Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][11]. Core Insights - The WAIC 2025 showcased significant advancements in domestic AI technology, indicating a shift from being a "follower" to a "leader" in the AI sector. This includes developments in domestic computing power, large models, and AI applications, which are expected to evolve in a synergistic manner [11]. - Huawei's unveiling of the Ascend 384 SuperNode at WAIC 2025 represents a major leap in domestic AI computing capabilities, with over 80 mainstream large models already adapted for this technology. This architecture is anticipated to enhance the competitiveness of domestic computing power [7][11]. - The launch of the new 321 B-MoE large model by Jieyue Xingchen is set to open a new round of competition in multi-modal models, emphasizing the trend of "open-source + extreme inference efficiency" in domestic large model iterations [7][11]. - Alibaba Cloud's Baolian platform, recognized at WAIC 2025, has integrated over 200 mainstream models and attracted more than 200,000 developers, indicating a rapid acceleration in the commercialization of domestic AI applications [7][11]. Summary by Sections Domestic Computing Power - The Ascend 384 SuperNode features a high-bandwidth, low-latency interconnection among 384 NPUs, addressing communication bottlenecks within clusters and enhancing performance for model training and inference [7]. - The performance of SGLang and DeepSeek on the CloudMatrix384 has surpassed their performance on NV H100 and H800, showcasing the potential of domestic computing architectures [7]. Large Models and AI Applications - The 321 B-MoE model is expected to achieve three times the inference efficiency of DeepSeek-R1 on domestic chips and a 70% throughput increase on NVIDIA Hopper, highlighting the competitive edge of domestic models [7]. - The trend of open-source large models combined with domestic chips is projected to accelerate the growth of AI applications in China [7]. Key Companies to Watch - The report suggests focusing on companies such as Hengwei Technology (603496.SH), Youke De-W (688158.SH), YunSai ZhiLian (600602.SH), and Data Port (603881.SH) for domestic computing power. For large models and AI applications, companies like Dingjie Zhizhi (300378.SZ), HanDe Information (300170.SZ), and SuoChen Technology (688507.SH) are highlighted [11].

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that despite a recent market pullback with a decline of 1.4% in the computer sector, there is strong confidence in the ongoing development of domestic AI, suggesting that opportunities still exist [4] - The financial results from Century Internet validate the robust growth of the AI industry, with new orders of 252.5MW in Q4 2024 and a projected total capacity delivery of 400-450MW in 2025, representing a year-on-year growth of 161%-194% [4] - The report emphasizes the need to closely track developments in the AI industry, particularly in large model changes and application advancements, as numerous industry changes are expected domestically and internationally [4] - There is a focus on edge AI, which is anticipated to develop significantly with the emergence of multimodal large models, leading to new hardware terminals [4] - The report highlights the upcoming Nvidia GTC conference and the increasing importance of high-voltage direct current (HVDC) applications in AI data centers, suggesting a positive outlook for related power supply companies [4] - Investment strategies should focus on industry trends and select companies with high potential, while also considering the volatility of the sector [4] Summary by Sections Market Performance - The computer sector experienced a market pullback with a decline of 1.4%, ranking last among the Shenwan industry sectors [4] AI Industry Developments - The report notes a consensus in the market regarding the development of domestic AI, with significant capital expenditures expected from companies like Century Internet [4] - The report suggests that the market has shifted from "transaction expectations" to "transaction realities" regarding AI implementation [4] Investment Recommendations - The report recommends focusing on companies with clear application directions in edge AI and 2B applications, as well as those involved in domestic computing power [4]