AI 应用主升浪，买哪些公司？20260112 摘要 AI 应用行情持续向好：受益于大模型新动态及板块前期调整，计算机板 块在 2 月上涨概率高，建议加仓 AI 算力，目前仓位较低。 合合信息多维成长：从 OCR 公司转型为多模态公司，海外市场表现良好， 全球月活跃用户约 1.89 亿，海外收入贡献逐季加速，PS（市销率）相 对较低，增长空间大，坚定推荐。 卓翼信息定位 AI Q 点赛道：全球 Talkies 总消耗量中，AI Q 点占据 50%的比例，是用户活跃度最高的细分领域，公司股权激励显示出对相 关业务发展的强烈信心，坚定看好。 金山办公估值弹性：当前估值处于历史底部分位值附近，AI 月活跃用户 已达 5,000 万以上，第三季度业绩呈现明显拐点加速趋势，是需要重点 配置的重要标的。 汉得信息 AI 落地能力强：与火山系紧密合作，在大型国央企和特大型企 业中的 AI 落地需求反应迅速，订单获取能力强，业绩稳定性强，市场认 可度高，未来成长性和股票表现值得看好。 Q&A 计算机行业近期表现如何？AI 应用的持续性和投资机会如何？ 上一周，整个计算机行业表现突出，指数上涨了 8.49%，成交量显著增加，市 ...

Group 1 - The Zhipu AI concept index rose by 9.00%, ranking fourth among concept sectors, with 66 stocks increasing in value [1] - Notable stocks within the Zhipu AI sector include BlueFocus, Daily Interaction, and Hand Information, which reached a 20% limit up, while other stocks like People's Daily and Guomai Culture also hit the limit up [1] - The top gainers in the sector were Hand Information, which saw a net inflow of 8.28 billion yuan, followed by 360 and Daily Interaction with net inflows of 7.12 billion yuan and 3.68 billion yuan respectively [2][3] Group 2 - The Zhipu AI sector experienced a net capital inflow of 46.25 billion yuan today, with 51 stocks receiving net inflows, and 13 stocks exceeding 1 billion yuan in net inflow [2] - The leading stocks by net inflow ratio included Visual China, People's Daily, and Guomai Culture, with net inflow ratios of 48.00%, 41.37%, and 19.00% respectively [3] - The stock with the highest turnover rate was Hand Information at 27.66%, followed by Daily Interaction at 30.75% [3][4]

Group 1 - The ChatGPT concept stock increased by 7.96%, ranking 8th among concept sectors, with 135 stocks rising, including notable gainers like Fushi Holdings and Tuorisi, which hit the 20% limit up [1] - The top gainers in the ChatGPT sector included Dingjie Zhizhi, Xinzhiyuan Software, and Hongbo Medicine, with increases of 16.78%, 15.09%, and 14.69% respectively [1] - The sector saw a net inflow of 10.553 billion yuan, with 91 stocks receiving net inflows, and 30 stocks exceeding 100 million yuan in net inflow, led by Sichuan Changhong with 1.139 billion yuan [2][3] Group 2 - The top stocks by net inflow ratio included Liou Co., Tongda Hai, and Sichuan Changhong, with net inflow ratios of 65.15%, 35.85%, and 28.48% respectively [3] - The ChatGPT concept stocks with significant trading volumes included Sichuan Changhong, Tuorisi, and Keda Xunfei, with trading volumes of 1.138 billion yuan, 781.24 million yuan, and 760.76 million yuan respectively [3][4] - Other notable stocks in the ChatGPT sector included Youyou Network and Zhongwen Online, which also experienced significant price increases of 10.03% and 20.00% respectively [4][5]

Market Overview - The Shanghai Composite Index rose by 1.09% on January 12, with 28 out of the 31 sectors experiencing gains, led by the Media and Computer sectors, which increased by 7.80% and 7.26% respectively [1] - The sectors that saw declines included Oil & Petrochemicals, Coal, and Real Estate, with decreases of 1.00%, 0.47%, and 0.29% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 27.468 billion yuan, with 11 sectors experiencing net inflows [1] - The Computer sector had the highest net inflow of capital, amounting to 15.774 billion yuan, while the Media sector followed with a net inflow of 5.391 billion yuan [1] Computer Sector Performance - The Computer sector saw a significant increase of 7.26%, with 321 out of 336 stocks in the sector rising, including 31 stocks hitting the daily limit [2] - The top stocks in terms of net capital inflow included Yanshan Technology with 1.485 billion yuan, China Great Wall with 978 million yuan, and Hand Information with 828 million yuan [2] Capital Inflow and Outflow Rankings - The top stocks by capital inflow in the Computer sector included: - Yanshan Technology: +10.05%, turnover rate 16.63%, capital flow 1.484 billion yuan - China Great Wall: +9.99%, turnover rate 3.88%, capital flow 978 million yuan - Hand Information: +20.01%, turnover rate 27.66%, capital flow 828 million yuan [2] - The top stocks by capital outflow included: - Huasheng Tiancai: -4.10%, turnover rate 34.38%, capital flow -1.186 billion yuan - Dawi Technology: -6.50%, turnover rate 35.33%, capital flow -442 million yuan - Aerospace Information: -6.22%, turnover rate 10.60%, capital flow -204 million yuan [4]

