【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：董萍萍 ） 10月17日A股市场震荡调整，盘中上证指数跌破3900点，科创50盘中最高跌超3%，截止发稿收窄 至-1.75%，成交26亿元，第一大重仓海光信息盘中翻红。 科创50指数持仓电子行业70.55%，计算机行业4.54%，合计75.09%。财通证券最新研报指出电子板 块3Q2025业绩趋势保持向上，结构特征明显。同比趋势来看，3Q2025电子板块整体业绩趋势保持增 长，其中AI算力产业链相关标的业绩增速高于行业平均，传统下游及周期品等方向业绩增长相对平 稳。展望2025年，机构预计AI需求景气延续，有望继续支撑产业链公司业绩维持较好增长态势。 相关ETF：科创50ETF 588000。 ...

周观点 迎接红十月，关注 Sora 2 带来的板块效应 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 本周 观 点： 迎接红十月，关注 Sora 2 带来的板块效应 坚定看多计算机行业红十月行情。 正如 9 月最后一期周观点所述，在 AI 的 4 个行业中，计算机行业在 Q3 涨幅相对较低。展望 10 月， AI 大模型持续更新，二十届四 中全会将于 10 月 20 日开幕，计算机行业对技术及政策红利较敏感，有望充分受益。同时，自 2010 年以来，计算机行业在 10 月份取得正向收益的概率为 53% ，位 列所有月份第 4 名。 持续推荐 AI 、国产化及金融科技。 从技术受益方向来看， AI 大模型的迭代在加快，带动算力及应用需求， AI 是最核心主线；从政策受益方向来看， AI 、国产化是 科技自强的重点领域，金融科技与流动性政策密切相关。站在当前的位置，建议重点配置头部公司、边际变化较为显著的赛道领军、以及三季报预期较好且有估值切换 逻辑的公司。 关注 Sora 2 对 AI 板块的信心提振。 在 AI 多模态领域， Open ...

Core Viewpoint - The report from CITIC Securities anticipates steady growth in the computer industry revenue by Q3 2025, continuing the trend observed in the first half of the year, driven by sustained computing power demand and an inflection point in applications [1] Group 1: AI Opportunities - It is recommended to seize opportunities along the "AI mainline" in Q4 2025, focusing on AI applications and computing power sectors such as office/management software, computing chips, servers, cloud vendors, and autonomous driving [1] Group 2: Structural Opportunities - The report also suggests considering structural opportunities in areas like trusted computing, fintech innovation, and cyclical recovery, including industrial software, foundational software, and internet financial software [1]

Core Viewpoint - The market performance after the National Day holiday is generally positive, with historical data indicating a high probability of gains in major indices [1]. Market Performance - Over the past ten years, the Shanghai Composite Index and Shenzhen Component Index have shown a 70% probability of rising on the first trading day after the National Day holiday, with 60% and 70% probabilities of gains over the subsequent five trading days, respectively [1]. - The Shanghai Composite Index recorded five years of gains and five years of losses in October, while the Shenzhen Component Index had seven years of gains and three years of losses [2]. Historical Index Changes - The performance of the Shanghai Composite Index on the first trading day after the holiday varied, with notable years including: - 2015: +2.97% - 2018: -3.72% - 2024: +4.59% [2] - The Shenzhen Component Index also showed fluctuations, with: - 2015: +4.07% - 2018: -4.05% - 2024: +9.17% [2]. Sector Performance - The probability of gains in various sectors after the National Day holiday is generally above 50%, particularly in the following sectors: - Computer, Communication, and Electronics [4]. - Banking, Non-bank Financials, and Automotive sectors also show high probabilities of gains in the weeks following the holiday [4]. Investment Outlook - Multiple brokerages have a positive outlook for the A-share market post-holiday, suggesting investors hold stocks during the holiday to better navigate market changes [5]. - Specific sectors recommended for investment include: - Electronics (consumer electronics, semiconductors) - Communication (computing power) - Machinery (robots) - Non-ferrous metals (rare and precious metals) - Media (gaming) - Computing (AI applications) [5][6]. - Conservative investors are advised to maintain positions and respond flexibly to market changes after the holiday [6].

