China Securities Co., Ltd.: The computer sector has reached a turning point of resonance, it is recommended to focus on the AI industry in the second half of the year.

China Securities Co., Ltd. released a research report stating that the computer sector is entering a resonance turning point of fundamental repair and AI paradigm shift in 2026, with no limit to the iterative capabilities of models. The penetration rate of Claw-like applications is rapidly increasing, domestic demand for computing power is sharply rising, and AI infrastructure is entering a new stage. In the second half of the year, it is recommended to focus on: 1) AI industry should focus on demand, pay attention to the direction of computing power with rising prices and shortages, improve efficiency of infrastructure and cloud industries, and directions with high business prosperity. 2) For non-AI industries, investment suggestions focus on the policy catalyzed opportunities such as Digital Currency 2.0, autonomous driving, and commercial space under policy catalysis. Key Points from China Securities Co., Ltd.: Computer sector review As of the end of April, the computer index was -4.11% for the year, underperforming the Shanghai and Shenzhen 300 by about 6 percentage points, with computing power and Agent applications showing advantages while the G-side is under pressure. Revenue increased by 8% in 2025, with net profit attributable to the parent company increasing by 57%. In Q1 of 2026, non-GAAP net profit reversed losses and increased significantly, with profit recovery continuing, and cost reduction offsetting pressure on gross profit margin. Institutions have been underweight for eight consecutive quarters, with a PE ratio of 81x at the historical 90th percentile, but still cost-effective in the TMT sector based on a PS ratio. In the second half of the year, focus on three main themes: computing power scarcity and price increases, cloud and infrastructure price increases, AI applications with calculable ROI, and other strongly policy-driven directions. Large model iteration with no limits, continuously leading global AI development Overseas platforms like OpenAI, Anthropic, and Google are leading the way, focusing on B-side Agent ecosystems, breaking through intelligent boundaries, and full matrix coverage. Flagship domestic models like DeepSeek-V4 and Kimi K2.6 in programming, long texts, and multimodal fields are comparable to or even surpassing top overseas levels. Model capabilities double every 3.5 months, leading to an explosive increase in token calls as reasoning costs plummet. Average daily token calls in China have skyrocketed from one trillion in early 2024 to over 200 trillion in March 2026, with domestic models' competitive advantages continuing to be highlighted due to cost advantages. Sharp increase in domestic demand for computing power, AI infrastructure enters a new stage The implementation of Agents drives a comprehensive reconstruction of infrastructure from inference platforms to toolchains, with MCP protocols, security sandboxes, and observability becoming the most certain direction. Inference optimization accounts for 60%-80% of an AI system's TCO, making it the highest ROI investment direction. Due to the sharp increase in demand for Agent AI, CPUs have regained value, with CPU usage exceeding 80% in Agent tasks, leading to continuous global price increases and shortages. Domestic CPUs are benefiting first under the catalysis of innovation and AI, driving growth in memory interface chips and server shipments. CLAW leads to a new form of Agent, focusing on product strength in the B2B market The emergence of OpenClaw signifies AI's leap from "assistive tools" to "digital employees", with a surge in token consumption driving price increases throughout the industry chain, and major domestic manufacturers accelerating the deployment of their own Claw products to compete for ecosystem access. Industries such as manufacturing, scientific research, power trading, and content creation are expected to be the first to enter the value realization period in AI applications. DIGIHUMAN officially launches Digital Currency 2.0, leading to a billion-dollar financial infrastructure market Increasing international uncertainties create strategic windows for the internationalization of the Renminbi. DIGIHUMAN enters the 2.0 era, implementing M1/M2 measurement frameworks and interest calculations, with operating organizations expected to rapidly expand. This will stimulate demand for core banking system upgrades and end-to-end front, middle, and back office upgrades, with a potential market space exceeding one hundred billion. Risk Analysis (1) Macro-economic downturn risk; (2) Bad debt risk of accounts receivable; (3) Intensified industry competition; (4) Impact of changes in the international environment.