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 entry of Alibaba and Tencent into the consumer AI market, focusing on the commercialization of AI applications. It emphasizes the potential for these tech giants to leverage their extensive user ecosystems and AI technologies to create a complete AI business loop, enhancing competitiveness and profitability [19][27]. - The report suggests actively monitoring the commercialization process of AI applications and favoring companies that are expected to accelerate performance through AI-driven technologies and products [27]. Summary by Sections Industry Performance Review - The computer industry index fell by 2.38% over the two weeks from November 14 to November 27, 2025, outperforming the CSI 300 index by 1.59 percentage points, ranking 6th among 31 first-level industries. The index dropped 6.02% in November, underperforming the CSI 300 by 3.32 percentage points, but has risen 17.58% year-to-date, outperforming the CSI 300 by 2.83 percentage points [8][11]. Valuation Situation - As of November 27, 2025, the SW computer sector's PE TTM (excluding negative values) stands at 54.14 times, placing it in the 86.46th percentile over the past five years and the 73.87th percentile over the past ten years [18]. Industry News - Key developments include Alibaba's launch of the "Qianwen" project aimed at the AI to C market, and Tencent's plans to introduce an AI assistant within WeChat. Both companies are expected to enhance their platforms with AI capabilities, potentially creating new revenue streams [19][21][27]. - Nvidia reported a revenue of $57 billion for Q3 FY2026, a 62% year-on-year increase, driven primarily by its data center business [21]. Company Announcements - Recent announcements include various companies' strategic moves, such as Zhongfu Information's capital increase and Chuangxin Technology's potential stock issuance, which may lead to changes in control [22][24]. Weekly Perspective - The report reiterates the significance of Alibaba's "Qianwen" project and Tencent's AI initiatives, suggesting that these developments could lead to a robust AI commercial ecosystem, benefiting both companies and the broader industry [26][27]. Recommended Stocks - The report identifies several companies to watch, including: - Guodian Yuntong (002152.SZ) for its stable growth in fintech and deepening layout in data elements and computing power. - Shenzhou Digital (000034.SZ) as a core partner in the "Kunpeng + Ascend" industry chain, expected to benefit from rising domestic computing power demand. - Inspur Information (000977.SZ) for its focus on cloud computing and AI, maintaining a leading position in AI servers [28].

Core Viewpoint - The A-share market is experiencing a collective rise, particularly in the AI sector, driven by significant developments in AI applications and investments from major companies [1] Group 1: Market Performance - On November 24, the three major A-share indices rose collectively in early trading [1] - The Sci-Tech Innovation Board AI ETF (588930) increased by 0.35% with a premium trading rate of 0.13% [1] - Leading stocks in the ETF include Lingyun Optics, Jingchen Technology, and Sikan Technology, which showed significant gains [1] Group 2: AI Sector Developments - The Sci-Tech Innovation Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap companies involved in providing resources, technology, and application support for AI [1] - The OmniScientist system, aimed at enhancing the full-process training of research talents, was officially launched at the ICAIS 2025 conference [1] Group 3: Company Initiatives - Major companies are accelerating AI application deployment, with Alibaba advancing the "Qianwen" project, Tencent planning to introduce an AI assistant in WeChat, and ByteDance releasing the Doubao programming model optimized for Agentic [1] - Companies are advised to focus on the progress of AI applications and consider related investment opportunities [1] Group 4: Investment Recommendations - CITIC Construction emphasizes the importance of monitoring the AI computing power sector, including core companies in both North American and domestic computing power supply chains [2] - There is a recommendation to pay attention to advancements in edge AI applications [2]

Group 1 - A-shares opened lower on November 17, with the Sci-Tech Innovation Board AI ETF (588930) showing strength, rising 1.19% and exceeding a trading volume of 13 million yuan [1] - The Sci-Tech Innovation Board AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index (950180.CSI), which selects 30 large-cap companies involved in providing resources, technology, and application support for AI [1] - Zhejiang Province has achieved a "grand slam" in five lists of private economy for two consecutive years, focusing on stimulating private investment and lowering barriers for participation in sectors like new energy, AI, and urban renewal [1] Group 2 - Major domestic companies are accelerating the application of AI, with Alibaba advancing the "Qianwen" project, Tencent planning to launch an AI assistant in WeChat, and ByteDance releasing the Doubao programming model [2] - There is a recommendation to focus on the progress of AI applications and to explore related investment opportunities [2]