计算机行业跟踪报告：国产AI大模型使用量大幅增长，关注AI产业的生态构建和数据基础设施建设

Investment Rating - The report adjusts the industry rating to "in line with the market" due to the high valuation levels in the computer industry, with a PE-TTM of 219.91, which is above the historical average of 161.02 [6][16][21]. Core Insights - The domestic AI large model usage in February surpassed that of the United States for the first time, indicating significant advancements in technology and application within China's AI sector. Major companies like Tencent, Alibaba, and ByteDance are actively launching new models and initiatives to capture market share in both B-end and C-end applications [1][9][10]. - OpenAI has secured a new round of financing amounting to $110 billion, with a pre-money valuation of $730 billion, backed by investments from SoftBank, NVIDIA, and Amazon. This reflects a trend of strengthening partnerships across the AI industry chain [2][20]. - The National Data Bureau organized a signing event for high-quality data set chain master task books, emphasizing the importance of data as a core resource for AI infrastructure and the ongoing efforts to develop the data element industry in China [2][10]. Summary by Sections Industry Dynamics - In February, China's AI models led global token usage, with a total of 41.2 trillion tokens, surpassing the U.S. models which had 29.4 trillion tokens. The usage further increased to 51.6 trillion tokens in the following week, marking a 127% increase over three weeks [2][18]. - OpenAI's new financing includes $30 billion from SoftBank, $30 billion from NVIDIA, and $50 billion from Amazon, alongside a strategic partnership with Amazon for next-generation computing power [2][20]. - The National Data Bureau's event included 72 industry leaders signing agreements to enhance the development of high-quality data sets, which are crucial for AI applications [2][20]. Market Performance - The report notes that the computer industry index underperformed compared to the CSI 300 and ChiNext indices, with a weekly increase of only 0.62%, ranking 23rd among 31 primary industries [1][11]. - From the beginning of 2026 to March 1, the computer industry index increased by 8.61%, outperforming the CSI 300 and ChiNext indices [1][13].