计算机行业2025年中期投资策略：AI应用与金融科技的新时代

2027E1.955.180.481.231.740.290.790.20 证券研究报告12025年06月23日维持评级[Table_Author]吕伟执业证书：S0100521110003lvwei_yj@mszq.com1.计算机周报20250622：稳定币深度研究框架-2025/06/222.计算机行业动态报告：RWA的资产上链新拼图：AI算力租赁-2025/06/203.计算机行业动态报告：旗帜鲜明看好金融科技之跨境支付-2025/06/174.计算机周报20250615：旗帜鲜明看好金融科技之RWA全解读-2025/06/155.计算机周报20250608：旗帜鲜明看好金融科技-2025/06/08 PE（倍）评级2025E2026E2027E2.44171411推荐6.25645142推荐0.611469675推荐1.66332518推荐2.10443025推荐0.521836737推荐1.34573320推荐0.26805843推荐 推荐分析师邮箱：相关研究 目录1行情回顾.................................................................................................................................................................31.1计算机板块涨幅处于全行业中游水平............................................................................................................................................31.2产业资本回购与激励持续进行.........................................................................................................................................................61.3计算机持仓比重仍处于低位.............................................................................................................................................................72 AI Agent：软件大革命持续演绎..............................................................................................................................82.1为什么海外AI应用超预期...............................................................................................................................................................82.2 AI Agent正在重塑国内生活工作新范式.....................................................................................................................................142.3黎明即将到来，AI Agent商业化稳步推进................................................................................................................................322.4 AI Agent的“摩尔定律”指引未来发展路径.................................................................................................................................453从大国战略角度看新一轮金融科技创新机遇..........................................................................................................473.1稳定币：虚拟世界与真实世界资产的桥梁..................................................................................................................................473.2稳定币与RWA的全球演进双主线...............................................................................................................................................494国产算力规模化的元年..........................................................................................................................................554.1大国科技博弈仍在延续，国产算力发展大势所趋.....................................................................................................................554.2技术实力不断提升，国产算力有望真正成为国内AI发展坚实底座......................................................................................564.3支持国产AI算力解决“卡脖子”方向有望成为并购重组改革的重点.......................................................................................575商业航天的“大航海时代”开启................................................................................................................................615.1政策高度支持，卫星互联网产业迎来重要发展机遇.................................................................................................................615.2卫星发射加速，行业景气度有望持续提升..................................................................................................................................625.3领军企业深度布局研发，铸就自身重要卡位优势.....................................................................................................................636重点公司及投资建议.............................................................................................................................................666.1投资建议............................................................................................................................................................................................666.2海康威视：场景数字化业务开辟全新增长空间.........................................................................................................................676.3金山办公：AI+广义办公打开远期市场.......................................................................................................................................686.4科大讯飞：联手华为，打造国产AI“Wintel“联盟.....................................................................................................................696.5萤石网络：AI+云全面赋能，云PaaS付费率迎来新高...........................................................................................................706.6中科创达：AIOT掘金铲，战略合作加速落地...........................................................................................................................716.7金桥信息：业绩拐点明确，AI+司法加速落地...........................................................................................................................726.8卓易信息：切入AI编程，股权激励体现发展信心...................................................................................................................736.9佳发教育：AI+教育战略加速推进..............................................................................................................................