Guolian Minsheng Securities·2026-02-02 00:48Investment Rating - The investment rating for the computer industry is maintained as "Cautious Recommendation" based on the current market conditions and future potential in AI applications and computing power [4][21]. Core Insights - The computer sector's fund holdings accounted for approximately 2.34% of total fund holdings in Q4 2025, showing a slight decrease from previous quarters, indicating a historical low [4][21]. - The leading companies in AI-related sectors are primarily focused on AI applications and computing power, suggesting a potential for increased investment as national industrial policies support the AI industry [4][21]. - Recent significant financing activities in the AI sector, such as StepFun's over 5 billion yuan B+ round, highlight the growing interest and investment in AI model development [22]. - Major advancements in AI hardware, including Microsoft's Maia 200 chip and Alibaba's Zhenwu 810E chip, demonstrate the competitive landscape and technological progress within the industry [23][25]. Summary by Sections 1. Q4 2025 Holdings Analysis - The proportion of computer sector holdings in funds decreased slightly to 2.34%, with a historical trend showing fluctuations over the past quarters [11]. - The number of computer companies in the top ten holdings decreased to 138, indicating a consolidation in holdings among fewer companies [14]. - The top ten companies by fund holdings in Q4 2025 included iFLYTEK, Kingsoft Office, Hikvision, Inspur Information, and others, with notable changes in rankings compared to Q3 2025 [17]. 2. Industry News - StepFun completed a record financing round, emphasizing the competitive nature of AI model development in China [22]. - Microsoft announced the launch of its second-generation AI chip, Maia 200, which significantly improves performance metrics [23]. - The release of the Kimi K2.5 model by Moonlight Dark Side showcases advancements in open-source AI capabilities [24]. - Alibaba's introduction of the Zhenwu 810E chip reflects the company's commitment to self-developed AI hardware [25]. 3. Company News - Inspur Information's executives announced plans to reduce their holdings, indicating potential shifts in company ownership dynamics [26]. - Tianyang Technology's major shareholder plans to reduce their stake, which may impact market perceptions of the company [27]. - Hehe Information reported on the completion of a significant share reduction by its major shareholders, reflecting ongoing adjustments in ownership [28]. 4. Market Review - The market performance from January 26 to January 30 showed the CSI 300 index rising by 0.08%, while the computer sector index fell by 4.47%, indicating a challenging week for the sector [30].