Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [30]. Core Insights - The report highlights the recent surge in AI-related activities, particularly the "Spring Festival Treat Plan" by Alibaba's Qianwen APP, which led to a significant increase in AI-driven orders, indicating a growing demand for AI computing power [3][27]. - The report emphasizes the potential investment opportunities in the AI computing power supply chain, driven by the increasing adoption of AI applications by major tech companies [3][27]. Summary by Sections 1. Industry Performance Review - The SW computer sector experienced a cumulative decline of 0.49% over the past two weeks, outperforming the CSI 300 index by 0.23 percentage points, ranking 20th among 31 sectors [11]. - In February, the sector rose by 1.50%, surpassing the CSI 300 index by 1.22 percentage points, and has increased by 8.55% year-to-date, outperforming the CSI 300 index by 6.61 percentage points [11][16]. 2. Valuation Situation - As of February 12, 2026, the SW computer sector's PE TTM (excluding negative values) stands at 59.40 times, placing it in the 96.39th percentile over the past five years and the 91.04th percentile over the past ten years [21][22]. 3. Industry News - Key developments include the launch of the Seedance 2.0 video generation model by Doubao, which enhances video content creation capabilities [22]. - Alibaba's Qianwen APP achieved over 1.2 billion AI-driven orders within six days of launching its promotional campaign, highlighting the rapid growth in AI application usage [22]. - Major tech companies, including Amazon, Google, Microsoft, and Meta, are projected to increase their capital expenditures to $660 billion in 2026, a 60% increase from 2025 [22]. - MiniMax introduced its M2.5 model, significantly reducing operational costs while maintaining competitive performance [22]. - Google is integrating AI shopping features into its search engine, allowing direct purchases through AI-driven interactions [22]. 4. Company Announcements - Notable company announcements include: - Guiding Compass reported a 40.39% increase in revenue for 2025, reaching 2.146 billion yuan [25]. - Zhongke Shuguang plans to raise up to 8 billion yuan through convertible bonds for AI-related projects [25]. - Unisplendour announced a plan to raise up to 5.57 billion yuan for acquisitions and R&D [26]. 5. Weekly Perspective - The report suggests continued monitoring of Alibaba and other AI giants' strategies in the AI application space, as their growth is expected to drive demand for computing power [27]. 6. Recommended Stocks - The report lists several companies to watch, including: - GuoDianYunTong (002152.SZ) for its stable growth in fintech and AI sectors [28]. - Digital China (000034.SZ) as a key player in the domestic computing demand [28]. - Inspur Information (000977.SZ) for its leadership in AI server markets [28].

Group 1 - The core viewpoint indicates that the median data shows that the profit performance of computer companies in 2025 is expected to outperform revenue [1] - Among the 238 companies that released performance forecasts, only 70 provided revenue data, with a median revenue growth rate of 0.97%. In contrast, the median growth rate for net profit attributable to shareholders is 17.83%, and for non-recurring net profit, it is 28.68% [1] - Large-cap companies tend to lean towards the growth side in performance statistics, with stronger certainty in fourth-quarter performance [1] Group 2 - In 2025, over half of the computer industry performance forecasts are positive, indicating a polarization between growth and decline [2] - Among the 358 computer companies, 238 released performance forecasts, representing 66.5%. The distribution of expected net profit growth rates shows that 42.9% (103 companies) expect growth of over 30%, while 36.3% (87 companies) anticipate a decline of over 30% [2] - The high-growth and significant decline segments combined account for 79.2% of the companies, with 60% (142 companies) expecting growth and 40% (96 companies) expecting decline [2] Group 3 - Among companies with a net profit of approximately 100 million and above, significant performance differentiation is observed [3] - Companies with clear improvements in performance and expected year-on-year growth of over 30% include Tonghuashun, Daotong Technology, and iFLYTEK, among others [3] - Conversely, companies facing profit pressure with year-on-year declines include Bosi Software and Keyuan Wisdom, with the latter showing nearly 40% growth when excluding impairment losses [3]

Core Insights - IBM reported better-than-expected fourth-quarter results, with revenue rising 12% to $19.69 billion and net income increasing to $5.6 billion, or $5.88 per share [1][4] - The company expects full-year revenue growth to exceed 5%, down from 8% last year, with analysts projecting a 4.6% sales growth for 2026 [2] - IBM's generative artificial intelligence business surpassed $12.5 billion [2] Financial Performance - Fourth-quarter software revenue rose 14% to $9 billion, driven by automation, data, and Red Hat products [3] - Infrastructure sales increased 21% to $5.1 billion, with IBM Z Systems mainframe computers experiencing 67% year-over-year growth [3] - Adjusted earnings per share were $4.52, exceeding the expected $4.32 [4] Future Outlook - Free cash flow is projected to increase by $1 billion after reaching $14.7 billion in 2025 [2] - The board of directors approved a per-share dividend of $1.68, payable on March 10 [3]

