计算机行业双周报（2026/2/20-2026/3/5）：国产模型调用量首超美国，关注AI算力产业链投资机遇-20260306

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by more than 10% in the next six months [34]. Core Insights - The report highlights that China's AI model invocation volume has surpassed that of the United States for the first time, indicating a significant shift in the global AI landscape. This trend is expected to drive high demand for AI computing power, presenting investment opportunities in the AI computing supply chain, including AI chips, AI servers, and liquid cooling technologies [2][28]. Summary by Sections 1. Industry Performance Review - The Shenwan computer sector has seen a cumulative decline of 6.29% over the past two weeks, underperforming the CSI 300 index by 6.02 percentage points, ranking 29th among 31 Shenwan primary industries. For March, the sector has declined by 6.87%, also underperforming the CSI 300 by 5.53 percentage points. However, the sector has increased by 1.15% year-to-date, outperforming the CSI 300 by 0.77 percentage points [10][20]. 2. Valuation Situation - As of March 5, 2026, the Shenwan computer sector's PE TTM (excluding negative values) stands at 55.60 times, which is at the 89.37th percentile for the past five years and the 80.25th percentile for the past ten years [20]. 3. Industry News - Significant developments include: 1. China's AI model invocation volume reached 4.12 trillion tokens, surpassing the U.S. for the first time, and further increased to 5.16 trillion tokens, marking a 127% growth over three weeks [22][28]. 2. OpenAI launched GPT-5.4, enhancing its capabilities in various applications [22]. 3. The U.S. is proposing regulations to extend AI chip export controls globally, affecting companies like NVIDIA and AMD [22]. 4. The Chinese government is promoting the commercialization of AI and the development of new intelligent terminals [22]. 4. Company Announcements - Notable company announcements include: 1. Yonyou Network plans to use idle funds for wealth management, with a maximum balance of RMB 2.1 billion [25]. 2. Han Yi Co. reported a slight revenue increase of 0.04% year-on-year, with a significant profit increase of 68.27% [25]. 3. Kingsoft Office reported a revenue of RMB 5.929 billion, a 15.78% increase year-on-year, with strong growth in AI-related products [25]. 5. Weekly Perspective - The report emphasizes the rapid rise of domestic AI models and their potential to reshape the global AI competitive landscape, suggesting investors pay close attention to the commercialization of AI models and related investment opportunities in the AI computing supply chain [28]. 6. Recommended Stocks - The report suggests focusing on the following stocks due to their growth potential: 1. GuoDianYunTong (002152.SZ) for its stable growth in fintech and deepening layout in data elements and computing power [29]. 2. Digital China (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain [29]. 3. Inspur Information (000977.SZ) for its leadership in AI server markets [29]. 4. TaxFriend (603171.SH) for its comprehensive services in digital government and SaaS [29].