Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [7]. Core Insights - The AI wave is reshaping the industry landscape, accelerating technological innovation in infrastructure. The server operating system is becoming a crucial foundation for AI algorithms, models, and applications, transitioning from a background role to a key driver of AI capability democratization [6][45]. - The report highlights several areas of focus: AI Infrastructure, AI Agent-related companies, China's inference computing industry chain, and CSP manufacturers benefiting from inference demand [6][57]. Summary by Sections Market Performance - The computer sector experienced a decline of 3.13% last week, ranking 30th among primary industries in the Yangtze River region, with a market turnover share of 5.62% [2][4][13]. Key Developments 1. **Brain-Computer Interface (BCI)**: The "Implantable Wireless Brain-Computer Interface System" has entered the special review process for innovative medical devices, marking a significant step towards commercialization in China [20][23]. 2. **Energy IT**: The National Energy Administration issued guidelines to promote the integrated development of renewable energy, aiming to enhance market competitiveness and reliability by 2030 [25][28]. 3. **openEuler Operating System**: The openEuler operating system was launched, designed to meet the demands of the AI era, particularly for super-node architectures [35][40]. Investment Recommendations - The report suggests focusing on investment opportunities in the following areas: 1. AI Infrastructure, which is expected to benefit significantly [6][57]. 2. Companies related to AI Agents [6][57]. 3. The inference computing industry chain in China [6][57]. 4. CSP manufacturers responding to inference demand [6][57].

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 关注高景气能源 IT 赛道投资机遇 2025 年第 23 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块整体持续反弹，大幅上涨 3.18%。在长江一级行业中排名第 4 位，两市成交额 占比为 10.00%，稳定币及并购重组概念表现活跃。上周数字货币巨头 Circle 在美国纽约证券 交易所（NYSE）上市；我国将在北京、浙江、安徽等地部署建设 10 个国家数据要素综合试验 区。本周推荐关注能源 IT 领域具备先发优势的厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 软件与服务 cjzqdt11111 [关注高景气能源 Table_Title2] IT 赛道投资机遇 2025 年第 23 周计算机行业周报 [Table_Summary2] 上周复盘：计算机板块持续反弹 上周受端午假期影响，仅有四个交易日，上证综指持续上涨，周五报收 3385.3 ...

请阅读最后评级说明和重要声明 丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 关注能源 IT 与跨境金融投资机遇 2025 年第 20 周计算机行业周报 报告要点 [Table_Summary] 上周计算机板块整体震荡调整，下跌 1.39%。在长江一级行业中排名第 32 位，两市成交额占 比为 9.23%，金融 IT 表现活跃。上周第 12 届中国国际警用装备博览会与第十届中国(北京)军 事智能技术装备博览会在北京举办；国家数据局综合司印发了《数字中国建设 2025 年行动方 案》。本周推荐关注 1）能源 IT 领域具备先发优势的厂商；2）中国跨境支付产业链相关标的， 重点关注跨境支付平台标的。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 [Table_Title 关注能源 2] IT 与跨境金融投资机遇 2025 年第 20 周计算机行业周报 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Summary2] 上周复盘：计算机板块小幅回撤 上 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Energy IT sector, which is experiencing significant growth driven by investments in domestic power grids and power engineering, with expected increases of 15.3% and 20.8% year-on-year in 2024 respectively [1][2] - The National Grid is projected to invest over 650 billion in 2025, reflecting an 8% year-on-year growth, while the Southern Power Grid's fixed asset investment is expected to reach 175 billion, growing approximately 5% [1][2] Core Insights and Arguments - The Energy IT sector benefits from a confluence of funding, policy support, and technological advancements, which are crucial for its development [2][4] - The government emphasizes the construction of a high-proportion renewable energy supply and consumption system, alongside a market-oriented pricing system, which supports the development of the Energy IT sector [1][4] - AI technology is widely applied in the Energy IT field, enhancing power prediction accuracy, enabling smart inspections, and facilitating intelligent marketing and precise electricity pricing [1][5] Key Companies and Performance - Companies such as Rixin Electronics, Guolian Xintong, and Langxing Group are highlighted as core players in the Energy IT sector, showing strong performance and growth potential [3][8] - Rixin Electronics reported a 40% year-on-year revenue growth and a 34.6% increase in net profit in the first quarter, benefiting from the ongoing upgrade and transformation trends [3][8] - Langxing Group is also noted for its potential growth, particularly in light of the expected market rebound in 2025 [3][8] Policy Impact - The policy framework since 2021 has focused on building a new type of power system, which includes enhancing load management and demand response capabilities [4] - The government’s support for AI applications in the energy sector is expected to accelerate the deployment of AI technologies by state-owned enterprises [4] Technological Applications - AI applications in the Energy IT sector include improved power prediction on the generation side, smart inspections and distribution on the grid side, and intelligent marketing on the consumption side [5] - The rapid development of distributed photovoltaics, with a cumulative installed capacity reaching 374.78 million kilowatts by the end of 2023, has increased the demand for power and price forecasting [6][7] Future Investment Recommendations - The Energy IT sector is recommended for investment, particularly in companies like Rixin Electronics, Guolian Xintong, and Langxing Group, which are expected to benefit from ongoing trends and market dynamics [3][8] - The focus on high-quality development and the increasing demand for automation in distribution networks are seen as positive indicators for future growth in the sector [7][8]

报告导读： 2025Q1营收、净利润增速为正的公司增多，整体增速也实现提升。按市值 拆分，大市值公司业绩表现更加稳健。按板块拆分，2025Q1 AI、能源IT等多板块实现 复苏。 投资建议：我们认为计算机景气有望持续修复。 2025Q1 增速为正公司增多，业绩边际复苏。 ① 2024 年计算机营收 12693.99 亿元，同比 +4.78% ； 归母净利润 187.96 亿元，同比 -46.82% ；扣非净利润 82.48 亿元，同比 -52.28% 。 2024 年计算 机员工总数为 120.10 万人，同比 -0.63% 。 2025Q1 计算机行业总营收 2860.32 亿元，同比 +15.25% ；归母 28.16 亿元，同比 +193.52% ；扣非 0.36 亿元，同比 +102.25% 。 2025Q1 营收 利润均呈恢复态势。②业绩增速分布上，营收正增速公司占比从 2024 年 49.45% 提升到 2025Q154.27% ；归母净利润正增速从 42.82% 提升到 45.03% ，扣非净利润正增速从 45.86% 下跌 到 42.82% 。③按季度拆分， 2025Q1 计算机公司营收、归母 ...