【兴证计算机】证券IT：景气持续上行，稳定币驱动新一轮创新

Core Viewpoint - The company suggests to continue increasing positions in the computer industry, emphasizing the marginal changes in AI applications and the domestic innovation (信创) sector [2]. Group 1: Computer Industry Outlook - The current holdings in the computer industry are at a low level, with expectations for improvement in sector prosperity driven by demand and innovation [2]. - The release of semi-annual report forecasts, the continuous rise of overseas markets, and the release of policy dividends are expected to enhance market risk appetite [2]. - Key focus areas for investment include AI, financial technology, and domestic innovation [2]. Group 2: AI Applications - AI applications are anticipated to experience an upward trend in prosperity, with large models entering a new round of intensive iteration [2]. - Notable releases include xAI's flagship model Grok-4 on July 10 and 月之暗面's Kimi K2 model on July 11, both of which are expected to accelerate the penetration of AI applications [2]. - Future releases of models such as GPT-5, DS V4, and DS R2 are expected to further enhance the certainty of prosperity in AI applications [2]. Group 3: Domestic Innovation Sector - The domestic innovation sector has experienced a transition from expected improvement to a decline in expectations due to changes in bidding rhythms since Q3 2024 [2]. - Current market attention is low, but with government budgets being implemented, the certainty of order fulfillment is high [2]. - Considering the semi-annual report expectations of related companies, this period is seen as an excellent opportunity for bottom-fishing and increasing positions [2].