Core Insights - The discussion between Luo Yonghao and Zhou Hongyi highlighted the evolution of strategies in the tech industry, particularly the shift from aggressive competition to collaboration and relationship-building [2][5] - Zhou emphasized the importance of AI in enhancing employee capabilities and indicated that refusal to adopt AI could lead to job losses [7][8] - The conversation also touched on the challenges of managing public perception and the necessity of establishing a personal brand in the digital age [3][4] Company Strategy - Zhou Hongyi stated that 360 is transitioning its strategy from "All in AI" to "All in Intelligent Agents," focusing on empowering employees to utilize AI effectively [9][10] - The company aims to redefine its position in the market by concentrating on AI and cybersecurity, moving away from past blind expansions into unfamiliar territories [6][9] Industry Trends - The tech industry is experiencing a tactical approach to talent acquisition, particularly in AI, where companies are willing to pay high salaries to attract experienced professionals [9] - Zhou pointed out that the rapid development of AI raises ethical concerns, necessitating a proactive approach to ensure that AI serves human interests [11] Future Outlook - Zhou expressed optimism about AI's potential to transform productivity but warned that energy issues could limit future advancements [12] - He highlighted the need for AI to assist in scientific breakthroughs, particularly in achieving energy independence through nuclear fusion [12]

Core Insights - The discussion between Luo Yonghao and Zhou Hongyi focused on the integration of AI in the workplace, emphasizing the necessity for employees to adapt to AI technologies [1] - Zhou Hongyi mentioned that 360 is currently hosting an AI competition, indicating a proactive approach to encourage AI adoption among employees [1] - He stated that refusal to use AI after being instructed could lead to potential layoffs, highlighting the trend of AI in the workforce [1] - Zhou emphasized the importance of leveraging AI to enhance personal capabilities rather than worrying about job displacement [1] Company Initiatives - 360 is organizing an internal AI competition to promote the use of AI among its employees [1] - The company is preparing for a future where AI plays a significant role in operations, indicating a strategic shift towards technology integration [1] Employee Expectations - Employees are expected to embrace AI tools; refusal to do so may result in job security concerns [1] - Zhou Hongyi's comments reflect a broader industry trend where adaptability to AI is becoming a critical factor for employment [1]

Group 1 - Alibaba is actively promoting the construction of AI infrastructure with an investment of 380 billion and plans for additional funding [1] - The IPO of Moore Threads on the Sci-Tech Innovation Board is scheduled for September 26, with several GPU companies expected to initiate listings within the year [1] - Huawei's rotating chairman shared plans for the Ascend chip series, with the Ascend 950PR chip expected to launch in Q1 2026 and the Ascend 960 chip in Q4 2027 [1] Group 2 - The domestic AI industry chain is accelerating, with expectations for a spiral growth in large models, computing power, and applications [2] - The CSI Artificial Intelligence Theme Index (930713) has seen a strong increase of 1.79%, with notable gains in constituent stocks such as Lianqi Technology (up 7.53%) and iFlytek (up 6.47%) [2] - The AI Artificial Intelligence ETF (512930) has risen by 1.73%, with a recent price of 2.18 yuan, and has a management fee of 0.15%, the lowest among comparable funds [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index account for 60.82% of the index, including companies like Xinyi Technology and Cambricon [3] - The top ten stocks by weight include Zhongji Xuchuang, Xinyi Technology, and iFlytek, with varying performance and weight percentages [4]

Core Insights - The relationship between tech giants and smaller innovative companies has evolved from being purely adversarial to incorporating elements of collaboration [1][3] Group 1: Collaboration with Giants - Companies must adapt to the platforms' rules to gain support, as exemplified by the need for cooperation with Douyin and WeChat [3] - The support from major platforms, such as WeChat's video account, is crucial for content creators, highlighting the importance of maintaining good relations with platform owners [3] Group 2: Strategic Reflections - Historical conflicts with tech giants were driven by their aggressive stance towards innovative companies, but a shift in strategy has led to a more cooperative approach [3] - The formation of alliances, such as the "Avengers Alliance" among Chinese AI model companies, demonstrates a collective effort to innovate and compete against larger entities [3]

Core Viewpoint - The discussion between Luo Yonghao and Zhou Hongyi highlights the challenges and considerations in developing large-scale AI models, emphasizing that 360 has not pursued a general-purpose large model due to the significant financial investment required [1] Group 1: Investment and Financial Considerations - Zhou Hongyi stated that developing a general-purpose large model requires an investment of at least 10 billion USD, and major foreign companies have invested nearly 400 billion USD over the past few years, which 360 cannot afford [1] Group 2: Technical Aspects of AI Development - Zhou Hongyi clarified that 360 is not merely creating a shell for AI agents; substantial engineering efforts are necessary to support a complete intelligence foundation [1] - He emphasized that building an intelligent agent requires more than just a distilled model; it necessitates various specialized models, including reasoning, programming, intent prediction, and routing models [1] - Zhou Hongyi reiterated the importance of having a foundational model, stating that 360 maintains the capability to train models with parameters around 100 billion [1]

