Core Viewpoint - The software service index has shown strong performance, with significant increases in individual stocks and the software ETF, indicating a positive trend in the software sector [1][4]. Group 1: Market Performance - As of June 24, 2025, the software service index rose by 2.19%, with notable increases in stocks such as Guide Compass (up 12.82%) and Wealth Trend (up 6.27%) [1]. - The software ETF (159852) increased by 2.13%, and over the past year, it has accumulated a rise of 31.01% [1]. - The software ETF recorded a turnover rate of 4.32% and a transaction volume of 127 million yuan, with an average daily transaction volume of 155 million yuan over the past year, ranking first among comparable funds [4]. Group 2: Fund Growth and Performance - The software ETF experienced a significant growth of 45.33 million yuan in scale over the past two weeks, leading among comparable funds [4]. - In the last five trading days, the software ETF saw net inflows on four occasions, totaling 73.89 million yuan [4]. - The net value of the software ETF increased by 31.38% over the past year, ranking 396th out of 2869 index stock funds, placing it in the top 13.80% [4]. Group 3: Industry Insights - According to Guojin Securities, the computer and software development industry is currently in a relatively chaotic fundamental period, with products awaiting breakthroughs in large models [4]. - Investment perspectives are driven more by risk appetite, with potential for transformation into a prosperous investment as new technologies and policies emerge [4]. - Zhongyuan Securities anticipates a steady upward trend in the market, emphasizing the need to monitor policy, capital, and external market changes closely [5]. Group 4: Key Stocks - The top ten weighted stocks in the software service index account for 59.85%, with notable companies including iFlytek (11.19%), Kingsoft Office (8.92%), and Tonghuashun (7.79%) [5][7]. - The table of key stocks shows various performance metrics, indicating a diverse range of growth among leading companies in the sector [7].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Group 1 - Major domestic companies such as Meituan, Kingsoft Office, Ximalaya, and 360 have integrated with Huawei's cloud ModelArts Studio, a large model as a service platform (MaaS) [1]

证券之星消息，三六零(601360)06月20日在投资者关系平台上答复投资者关心的问题。 投资者：做为中国网安第一梯对未来网安有什么部署？ 三六零董秘：尊敬的投资者您好，在数字安全领域，公司依托"看见威胁"的数字安全能力，持续捍卫国 家网络安全，捕获境外高级持续性威胁（以下简称"APT"）。此外，公司长期致力于通过"云化、服务 化"的方式为政企机构应对各类网络攻击提供有效解决方案及参考指引。并秉承"以模制模"的理念，打 造了"360安全大模型"，为购买360标准产品的用户免费提供安全大模型能力，致力实现大模型普惠和安 全行业新质生产力变革。感谢您的关注，祝您生活愉快。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 三六零董秘：尊敬的投资者，您好。二级市场的股价和公司市值受多种因素影响。公司一方面通过现金 分红增强投资者回报，另一方面不断做大做强主业，提升整体投资价值。同时，也会综合运用多种工 具，进一步增强公司长期持有的吸引力。公司重视并致力于以企业价值为核心的长远发展，为实现公司 和股东价值的最大化不懈努力。感谢您的关注。 投资 ...

股票研究 /[Table_Date] 2025.06.14 2025-06-19 360 发布纳米 AI 超级搜索智能体与两款 [Table_Industry] 计算机 本报告导读： 6 月 11 日，360 发布了国内首个"超级搜索智能体"——纳米 AI 超级搜索智能体；同 时 360 发布两款智能硬件：纳米 AI Note 和 Rokid 联名 AI 眼镜。 投资要点： 研 究 报 告 请务必阅读正文之后的免责条款部分 AI 硬件 AI 产业跟踪报告 股 票 研 究 行 业 跟 踪 报 告 证 券 APPENDIX 1 Summary Investment Highlights: Investment Advice: The release of 360 Search Intelligent Agent marks a new phase in search technology, moving from simple model-assisted search to autonomous thinking and execution. The launch of two AI hardware devi ...

Core Insights - The dialogue between Zhou Hongyi, founder of 360 Group, and Zhou Yunjie, Chairman and CEO of Haier Group, highlights the evolving role of entrepreneurs in creating personal brands (IP) and the challenges they face in this new landscape [1][2] - Zhou Yunjie emphasizes the importance of integrating personal branding with corporate strategy and transformation, suggesting that the purpose of creating IP is not just for publicity but to enhance the overall business direction and user experience [1][2] Group 1 - Zhou Hongyi expresses frustration over the misconception that creating IP is merely about becoming an internet celebrity or engaging in live commerce, pointing out that entrepreneurs have historically engaged in public speaking and writing to build their brands [1] - Zhou Yunjie discusses his concept of an IP matrix, which encourages company executives to embrace the internet and utilize new storytelling methods to promote their brand and products [1][2] - Zhou Yunjie notes that while Haier has accumulated over 100 million followers through various IP initiatives, the information is often scattered, and he aims to connect these efforts to drive systemic change within the company [2] Group 2 - Zhou Yunjie believes that the integration of IP with corporate responsibilities allows for better communication of firsthand information from the market, which can inform product design, quality improvement, and user experience [2] - Zhou Hongyi agrees with Zhou Yunjie's perspective, stating that while the methods of creating IP have changed, the fundamental goal remains the same: to engage in dialogue with the public and users [2]