Key Points The U.S. government has been discussing whether to invest in defense stocks. One defense company that does a lot of business with the government is Lockheed Martin. An uptick in government spending could bolster Lockheed Martin's sluggish growth. 10 stocks we like better than Lockheed Martin › Last month, computer company Intel announced that the U.S. government was going to be taking a 10% stake in its business. The money would come from grants that it previously issued to the business ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [9]. Core Insights - The Huawei Connect Conference 2025 is set to showcase advancements in AI infrastructure, with a focus on both software and hardware developments, which are expected to accelerate the growth of the domestic AI ecosystem [3][7]. - The launch of the Ascend 384 SuperNode and the CANN ecosystem is pivotal for the development of domestic computing power, with significant government orders and a comprehensive list of AI application scenarios across 21 fields [3][4]. - The report highlights the importance of the HarmonyOS as a foundational software in the AI era, with key players like Softcom and China Software International participating actively in the conference [5][7]. Summary by Sections Event Overview - The Ascend SuperNode and CANN ecosystem conference was held on September 15, 2025, showcasing the Ascend 384 SuperNode computing solution and various AI application scenarios [3]. - The conference aims to promote digital transformation in urban governance and public services through extensive collaboration with developers and industry partners [3]. Technological Developments - The Ascend 384 SuperNode has shown over 5% improvement in training throughput and 20% enhancement in model utilization compared to other industry products [4]. - The upcoming Huawei Connect Conference will feature over 300 sessions focusing on intelligent computing and AI frameworks [5]. Software and Ecosystem - The report emphasizes the role of the new Cangjie programming language in supporting the HarmonyOS ecosystem, with a focus on high performance and security [6]. - Eazydevelop, a domestic IDE supporting the Cangjie language, is highlighted as a significant development in the vertical industry of smart healthcare [7]. Investment Recommendations - Key companies to watch include those involved in the HarmonyOS ecosystem and the Ascend supply chain, such as Softcom, China Software International, and others in the server and AI computing sectors [7].

Summary of the Computer Industry Conference Call Industry Overview - The computer industry achieved a non-recurring net profit of 13.8 billion yuan in the first half of 2025, representing a year-on-year growth of 56%, indicating a rapid increase in operational profits and reversing the decline seen in the same period last year [1][2] - In Q2 2025, the industry revenue grew by 18.53% year-on-year, with net profit attributable to shareholders increasing by 36% and non-recurring net profit rising by 48%, reflecting a recovery in demand and improved operational efficiency [1][3] Financial Performance - The average gross margin for the computer industry was close to 15%, down 2.26 percentage points year-on-year, primarily due to the impact of the server business [1][5] - Operating cash flow was negative at 37.435 billion yuan, but improved by approximately 13 billion yuan compared to the same period last year, indicating a marginal improvement in cash collection capabilities [1][6] Sector Performance - The AI sector saw revenue reach 71.4 billion yuan in H1 2025, a nearly 40% year-on-year increase, driven by accelerated deployment of AI large models and significant demand for domestic computing power [1][11] - The smart automotive sector experienced a 21% year-on-year revenue growth, with net profit increasing by nearly 60%, as Robotaxi entered a performance realization window [1][13] - The securities IT sector showed a clear divergence between C-end and B-end performance, with C-end companies like Tonghuashun benefiting from active capital market policies, while B-end companies still need to be observed for performance improvements [1][14] Cost and Efficiency - The overall expense ratio in the industry showed a slight decrease, with sales expense ratio at a median of 10.29%, management expense ratio at 11.69%, and R&D expense ratio at 13.77% [1][5][9] - In Q2 2025, the industry continued to show a narrowing trend in expense ratios, indicating significant progress in cost control despite revenue growth [1][9] AI and Technology Developments - AI applications demonstrated strong performance, with companies like Inspur achieving 80 billion yuan in revenue, a 90% increase year-on-year, and significant growth in domestic chip demand [1][11][12] - The autonomous security sector showed a notable turnaround, with average revenue growth of nearly 20% and a shift from losses to profits [1][18] Challenges and Opportunities - The industrial internet, security, and military information sectors faced mixed results, with some leading companies experiencing revenue declines due to fluctuations in downstream demand and increased investments in AI [1][20][21] - The network security sector showed a year-on-year revenue growth of nearly 20%, although it still faced net losses, indicating potential for new opportunities driven by AI [1][19] Conclusion - The computer industry is experiencing a positive growth trend, particularly in AI and smart automotive sectors, while maintaining a focus on cost control and operational efficiency. The divergence in performance between different segments, especially in the securities IT sector, highlights the need for ongoing observation and analysis of market dynamics [1][14][15]

