证券简称：金山办公 证券代码：688111 上海荣正企业咨询服务（集团）股份有限公司 关于 北京金山办公软件股份有限公司 2025 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 2025 年 12 月 | （二）咨询方式 12 | | --- | 一、释义 1. 上市公司、公司、金山办公：指北京金山办公软件股份有限公司。 2. 本次激励计划：指《北京金山办公软件股份有限公司 2025 年限制性股票激 励计划（草案）》。 3. 限制性股票、第二类限制性股票：符合激励计划授予条件的激励对象在满足 相应的获益条件后分次获得并登记的公司 A 股普通股股票。 4. 股本总额：指本独立财务顾问报告披露日公司已发行的股本总额。 11. 归属日：限制性股票激励对象满足获益条件后，获授股票完成登记的日期， 必须为交易日。 12.《公司法》：指《中华人民共和国公司法》 13.《证券法》：指《中华人民共和国证券法》 14.《管理办法》：指《上市公司股权激励管理办法》 5. 激励对象：按照本激励计划规定，可获得限制性股票的公司员工。 6. 授予日：指公司向激励对象授予限制性股票的日期。 7. 授予价格：指公司授予激励 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-052 北京金山办公软件股份有限公司 第四届董事会第五次会议决议公告 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。 一、 董事会会议召开情况 北京金山办公软件股份有限公司（以下简称"公司"）第四届董事会第五次 会议通知于 2025 年 12 月 24 日以邮件方式发出送达全体董事，会议于 2025 年 12 月 29 日以现场会议结合通讯表决方式召开。本次会议应出席的董事 9 人，实 际出席会议的董事 9 人。本次会议的召集、召开和表决情况符合《中华人民共和 国公司法》等有关法律、法规、规章以及《北京金山办公软件股份有限公司章程》 《北京金山办公软件股份有限公司董事会议事规则》的相关规定。 二、 董事会会议审议情况 （一）审议通过《关于调整限制性股票激励计划授予权益价格并作废处理 部分已获授尚未归属的限制性股票的议案》 公司于 2025 年 7 月 7 日披露了《金山办公 2024 年年度权益分派实施公告》 （公告编号：2025-038），鉴于 2024 年年度 ...

北京金山办公软件股份有限公司 董事会薪酬与考核委员会关于公司限制性股票激励计划调 整、作废及归属相关事项的核查意见 二、对公司 2022 年限制性股票激励计划预留授予部分第三个归属期符合归 属条件的激励对象名单的核查意见 经核查，2022 年限制性股票激励计划预留授予激励对象中除 2 名激励对象 离职，不符合归属条件，本次拟归属的其余 23 名激励对象绩效考核结果合规、 真实，不存在虚假、故意隐瞒等相关情况，符合《公司法》《证券法》等法律法 规和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规 则》等法律法规和规范性文件规定的激励对象条件，符合公司《2022 年限制性股 票激励计划（草案）》规定的激励对象范围，其作为公司本次激励计划激励对象 的主体资格合法、有效，激励对象获授限制性股票的归属条件已成就。董事会薪 酬与考核委员会同意本次符合条件的 23 名激励对象办理归属，可归属数量为 62,050 股。上述事项均符合相关法律法规及规范性文件所规定的条件，不存在损 害公司及股东利益的情形。 三、对公司 2023 年限制性股票激励计划预留授予部分第二个归属期符合归 属条件的激励对象名单的核查意见 ...

Core Viewpoint - The trading activity in the technology and finance sectors, particularly in ETFs related to semiconductor, securities, and AI, has been notably active, with significant transaction volumes reported. Group 1: ETF Trading Activity - The trading volume for the Sci-Tech Chip ETF, Securities ETF, and Non-ferrous Metals ETF exceeded 1 billion yuan during the morning session [1] - The Hong Kong Securities ETF (513090) recorded a transaction amount of 5.238 billion yuan, indicating a high trading volume [1] Group 2: ETF Performance - The Sci-Tech Chip ETF (588200) increased by 1.2% to a price of 2.358 yuan [3] - The Non-ferrous Metals ETF (512400) rose by 0.36% to 1.927 yuan [3] - The Securities ETF (512880) decreased by 0.49% to 1.223 yuan [3] - The AI-focused ETFs, including the Sci-Tech AI ETF (589380), saw a rise of 2.06% with a transaction amount of 9.1229 million yuan [8] - The Sci-Tech AI ETF (588790) had a significant transaction amount of 294 million yuan, with a total of 7.387 billion shares [8] Group 3: AI Industry Insights - The AI industry is shifting focus from "model capability competition" to "application efficiency and scale competition," indicating a transformation in market dynamics [8] - The Sci-Tech Board AI Index comprises 30 large-cap companies that provide foundational resources, technology, and application support for the AI sector [9]

Core Viewpoint - The article discusses the performance of the Science and Technology Innovation Information Technology ETF Morgan (588770), highlighting its opening price and the performance of its major holdings [1]. Group 1: ETF Performance - The Science and Technology Innovation Information Technology ETF Morgan (588770) opened at 1.382 yuan, with a gain of 0.44% [1]. - Since its establishment on March 14, 2025, the fund has achieved a return of 37.55%, with a monthly return of 4.71% [1]. Group 2: Major Holdings Performance - Among the major holdings, Haiguang Information opened down by 0.33%, while SMIC (Semiconductor Manufacturing International Corporation) increased by 0.74% [1]. - Other notable performances include Cambrian (up 0.47%), Chipone (up 1.64%), and Stone Technology (up 0.03%), while Kingsoft Office and Huahong Group saw declines of 0.25% and 0.48%, respectively [1].

