Changjiang Securities·2026-01-20 14:11Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7] Core Viewpoints - The report expresses optimism regarding AI applications and domestic computing power investment opportunities, highlighting the acceleration of AI applications and the potential for industry upgrades in the long term [6][40] - The introduction of the Universal Commerce Protocol (UCP) by Google is seen as a significant development that could reshape the e-commerce landscape, facilitating seamless transactions and enhancing user experience [21][24][28] - The report emphasizes the importance of data element value release in 2026, marking it as a pivotal year for the digital economy and data market reforms [30][35][38] Summary by Sections Market Performance - Last week, the computer sector experienced a high and then a pullback, with an overall increase of 4.14%, ranking first among major industries in the Yangtze River region, and accounting for 11.21% of total market turnover [2][4][15] Key Recommendations - The report recommends focusing on: 1. Domestic large model manufacturers 2. Major domestic cloud service providers 3. Vertical scenario agent manufacturers 4. The domestic computing power supply chain, particularly AI chip companies like Haiguang Information and Cambrian [6][40] AI and E-commerce Developments - The UCP aims to create a standardized communication framework for AI agents, merchants, and platforms, potentially transforming the e-commerce industry by reducing decision-making time and enhancing transaction efficiency [21][24][28] - The report notes that AI-assisted shopping is expected to become mainstream, with significant growth projected in the AI e-commerce market from 23.93 billion yuan in 2020 to 50.44 billion yuan by 2024, with a compound annual growth rate of 20.50% [29] Data Element Value Release - The report highlights that 2026 is designated as the "Year of Data Element Value Release," with a focus on market-oriented reforms and the establishment of data standards to facilitate the flow and utilization of data [30][35][38] - The establishment of a data property rights registration system is anticipated to enhance data circulation and unlock value within the data economy [37][38]