Guotai Junan Securities: The computer holding level in 25Q1 began to rise, still a significant gap from the high holding level in 23.

Guotai Haitong released a research report stating that after calculation, the computer industry's holdings in 2025Q1 have increased to 2.9%, close to the level of 13.0% in 2024Q1, but there is still a significant gap from the high level of holdings in 2023. This indicates that the current capital market's attention to the computer industry is increasing, but there is still significant room for growth. In addition, currently, many institutions have heavy holdings in companies in the fields of AI, autonomy, controllability, and SaaS, indicating the current preference of institutions. In the bank's judgment, the bank believes that technology is expected to become an important theme in 2025, and within technology, under the background of high tariffs between the US and China, autonomy and controllability are expected to receive more attention. Meanwhile, the AI industry as a whole is still in a period of rapid development, and maintaining a high level of attention in the future can be expected. Therefore, the institutional holdings of companies in the AI and autonomy, controllability fields may also increase, maintaining a "buy" rating for the computer sector. Guotai Haitong's main points are as follows: Computer holdings recover to close to 3% The bank conducted an analysis of institutional holdings (funds and fund management companies) based on Wind's institutional research. From 2021Q1 to 2022Q3, the institutional holdings level of the computer industry was at a historical low of less than 3%. In 2022Q4, it first rose to 3.4%; in 2023Q1, the institutional holdings level of the computer industry quickly rebounded to 6.2%. From 2023Q2 to 2024Q1, the institutional holdings level of the computer industry continued to decline, reaching 5.8%, 4.6%, 4.0%, and 3.0% respectively. In 2024Q2, the institutional holdings level of the computer industry further declined to 2.1%, only higher than 2.0% in 2022Q2 within the past 10 years. In 2024Q3 to Q4, the institutional holdings level of the computer industry remained at 2.4%, still at a historical low. In 2025Q1, the computer holdings recovered to 2.9%. Currently, many institutions have heavy holdings in the fields of AI, autonomy, controllability, and SaaS In terms of the number of shareholding institutions, the top ten in 2025Q1 are Beijing Kingsoft Office Software, Inc., Iflytek Co., Ltd., Sangfor Technologies Inc., Dawning Information Industry, Zhejiang Top Cloud-Agri Technology, Inspur Electronic Information Industry, Huizhou Desay SV Automotive, Newland Digital Technology, Unisplendour Corporation, and Jiangsu Hoperun Software. Beijing Kingsoft Office Software, Inc. maintains the first position with 234 shareholder institutions, while Jiangsu Hoperun Software is the tenth with 64 shareholder institutions. In terms of the shareholding market value, the top ten in 2025Q1 are Beijing Kingsoft Office Software, Inc., Iflytek Co., Ltd., Sangfor Technologies Inc., Empyrean Technology, Dawning Information Industry, Ninestar Corporation, Unisplendour Corporation, Shanghai BOCHU Electronic Technology Corporation, Yonyou Network Technology, and Huizhou Desay SV Automotive. Beijing Kingsoft Office Software, Inc. continues to be the company with the highest shareholding market value, at 14.5 billion RMB; and the tenth, Inspur Electronic Information Industry, has a shareholding market value of 1.9 billion RMB. It can be seen that many institutions currently have heavy holdings in companies in the fields of AI, autonomy, controllability, and SaaS. In the future, the autonomy and controllability and AI sectors are expected to receive more attention Compared to the data from 2024Q4, in terms of the number of shareholding institutions, in the top ten in 25Q1, Sangfor Technologies Inc., Zhejiang Top Cloud-Agri Technology, and Newland Digital Technology are new entrants. In terms of the shareholding market value, in the top ten in 25Q1, Sangfor Technologies Inc., Shanghai BOCHU Electronic Technology Corporation, and Yonyou Network Technology are new entrants. Overall, there have been some adjustments in the institutional holdings areas in 25Q1 compared to 24Q4, with higher attention paid to cloud computing, SaaS, and other areas. The bank believes that under the backdrop of high tariffs imposed by the US on China, the importance of autonomy and controllability is increasingly prominent, and even the official Baijiahao of the People's Daily's Securities Times expressed in an article, "Looking forward to autonomy and control becoming a conscious behavior of companies in the industry chain." In the future, the autonomy and controllability field is expected to receive more attention from the capital market, and AI, as an important theme in the technology field in 2025, is still expected to receive high attention. Risk warning: Technological development may not meet expectations, and the risk of domestic substitution may not meet expectations.