证券研究报告 | 行业定期报告 2025 年 10 月 19 日 海外持续 AI 创新，国产 AI 算力进入放量阶段 计算机周观察 20251019 TMT 及中小盘/计算机 Oracle 在资本市场日就人工智能基础设施项目的毛利率及最新订单情况、公司 长期财务目标给出了更为清晰的指引更新，进一步加深市场信心，目前公司 RPO 超过 5000 亿美元。海光信息、寒武纪发布 25 年三季报，国产 AI 算力进 入放量阶段。建议持续关注 AI 板块。 ❑ 投资建议：国产算力稀缺优势凸显，建议关注寒武纪、海光信息、中科曙光。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4132.9 | 4.1 | | 流通市值（十亿元） | 3705.1 | 4.0 | 行业指数 % 1m 6m 12m 绝对表现 -6.4 21.1 32.1 相对表现 -5.6 1.5 12.9 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Oct/24 Feb/25 Jun/25 Sep/25 (%) ...

Market Performance - The main board led the gains with notable stocks such as Jin'an Guoji (+10.02%), Zhichun Technology (+10.01%), and Dongxin Peace (+10.01%) [1] - The ChiNext board saw significant increases with Yachuang Electronics (+12.91%) and Zhongshi Technology (+12.16%) [1] - The Sci-Tech Innovation board was led by Pingao Co. (+4.89%) and Guodun Quantum (+3.22%) [1] Domestic News - Ordos is developing a "Northern Chip Valley" with a semiconductor science park project worth 37.2 billion, aiming for production by the end of 2027 with an annual output value of $42 billion [1] - Northern Huachuang confirmed that Changjiang Storage is a strategic customer, utilizing various equipment in chip production lines [1] - Huike plans to invest approximately 10 billion in a new M-LED display chip base in Nanchong, with a designed monthly capacity of 1 million pieces [1] - Nanjing Semiconductor and Zhaoyi Innovation established a "Digital Energy Joint Laboratory" to combine strengths in GaN and SiC technologies [1] Company Announcements - Ruima Precision announced it has secured a project for automotive air suspension systems, expecting sales of approximately 265 million over six years [3] - Rockchip forecasts a net profit of 760 million to 800 million for the first three quarters of 2025, representing a year-on-year growth of 116% to 127% [3] - New Beiyang expects a net profit of 56.61 million to 64.42 million for the same period, a year-on-year increase of 45% to 65% [3] - Juzan Optoelectronics reported total revenue of 2.499 billion for the first three quarters of 2025, a year-on-year growth of 23.59% [3] International News - OpenAI has partnered with Broadcom to produce its first AI processor, with a planned launch of custom chips valued at 10 kilowatts starting in late 2026 [1] - Samsung Electronics led the memory market in Q3 with sales of $19.4 billion, followed by SK Hynix with $17.5 billion [1] - NVIDIA announced the release of its DGX Spark desktop AI supercomputer based on the GB10 Grace Blackwell chip, priced at $3,999 [1] - Intel revealed its Fab 52 facility in Arizona, equipped with ASML extreme ultraviolet lithography machines, ready for future expansions [1]