你没看错，人工智能还有利好！ 此前人工智能其实进行了小调整，原因也比较简单，国外害怕人工智能领域出现泡沫，所以当时比较恐慌导致相关领域大跌。 但是现在看，这个恐慌暂时不需要担心，尤其是对于咱们国内的人工智能领域来说，我们走的是属于自己的人工智能之路。 从"开展"到"深化拓展" 前几天，上面召开了经济工作会议。这个会议是上面每年规格最高的经济会议，一般在12月中下旬召开，作用给下一年的中国经济政策走向定调。 在老虎君看来，今年的这个会很重要，因为2026年正好是"十五五"规划的开局之年，其中对于人工智能，是这么说的：要"深化拓展'人工智能+'，完善人 工智能治理"。 这个表述很有意思，去年的会议，说的是"开展人工智能+行动"，今年直接变成了"深化拓展人工智能+"，这个信号其实很明显了，明年可能不是人工智 能独舞，但是最起码还会有一系列的政策+资金等支持。 这周，首批跟踪双创AI指数的ETF陆续上市交易了，比如今天就是科创创业人工智能ETF易方达（159140）上市交易的日子。 现在，大家对于人工智能领域的投资价值和投资逻辑已经越来越认定了，甚至我看了不少券商的2026年投资展望研报，大部分都认为2026年人工智 ...

在南京邮电大学的校园里，当新生询问"转专业有什么要求"时，30秒内就能收到"AI学姐"附带政策链接 的建议；当研究生纠结毕业条件时，"AI学姐"能直接推送核心论文目录和竞赛清单；甚至学生情绪低落 时，聊天框会弹出心理树洞预约通道——这背后是金山办公旗下WPS 365与南京邮电大学共建的"校园 大脑"在高速运转。 从"人找信息"到"信息追人"：AI重构校园服务逻辑 "过去新生咨询宿舍位置，辅导员要翻手册查地图，现在WPS 365直接推送出地图提示，附带周边超市 营业时间表。"南京邮电大学信息化建设与管理办公室副主任王海勇介绍。 WPS 365 是金山办公旗下的AI协同办公平台，包含新升级的WPS Office、WPS AI企业版和WPS协作。 作为国内率先面向全校师生推广WPS 365的"双一流"高校，南京邮电大学项目目前已覆盖全校师生超3 万人、60个二级学院和部门，汇聚4000多万条有效信息，为教育、教学和教务规划决策提供了知识和数 据的支撑。 这个"校园大脑"深度整合了校内15类知识：包括政策库，如学生想要咨询转专业的政策信息，可一键即 达；心理咨询库，可联动"南邮树洞"倾诉平台与线下咨询室；学生资助库， ...

文 | 有界UnKnown，作者丨山茶，编辑｜钱江 回顾2025年，AI行业最重要的变化不是模型，而是Agent真正进入工作流。 11月，Nano Banana一经发布就在创作工具赛道撕出一道缺口。它不是简单地帮人做设计，而是重构了 设计师的工作方式，让AI第一次具备可用的、规模化的产出能力。 可以说，Nano Banana将所有设计相关的工作方式都改了一遍。同样，国内AI Agent也以迅雷之势渗透 进各行各业的办公场景。写一个文档、做一套PPT、剪辑一个播客节目、整理数据报表——越来越多工 作被Agent承接。 可以说，打工人的工作方式，这一年也被悄然改写了一遍。 在海外，Microsoft Copilot、Google Gemini、Notion AI等多模态办公与创作工具矩阵已成型；国内厂商 同样不甘落后，百度文库和网盘联合推出的GenFlow3.0、金山的WPS.AI、阿里的千问和夸克、字节的 扣子空间等纷纷入局，将写文档、做PPT、数据处理、图像生成、自动化分发等整合成一站式多模态 Agent系统。 但问题随之浮现——当AI触手可及、无处不在时，用户真正需要的Agent究竟是什么？是完全替代原有 ...

技术突破让信创办公软件具备市场竞争力，政策与市场的双重推力正加速其落地渗透。李艳表示，未来 三年，随着人工智能与信创深度融合，办公软件将成为数字经济安全发展的重要支撑。责任编辑：孙莹 相关稿件： 当前，信创产业已进入"政策+技术+市场"三重驱动的深化阶段。市场端成本压力持续传导，技术突破 则成为打通落地堵点的核心支撑。李艳强调："构建自主可控的办公生态已不是选择题，而是保障数字 安全与降本增效的必然要求。" 核心技术实现全球领跑，筑牢了信创技术的根基。大会案例显示，北京金山办公软件股份有限公司旗下 WPS 365通过灵犀企业版、团队空间、"轻舟"引擎等人工智能核心产品，构建起覆盖全球主流平台的人 工智能协同办公平台。李艳表示，文档智能解析是办公数据流转的核心入口，这一技术突破不仅打破国 外垄断，更标志着国产办公软件从"可用"向"好用"的质变。其与国密算法、零信任架构等安全技术融 合，正构建"智能+安全"的信创技术体系，为金融、能源等关键行业升级提供可行路径。 李艳分析认为，当前信创办公推进呈现阶梯式发展特征，中小企业受成本驱动率先完成基础替换，大型 企业则依托人工智能能力与信创适配深化应用。据预测，2025年 ...

