计算机行业重大事项点评：AI+应用：MaaS钟摆下的历史性机会

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [3][17]. Core Insights - The AI industry is at a pivotal transition from "technology validation" to "commercialization," with AI-native applications reshaping the global tech landscape. Major players like OpenAI, Anthropic, and Google Gemini are driving enterprise-level services, marking a shift from growth-at-all-costs to value realization [6]. - The report highlights the emergence of AI agents as a significant trend, with the year 2026 expected to be a landmark year for AI agent products, comparable to the launch of large models in 2025 [6]. - The competitive landscape is shifting, with traditional software giants facing threats from AI-native companies that leverage more agile organizational structures and fewer historical burdens [6]. Industry Overview - The computer industry comprises 337 listed companies with a total market capitalization of approximately 60,008.15 billion yuan and a circulating market value of about 54,005.61 billion yuan [3]. - The absolute performance of the industry over the past 12 months has been 5.5%, while its relative performance has underperformed the benchmark by 12.3% [4]. Key Areas of Focus 1. Large Models: Hong Kong stocks are becoming a global hub for AI asset valuation, with companies like MiniMax and Zhizhu standing out for their foundational model capabilities [6]. 2. Internet Sector: Alibaba and Tencent are currently undervalued, with Alibaba leading in open-source ecosystems and Tencent integrating AI deeply into its WeChat ecosystem [6]. 3. AI in Enterprise Services: Companies like Kingdee International are transitioning from SaaS providers to AI-native enterprise service platforms, marking a significant shift in management paradigms [6]. 4. AI in Industry: Hikvision and other companies are leading in smart control and predictive maintenance in industrial settings, positioning these areas as key application scenarios for AI agents [6]. 5. AI Infrastructure: Domestic database firms are rapidly developing vector databases and AI operational capabilities, benefiting from dual trends of domestic substitution and intelligent upgrades [6]. 6. AI for Science: Companies like Hualan and Jiuan Medical are integrating AI into drug development and medical diagnostics, reshaping innovation paradigms in the life sciences [6]. 7. Companion Technology: Companies are developing companion robots to address emotional needs among China's large population of single individuals [6]. 8. Data Services: High-quality data service providers are experiencing growth due to the surge in demand for multimodal data, positioning them as essential players in the AI era [6].