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信创产业发展历程及板块超额收益情况(Wind信创产业指数及计算机申万
信创产业发展历程及板块超额收益情况(Wind信创产业指数及计算机申万
产业概述
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所属报告:
计算机行业2026年度策略报告:破晓时分共识未燃于无声处听惊雷-251222(50页).pdf
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相关数据
Figure 15: Eskom's Cumulative Capacity Additions of PV BESS & Wind 2026
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盈利预测及市场重要数据资料来源:Wind,国信证券经济研究所整理
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行业数据
2026-05-13
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表1、计算机板块指数收益率回溯(申万一级)
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行业数据
2026-05-11
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图2、计算机板块的机构持仓水平(公募基金)
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行业数据
2026-05-11
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2025年计算机行业净利润增速分布
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行业数据
2026-05-06
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2018-2026Q1计算机板块营收及增速
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行业数据
2026-05-06
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2025年计算机行业收入增速分布
fCDmlLblhaXlop7pgJ/ljLrpl7QgICAgICAgfCDmlbDph48gfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tfAp8IOWkp+W5heS4i+mZje+8iDw9LTUwJe+8iSB8IDUgICAgfAp8IOeVpeWHj++8iC01MCUtMO+8iSAgICAgfCAxNTAgIHwKfCDnlaXlop7vvIgwLTUwJe+8iSAgICAgIHwgMTY2ICB8Cnwg5aSn5bmF5LiK5Y2H77yIPj01MCXvvIkgIHwgMTIgICB8CgrotYTmlpnmnaXmupDvvJp3aW5k44CB5oub5ZWG6K+B5Yi4
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行业数据
2026-05-06
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2023-2025Q4计算机行业收入、净利润与扣非净利润情况
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行业数据
2026-05-06
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2025Q4计算机行业收入增速分布
fCDmlLblhaXlop7pgJ/ljLrpl7QgICAgICAgfCDmlbDph48gfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tfAp8IOWkp+W5heS4i+mZje+8iDw9LTUwJe+8iSB8IDE2ICAgfAp8IOeVpeWHj++8iC01MCUtMO+8iSAgICAgfCAxNDAgIHwKfCDnlaXlop7vvIgwLTUwJe+8iSAgICAgIHwgMTQxICB8Cnwg5aSn5bmF5LiK5Y2H77yIPj01MCXvvIkgIHwgMzYgICB8CgrotYTmlpnmnaXmupDvvJp3aW5k44CB5oub5ZWG6K+B5Yi4
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行业数据
2026-05-06
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2023-2025年计算机行业收入、净利润与扣非净利润情况
fCDmjIfmoIcgICAgICAgICAgICAgICAgIHwgMjAyNUEgICAgIHwgMjAyNEEgICAgICB8IDIwMjNBICAgICAgfAp8LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tfAp8IOihjOS4muaVtOS9k+iQpeaUtu+8iOS6v+WFg++8iSB8IDExMjM1LjYwICB8IDEwMTQxLjA5ICAgfCA5NTMzLjg0ICAgIHwKfCDmlbTkvZPokKXmlLblop7pgJ8gICAgICAgICB8IDEwLjc5JSAgICB8IDYuMzclICAgICAgfCAyLjM1JSAgICAgIHwKfCDokKXmlLblop7pgJ/kuK3kvY3mlbAgICAgICAgfCAwLjczJSAgICAgfCAtMC44MiUgICAgIHwgMy44NiUgICAgICB8Cnwg6KGM5Lia5pW05L2T5YeA5Yip5ram77yI5Lq/5YWD77yJfCAxMzcuMTggICAgfCA3Ljc3ICAgICAgIHwgMTQzLjcwICAgICB8Cnwg5pW05L2T5YeA5Yip5ram5aKe6YCfICAgICAgIHwgMTY2NS41NCUgIHwgLTk0LjU5JSAgICB8IDUuMTklICAgICAgfAp8IOWHgOWIqea2puWinumAn+S4reS9jeaVsCAgICAgfCAxMC40MyUgICAgfCAtMTAuNDglICAgIHwgMy4zNCUgICAgICB8Cnwg6KGM5Lia5omj6Z2e5YeA5Yip5ram77yI5Lq/5YWD77yJfCAzLjUzICAgICAgfCAtODcuODcgICAgIHwgMTkuNTcgICAgICB8Cnwg5pW05L2T5omj6Z2e5YeA5Yip5ram5aKe6YCfICAgfCAxMDQuMDIlICAgfCAtNTQ4Ljk4JSAgIHwgLTU5LjczJSAgICB8Cnwg5omj6Z2e5YeA5Yip5ram5aKe6YCf5Lit5L2N5pWwIHwgNi4xOSUgICAgIHwgLTYuMjclICAgICB8IC0zLjgxJSAgICAgfAoK6LWE5paZ5p2l5rqQ77yad2luZOOAgeaLm+WVhuivgeWIuA==
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行业数据
2026-05-06
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展望 2025-2027年信创板块行情,我们认为有望复刻 2019-2021年演绎逻辑:19-21年主要是以党政电子公文的大规模落地推进为核心,而 25-27 年有望以党政政务系统、行业替换为核心,演绎政策预期-招投标启动-业绩兑现三个阶段;不同点在于,相比于前一次信创大规模替换,本轮推进在覆盖行业广度、业务系统复杂度及产业链深度等方面均显著提升:一方面,替换范围由党政办公类系统延伸至政务核心系统及行业关键应用;另一方面,25 年 7 月中国信息安全测评中心发布安全可靠测评工作指南中,新增人工智能训练推理芯片及激光或喷墨打印机搭载的主控芯片,本轮替换的产业链环节有望基于 CPU、数据库、操作系统等进一步向外拓展。
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计算机行业2026年度策略报告:破晓时分共识未燃于无声处听惊雷-251222(50页).pdf
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