国产AI或将全面超越

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that the domestic AI sector has transitioned from quantitative accumulation to qualitative breakthroughs, supported by government policies and advancements in core technologies [5] - The launch of the DeepSeek V4 model is anticipated to enhance code generation and long-context processing capabilities, positioning domestic AI models among the global top tier [6] - Domestic AI chip performance is evolving from "following" to "benchmarking," with major players like Huawei planning significant upgrades to their chip series [7] - The capital expenditure (Capex) for domestic cloud service providers (CSPs) is expected to increase significantly in 2026, with ByteDance planning around 160 billion RMB and Alibaba over 380 billion RMB for technology development [8] - The user penetration of AI applications is rapidly increasing, with monthly active users (MAU) for AI applications in China growing from 135 million in January 2024 to 544 million in January 2025 [9] Summary by Relevant Sections Industry Basic Situation - The closing index is at 5653.73, with a 52-week high of 5841.52 and a low of 3994.26 [2] Relative Index Performance - The relative performance of the computer industry compared to the CSI 300 index shows fluctuations, with a notable increase of 41% from January 2025 to January 2026 [4] Investment Recommendations - The report suggests focusing on various sectors, including internet companies like Alibaba and Tencent, AI agents, and domestic and overseas computing power providers [10]