Core Insights - The A-share market's AI narrative is clearly defined by a "hardware-first" approach, with exponential growth in computing power driving significant revenue increases in hardware sectors like CPO, AI servers, and storage chips [1] - The focus is shifting from hardware to applications as the AI industry matures, with expectations for a dual explosion in performance and valuation for AI application companies in 2026 [1][2] - The advertising sector is leading the commercialization of AI applications, particularly in digital advertising, where companies are leveraging AI for operational efficiency and new revenue streams [1][2] Hardware Sector Performance - Industrial Fulian (601138.SH) reported a fivefold year-on-year revenue increase in AI server-related business, while Zhongji Xuchuang (300308.SZ) saw significant growth in optical module revenue [1] - The hardware infrastructure is expected to provide the necessary support for application layers, with several brokerages indicating a shift in investment opportunities from hardware to application sides in 2026 [1] Advertising Sector Developments - Applovin (APP.US) exemplifies the success of AI in advertising, with a stock price increase of up to 56 times since the launch of ChatGPT, and a 71% year-on-year revenue growth in Q1 2025 [2] - BlueFocus (300058.SZ) and Leo Group (002131.SZ) have also begun to realize AI advertising business revenue, benefiting from large existing businesses and rich data resources [2][3] Vertical Industry Applications - Companies in vertical industries such as industrial AI, tax services, and office automation are achieving significant revenue growth through AI integration [5][6] - Nengke Technology (603859.SH) reported AI business revenue of 335 million yuan, accounting for 30.79% of total revenue, driven by its AI Agent products [5] - TaxFriend (603171.SH) achieved a 42.33% year-on-year increase in net profit, attributed to AI-driven revenue growth and efficiency improvements [6] 3D Printing Innovations - The release of Google's Nano Banana Pro is expected to revolutionize the 3D printing industry by significantly reducing design cycles and costs, thus driving demand for raw materials [8] - Companies like Changjiang Materials (001296.SZ) and Yinbang Co. (300337.SZ) are positioned to benefit from the anticipated growth in the 3D printing sector [9][10] Future Outlook - The A-share AI investment landscape is expected to transition from hardware speculation to application performance validation in 2026, with companies that have deep industry knowledge and data barriers likely to see significant profit growth [10] - The common traits among successful AI application companies include strong industry expertise, focus on vertical scenarios, and clear monetization strategies [7][10]

Core Insights - The core challenge of AI applications has shifted from model capability competition to effectively utilizing enterprise private data [3] - The key to AI application value lies in transforming complex, unstructured document data into high-quality, model-understandable knowledge assets [3][4] - The future path involves developing Knowledge Augmented Generation (KAG), which requires systematic governance, modeling, and application of knowledge [3][4] Group 1: Transition from RAG to KAG - AI applications are transitioning from a model-centric approach to a data-centric approach, with data quality being crucial for AI effectiveness [4][5] - The traditional Retrieval-Augmented Generation (RAG) faces limitations as "documents do not equal knowledge" and "semantic similarity does not equal logical relevance" [4][6] - KAG represents a paradigm shift that emphasizes high-quality input through knowledge governance and the integration of multi-modal, structured knowledge assets [7] Group 2: Implementation of KAG - KAG architecture includes a dual-layer structure: a knowledge governance layer for document parsing and knowledge extraction, and a knowledge application layer for integrating various knowledge sources [7][8] - The KAG framework is applied in four key scenarios: knowledge governance, professional intelligent Q&A, intelligent extraction of complex documents, and specialized intelligent writing [8][9] - The intelligent writing process involves two agents working together to generate compliant and accurate professional reports, significantly reducing writing time [9] Group 3: Knowledge Management - Companies must manage knowledge as they do data, establishing a dual lake architecture of "data lake" and "knowledge lake" to transition from digitalization to intelligentization [10] - Effective knowledge management will be the cornerstone for AI to deliver real efficiency improvements in professional fields [10]

