According to the Zhitong Finance APP, Hualong Securities released a research report stating that driven by the AI industry, industry demand has significantly recovered, and performance continues to improve marginally, with the recovery inflection point likely to be further established. The combination of policy guidance and external environmental uncertainties is expected to continue boosting domestic demand for technology, with the industrial software, fintech, and cybersecurity sectors all showing varying degrees of performance recovery, and demand is expected to further increase. The recommendation rating for the computer industry is maintained, and it is suggested to pay attention to Zhongke Shuguang (603019.SH), Guangliwei (301095.SZ), Zhizhen (300803.SZ), and Asiainfo Security (688225.SH), among others.
<h2>Hualong Securities' main viewpoints are as follows:</h2>
In H1 2025 and Q2 2025, the overall revenue of the computer industry showed double-digit year-on-year growth, with profit growth outpacing revenue growth, further establishing the performance recovery inflection point in the industry.
Revenue side: In H1 2025, the total revenue of listed companies in the computer industry reached 610.489 billion yuan, a year-on-year increase of 11.89%, maintaining stable growth overall; in Q2 2025, the total revenue for the quarter reached 329.588 billion yuan, a year-on-year increase of 8.51%.
Profit side: In H1 2025, the total net profit attributable to the parent company of listed companies in the computer industry reached 12.582 billion yuan, a year-on-year increase of 28.38%, which is greater than the revenue growth rate; in Q2 2025, the total net profit attributable to the parent company for the quarter reached 10.584 billion yuan, a year-on-year increase of 14.08%, with profit growth maintained for two consecutive quarters.
The performance of the AI industry has gained prior experience, and the prosperity is expected to gradually transmit downstream.
(1) AI computing power: In H1 2025, the revenue and net profit growth rate of the AI computing power sector significantly exceeded the overall industry level, showing a higher level of prosperity than the overall industry, mainly benefiting from the wave of generative AI infrastructure. Revenue side: In H1 2025, the total revenue of A-share targets in the AI computing power sector of the computer industry increased by 31.67% year-on-year, the highest growth rate in the past five years; in Q2 2025, the total revenue for the quarter increased by 23.30% year-on-year, continuing to grow for two consecutive quarters within the year. Profit side: In H1 2025, the net profit attributable to the parent company of AI computing power increased by 44.36% year-on-year, with accelerated growth. In Q2 2025, the net profit attributable to the parent company for the quarter increased by 45.10% year-on-year, with the quarterly profit growth rate exceeding the revenue growth rate for two consecutive quarters within the year. Domestic large enterprises still have room for capital expenditure increases, and domestic computing power is expected to accelerate into the performance realization period. According to Alibaba's FY2026Q1 (calendar year Q2 2025) financial report, the company's AI demand remains strong, with the Cloud Intelligence Group's revenue increasing by 26% year-on-year, and AI-related product revenue achieving triple-digit growth for the eighth consecutive quarter. In terms of CapEx, Alibaba's capital expenditure during the reporting period was 38.676 billion yuan, a year-on-year increase of 220% (compared to 12.094 billion yuan in the same period last year). At the same time, the goal of investing 380 billion yuan in building cloud and AI hardware infrastructure over the next three years remains unchanged. The firm believes that the supply of domestic AI chips will continue to maintain a pattern of overseas + domestic supply, and in the future, with increasing disruptions in overseas supply chains, the proportion of domestic chip supply is expected to continue to rise
(2) AI Applications: The profit growth rate of the AI application sector is significantly better than the revenue growth rate. From the mid-year reports over the past five years, the net profit attributable to the parent company in this sector experienced three consecutive periods of year-on-year decline, but showed positive growth for the first time in this year's mid-year report, indicating initial signs of recovery. Revenue: In the first half of 2025, the total revenue of the AI application sector in the computer industry increased by 11.36% year-on-year, with a noticeable acceleration in growth; in the second quarter of 2025, the total revenue increased by 10.51% year-on-year, maintaining positive growth for four consecutive quarters. Profit: In the first half of 2025, the total net profit attributable to the parent company of the aforementioned targets increased by 170.59% year-on-year, achieving high growth from a low base; in the second quarter of 2025, the net profit attributable to the parent company achieved high growth based on last year's low base.
The industrial software, fintech, and cybersecurity sectors are all showing varying degrees of performance recovery, and demand is expected to further boost.
Geopolitical uncertainties combined with the improved availability of domestic software and hardware will further accelerate the process of domestic substitution; the industry's information technology transformation and upgrading will generate more demand for software and hardware updates. Downstream demand in various sub-sectors is expected to continue to be released.
Investment Recommendations
Driven by the AI industry, industry demand is clearly recovering, with continuous marginal improvement in performance, and the recovery inflection point may be further established. Policy guidance combined with external environmental uncertainties is expected to continue to boost domestic demand for technology. Maintain a &#34;recommended&#34; rating for the computer industry, and suggest focusing on:
(1) AI Industry: Zhongke Shuguang (603019.SH), Kingsoft Office (688111.SH), Saiyi Information (300687.SZ), Dingjie Smart (300378.SZ), Zhuoyi Information (688258.SH), Capital Online (300846.SZ), UCloud (688158.SH), Wanxing Technology (300624.SZ), iFlytek (002230.SZ), Hand Information (300170.SZ), Ruantong Power (301236.SZ), Runhe Software (300339.SZ);
(2) Industrial Software: Guangliwei (301095.SZ), Huada Jiutian (301269.SZ), Suochen Technology (688507.SH), Zhongwang Software (688083.SH);
(3) Fintech: Zhinan Zhen (300803.SZ), Tonghuashun (300033.SZ), Jingbeifang (002987.SZ), Zhongke Jincai (002657.SZ), Dingdian Software (603383.SH);
(4) Cybersecurity: Asiainfo Security (688225.SH), SANGFOR (300454.SZ), Qimingxing Chen (002439.SZ), Xin'an Century (688201.SH).
Risk Warning
Domestic computing power construction may fall short of expectations; risk of data errors in the cited materials; the speed of AI application implementation may not meet expectations; the iteration speed of domestic large models may not meet expectations; key companies may not meet performance expectations; the speed of policy standard issuance may not meet expectations

300454

688225

688158

Hualong Securities released a research report indicating that the AI industry continues to experience high prosperity, with a significant recovery in industry demand and ongoing performance improvement, further establishing the recovery inflection point. Policy guidance and external environmental uncertainties will continue to boost domestic demand for technology, with sectors such as industrial software, fintech, and cybersecurity all showing signs of performance recovery. It is expected that in the first half of 2025, the overall revenue of the computer industry will grow by 11.89% year-on-year, with profit growth outpacing revenue growth, and the AI computing power sector performing particularly well, with revenue and net profit growth significantly exceeding the overall industry level

HuaLong Securities: The AI industry continues to maintain high prosperity, and the turning point for industry recovery is further established