智通财经APP获悉，兴业证券发布研报称，本轮计算机板块上行的核心驱动在于产业创新、政策发力、 业绩改善三者共振，影响未来趋势的主要因素是AI创新的兑现能力、业绩改善的持续性与力度、政策 深化发力的空间，寻找结构性机会将是未来一年板块投资的核心工作。该行预计将从过去一年的偏困境 反转型的中小市值风格趋于更为均衡。展望十五五，围绕着科技自立自强、新质生产力等关键词，建议 守正出奇，重点关注AI与国产化的兑现、前沿创新的突破，把握相关的投资机会。 兴业证券主要观点如下： AI应用：从1到N，闭环生态日臻完善 新科技：卡位未来，前沿创新多点开花 1)量子科技：政策扶持，中国具有一定的领先优势，量子计算、量子通信、量子测量应用提速，关注国 盾量子、神州信息。2)脑机接口：进入3.0时代，在临床应用上取得突破，前景可期，关注科大讯飞。3) 空天信息化：商业航天破局，在轨卫星数量大幅增加，"太空算力"成为AI产业新热点，关注中科星图、 航天智装、超图软件。 投资建议与核心标的 建议重点关注AI、国产化、前沿科技创新，重点推荐海光信息、同花顺、金山办公、科大讯飞、神州 数码、合合信息、新大陆、广联达、汉得信息、能科科技。 风 ...

Group 1 - The computer industry is entering a new phase of AI competition characterized by "strong reasoning + native multimodal" capabilities, with significant advancements from models like Kimi K2 Thinking, Gemini 3, and DeepSeek-V3.2 [1] - The demand for AI computing power is expected to grow due to the effectiveness of scaling laws in the electronics industry, with PCB demand likely to maintain high growth, driven by capacity release and product structure optimization [1] - The humanoid robot industry is transitioning from concept validation to commercialization, presenting opportunities for key component and complete machine companies to benefit from a "Davis double hit" [1] Group 2 - The Science and Technology Innovation ETF (588360) tracks the Science and Technology Innovation 50 Index (931643), which has a daily fluctuation of 20%, selecting 50 emerging industry stocks with large market capitalization and good liquidity from the Sci-Tech and ChiNext boards [1] - The index focuses on companies with strong technological attributes and high growth potential, covering core sectors such as information technology, new energy, and biomedicine, aiming to reflect the overall performance of listed companies in China's frontier industries [1]

每日经济新闻 （责任编辑：张晓波 ） 国金证券指出，11月计算机行业表现较弱，主要受风险偏好承压影响，外部因素包括海外冲突、 AI泡沫争议及美元降息预期波动，内部因素则源于基本面偏弱和机构投资者年底获利了结。预计连续 回调为后续春季躁动酝酿空间，非熊市阶段回调2-4个月后通常迎来新一轮弹性。从投资机会看，景气 方向集中在出海需求、AI产业链技术及替代政策。细分行业中，25年高景气赛道包括AI算力、激光雷 达；加速向上的有AI应用；稳健向上的包括软件外包、金融IT、量子计算、数据要素等；拐点向上的有 教育IT、网安、企业服务；底部企稳的包括智慧交通、政务IT等；略有承压的为工业软件、医疗IT。AI 领域国内外巨头持续加码，替代趋势明显，政策驱动下信创、数据要素等领域需求旺盛。 计算机ETF（512720）跟踪的是CS计算机指数（930651），该指数从沪深市场中选取涉及软件开 发、IT服务、硬件制造等业务的上市公司证券作为指数样本，以反映计算机行业相关上市公司证券的整 体表现。CS计算机指数成分股具有较高的成长性和技术领先性，能够较好地体现计算机行业的整体发 展趋势。该指数风格偏向成长型投资，适合关注科技发展与 ...

本文源自：市场资讯 作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，浪潮电子信息产业股份有限公司取得一项名为"服务器可用性方案组合确定 方法及电子设备"的专利，授权公告号CN120872505B，申请日期为2025年9月。 天眼查资料显示，浪潮电子信息产业股份有限公司，成立于1998年，位于济南市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本147213.5122万人民币。通过天眼查大数据 分析，浪潮电子信息产业股份有限公司共对外投资了37家企业，参与招投标项目4218次，财产线索方面 有商标信息478条，专利信息5000条，此外企业还拥有行政许可13个。 ...

本文源自：市场资讯 天眼查资料显示，浪潮电子信息产业股份有限公司，成立于1998年，位于济南市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本147213.5122万人民币。通过天眼查大数据 分析，浪潮电子信息产业股份有限公司共对外投资了37家企业，参与招投标项目4218次，财产线索方面 有商标信息478条，专利信息5000条，此外企业还拥有行政许可13个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，浪潮电子信息产业股份有限公司取得一项名为"一种自动驾驶决策模型的训 练方法、设备、介质及产品"的专利，授权公告号CN120781921B，申请日期为2025年9月。 作者：情报员 ...