Market Overview - The Shanghai Composite Index fell by 0.33% on January 15, with 11 sectors rising, led by the electronics and basic chemicals sectors, which increased by 1.67% and 1.40% respectively. The sectors with the largest declines were comprehensive and defense industries, down by 3.35% and 2.80% respectively. The computer industry dropped by 2.40% [1] Fund Flow Analysis - The main funds in the two markets experienced a net outflow of 62.864 billion yuan, with six sectors seeing net inflows. The electronics sector led with a net inflow of 12.083 billion yuan, while the non-ferrous metals sector saw a 1.37% increase and a net inflow of 1.936 billion yuan [1] - A total of 25 sectors experienced net outflows, with the computer industry leading at a net outflow of 18.556 billion yuan, followed by the media sector with a net outflow of 10.642 billion yuan. Other sectors with significant outflows included defense, pharmaceuticals, and non-bank financials [1] Computer Industry Performance - The computer industry saw a decline of 2.40%, with a total of 336 stocks in the sector. Out of these, 56 stocks rose, including 2 that hit the daily limit, while 277 stocks fell, with 9 hitting the daily limit. There were 69 stocks with net inflows, with 13 stocks having inflows exceeding 50 million yuan. The top stock for net inflow was Huasheng Tiancheng, with an inflow of 594 million yuan, followed by Guanglian Da and Aerospace Information with inflows of 467 million yuan and 102 million yuan respectively [2] - The outflow list for the computer industry included 54 stocks with outflows exceeding 100 million yuan. The top three stocks for net outflow were Yanshan Technology, Weining Health, and Guiding Compass, with outflows of 1.784 billion yuan, 832 million yuan, and 774 million yuan respectively [3]

Core Viewpoint - The computer ETF (159998) is experiencing significant trading activity, with a turnover of 10.83% and a transaction volume of 388 million yuan, reflecting a strong market interest in the sector [1]. Group 1: ETF Performance - The computer ETF (159998) has seen a net subscription exceeding 100 million units within half a day, indicating robust investor demand [1]. - As of January 13, the latest scale of the computer ETF reached 3.419 billion yuan, marking a three-month high, with the latest share count at 3.012 billion, also a one-month high [2]. - The computer ETF has recorded continuous net inflows over the past nine days, with a peak single-day net inflow of 302 million yuan, totaling 761 million yuan in net inflows [2]. Group 2: Sector Highlights - The computer ETF tracks the CSI Computer Theme Index, which encompasses both hardware and software sectors, with a weight of nearly 93.22%, providing a comprehensive reflection of the computer industry's overall performance [3]. - The cloud computing ETF (517390) closely follows the CSI Hong Kong-Shenzhen Cloud Computing Industry Index, capturing opportunities in the cloud computing sector, with significant stocks including Alibaba and Tencent [3]. Group 3: Recent Developments - The European E-class supercomputer "Jupiter" has been launched for full brain simulation research, potentially advancing drug development and understanding of brain functions [4]. - A significant milestone in the quantum computing industry has been achieved with the opening of China's first large-scale dedicated quantum computer manufacturing facility, marking a transition from research to standardized mass production [4]. Group 4: Institutional Insights - Huachuang Securities emphasizes the critical role of AI computing power in the current AI industry development, highlighting the urgency for domestic AI computing chip independence amid overseas restrictions [5].

Core Insights - Coolpad has established a new company named Coolpad Intelligent Investment Technology (Shenzhen) Co., Ltd., focusing on artificial intelligence and related technologies [1] Company Overview - The new company is fully owned by Coolpad Group's affiliate, Yulong Computer Communication Technology (Shenzhen) Co., Ltd. [1] - The registered capital of the new company is 5 million yuan [1] Business Scope - The business scope includes manufacturing of computer software and hardware, development of artificial intelligence application software, and sales of artificial intelligence hardware [1]