Group 1 - The average stock price of the Sci-Tech Innovation Board is 42.23 yuan, with 79 stocks priced over 100 yuan and the highest being Cambrian-U at 1336.02 yuan, which increased by 3.99% [2] - A total of 215 stocks rose while 376 stocks fell today on the Sci-Tech Innovation Board, with 38 stocks in the 100 yuan category showing an average increase of 0.52% [2] - Andar Intelligent's stock price reached 110.30 yuan, marking a 15.51% increase, with a turnover rate of 5.01% and a transaction volume of 4.34 billion yuan [2] Group 2 - The average premium of the latest closing prices of 100 yuan stocks relative to their issue prices is 477.00%, with the highest premiums seen in companies like Shunwei New Materials (4129.73%), Cambrian-U (1974.89%), and Anji Technology (1622.96%) [3] - The sectors with the highest concentration of 100 yuan stocks include electronics (44 stocks), pharmaceuticals (10 stocks), and computers (9 stocks) [3] - The net outflow of main funds from 100 yuan stocks today totaled 1.60 billion yuan, with significant inflows into Cambrian-U, Tengjing Technology, and Dekeli, while major outflows were seen in Zhenlei Technology, Muxi Shares-U, and SMIC [3] Group 3 - The total financing balance for 100 yuan stocks is 1033.30 billion yuan, with Cambrian-U, SMIC, and Haiguang Information having the highest financing balances of 146.58 billion yuan, 129.33 billion yuan, and 74.94 billion yuan respectively [3] - The total margin balance for 100 yuan stocks is 4.51 billion yuan, with Haiguang Information, Cambrian-U, and SMIC leading in margin balances of 0.34 billion yuan, 0.32 billion yuan, and 0.28 billion yuan respectively [3]

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][6]. Core Insights - The release of Doubao Model 1.8 and the Seedance 1.5 pro video generation model at the Force conference highlights significant advancements in AI capabilities, particularly in multi-modal agent scenarios [5]. - Doubao Model 1.8 achieved a score of 67.6 in the BrowseComp evaluation, surpassing leading models like GPT-5 High (54.9) and Gemini-3-pro (37.8), indicating its top-tier performance in complex task planning and execution [5]. - The upgraded Seedance 1.5 pro model features breakthroughs in audio-visual synchronization and multilingual dialogue alignment, enhancing its practical and commercial potential [5]. - The AI industry is transitioning from technical validation to large-scale implementation, with Doubao Model's daily token usage exceeding 50 trillion, ranking third globally [5]. - Future investment focus areas include general agent development platform vendors, vertical industry agent solution providers, and small to medium enterprises benefiting from cost-reduction policies [5]. Summary by Sections Recent Developments - The Force conference held on December 18-19, 2025, showcased the launch of Doubao Model 1.8 and the Seedance 1.5 pro model [3][5]. Market Trends - The AI ecosystem in China is led by major companies, with a focus on agents, multi-modal capabilities, and low-code solutions, which are expected to drive continued investment in computing infrastructure [6]. Investment Recommendations - Key companies to watch include: - AI Computing: Cambrian-U (688256.SH), Haiguang Information (688041.SH), Inspur Information (000977.SZ) - Agent Solutions: Kingsoft Office (688111.SH), Dingjie Zhizhi (300378.SZ), Saiyi Information (300687.SZ) - Multi-modal Solutions: Wanjing Technology (300624.SZ), iFlytek (002230.SZ), Tuolisi (300229.SZ) - AI Programming: Zhuoyi Information (688258.SH), Jinxiandai (300830.SZ) [6].

Investment Rating - The report maintains a positive outlook on the computer industry, recommending key targets such as Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, Hikvision, Hygon, and Dawning Information Industry [3][9]. Core Insights - The AI foundation model industry in China is experiencing accelerated productization and capitalization, with significant advancements from Volcengine, which released Doubao 1.8 and Seedance 1.5 Pro, achieving global leadership in multimodal capabilities and processing over 50 trillion tokens daily [10]. - Zhiyuan AI and MiniMax have successfully passed HKEX hearings and are expected to list in early 2026, providing a quantifiable market valuation benchmark for the industry [10]. - The Ministry of Industry and Information Technology has issued L3 autonomous driving permits, marking a transition to conditional commercialization, with specific models from Changan and BAIC Arcfox approved for limited road use [11]. - Domestic GPU companies are actively pursuing capital market entry to support R&D and market expansion, with TianShu ZhiXin planning to raise 300 to 400 million USD and other companies like Biren Technology and Kunlun Chip Technology advancing their listings [12]. Summary by Sections AI Foundation Models - The report highlights the rapid advancements in AI technology, particularly with the release of Doubao 1.8 and Seedance 1.5 Pro, which have significantly reduced operational costs for enterprises [10]. - The successful IPO preparations of Zhiyuan AI and MiniMax are expected to enhance the industry's financial landscape and provide a basis for future valuations [10]. Autonomous Driving - The issuance of L3 autonomous driving permits signifies a critical step towards commercial applications, with safety regulations emphasizing the responsibility of manufacturers over drivers [11]. GPU Market Developments - The report notes a surge in domestic GPU companies seeking public listings to fund advanced chip development, reflecting strong market interest and a shift towards self-reliance in semiconductor technology [12].