计算机周观点第 27 期：AI 能力突破与终 端化加速，商业航天发射端持续催化 [Table_Industry] 计算机 2025-12-15 本报告导读： AI 技术在专业化与终端化方向取得进展，GPT-5.2 在专家级任务上实现突破，智谱开 源 AutoGLM 推动手机 AI 普及；美国对英伟达 H200 芯片对华出口给予有条件批准； 中国商业航天实现长征十二号火箭的高频次发射，打造"太空计算联合实验室"。 票 研 究 股票研究 /[Table_Date] 2025.12.14 投资要点： 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 备注：2024EPS、收盘价、市值来源于 Wind，为 2025 年 12 月 13 日数据，其他数据来源于 HTI [table_Authors] [Table_Summary] 投资建议：近期科技领域动态显示，AI 产业正沿专业化与终端化双向深 化，以 OpenAI 突破专家级任务与智谱推动手机 AI 普及为代表；但外部 供应链不确定性犹存，美国对英伟达芯片的有条件放行附带了代际限制 与销售提成等约束。商业航天领域，长征十二号火箭 ...

Core Points - The Sci-Tech ETF (588050) opened down 1.01% at 1.369 yuan on December 15 [1] - Major holdings in the ETF include companies like SMIC, Haiguang Information, and Cambrian, with varying performance; SMIC down 1.41%, Haiguang down 1.05%, and Cambrian down 2.08% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech 50 Index, managed by ICBC Credit Suisse Asset Management, with a fund manager named Zhao Xu [1] - Since its establishment on September 28, 2020, the ETF has returned -3.35%, with a one-month return of -2.02% [1] Company Performance - SMIC opened down 1.41% [1] - Haiguang Information opened down 1.05% [1] - Cambrian opened down 2.08% [1] - Lanke Technology opened down 2.02% [1] - Zhongwei Company opened up 0.16% [1] - United Imaging opened down 0.14% [1] - Kingsoft Office opened down 1.27% [1] - Chipone Technology opened down 5.06% [1] - Stone Technology opened down 0.99% [1] - Transsion Holdings opened down 0.45% [1]

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

来源：证券市场周刊市场号 文 |牛犇 本周，A股市场持续调整，沪指仅在周五小幅反转。 但从技术面看，市场已频频出现止跌反弹信号，这或意味着下周将有不错的表现，而最新的重要会议同 样释放了积极信号。 机会方面，业内人士指出，可关注重要会议的指引方向，而AI、消费和新能源三大主线已成明牌。 止跌反弹信号出现 近期，A股止跌反弹信号不断出现，如沪指在近三个交易日已出现三根较长的下影线（见附图）。 在K线图中，下影线是从实体向下延伸的细线，与上影线一起长期被看作趋势反转的信号。在阳线中， 它是当日开盘价与最低价之差；在阴线中，它是当日收盘价与最低价之差。一般说，产生下影线的原因 是多方力量大于空方力量而形成的，股票开盘后，股价由于空方的打压一度下落，但由于买盘旺盛，使 股价回升，收于低点之上，产生下影线。这种形态表明，个股或大盘有可能结束弱势行情，将转入强势 行情，且下影线越长，表示反转力量越强。 上影线则与之相反，通常由个股或大盘冲高后回落形成，位于阶段性低位可能预示见底反转，上升途中 多为洗盘结果，而高位出现则提示见顶风险，11月14日的出现长上影线，市场即见顶调整就印证了这个 逻辑。 在技术面之外，A股市场也迎 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - Recent developments in the AI industry show significant progress in both specialization and terminalization, exemplified by OpenAI's breakthrough with the GPT-5.2 model and Zhipu AI's promotion of mobile AI [2][4]. - The U.S. has conditionally approved the export of Nvidia's H200 chips to China, but this comes with stringent restrictions that may impact supply chain stability [4]. - The commercial aerospace sector is witnessing efficient deployment, highlighted by the successful high-frequency launches of the Long March 12 rocket and the establishment of the "Space Computing Joint Laboratory" [4]. Summary by Sections AI Technology Developments - AI technology has made notable advancements in specialization and terminalization, with OpenAI's GPT-5.2 achieving human expert-level performance in key benchmarks and Zhipu AI's Open-AutoGLM enabling mobile AI capabilities [2][4]. U.S.-China Technology Relations - The U.S. has conditionally relaxed export controls on AI chips to China, allowing Nvidia to sell its H200 chips, but with dual constraints including generational technology locks and a 25% sales commission to the U.S. Treasury [4]. Commercial Aerospace Progress - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, demonstrating high-efficiency deployment capabilities, while the "Space Computing Joint Laboratory" aims to enhance domestic autonomous capabilities [4]. Recommended Stocks - The report recommends stocks such as Hand Information, Sunlink Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with a focus on their projected earnings and market performance [5].