Guotai Junan Securities: Maintains "Buy" rating on the computer sector, AI large model capitalization process accelerates.

Guotai Junan Securities released a research report stating that they maintain a "buy" rating on the computer sector. Recent developments in the technology field have shown that Volcano Engine has achieved a technological breakthrough with the release of Dou Bao Big Model 1.8, Zhipu AI and MiniMax making efforts towards a Hong Kong IPO to drive large model capitalization, and autonomous driving has received L3 level access permits, moving towards conditional commercialization. Domestic GPU companies such as Tianwen Zhixin have been listed intensively for fundraising. AI technology is accelerating its penetration into industries, with supply chain autonomy and frontier scene commercialization forming the core value anchor.