GUOTAI HAITONG SECURITIES·2026-01-24 15:14Investment Rating - The report assigns an "Overweight" rating to the computer industry [5][13]. Core Insights - As of Q4 2025, institutional holdings in the computer sector have decreased to 2.1%, down 1.1 percentage points from Q3, marking a historical low. This level is only slightly above the 2.0% recorded in Q2 2022. There is significant potential for increase as the current holdings are far below the highs of over 6% seen in 2020 and 2023, and well below the 12% level in 2015 [3][5][7]. - The report highlights that institutions are increasing their positions in sub-sectors such as AI applications and commercial aerospace, while still heavily invested in large models, intelligent computing, and domestic innovation [5][7]. - The top ten companies by number of institutional holders in Q4 2025 include Kingsoft Office, Southern Power Digital, iFlytek, Inspur Information, and others. In terms of market value, Kingsoft Office leads with 139 billion, followed by iFlytek with 108 billion [7][8]. Summary by Sections - Institutional Holdings Analysis: The report details that institutional holdings in the computer industry have fluctuated significantly over the past five years, with a notable rise to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2024. The report emphasizes the potential for recovery given the historical context [5][6][7]. - Sector Performance: The report indicates that the computer sector is currently underweight, with a significant gap from previous highs, suggesting a favorable environment for future investment [5][6]. - Key Companies: The report lists the top ten companies by institutional holdings, noting changes in the composition of these holdings compared to Q3 2025, with new entries and exits among the top firms [7][8].