Core Viewpoint - The AI application sector has experienced a significant surge, with companies like 360 (601360.SH) hitting a new high and strong market performance driven by recent developments in the AI industry [1] Group 1: Company Performance - 360 (601360.SH) has seen a strong performance, closing at 13.15 yuan, marking a new high in one and a half months, with a total market capitalization of 934.44 billion yuan [1] Group 2: Industry Developments - Recent AI industry dynamics include overseas financing rounds for xAI and Anthropic, as well as the introduction of domestic policies promoting "AI + manufacturing" [1] - The stock market has reacted positively to the listings of large model companies like Zhiyu and MiniMax in Hong Kong, which have seen significant price increases [1] - The upcoming launch of DeepSeek-V4 is anticipated to trigger a new wave of enthusiasm in AI applications [1]

Core Viewpoint - The AI application sector is experiencing a significant surge, with companies like 360 (601360.SH) seeing strong stock performance and reaching a new high of 13.15 yuan, resulting in a total market value of 934.44 billion yuan [1] Group 1: Market Dynamics - Recent developments in the AI industry include financing rounds for overseas companies like xAI and Anthropic, and the introduction of domestic policies promoting "AI + manufacturing" [1] - The stock prices of Hong Kong-listed large model companies, such as Zhipu and MiniMax, have surged following their listings, indicating a growing interest in AI applications [1] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of enthusiasm for AI applications [1] Group 2: Company Developments - 360 has been selected as one of the first pilot application units for the intelligent agent interconnection protocol, alongside 27 other entities including Huawei, Tsinghua University, and China Telecom [1] - The market anticipates that the development of "professional intelligent agents" is essential for empowering vertical industries [1] - 360's founder and chairman, Zhou Hongyi, predicts that the market space opened by professional intelligent agents could reach ten times the size of the traditional software market [1] Group 3: Strategic Initiatives - 360 has established an "All in Agent" core strategy, which includes the release of the world's first L4-level multi-agent swarm, showcasing its ability to handle complex tasks collaboratively [1] - The company has also launched the "360 Enterprise-level Intelligent Agent Construction and Operation Platform," aimed at addressing the challenges faced by government and enterprise users in their intelligent transformation [1]

Group 1 - The core viewpoint of the news is the significant surge in AI application stocks, with multiple companies experiencing substantial price increases, indicating a strong market interest in AI technologies [1][3]. - The recent strong performance of domestic large model companies MiniMax and Zhipu after their listings in Hong Kong signals the successful "capital closure" of domestic large models, marking the beginning of the "commercial value realization" in AI applications [3]. - Three new hotspots in the AI application field have emerged: AI for Science (AI4S), Generative Engine Optimization (GEO), and AI in healthcare, with notable developments such as OpenAI's launch of "ChatGPT Health" and the rapid user growth of "Ant Financial's" health feature [3]. Group 2 - Guojin Securities recommends four key directions in AI applications: super entry points, AI infrastructure, high growth sectors, and high barrier industries, emphasizing the commercial potential of AI technologies in various fields [4]. - The current geopolitical climate and the trend towards self-sufficiency in technology have increased the urgency for domestic innovation, supported by government initiatives and the need for national security [7]. - The 信创 ETF fund, which tracks the 中证信创 index, has seen significant price increases, reflecting strong market interest in the domestic innovation sector, particularly in software development [5][7].