Group 1 - The year 2025 is widely regarded as the "Year of AI Agents" in the global technology and investment markets, with AI agents and their ecosystems seen as significant investment opportunities in the computer sector [1] - The performance gap between different AI models is rapidly narrowing, and domestic computing power supply is maturing, driving demand from traditional industries for AI technology to enhance efficiency and revenue [1][5] - A wave of technological innovation and commercialization surrounding AI agents is sweeping through the global tech sector, with major companies competing to seize the technological and market advantages [1][5] Group 2 - AI agents have evolved from single-task "Chatbots" to "Copilots" and now to "semi-autonomous entities," gaining identity and intent expression capabilities [2] - The new architecture of the AI economy is expected to lead to a revolutionary scenario of "AI hiring AI," where task-leading AI delegates sub-tasks to other AIs, creating a dynamic self-organizing task network [2] - Future development teams may consist of "AI project managers" directing "AI programmers," "testers," and "analysts" to collaborate seamlessly, marking a new dimension of competition for enterprises [2] Group 3 - Major tech companies are launching new competitive initiatives centered around AI agents, with Microsoft and Google leading the charge in creating new application ecosystems [5] - In China, companies are shifting focus from showcasing models to demonstrating the capabilities of AI agents, with a surge of vertical AI products expected in the coming months [5][6] - The launch of the "Nano AI Super Search" by 360 marks a significant milestone, as it is the first domestic product based on super-agent technology, aiming to redefine "AI search" with eight core capabilities [6][12] Group 4 - The "Nano AI Super Search" has quickly gained traction since its launch, becoming one of the largest AI-native search engines globally, ranking fourth in monthly active users in the Chinese market [7][10] - It ranks sixth in the global AI product rankings, being the only domestic product besides DeepSeek to make it into the top ten [10] - The eight core capabilities of the Nano AI Super Search include deep search, complex problem-solving, task decomposition, and multi-model collaboration, enhancing its decision-making, execution, and collaboration abilities [13][14] Group 5 - The Nano AI Super Search aims to realize the vision of "super individuals" and "super companies," where one employee can manage multiple AI agents [12] - It can seamlessly integrate various input methods and emerging hardware, expanding the potential applications of AI agents [15] - The launch of the Nano AI Super Search signifies a shift from AI agent concepts to practical changes in user interaction, strengthening 360's competitive position in the AI product matrix [16]

出品 | 搜狐科技 作者 | 梁昌均 "我是恨铁不成钢，想让市场部养成用AI的习惯。所以我这次提出说，要干掉市场部，实际是让市场部升级成什么部门呢？让他们去编程，去设计打造 智能体。" 在6月11日晚的发布会上，360创始人、董事长周鸿祎揭开了此前"要干掉360市场部"的谜底——还没有干掉市场部。 这次发布会的五天前，周鸿祎在多个自家渠道发文称，准备干掉360市场部，从而一年给公司省下几千万。他表示，从当天起，要做一个挑战，一个人 完成一场完整的新产品发布会。 "听起来像天方夜谭，但这次我准备动真格的了。过去做一个产品发布会，需要市场部几十号人，忙活大半个月，费时费力费钱，还不满意，这次自己 一个人全包了。" 不过，在这次发布会上，360的市场部工作人员依然在现场做着辅助工作，甚至周鸿祎演讲所用的PPT依然还是离不开市场部员工的参与。 "目前全世界所有AI做的PPT，我觉得忽悠领导，或者拿给客户或部门内部讨论肯定是够的，但做发布会估计还差点。"周鸿祎在开场中提到。 周鸿祎所谓的"干掉市场部"更像是一场话题营销，尤其是在AI取代人的社会焦虑下，这样的极致表达无疑会带来更多关注。可以说，"红衣大叔"再一次 把AI ...

Core Viewpoint - The future will see employees managing multiple AI agents, leading to the emergence of "super individuals" and "super companies" with a high ratio of digital employees [1] Group 1 - On June 11, 360 (601360) held a launch event for its "Nano AI Super Search Intelligent Agent" [1] - Zhou Hongyi emphasized that it will become common for one employee to lead 100 intelligent agents [1] - Companies with a high proportion of digital employees are expected to become "super companies" [1]

Group 1 - The A-share EDR concept sector experienced a volatile decline, with Hongquan Wulian dropping over 5% [1] - Weidi Co. saw a decline of more than 4% [1] - Several other companies, including Ruiming Technology, Guanghong Technology, 360, Allwinner Technology, and Tianrongxin, also experienced declines of over 2% [1]