 50 high-frequency Chinese apps, and documentation for quick onboarding [3][5] - The Central Economic Work Conference held on December 10-11 highlighted the urgency of fostering new economic drivers, with specific tasks including enhancing education and technology talent development, establishing international technology innovation centers, and improving AI governance [7] Company Announcements - Boshi Software announced the acquisition of a 38% stake in Fujian Shucun Technology Development Co., Ltd. for a total price of 17.77 million yuan [8] - Haiguang Information announced the termination of a major asset restructuring plan due to unfavorable market conditions [8] - Zhiyuan Huitong elected a new chairman and appointed senior management [8] Weekly Market Review - The computer industry index fell by 1.14% this week, underperforming the CSI 300 index, which decreased by 0.08% [9] - The overall P/E ratio for the computer industry is 53.2 times, with 107 out of 360 A-share component stocks rising, 250 falling, and 2 suspended [11] Investment Recommendations - The report recommends focusing on AI computing stocks such as Haiguang Information, Industrial Fulian, and Inspur Information, and strongly recommends AI algorithm and application companies like Hengsheng Electronics and Zhongke Chuangda [14]