Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The Hong Kong Legislative Council has officially passed the "Stablecoin Ordinance," establishing a comprehensive regulatory framework for stablecoins, expected to take effect within 2025 [7][43][61]. - The computer sector experienced a slight rebound, increasing by 1.79%, ranking 6th among primary industries in the Yangtze River region, with a trading volume share of 8.85% [2][5][12]. - The report highlights investment opportunities in companies with issuance qualifications, those with technological accumulation in blockchain, and firms holding relevant licenses [7][61]. Summary by Sections Market Performance - The computer sector saw a minor rebound last week, with the Shanghai Composite Index closing at 3347.49 points, a slight decrease of 0.03% [5][12]. - The sector's trading volume accounted for 8.85% of the total market, indicating active participation in stablecoin-related concepts [2][5]. Key Developments - China Construction Bank announced a procurement project for domestic servers, with a total value exceeding 4.4 billion yuan, indicating a strong push for domestic innovation in the financial sector [19][21]. - The DeepSeek R1 model underwent a minor upgrade, significantly enhancing its reasoning capabilities, with accuracy in tests rising from 70% to 87.5% [26][29]. - The National Data Bureau held a press conference on the "Data Element X" initiative, showcasing the growing enthusiasm for data utilization and its potential economic impact [35][38]. Investment Recommendations - The report emphasizes the importance of stablecoins and suggests focusing on companies that are eligible to issue stablecoins, those with blockchain technology expertise, and firms with relevant licenses [7][61]. - It also recommends monitoring the developments in the domestic server procurement by financial institutions, which may accelerate the adoption of domestic technology solutions [25][34].

Group 1 - The core point of the news is that Lenovo (Beijing) Information Technology Co., Ltd. has successfully won the bid for the China Construction Bank's Haiguang chip server procurement project, with a total bid amount exceeding 1.1 billion yuan [1] - Lenovo's Infrastructure Solutions Group (ISG) reported a remarkable performance in Q4 2024/2025, with a year-on-year revenue growth of 63% and achieving profitability for the second consecutive quarter, indicating strong innovation capabilities in various industries [1] - The successful bid for the Haiguang chip server project further validates Lenovo's competitive edge and influence in the market, showcasing the technical strength and product quality of its server offerings [1] Group 2 - The Haiguang chip, based on the X86 architecture, has been developed in collaboration with AMD, allowing for direct compatibility with Windows/Linux systems and traditional software ecosystems [2] - Lenovo's server products based on the Haiguang chip are characterized by high performance, reliability, and scalability, meeting the stringent requirements of financial institutions for data processing capability, security, and stability [2] - This bid win represents a significant breakthrough for Lenovo in the financial sector server market, helping to expand its market share and deepen partnerships with major banks, while injecting new momentum into the growth of its ISG business [2]