Haitong Securities International·2025-12-15 07:08Investment Rating - The report maintains a positive outlook on the computer industry, with key targets including Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Hehe Information, Hikvision, Newland Digital Technology, Autel, and Hygon, with Dawning Information Industry as a related target [3][8]. Core Insights - Recent developments in the tech sector indicate that AI is advancing in both specialization and terminalization, exemplified by OpenAI's breakthroughs with the GPT-5.2 series and Zhipu's efforts to popularize cellphone AI [3][8]. - The USA has conditionally approved the export of NVIDIA's H200 AI chips to China, but this comes with significant restrictions, including generational locks and a requirement for a 25% sales commission to the US Treasury [3][8]. - In the commercial space sector, the Long March 12 rocket's frequent launches demonstrate efficient deployment capabilities, and the establishment of the "Space Computing Joint Laboratory" enhances domestic capabilities in space technology [3][8]. Summary by Sections AI Technology Developments - AI technology has made significant strides, with OpenAI's GPT-5.2 achieving expert-level performance in GDPval benchmarks, enhancing capabilities in long document reasoning and complex tool usage [3][8]. - Zhipu AI has open-sourced its cellphone project Open-AutoGLM, allowing AI to interact with mobile screens for cross-application tasks, significantly lowering development barriers for high-performance AI assistants [3][8]. Geopolitical and Supply Chain Considerations - The conditional approval for NVIDIA's chip exports reflects a complex geopolitical landscape, with the US aiming to protect national security while providing limited options for Chinese markets [3][8]. - The stringent conditions attached to the chip exports are expected to accelerate China's pursuit of domestic alternatives, fostering the growth of local AI computing capabilities [3][8]. Commercial Space Advancements - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, showcasing China's efficient deployment capabilities for large satellite constellations [3][8]. - The "Space Computing Joint Laboratory," established in collaboration with Shanghai Jiao Tong University and Guoxing Aerospace, focuses on developing autonomous space computing chips and in-orbit maintenance technologies [3][8].