Group 1 - The focus is on the information technology self-controllable sector, with the Xinchuang ETF fund (562030) experiencing a mid-session increase of 2.68% and currently up by 1.96% [1] - Among the constituent stocks, Neusoft Group leads with over 6% increase, followed by Chengdu Huami and Kingsoft Office with over 4% gains, and other stocks like Deepin Technology, 360 Security, and CloudWalk Technology also showing upward trends [1] Group 2 - Multiple cybersecurity listed companies are actively investing in AI technology research and development, with Deepin Technology applying large model technology to network security products, creating AI firewalls and other security products [3] - Ant Group has recently launched innovative products and solutions that integrate network security and AI technology, including the gPass framework for smart glasses, which has partnered with brands like Rokid and Xiaomi [3] - Market analysts indicate that the application of AI technology will lead to explosive growth across various industries, but security issues are limiting data circulation [3] Group 3 - Dongguan Securities notes that the Xinchuang industry is steadily advancing according to a "2+8+N" rhythm, transitioning from policy-driven to a dual drive of policy and market [4] - The market scale is expected to grow significantly, with projected growth rates of 17.84% and 26.82% for 2025 and 2026 respectively, and the market is anticipated to exceed 2.6 trillion yuan by 2026 [4] Group 4 - The Xinchuang ETF fund (562030) and its linked funds are designed to passively track the CSI Xinchuang Index, which covers key segments of the Xinchuang industry chain, including hardware, software, application software, and information security [6] - The investment logic for the Xinchuang industry includes international geopolitical disturbances, increased local debt efforts, technological breakthroughs by domestic manufacturers, and the critical timing of procurement standards [6]

9月24日下午消息，今日，罗永浩与周鸿祎深度对谈。周鸿祎表示，"360没有做基座模型"这个观念是不 对的。"我们没有做大参数的通用大模型，因为投入太大了。通用大模型要做至少要投入100亿美金，国 外的这几家巨头过去几年投了差不多4000亿美金，我们没那个财力。" 因此，周鸿祎强调，基座模型还是要有的，360一直保持着对参数在千亿左右规模的模型训练能力。 "做智能体不是有一个deepseek的蒸馏板就够了，还需要有推理模型、编程模型、意图猜测和路由模 型，许多专业模型才能支撑起一个完整的智力底座。"他说。 责任编辑：李昂 周鸿祎解释到，360也不是在做套壳，agent本身并不是大模型的简单套壳，有很多工程化的东西。做到 最后反过来还要倒训基座模型。所以agent需要的基座模型都要自己做。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本6,999,557,879股为基数，每股派发现金红利0.1元（含税），共 计派发现金红利699,955,787.90元（含税）。 （2）对于持有公司股票的合格境外机构投资者（QFII）股东，根据国家税务总局颁布的《关于中国居 民企业向QFII支付股息、红利、利息代扣代缴企业所得税有关问题的通知》（国税函〔2009〕47号）的 规定，按照10%税率统一代扣代缴企业所得税，税后每股实际派发现金0.09元人民币。如相关股东认为 其取得的红利收入需要享受税收协定（安排）待遇的，可按照规定在取得红利后自行向主管税务机关提 出申请。 三、相关日期 1.实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交易所收 市后登记在册并在上海证券交易所各 ...

Core Viewpoint - The software service index and related ETFs are experiencing significant growth, driven by advancements in AI and software development capabilities, particularly in large model agents [1][4][5]. Group 1: Software Index Performance - As of September 24, 2025, the CSI Software Service Index increased by 0.98%, with notable gains from companies like iFlytek (4.94%) and 360 (4.12%) [1]. - The software ETF (159852) rose by 0.87%, indicating positive market sentiment [1]. Group 2: ETF Trading and Growth Metrics - The software ETF recorded a turnover rate of 3.63% and a transaction volume of 169 million yuan [3]. - Over the past month, the ETF's average daily trading volume reached 570 million yuan, ranking first among comparable funds [3]. - The ETF's scale grew by 1.637 billion yuan over the last three months, also leading in growth among comparable funds [3]. - In the past week, the ETF's shares increased by 99 million, marking the highest new share issuance among comparable funds [3]. - The ETF saw a net inflow of 222 million yuan recently [3]. - Over the past three years, the ETF's net value has risen by 24.90%, with a maximum monthly return of 39.35% since inception [3]. Group 3: Major Stocks in the Index - As of August 29, 2025, the top ten weighted stocks in the CSI Software Service Index accounted for 62.05% of the total index, with iFlytek, Tonghuashun, and Kingsoft being the most significant contributors [3]. Group 4: AI Model Advancements - The enhancement of large model agent capabilities is expected to break through application bottlenecks in software development, improving understanding of user-specific needs and application scenarios [4]. - AI agents are anticipated to bring commercial value through process automation, data analysis, and precise decision-making, increasing willingness to pay among downstream clients [5]. - In software development, the improved code generation capabilities of AI models are being applied to various stages, with further expansion into creative tasks like requirement analysis and architecture design [5].

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.1 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 29, 2025, with the ex-dividend date and payment date both on September 30, 2025 [2]