Market Overview - On September 11, major indices including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and STAR Market Index experienced a rebound, with the ChiNext Index and STAR Market Index rising over 5% [2] - The Shanghai Composite Index closed at 3875.31 points, up 1.65%, with a trading volume of 10,168 billion yuan; the Shenzhen Component Index closed at 12,979.89 points, up 3.36%, with a trading volume of 14,209.25 billion yuan; the ChiNext Index closed at 3053.75 points, up 5.15%, with a trading volume of 7,042.61 billion yuan; the STAR Market Index closed at 1326.03 points, up 5.32%, with a trading volume of 1,060 billion yuan [2] Sector Performance - The market saw more sectors rising than falling, with notable gains in electronics, securities, telecommunications, computers, agriculture, insurance, power equipment, machinery, and non-ferrous metals [4] - Concepts such as CPO, PCB, copper cable high-speed connections, optical communication modules, laser radar, NVIDIA, liquid cooling, storage chips, computing power, and synchronous reluctance motors showed active performance [4] - Only a few sectors, including precious metals, jewelry, and tourism, experienced declines [4] Fund Flow Analysis - The net inflow of main funds in the Shanghai and Shenzhen markets was 103.09 billion yuan, with the ChiNext seeing a net inflow of 104.83 billion yuan [5][6] - Among the 31 primary industries, 9 sectors had net inflows, with the electronics sector leading at 108.17 billion yuan, followed by telecommunications, computers, and non-bank financials [6] - The pharmaceutical and biological sector had the highest net outflow at 35.68 billion yuan, with other sectors like media, automotive, and non-ferrous metals also seeing significant outflows [6] Individual Stock Performance - A total of 1,903 stocks saw net inflows, with 131 stocks receiving over 1 billion yuan in net inflows, led by Luxshare Precision with 24.76 billion yuan [8] - Conversely, 3,243 stocks experienced net outflows, with 85 stocks seeing over 1 billion yuan in net outflows, the highest being 263 with 7.52 billion yuan [10] Institutional Activity - According to the post-market data, institutional investors had a net sell of approximately 6.66 billion yuan, with 12 stocks seeing net purchases, the highest being Dongshan Precision at about 2.38 billion yuan [11]

Core Viewpoint - The A-share market experienced a significant rally, with the ChiNext Index surpassing the 3000-point mark for the first time since February 2022, indicating a strong upward trend in the market [1]. Market Performance - On September 11, 2025, the three major A-share indices collectively rose, with the ChiNext Index increasing by 4.31% to 3029.58 points, marking a cumulative increase of 72% from its low of 1756 points in early April [1]. - The Shanghai Composite Index rose by 1.12% to 3855.1 points, while the Shenzhen Component Index increased by 2.63% to 12887.73 points [1]. - A total of over 3300 stocks in the market rose, while more than 1800 stocks declined [1]. Sector Performance - Among the 31 primary industry sectors, most saw gains, with the telecommunications, electronics, and computer sectors leading the increases. Conversely, the textile and apparel, social services, and banking sectors experienced the largest declines [1]. Investment Trends - Analyst Zhang Gang from Zhongyuan Securities noted that there is a noticeable shift of household savings towards the capital market, creating a continuous source of incremental funds [1]. - The Federal Reserve's signals of potential interest rate cuts are contributing to a more relaxed global liquidity environment, which, along with a weaker dollar, is favorable for foreign capital returning to A-shares [1]. - The market is expected to maintain a steady upward trend in the short term, with close attention needed on policy, funding, and external market changes [1].

Investment Rating - The report maintains a "Recommendation" rating for the industry [4] Core Viewpoints - The satellite internet industry is poised for significant development opportunities under strong policy support, marking the beginning of a "great maritime era" in commercial aerospace. The integration of satellite internet and computing power, termed "space computing," has long-term growth potential, with ongoing acceleration in the construction of relevant constellations in China [3][27] - The "Star Computing Plan" is expected to achieve a network of thousands of satellites, significantly accelerating the development of space computing. The "Three-body Computing Constellation" aims to reach a total computing power of 1000P, addressing the limitations of traditional data processing methods [9][10][11] - The report suggests focusing on companies with significant layouts in the space computing field, such as Putian Technology, Zhongke Xingtu, Zhongke Shuguang, Kaipu Cloud, Ruijun Power, Qianfang Technology, Jiadu Technology, and China Software, as well as leading enterprises in the satellite internet sector like Chuangyi Information, Shanghai Hanyun, Nanjing Panda, Meiansen, and Liujiumer [3][27] Summary by Sections Market Review - During the week of September 1-5, the CSI 300 index fell by 0.81%, the SME index dropped by 2.29%, while the ChiNext index rose by 2.35%. The computer sector (CITIC) saw a decline of 6.76% [35] Industry News - The report highlights the significant development opportunities in the satellite internet industry, driven by strong policy support and the potential for space computing to become a new direction for the development of both satellite internet and computing power industries [3][27] Company Dynamics - Companies like Hai Lian Xun and You Feng Network are actively engaging in stock exchanges and share repurchase plans, indicating strategic movements within the industry [2][33] Investment Suggestions - The report emphasizes the importance of monitoring companies that are strategically positioned in the space computing sector, as well as those with core advantages in the satellite internet niche [27]