China Post Securities·2026-02-11 03:08Industry Investment Rating - The investment rating for the computer industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights a significant shift in the Chinese internet industry as major players invest over 4.5 billion yuan in cash red envelopes to capture AI super entry points during the Spring Festival [4] - The report anticipates that the demand for AI computing power will surge due to increased user engagement during the Spring Festival activities, leading to a stable growth trajectory for inference computing power [6] - Major companies are expected to ramp up their capital expenditure plans, with Alibaba considering an increase from 380 billion yuan to 480 billion yuan for AI infrastructure and cloud computing over the next three years [6] Summary by Relevant Sections Industry Basic Situation - The closing index for the computer industry is 5546.12, with a 52-week high of 6151.34 and a low of 4080.58 [1] Recent Research Reports - The report discusses the competitive landscape among major companies like Tencent, Alibaba, and ByteDance as they vie for dominance in AI applications during the Spring Festival [4][5] - Tencent's user growth surged significantly, with daily new users increasing from approximately 9.17 million to 2.27 million within a few days due to its cash red envelope initiative [5] Investment Recommendations - The report suggests focusing on various supply chains associated with major companies, including ByteDance, Alibaba, and Tencent, as well as domestic and overseas computing power providers [8][9]