计算机行业投资策略周报：“工作的小龙虾”和“消费的超级入口”：技术竞争力在生态变局中将起更关键作用-20260315

Core Insights - The report highlights that "Little Lobster" may change the future software application architecture, channels, and operational systems, becoming a battleground for entry points [6][11] - The integration of foundational IT technologies with large model capabilities and security technologies will play a more critical role than the business model reliance seen in the mobile internet era over the past fifteen years, making technological competitiveness a key factor in the restructuring of the software internet ecosystem [6][11] - Software companies will have varied prospects due to different characteristics and barriers [6][11] Industry Perspective - "Little Lobster" is emerging as a personal work entry point, with domestic companies rapidly launching their versions, increasing competitive intensity among cloud and internet vendors, independent large model companies, and terminal companies [10][11] - The report identifies three key areas of technological capability: large model capabilities, robust foundational IT technologies, and network security capabilities [12][11] Large Model Capabilities - Domestic AI models have entered the global first tier, with significant advantages in the open-source domain. As of March 14, 2026, models like Gemini 3.1 Pro and GPT-5.4 lead the closed-source model rankings, while GLM-5 stands as a benchmark in the open-source camp [12][11] - Cost efficiency is achieved through various algorithm optimization methods, with domestic AI models generally offering lower API call prices compared to overseas models [12][11] Foundational IT Technologies - The report emphasizes a 24/7 operational mechanism, unified access to multiple instant messaging platforms, and automated scheduling capabilities, which are essential for the evolving software landscape [12][11] Network Security Capabilities - Security risks arise from architectural design flaws and external threats, necessitating robust security measures from companies to mitigate these risks [13][11] Investment Recommendations - The report suggests focusing on several companies across different sectors: 1. AI Hardware: Cambrian, Inspur Information, Unisplendour 2. Model Providers: Zhipu, MiniMax, Alibaba, Tencent, with additional attention to SenseTime and iFLYTEK 3. Software Consulting: Hand Information 4. Vertical AI Empowerment: Tax Friend, Kingdee International, JuShuiTan 5. Consumer Super Entry Points: Shiji Information, Guangyun Technology 6. AI Basic Software: Star Ring Technology, Zhuoyi Information, Paradigm Intelligence 7. Data Center Operations: Wangsu Technology, Baoxin Software, Yunsai Zhili, with a recommendation to pay attention to Capital Online 8. Cybersecurity sector developments and ecological position changes [14][14]