从 Gemini 到英伟达：AI 竞 争转向应用落地 计算机 | 证券研究报告 — 行业周报 2025 年 11 月 24 日 投资建议 建议关注 AI 应用相关企业，包括万兴科技、合合信息、金山办公、科大讯飞、 拓尔思、虹软科技等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求景气度不稳定的风险。 计算机行业"一周解码" 谷歌 Gemini 3 的发布标志着生成式 AI 进入"任务智能体"时代，投资焦点正从底层算 力转向高频刚需的应用落地；英伟达强劲的业绩表现显示 AI 应用的落地正驱动产业 链爆发式增长，为 AI 投资提供长期支撑力；闻泰科技坚决反对"暂停即解决"的说法， 要求彻底恢复其对安世半导体的合法控制权，强调将采取一切法律手段维权。 支撑评级的要点 计算机 相关研究报告 证券分析师：杨思睿 《阿里千问 APP 上线，全面对标 ChatGPT》 20251116 《中外 Robotaxi 共振》20251110 《AI 进一步融入应用》20251104 (8610)66229321 sirui.yang@bocichina.com 证券投资咨询业务证书编号：S13005180900 ...

Core Viewpoints - The necessity to enhance domestic demand policies to counteract the potential impacts of slowing external demand, thereby solidifying the recovery of domestic demand since the first quarter [1][4] - The market consensus on a clear mainline for policy response is still awaited, indicating that the timing for a more aggressive market approach is not yet ripe [1][7] Economic Performance - China's GDP growth in the first quarter exceeded expectations, with a year-on-year increase of 5.4% and a quarter-on-quarter increase of 1.2% [2][4] - Retail sales grew by 4.6%, and fixed asset investment (excluding rural households) increased by 4.2% [2] - The urban unemployment rate averaged 5.3%, and per capita disposable income rose to 12,179 yuan, reflecting a nominal increase of 5.5% [2] Trade and External Factors - The trade surplus contributed 2.2 percentage points to the nominal GDP growth in the first quarter, up from 1.9 percentage points in the previous quarter [4] - A decline in container bookings to the U.S. by 67% in the first week of April indicates potential headwinds for exports in the second quarter [4] Investment Strategies - Recommendations to maintain a defensive investment strategy in light of ongoing global uncertainties, with a focus on safe assets such as gold and government bonds [5][21] - Emphasis on sectors benefiting from domestic demand and those that have been undervalued due to market sentiment, particularly in the context of "China Special Valuation" and "Science and Technology Valuation" [6][10] Market Outlook - The market is expected to remain volatile, with a need for further observation of policy impacts before a clear bullish trend can be established [7][19] - The potential for a gradual decrease in funding rates as macroeconomic stimulus measures are anticipated to be implemented [17]