Core Viewpoint - The AI application sector has experienced a significant surge, with multiple stocks reaching their daily limit up, indicating strong market interest and potential investment opportunities in this area [1][8]. Group 1: Market Performance - Five stocks, including Puyuan Information and New Point Software, hit a 20% limit up, while three others, such as Yonyou Network, achieved a 10% limit up [1][9]. - The Innovation ETF (562030), heavily invested in the software development sector, saw its price rise by 7%, indicating strong market momentum [9]. Group 2: Reasons for AI Application Surge - The recent strong market performance of domestic large model companies MiniMax and Zhipu, which have listed on the Hong Kong stock market, signals the successful establishment of a "capital closed loop" for domestic large models, marking the beginning of the "commercial value realization" of AI applications [3][10]. - Three new hotspots in AI applications have emerged: AI for Science (AI4S), Generative Engine Optimization (GEO), and AI in healthcare, with significant user engagement reported for new AI health features [3][10]. - New advancements in large model technology include the release of Qwen3-VL-Embedding and Qwen3-VL-Reranker models, as well as a new architecture proposed by DeepSeek [3][10]. Group 3: Investment Recommendations - Key investment directions in AI applications include: 1. Super entrance: Large models have evolved into dominant traffic entry points in the AI era [4][11]. 2. AI Infrastructure: Software-defined computing is expected to yield stable returns [4][11]. 3. High growth: AI technology is driving commercialization in marketing and entertainment sectors [4][11]. 4. High barriers: Data flow and workflow integration in sectors like healthcare and manufacturing present significant opportunities [4][11]. Group 4: Industry Outlook - The domestic innovation industry is expected to see a recovery in sentiment due to large-scale debt measures and proactive fiscal policies [4][11]. - The current geopolitical climate and the push for self-sufficiency in technology highlight the urgent need for development in the innovation sector, supported by government initiatives [13].

Group 1 - The Shenzhen Component Index rose by 0.55%, while the ChiNext Index fell by 0.12%. The CSI Software Services Index increased by 5.65% [1] - Notable individual stock performances included Shenxinfu rising over 7%, with Kingsoft Office, iFlytek, and others increasing by over 6% [1] - The Software ETF (159852) gained 5.39%, with a trading volume of 799 million yuan and a turnover rate of 11.18%. The fund has seen a 42.70% increase over the past six months and a 59.80% increase over the past year [1] Group 2 - The demand for the Qianwen App's learning capabilities surged over 100% week-on-week, with a 300% increase in the need for past exam papers within five days [1] - On January 12, Weimeng Group launched the Weimeng Star Initiation GEO solution, utilizing self-developed generative engine optimization technology to enhance brand exposure and performance in the AI search era [1] - The Software ETF tracks the CSI Software Services Index, with the top ten weighted stocks including iFlytek, Kingsoft Office, and others, accounting for over 48.00% of the total weight [1][2]

Core Viewpoint - The stock of 360 Security Technology Co., Ltd. experienced a significant increase of 6.30% on January 9, with a trading volume of 3.739 billion yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On January 9, 360 received a margin buying amount of 468 million yuan, while the margin repayment was 395 million yuan, resulting in a net margin purchase of 72.87 million yuan [1]. - As of January 9, the total margin trading balance for 360 was 2.393 billion yuan, with the margin balance accounting for 2.81% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of margin activity [1]. - In terms of short selling, 360 repaid 87,800 shares and sold 38,200 shares on January 9, with the selling amount calculated at 463,700 yuan. The remaining short selling volume was 428,400 shares, with a short selling balance of 5.2008 million yuan, also exceeding the 80th percentile level over the past year [1]. Company Overview - 360 Security Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on June 20, 1992. The company was listed on January 16, 2012 [1]. - The main business activities of 360 include the research and development of internet security technology, design and promotion of internet security products, and commercialization services based on these products, including internet advertising, value-added services, and smart hardware [1]. - The revenue composition of 360 is as follows: internet and smart hardware business accounts for 92.00%, security business 6.63%, and other supplementary services 1.37% [1]. Financial Performance - As of September 30, 2025, 360 reported a total revenue of 6.068 billion yuan for the first nine months, representing a year-on-year growth of 8.18%. However, the net profit attributable to shareholders was -122 million yuan, showing a significant year-on-year increase of 78.88% in losses [2]. - The number of shareholders for 360 as of September 30, 2025, was 339,300, a decrease of 14.34% from the previous period, while the average circulating shares per person increased by 16.75% to 20,630 shares [2]. - Since its A-share listing, 360 has distributed a total of 3.535 billion yuan in dividends, with 2.1 billion yuan distributed over the past three years [2]. Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 134 million shares, a decrease of 7.45181 million shares from the previous period [2]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and China Universal CSI 300 ETF, all of which have seen reductions in their holdings [2].