本报告导读： 股票研究 /[Table_Date] 2025.12.04 2025 字节冬季 FORCE 大会展望 [Table_Industry] 计算机 聚焦 Agentic Al 重塑产业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 2025 火山引擎冬季 FORCE 原动力大会定档 12 月 18-19 日，本报告结合 2025 春季 FORCE 大会的内容和冬季大会官方预告，梳理本次大会重点跟踪内容。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 计算机《DeepSeek-V ...

Core Viewpoint - The computer sector has shown a four-phase trend in 2023: initial buildup, peak in February, mid-year adjustment, and breakthrough in September, influenced by the continuation of the 924 market, phenomenon-level catalysts like DeepSeek, and structural improvements in fundamentals [1] Group 1: AI+Coding - The global AI coding tools market is projected to grow from $6.7 billion in 2024 to $25.7 billion by 2030, with a compound annual growth rate (CAGR) of 25.2% from 2024 to 2030 [2] - In China, the AI code generation market is expected to increase from 6.5 billion RMB in 2023 to 33 billion RMB by 2028, with a CAGR of 38.4% [2] - High penetration rates in the internet and gaming industries are attributed to the characteristics of industry development, such as intensive project-based work and rapid iteration [2] Group 2: AI+Office - The AI+office software market in China is forecasted to reach 30.864 billion RMB in 2024 and grow to 191.137 billion RMB by 2028, reflecting a CAGR of 57.75% [3] - The core user base for AI office products is stabilizing, with a trend towards integrated product forms [3] - Quark leads the market with over 80 million visits, followed by major players like Tencent Docs and WPS AI, indicating a concentration of over 80% of top products in the hands of internet companies [3] Group 3: AI+Cybersecurity - Major manufacturers are increasingly utilizing machine learning and natural language processing to enhance security detection efficiency and accuracy, transitioning from traditional to proactive defense strategies [4] - The market for AI-driven security applications in China is expected to reach $1.6 billion by 2028, with a CAGR exceeding 230% [4] Group 4: Intelligent Driving - The VLA architecture is a new technology that translates visual information into understandable logic for vehicle operation, aiming for Level 5 full autonomous driving [5] - Sales of highway NOA (Navigation on Autopilot) are projected to rise from 363,000 units to 2.65 million units from January 2023 to January 2025, with penetration increasing from 8.7% to 35.7% [5] Group 5: Industrial Software - The capital expenditure in downstream industries is declining, with the steel sector showing a stabilization in growth at 0.8% year-on-year [6] - High-end design software, particularly those leveraging physical AI for advanced simulation, is emerging as a breakthrough direction with strong valuation elasticity [6] Group 6: Investment Recommendations - Companies to watch in AI+Coding include Zhuoyi Information; in AI+Office: Kingsoft Office, Foxit Software, Zhiyuan Interconnection, and Fanwei Network; in AI+Finance: Jiufang Investment and Tonghuashun; in AI+Cybersecurity: Deepin Technology and Anheng Information; in intelligent automotive: Horizon Robotics, Desay SV, and Zhongke Chuangda; in industrial software: Zhongkong Technology, Rongzhi Rixin, and Saiyi Information [8]

Core Insights - Lenovo (Beijing) Co., Ltd. has obtained a patent for a "Shell and Equipment System," with the authorization announcement number CN 223600129 U, applied for on November 2024 [1] - The patent describes a shell that includes a main body with a first connection part for fixing the shell to electronic devices and a first physical contact point for electrical connection with the devices [1] Company Overview - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 5.65 billion HKD [1] - Lenovo (Beijing) has invested in 107 companies and participated in 5,000 bidding projects, with 1,751 trademark records and 5,000 patent records [1] - Additionally, the company holds 238 administrative licenses [1]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，联想（北京）有限公司取得一项名为"一种上行预调度方法和基站"的专利， 授权公告号CN 114630435 B，申请日期为2022年3月。 天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了107家企业，参与招投标项目5000次，财产线索方面有商标信息1751条，专利信 息5000条，此外企业还拥有行政许可238个。 ...

Core Insights - Lenovo (Beijing) Co., Ltd. has obtained a patent for a "data processing method, electronic device, and system," with the authorization announcement number CN 114818015 B, applied for on March 2022 [1] Company Overview - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 5.65 billion HKD [1] - Lenovo (Beijing) Co., Ltd. has invested in 107 enterprises and participated in 5,000 bidding projects [1] - The company holds 1,751 trademark records and 5,000 patent records, along with 238 administrative licenses [1]