Core Viewpoint - The report emphasizes the upcoming earnings season, suggesting to accumulate quality leading stocks at the bottom as earnings reports are set to be disclosed soon [2] Group 1: Earnings Reports and Market Trends - As of April 19, 2024, 133 companies have disclosed their 2024 annual reports and 12 companies have released their Q1 2025 reports, accounting for 40% and 4% respectively, with 8 working days remaining in the earnings season [2] - The computer sector has experienced continuous adjustments due to earnings disclosures and international developments, but the overall performance trend and industrial changes remain positive [2] - Historical data shows that since 2010, the probability of the computer index rising in April, May, and June is 20%, 53%, and 60% respectively, indicating a potential upward trend [2] Group 2: Industry Developments - The Model Context Protocol (MCP) is accelerating the application of AI, facilitating seamless interaction between AI models and external tools/data, which aids in the rapid development of Agent applications [3] - Major cloud service providers like Alibaba Cloud, Tencent Cloud, and Baidu Map have launched MCP-related services, enhancing the AI ecosystem [3] - The eCall industry is poised for growth, driven by increased importance of intelligent driving safety and rising domestic market demand, alongside potential opportunities in overseas markets due to geopolitical changes [3] Group 3: Industry Research - A retrospective study on the Xinchuang industry highlights its growth certainty, suggesting that the sector is expected to achieve excess growth in the future [4]

点击上方"公众号"可订阅哦！ 1、本周 观 点： 从强贝塔走向强阿尔法？ 2、深度跟 踪： RISC-V 开源生态：正在快速崛起的国产化分支 周观点 从强贝塔走向强阿尔法？ 从强贝塔走向强阿尔法。 鉴于本轮计算机行业的业绩趋势与产业变化的特征，目前暂判断其动能与 2018-2020 年上行趋势具有可比性，但预计本轮会更强一些。综合 来看，全年板块收益的贝塔属性仍在，但将收敛，挖掘阿尔法是未来的胜负手。当前的位置，建议重点关注产业变化更显著、成长空间更大的细分方向，比如 AI 应用、 云计算、信创、 eCall 等方向；对于看重中短期业绩兑现的方向，需聚焦到具备业绩持续超预期能力的公司。 高度重视 AGI 预期发酵。 Manus 的发布，正打开 AGI 预期发酵的大门。 AGI 是人工智能的终极目标，伴随着 Manus 的发布，市场对 AGI 的预期正在升温，同时也 有望加快科技大厂在 AGI 领域的进化速度，以及各应用场景的 AI Agent 落地速度。需要高度重视的是：从投资的长期视角来看， AGI 的预期发酵往往是 AI 投资的最 后冲刺阶段；但从中期视角来看，如果 AGI 的预期发酵能得到产业变化的持续 ...

Core Viewpoint - The current trend in the computer industry is shifting from strong beta to strong alpha, with expectations that the momentum will be stronger than the upward trend observed from 2018 to 2020. The focus should be on sectors with significant industrial changes and growth potential, such as AI applications, cloud computing, and eCall, while also identifying companies with sustained performance exceeding expectations [1][2]. Group 1 - The release of Manus has heightened expectations for AGI (Artificial General Intelligence), which is seen as the ultimate goal of AI. This development is expected to accelerate the evolution of major tech companies in the AGI field and the implementation of AI agents across various applications [2]. - From a long-term investment perspective, the fermentation of AGI expectations often represents the final sprint phase for AI investments. If sustained industrial changes support this trend, the market will likely exhibit strong continuity [2]. - The launch of Alibaba's open-source QwQ-32B model, which has performance comparable to the full version of DS-R1 but with significantly lower computational requirements, indicates that leading domestic models will continue to emerge. The valuation premium for companies with scene positioning capabilities will be significantly higher than that for companies tied to a specific large model [2]. Group 2 - The report emphasizes the rapid rise of the RISC-V open-source ecosystem as a significant branch of domestic innovation, highlighting its importance in the current technological landscape [3].