计算机行业周观点：继续关注AI产业大模型及算力的迭代更新

Investment Rating - The report maintains an "Outperform" rating for the computer industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [53]. Core Viewpoints - The report emphasizes the importance of focusing on investment opportunities in the artificial intelligence (AI) sector, particularly in product technology updates, AIGC applications, and digital intelligence ecosystem applications [1][31]. - The computer industry has seen a decline in attention, with trading volume dropping by 18.82% compared to the previous week, and the industry’s price-to-earnings ratio (PE) at 37.43, below the historical average of 48.47 [1][37]. Industry Dynamics - 5G Developments: Huawei launched the world's first F5G-A optical application innovation center in Wuhan during the 2024 China Optics Valley Photonic Information Industry Innovation Development Conference [25]. - AI Standards: The International Telecommunication Union (ITU) has approved the establishment of the first international standard for AI-based code generation technology, which aims to enhance the capabilities and standardized application of code large models [26]. - 5G-A Testing: China Unicom and Huawei successfully completed the first outdoor large-scale network verification of 5G-A, achieving a downlink speed of 4.6 Gbps [27]. - Autonomous Driving: Baidu introduced the world's first L4-level autonomous driving large model, Apollo ADFM, claiming it is ten times safer than human drivers [28]. - AI Chip Advancements: Google announced its sixth-generation AI chip, Trillium, which boasts a performance increase of 4.7 times and a doubling of memory bandwidth [30]. Market Performance - The report notes that the computer industry underperformed the broader market, with a 0.01% decline compared to a 0.32% increase in the CSI 300 index, ranking 17th among the primary industries [31][33]. - Year-to-date, the computer industry has decreased by 16.33%, significantly lagging behind the CSI 300 index, which has increased by 7.19% [33]. Sub-industry Performance - The report highlights that the computer equipment and IT services sectors saw slight increases of 0.36% and 0.22%, respectively, while software development declined by 0.45% [35]. - Cumulatively, the computer equipment sector has decreased by 6.20%, IT services by 19.38%, and software development by 20.10% in 2024 [35]. Valuation Insights - The computer industry is currently valued below its historical average, with a PE ratio of 37.43, indicating a potential undervaluation compared to the historical mean of 48.47 [37]. Trading Activity - The report indicates a decrease in trading activity, with a total trading volume of 250.8 billion yuan over the past week, averaging 50.2 billion yuan per day [37]. - Among 355 stocks in the computer sector, 181 stocks rose while 166 fell, indicating a mixed performance [39]. Investment Recommendations - The report suggests focusing on the dual themes of digitalization and intelligence, particularly in the context of the emerging "信创" (Xinchuang) industry ecosystem [50].