2025 年 11 月 04 日 开源晨会 1104 | | | | ——晨会纪要 | | --- | --- | --- | --- | | 沪深300 | 及创业板指数近1年走势 | | 吴梦迪（分析师） | | 沪深300 | 创业板指 | | wumengdi@kysec.cn | | 60% | | | 证书编号：S0790521070001 | | 40% | | | 观点精粹 | | 20% | | | 总量视角 | | 0% | | | | | -20% | | | 【宏观经济】10 月出口或仍有韧性——宏观经济专题-20251103 | | -40% 2024-11 | 2025-03 2025-07 | | 【宏观经济】制造业 PMI 超季节性回落——兼评 10 月 PMI 数据-20251102 | | | | | 【策略】广发中证港股通非银 ETF（513750.OF）的核心投资价值——政策托底、 | | 数据来源：聚源 | | | 行业景气向好、估值洼地——投资策略专题-20251103 | | 昨日涨跌幅前五行业 | | | 【固定收益】制造业景气水平回落，企业生产经营活动总体稳定 ...

Group 1 - The computer index has outperformed the CSI 300 index, with a year-to-date increase of 25.12% as of October 31, 2025, ranking ninth among all primary industries [3][10] - Fund holdings in the computer sector remain low, with a percentage of 2.92% as of September 30, 2025, indicating a stable but historically low level of investment [3][19] - The computer sector has shown signs of performance recovery, with a median revenue growth of 3.10% and a net profit growth of 3.93% year-on-year for the first three quarters of 2025 [3][15] Group 2 - Two core trends are emphasized: rapid advancements in AI and the acceleration of domestic security initiatives [4] - AI innovation is ongoing, with significant developments in model capabilities, cost reductions, and the emergence of Chinese open-source models like Deepseek and Qwen gaining global recognition [4][27] - The domestic software and hardware sectors are entering a "usable" phase, with policies promoting technological self-reliance leading to a golden development period for domestic computing power and AI chips [4][99] Group 3 - Investment recommendations include companies benefiting from AI applications such as Kingsoft Office, Hohhot Information, and Dingjie Zhizhi, among others [5] - For AI computing power, recommended companies include Haiguang Information, Sugon, and Inspur Information, with beneficiaries like Cambricon and Jingjia Micro [5] - In the context of domestic innovation, companies like Dameng Data and Taiji Co., Ltd. are highlighted as key players in the software and hardware sectors [5]