计算机周观点第 32 期：上海“十五五”规划发展 AI，计算机 Q4 持仓历史低位

Investment Rating - The report assigns an "Overweight" rating to the computer industry [4]. Core Insights - The Shanghai "14th Five-Year Plan" emphasizes the development of AI and outlines a modern industrial system to enhance core competitiveness, focusing on the digitalization and green transformation of traditional industries, and accelerating the growth of three leading industries: integrated circuits, biomedicine, and artificial intelligence [4]. - Institutional holdings in the computer sector for Q4 2025 stand at 2.1%, reflecting a decrease of 1.1 percentage points from the previous quarter, indicating significant room for increased allocation [2][4]. - The humanoid robot industry is witnessing key advancements in mass production and commercialization, with Yuzhu Technology reporting over 5,500 units shipped in 2025 and Tesla's Optimus robot expected to be available for public sale by the end of 2026 [4]. Summary by Sections Industry Overview - The report highlights the establishment of a multi-layered industrial structure aimed at achieving gradient development through traditional upgrades, leading breakthroughs, cluster development, and future cultivation [4]. Institutional Holdings Analysis - Historical data shows that institutional holdings in the computer sector have fluctuated, with a notable increase to 6.2% in late 2022, followed by a decline to 2.1% in Q4 2025, which is among the lowest levels in the past decade [4]. Recommended Stocks - The report recommends several stocks for investment, including: - Nicheng Technology - Kingsoft Office - Hehe Information - Hikvision - Newland - Daotong Technology - Haiguang Information - Zhongke Shuguang [4][5].