兴业计算机团队·2025-05-20 08:34Core Viewpoint - The computer industry is expected to end the continuous decline since 2020 and enter a reversal phase, with potential for accelerated performance growth in the second half of the year due to demand and cost discrepancies [1] Group 1: Industry Performance - The computer industry is likely to experience a turnaround, with performance growth potential accelerating in the second half of the year as demand and cost discrepancies become more evident [1] - Current holdings in the computer sector are still underweight compared to historical averages, but have been increasing for two consecutive quarters, indicating significant room for further increases [1] - Historical data shows that the computer sector has experienced a maximum increase of 98% over an 8-month period, suggesting further upward potential in the current cycle [1] Group 2: Investment Directions - The focus should be on identifying alpha investment opportunities within the sector, particularly in artificial intelligence (AI) and domestic production [1] - The AI sector is characterized by intensified competition among domestic and international large model manufacturers, with significant advancements expected in multi-modal capabilities [2] - The demand for computing power remains high, driven by global tech giants increasing capital expenditures and the rising need for inference computing power [2] Group 3: Key Recommendations - It is recommended to increase allocation to the computer sector, with a focus on AI and domestic production, highlighting key companies such as Kingsoft Office, Haiguang Information, Newland, and others [4]