Industry Overview - The report highlights the continuous iteration of domestic open-source large models, reshaping the AI competitive landscape, with DeepSeek V3.2 achieving inference capabilities comparable to GPT-5 [1][20][21] - The establishment of a "Space Data Center" in Beijing, with the first computational test satellite "Chengguang No. 1" set to launch, is noted as a significant development in AI computing infrastructure [2][22] Industry Data - In October 2025, the Producer Price Index (PPI) for the computer industry increased by 1.0% month-on-month but decreased by 0.3% year-on-year [5][23] - From January to October 2025, the software industry generated a total revenue of 125,104.00 billion yuan, reflecting a year-on-year growth of 13.2%, with total profits amounting to 15,721.00 billion yuan, up by 7.7% [5][28] - Software exports reached 51.09 billion USD, marking a year-on-year increase of 6.7% [5][28] - The cumulative production of electronic computers from January to October 2025 was 28,750.20 million units, a decrease of 1.2% year-on-year, while the notebook computer export volume in October was 10.29 million units, down by 17.9% [5][24] Company Announcements - Pingao Co., Ltd. announced an investment framework agreement to invest 4 billion yuan in Jiangyuan Technology, acquiring a 15.4182% stake, focusing on AI computing hardware [7][38] - Jiahua Technology is planning a major asset restructuring, intending to acquire a controlling stake in Shudun Information Technology [7][42] Market Review - The report notes a decline of 5.26% in the Shenwan Computer Industry Index from November 1 to November 30, 2025, with all sub-sectors experiencing downturns [9][43] - As of November 28, 2025, the price-to-earnings (P/E) ratio for the Shenwan Computer Industry was 209.42 times, with a valuation premium of 1477.89% relative to the CSI 300 [9][45] Monthly Strategy - The report emphasizes the ongoing iteration of AI large models by leading domestic manufacturers, which is expected to accelerate technological innovation and application deployment [11][50] - Domestic open-source models like DeepSeek, Tongyi Qianwen, and Kimi are narrowing the performance gap with top international closed-source models, potentially gaining a competitive edge due to better cost-performance ratios [11][50] - The report suggests a focus on AI application sectors driven by rapid technological implementation and demand release, recommending attention to leading companies with strong AI technology deployment capabilities [11][50]

Core Insights - The report from CITIC Securities highlights that the singularity of the multimodal industry lies in the understanding end rather than the generation end, indicating a shift in mainstream models from "modular" to "native multimodal" architectures [1] - This transition raises the bar for building foundational models, allowing full-stack giants like OpenAI and Google to create vertically integrated ecological closed loops [1] - It also opens up commercial value in specific scenarios for companies focused on vertical applications and technology empowerment, leading to a diversification of applications [1] Infrastructure Layer - The report suggests focusing on the relevant segments of the inference computing power industry chain as part of the infrastructure layer [1] Application Layer - In the context of the native multimodal trend, the report recommends paying attention to opportunities in vertical applications and technology empowerment [1]

Group 1 - The core viewpoint of the article is that Shiji Information (SZ 002153) is actively engaging with investors, indicating a focus on transparency and communication regarding its business performance and future outlook [1] - In the first half of 2025, Shiji Information's revenue composition shows that the computer services and software industry accounted for 83.09%, while the wholesale goods sector made up 16.91% [1] - As of the report's publication, Shiji Information has a market capitalization of 27.4 billion yuan [1]

Investment Rating - The report maintains a "Recommended" rating for the computer industry, indicating a potential upside of over 15% relative to the benchmark index [5]. Core Insights - The report highlights the significance of recent equity transfers between major state-owned enterprises (SOEs), which are expected to enhance resource synergy and collaboration in the digital transformation sector [1][2]. - The strategic cooperation agreement signed between Taiji Technology and Deep Sanda aims to leverage their strengths in areas such as cloud computing and digital transformation, contributing to the national digital economy [2][3]. - The report emphasizes the government's strong focus on SOE reform, with the recent equity transfers signaling an acceleration in this process and a commitment to enhancing innovation capabilities within the industry [3]. Summary by Sections Equity Transfers - Deep Sanda's major shareholder, China Electronics Group, transferred a total of 34.253 million shares, reducing its stake from 47.23% to 44.22% [1]. - Taiji Technology saw a transfer of 28.932 million shares, with China Electronics Group's stake decreasing from 38.76% to 34.11% [2]. Strategic Cooperation - The partnership between Taiji Technology and Deep Sanda is set to strengthen their collaboration in digital solutions, aiming to create a comprehensive digital strategy for the industry [2]. Policy Support - The report notes that the Chinese government is actively promoting SOE reforms, which are expected to lead to better resource allocation and innovation in the computer industry [3][4]. - The focus on enhancing core technologies and fostering a new system for national innovation is seen as a significant trend that will benefit the industry [4]. Investment Recommendations - The report suggests focusing on companies such as China Software, Putian Technology, and others that are well-positioned to benefit from the ongoing SOE reforms and digital transformation initiatives [4].