China Post Securities Computer Industry 2026 Spring Investment Strategy: Grasp the AI trend, focus on new technology.

China Post Securities released a research report stating that by 2025, the product form of China's AI large models will enter a mature stage, becoming a direct driving force for market growth, with the availability and commercial potential of models continuing to rise. AI applications in both the toB and toC ends are growing steadily. In addition, various new technologies are continuously advancing, the commercial aerospace market has vast potential, the development of brain-computer interface industry will enter an accelerated period, and under the leadership of the national quantum computing strategy, a wave of industrial layout frenzy has formed, with vast market space. The main points of view of China Post Securities are as follows: AI Large Models In 2025, the product form of China's AI large models will enter a mature stage, becoming a direct driving force for market growth. The low-cost, high-performance technical foundation has become a key condition supporting the rapid growth of the market from the bottom, creating a sustainable commercial environment for the widespread application of MaaS and enterprise large models. The rapid iteration of multimodal models will expand AI applications from single text generation to complex scenes such as images, videos, and speech, enhancing the availability and commercial potential of models. At the same time, major manufacturers have introduced general base models, industry-specific models, and low-threshold API services, building a complete product matrix, greatly reducing the access costs for enterprises and developers. Enterprises' understanding of the value of AI is becoming increasingly mature, and the demand for digitalization and intelligence transformation continues to grow, driving customer demand from the concept verification stage to the scale production stage. The frequency of enterprises' calls for large models and coverage scenarios continues to increase, driving the MaaS platform and AI large model solution market into a period of "structural expansion." AI Applications On the toB end, AIAgent is an important commercial application form of large models, which have been implemented in various industries and scenarios including customer service, code development, marketing, data analysis, and financial services. At the same time, intelligent applications are accelerating their development from general-purpose to vertical field specialization. With the maturity of edge computing technology, intelligent agents are increasingly deployed at the edge, providing real-time response capability in resource-constrained environments. On the toC end, relying on the Internet ecosystem for rapid customer acquisition, as of December 2025, the daily usage of large models by DouBao has exceeded 50 trillion tokens, ranking first in China and third globally, after OpenAI and Google Cloud. At the same time, with Alibaba launching the AI to C program, Qianwen, Afu, and Lingguang have successively launched extensive promotions, and Qianwen's monthly active data has exceeded 30 million within 23 days. Commercial Aerospace Low-orbit orbit and spectrum as unrenewable scarce strategic resources have become the focus of global aerospace competition. Recently, China has submitted applications for additional frequency and orbit resources for 203,000 new satellites to the International Telecommunication Union (ITU), actively strengthening its space strategic layout. According to SIHAN Research Institute's estimation, the market space for the manufacturing and launching of GW and Qianfan constellations in 2026/2030 is approximately 26.8/127.9 billion yuan, with an annual compound growth rate of 48.1% from 2025 to 2030, indicating vast market space. Brain-Computer Interface In the "14th Five-Year Plan", brain-computer interface is listed as one of the six future industries, with policy support rising to the national strategic level. At the same time, clinical technology continues to break through, and in June 2025, Ladder Medical successfully carried out China's first invasive clinical trial, marking China as the second country globally to enter the clinical trial stage of invasive brain-computer interface technology. In November 2025, it officially entered the "Innovative Medical Management Device Special Review Procedures", formally opening the fast track from "laboratory" to "market" for registration and approval, ushering in an accelerated period of industrial development. Quantum Computing As a core disruptive technology reshaping the global technology competitiveness landscape, quantum computing has evolved from early academic exploration to a strategic game of comprehensive national strength among countries. Under the guidance of national strategy, China has formed a wave of industrial layout frenzy, with Hefei, Anhui leveraging the research advantages of the University of Science and Technology of China to focus on quantum chips and other hardware, building a complete chain. The domestically-produced "Bengyuan Wukong" autonomous superconducting quantum computer with a localization rate of over 80% marks the basic formation of the independent industrial chain. Guangdong, with its manufacturing industry advantage, is building a large-scale dedicated optical quantum computer manufacturing factory. Beijing and Shanghai leverage talent density and developed software industry advantages to focus on nurturing "soft power" ecology of operating systems and application software. Investment Recommendations 1) AI-related: Pay attention to companies that have clear landing scenarios and high industry know-how, and suggest focusing on companies such as Beijing Kingsoft Office Software, Inc., Hand Enterprise Solutions, Servyou Software Group, Wondershare Technology Group, Autel Intelligent Technology Corp., Ltd., Intsig Information, Thunder Software Technology, Iflytek Co., Ltd., Beijing Zhidemai Technology, Winning Health Technology Group, Shanghai Runda Medical Technology, Beijing Haohan Data Technology, WebRAY Tech Group Inc., as well as related infrastructure and service companies, suggested focusing on Dawei Technology (Guangdong) Group, Capitalonline Data Service, Inspur Electronic Information Industry, Cloud Bird Inspur, etc; 2) Commercial Aerospace: With the acceleration of satellite internet construction, it is recommended to focus on companies such as Geovis Technology Co., Ltd., Xinsci Mobile, Jiayuan Science and Technology, Genew Technologies, Asiainfo Security Technologies, etc; 3) Brain-Computer Interface: Under the competition between China and the United States, continuous breakthroughs in clinical and electrode technology, it is recommended to focus on companies such as Shanghai Stonehill Technology, Zkteco Co., Ltd., MeHow Innovative, and pay attention to the progress of unlisted companies such as Borgenco, Ladder Medical, Brain Tiger Technology, Strong Brain Technology; 4) Quantum technology: Formally becoming an important strategic move of the national strategy, it is recommended to focus on companies such as Quantumctek Co., Ltd., Accelink Technologies, Digital China Information Service Group, Hengtong Optic-Electric, Hgtech, GuoChuang Software, as well as anti-quantum cryptographic companies such as CETC Cyberspace Security Technology, Koal Software, Sansec Technology, Beijing Infosec Technologies Co., Ltd., Jilin University Zhengyuan Information Technologies, etc. Risk Warning: Risks of technology iteration and commercialization progress falling short of expectations; Risks of increased industry competition; Risks of lower-than-expected downstream demand; Macro-economic and geopolitical risks, among others.