Investment Rating - The report rates the computer sector as "Outperform" [1][17]. Core Viewpoints - The ongoing US tech suppression emphasizes the importance of technological self-reliance and AI development in China, which is expected to boost the computer sector [1][17]. - The halt in supply from the "Big Three" EDA companies (Synopsys, Cadence, Siemens) to some Chinese clients may accelerate the development of domestic EDA solutions [18]. - China's AI research and application capabilities are now world-class, with significant advancements in models like DeepSeek R1, which is nearing the performance of top international models [19]. Summary by Relevant Sections EDA Supply Chain - The report highlights that the EDA supply halt indicates ongoing US tech suppression, which may lead to accelerated domestic EDA development [17][18]. - Synopsys and Cadence have received notifications regarding new export restrictions, impacting their ability to supply Chinese clients [18]. AI Development - The DeepSeek R1 model has achieved top domestic scores and is approaching the performance of international models, indicating China's strong position in AI development [19]. - The Doubao App's upgrade to support video chat expands AI applications into new areas, showcasing innovation in AI technology [19]. Key Companies to Watch - The report identifies several key companies in the computer sector to watch, including: - Empyrean Technology - Dameng Database - Beijing Kingsoft Office Software - Newland Digital Technology - Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd. - Guangzhou Sie Consulting - Wuxi Unicomp Technology Co., Ltd. - Hehe Information [1][17].

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [5][66]. Core Insights - The AI sector is experiencing rapid advancements, with significant updates from companies like ByteDance and OpenAI, indicating a competitive landscape and innovation in agent technologies [11][12]. - The introduction of the XBench benchmarking tool by Sequoia China marks a shift towards comprehensive AI evaluation systems, moving beyond traditional performance metrics to assess capabilities across various scenarios [12][13]. - The launch of new features in applications such as Doubao and QQ Browser demonstrates the increasing integration of AI in everyday services, enhancing user interaction and decision-making processes [37][45]. Summary by Sections AI Insights - The report highlights multiple updates in the AI field, including the upgrade of OpenAI's Operator model from GPT-4o to o3, which enhances reasoning and interaction capabilities [11][50]. - Domestic developments include the launch of XBench by Sequoia China, which aims to provide a more scientific evaluation framework for AI capabilities [12][13]. Domestic Developments - Sequoia China's XBench tool introduces a dual-track evaluation system that assesses both theoretical limits and practical value of AI systems [14][15]. - Doubao's new video call feature allows real-time interaction with AI, marking a significant advancement in visual and auditory AI capabilities [37][38]. - QQ Browser's "AI Gaokao Tong" provides comprehensive support for students during the college entrance examination process, showcasing the potential of AI in education [45][46]. - The launch of Kunlun's Skywork Super Agents mobile app signifies a breakthrough in mobile office applications, enhancing productivity through AI integration [48][49]. International Developments - OpenAI's upgrade of the Operator model significantly improves its ability to handle complex tasks, indicating a trend towards more sophisticated AI applications [50][51]. - The report suggests that advancements in AI technology will continue to drive innovation and competition in the industry, with a focus on multi-modal integration and deep learning optimization [11][12]. Investment Recommendations - The report advises focusing on AI enterprise services and application scenarios, highlighting potential investment opportunities in various sectors such as office software, marketing, ERP, and education [53][54][55].

文丨王与桐 编辑丨程曼祺 对 AI 足够有野心的科技大公司不可能放弃硬件。 我们获悉，字节正在探索将大模型与硬件结合，既自己开发 AI 硬件，也会与外部硬件公司合作。 字节 AI 硬件相关团队负责人为 Kayden（花名），他正带领团队开发一款与豆包大模型和豆包 App 联动 的智能耳机。Kayden 同时在推动豆包大模型与其它手机厂商的智能助手合作，类似 OpenAI 与苹果的结 合。 字节同时在探索 AI 眼镜方向，可能会投资一家新公司或组建内部团队。我们获悉，一名互联网公司的前 大模型核心人物已在与字节合作研发 AI 眼镜。 第一款自研产品为智能耳机，与豆包大模型联动 据了解，字节 AI 硬件团队的第一款产品仍为智能耳机。新变化在于，该款耳机将植入豆包大模型，并与字节 2023 年 8 月上线的对话类 AI 应用豆包 App 结合：戴上智能耳机后，用户可通过语音对话随时使用豆包，在 豆包 App 上也可以操控这款耳机。 字节的 AI 硬件团队目前主要以字节去年底收购的智能耳机公司——大十未来科技的人员为基础，隶属于字节 AI 产品团队 Flow。 大十未来由李浩乾于 2019 年创立，2022 年推出第 ...