Haitong Securities International·2025-12-22 07:36Investment Rating - The report maintains a positive outlook on the computer industry, recommending key targets such as Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, Hikvision, Hygon, and Dawning Information Industry [3][9]. Core Insights - The AI foundation model industry in China is experiencing accelerated productization and capitalization, with significant advancements from Volcengine, which released Doubao 1.8 and Seedance 1.5 Pro, achieving global leadership in multimodal capabilities and processing over 50 trillion tokens daily [10]. - Zhiyuan AI and MiniMax have successfully passed HKEX hearings and are expected to list in early 2026, providing a quantifiable market valuation benchmark for the industry [10]. - The Ministry of Industry and Information Technology has issued L3 autonomous driving permits, marking a transition to conditional commercialization, with specific models from Changan and BAIC Arcfox approved for limited road use [11]. - Domestic GPU companies are actively pursuing capital market entry to support R&D and market expansion, with TianShu ZhiXin planning to raise 300 to 400 million USD and other companies like Biren Technology and Kunlun Chip Technology advancing their listings [12]. Summary by Sections AI Foundation Models - The report highlights the rapid advancements in AI technology, particularly with the release of Doubao 1.8 and Seedance 1.5 Pro, which have significantly reduced operational costs for enterprises [10]. - The successful IPO preparations of Zhiyuan AI and MiniMax are expected to enhance the industry's financial landscape and provide a basis for future valuations [10]. Autonomous Driving - The issuance of L3 autonomous driving permits signifies a critical step towards commercial applications, with safety regulations emphasizing the responsibility of manufacturers over drivers [11]. GPU Market Developments - The report notes a surge in domestic GPU companies seeking public listings to fund advanced chip development, reflecting strong market interest and a shift towards self-reliance in semiconductor technology [12].