企查查APP显示，近日，酷派智投科技（深圳）有限公司成立，法定代表人为马飞，注册资本500万 元，经营范围包含计算机软硬件及外围设备制造、人工智能应用软件开发、人工智能硬件销售等。企查 查股权穿透显示，该公司由酷派集团关联的宇龙计算机通信科技（深圳）有限公司全资持股。 （原标题：酷派在深圳成立智投科技公司，含人工智能业务） ...

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].

Investment Rating - The industry investment rating is "Outperform the Market" [21] Core Viewpoints - The report emphasizes that the implementation of the "Implementation Opinions" by the State Council will accelerate the development of China's artificial intelligence industry [3][7] - The Kimi K2 Thinking model, released by the company "月之暗面," ranks third globally in performance, indicating that domestic large models are continuously improving and adapting well to domestic accelerated computing chips [9][17] - The report suggests a strong outlook for the AI industry in China, driven by the competitive landscape of global AI large models and the ongoing iteration of domestic models [17] Summary by Sections Industry News and Commentary - The State Council issued the "Implementation Opinions" on November 7, which includes five parts aimed at fostering the application of new technologies and products in various economic and social scenarios [3][6] - The report notes that the Kimi K2 Thinking model has achieved state-of-the-art performance in several benchmark tests, enhancing its capabilities in complex reasoning and tool usage [9][17] Key Company Announcements - "浪潮信息" announced the progress of its share repurchase, having repurchased 1,551,866 shares at a total cost of approximately 96.99 million yuan [10] - "东华软件" disclosed two investment announcements, including the establishment of an AI research institute and a technology company with a total investment of 35 million yuan [10] - "国能日新" announced a joint venture for energy storage with a registered capital of 40 million yuan [10] Weekly Market Review - The computer industry index fell by 2.54% this week, underperforming the CSI 300 index, which rose by 0.82% [11][14] - The overall P/E ratio for the computer industry is 56.0 times, with 359 A-share component stocks, of which 98 rose, 2 remained flat, and 257 fell [14] Investment Recommendations - The report recommends focusing on AI-related investment opportunities, particularly in AI computing power and algorithms, highlighting companies such as 海光信息, 龙芯中科, and 恒生电子 [17]

Group 1 - The computer sector shows a significant performance turnaround, with a 3.67% year-on-year revenue increase and a 240.37% rise in net profit attributable to shareholders for the first three quarters of 2025 [1] - The AI and domestic computing sectors are particularly strong, with AI applications driving substantial revenue growth [1] - The Computer ETF Southern (159586) has risen by 0.92%, reflecting positive market sentiment and increased trading volume [1] Group 2 - Quantum technology is gaining recognition for its advantages over classical information tools, with applications in computing, communication, and measurement [2] - The quantum computing market is expected to experience rapid growth between 2028 and 2030, with significant developments such as Google's quantum chip "Willow" and China's "Zu Chongzhi No. 3" [2] - The Computer ETF Southern closely tracks the CSI All-Share Computer Index, which categorizes companies into various industry levels for comprehensive performance analysis [2]

Core Insights - Microsoft and Apple are approaching a market valuation of $4 trillion, with Microsoft currently valued at $3.96 trillion and Apple at $3.94 trillion [1][2]. Company Summaries - Microsoft stock is trading at $532.74, and a rise to $538.129 would elevate its market value to $4 trillion [1]. - Apple's market value can increase from $3.94 trillion if its stock closes at $269.535, which is close to its current price of $265.93 [2].

Industry Trend - Software and computer services companies experienced the largest increase in profit warnings among UK-listed firms last quarter [1] Source - The report comes from consultancy EY-Parthenon [1]

Core Viewpoint - The article emphasizes that market fluctuations present an opportunity for increased investment, particularly focusing on the acceleration of domestic production in the technology sector [1]. Group 1: Market Analysis - From a medium to long-term perspective, the computer sector is recommended for overweight investment due to strong earnings improvement certainty and sustained industrial and policy benefits [1]. - In the short term, the article suggests that investors should confidently increase their positions during market volatility, as macroeconomic factors may improve in October and November, and third-quarter reports are expected to continue the positive trend seen in the first half of the year [1]. Group 2: Domestic Production Focus - The article highlights a shift in trade dynamics, with an emphasis on domestic production as a significant trend. Key developments since the second half of this year include accelerated fiscal funding and a focus on the domestic production of AI chips [1]. - Recent U.S. measures regarding tariffs and key software exports are expected to further accelerate the trend towards domestic production [1].