[Table_Summary] 1、【宏观研究】：10 月工业、消费、投资等分项增速均有所放缓，既是由于假期错位和高基数的 短期扰动，也反映内外需压力逐步显现。 2、【计算机研究】计算机：阿里发力启动"千问"项目，百度强化 AI 自主算力，国产 GPU 沐曦 IPO 过会，太空计算逐步推进商用化，共同推动国产算力实现关键突破。 3、【有色金属研究】有色金属：美国政府结束停摆后，市场流动性缓解。但近期美联储多位官员 发言偏鹰，市场对后续降息预期回撤。随着美国经济数据的重新发布，市场预期逐步转向乐观。 4、【美妆研究】化妆品：双十一稳健双位数增长，即时零售亮眼、全链路打通为趋势，美妆品类 稳健增长，天猫高端国际品牌排名回暖、抖音头部国货维持领先，若羽臣、上美表现亮眼。 国泰海通晨报 2025 年 11 月 17 日 国泰海通证券股份有限公司 研究所 杨林(分析师) 021-23183969 yanglin2@gtht.com S0880525040027 魏宗(分析师) 021-23180000 weizong@gtht.com S0880525040058 钟明翰(研究助理) 021-38031383 zhon ...

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Views - The report highlights that domestic AI capabilities are continuously improving and gaining global recognition, with significant advancements in computing power, large models, and application sectors [6][12] - Baidu's new Kunlun chips M100 and M300 are set to launch in 2026 and 2027 respectively, indicating a strong push in domestic AI computing power [4][10] - Alibaba's "Qianwen" project aims to create a personal AI assistant to compete with ChatGPT, showcasing the rapid development of domestic AI models [5][11] Summary by Sections Market Review - During the week of November 10-14, 2025, the CSI 300 index fell by 1.08%, while the computer index dropped by 3.03% [3][13] Company Dynamics - Fourth Paradigm reported a total revenue of RMB 4.402 billion for Q3 2025, a year-on-year increase of 36.8% [14] - Digital政通's subsidiary won a significant project with a contract value of RMB 108.90 million [15] - Shenzhou Digital announced an employee stock ownership plan with a fundraising cap of RMB 360.22 million [16] Industry Dynamics - Baidu's Kunlun chip M100 is expected to launch in early 2026, while OpenAI has released the GPT-5.1 series [20][27] - The report notes that domestic AI computing power is reshaping the competitive landscape by reducing reliance on foreign manufacturers [4][10]