蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨/罗池婧 本周观点聚焦 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 1、本周 观 点： 持续战略性加配计算机，挖掘 AI 主线的阿尔法 2、深度跟 踪 ：从阿里云栖大会看国内 AI 产业机会 周观点 持续战略性加配计算机，挖掘 AI 主线的阿尔法 持续战略性加配计算机行业。 截至 9 月 27 日， 25Q3 单季，在以 AI 为主线的 TMT 四个行业中，通信、电子、传媒、计算机的涨幅分别为 49.6% 、 43.6% 、 20.2% 、 14.8% ；自 24Q3 最低点以来，通信、电子、传媒、计算机的最高涨幅分别为 144.8% 、 132.5% 、 101.2% 、 114% 。展望 Q4 ，维持 AI 是主线以及 AI 会内部轮动的判断，计算机有望在 Q4 跑出超额，建议持续加配。 预计 Q3 财报的预期较为平稳。 国庆、中秋双节后，市场对 Q3 财报的关注有望升温。计算机行业的业绩具有较强季节性，其中 Q2 、 Q4 单季占比较高，考虑到上半 年的业绩趋势，以及 Q3 需求端、费用端的状况与上半年较为一致， Q3 业绩预期将较为平稳。可基于 Q ...

Core Viewpoint - The article highlights the emergence of "Tech Dragon Pearls" in the Greater Bay Area, focusing on companies with technological advantages and commercialization potential in fields such as low-altitude economy, AI large models, embodied intelligence, and intelligent driving, which are expected to challenge the monopoly of international tech giants and lead to a revaluation of Chinese tech assets [1]. Group 1: Company Summaries - DJI Innovation specializes in the production and sales of drones and handheld photography equipment, holding nearly 80% market share in the global consumer drone market, and offers advanced intelligent driving solutions through its subsidiary [2]. - Self-Variable Robotics focuses on the development of "general embodied large models" and has successfully developed the world's largest parameter scale embodied intelligent general operation model, WALL-A, by October 2024 [2]. - Zhijidongli is dedicated to creating full-size general humanoid robots and has developed innovative products, including bipedal robots, and has implemented a video generation large model for embodied operation algorithms [2]. - Yuanxiang is a leading AI and 3D technology service company that has developed and open-sourced a series of high-performance large models, providing a one-stop platform for 3D content creation and consumption [2]. - Simou Technology utilizes deep learning and machine vision as key technology engines, developing a comprehensive ecosystem of smart manufacturing software and hardware products, including industrial multimodal large models and AI-AOI visual inspection equipment [3]. - Superparameter Technology leverages cutting-edge AI technology to enhance the autonomy and interactivity of Game Agents, becoming the first company globally to achieve large-scale commercialization in the Game Agent field [3]. - Yuanrong Qixing offers leading intelligent driving solutions, with nearly 40,000 units sold by March 2025, and aims to develop RoadAGI in the long term [3]. - Hege Technology provides advanced 3D printing application solutions, integrating a complete process from intelligent data collection to 3D printing materials and post-processing [3].