计算机行业双周报：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 over 10% in the next six months [34]. Core Insights - The report highlights that China's AI model usage 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, servers, and liquid cooling technologies [2][28]. Summary by Sections 1. Industry Performance Review - The SW 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 sectors. For March, the sector has declined by 6.87%, again 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 SW 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 - Key developments include: 1. China's AI model API usage reached 4.12 trillion tokens, surpassing the US 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 US is considering extending AI chip export controls globally, affecting companies like NVIDIA and AMD [22]. 4. The Chinese government is promoting the commercialization of AI technologies and infrastructure development [22]. 4. Company Announcements - Notable 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 and a significant profit growth of 68.27% [25]. 3. Kingsoft Office reported a revenue increase of 15.78% and a net profit increase of 12.03%, driven by AI-related products [25][27]. 5. Weekly Perspective - The rapid rise of domestic AI models is expected to maintain high demand for AI computing power, suggesting a favorable investment environment in the AI computing supply chain [28].