金山办公688111 趋势方向 主力成本分析 307.03 元 当日主力成本 305.98 元 时间: 2025年4月18日星期五 46.75分综合得分 偏弱 5日主力成本 303.18 元 20日主力成本 333.54 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 1次 跌停 北向资金数据 | 持股量1870.17万股 | 占流通比4.04% | | --- | --- | | 昨日净买入-4.70万股 | 昨日增仓比-0.01% | | 5日增仓比0.008% | 20日增仓比-0.461% | 技术面分析 310.50 短期压力位 300.76 短期支撑位 0 次 323.60 中期压力位 281.03 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年04月18日的资金流向数据方面 | 主力资金净流出6821.86万元 | | --- | | 占总成交额-10% | | 超大单净流出5238.30万元 | | 大单净流出1583.56万元 | | 散户资金净流出56.52万 | 关联行业/概念板 ...

Group 1 - The core point of the news is the performance and holdings of the Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund, which has a latest net value of 1.7329 yuan, showing a growth of 0.55% [1] - The fund's recent performance includes a -1.21% return over the past month, a 5.20% return over the past six months, and a 1.68% return year-to-date, with respective rankings of 609 out of 2325, 607 out of 2283, and 659 out of 2308 [1] - The fund's top ten stock holdings account for a total of 50.00%, with significant positions in companies such as SF Holding (9.81%), China Chemical (6.05%), and Kingsoft Office (5.89%) [1] Group 2 - The Jiao Yin State-Owned Enterprise Reform Flexible Allocation Mixed A Fund was established on June 10, 2015, and as of December 31, 2024, it has a total scale of 2.2 billion yuan [1] - The fund manager, Shen Nan, has been in the role since the fund's inception and has a background in finance, having worked as a senior analyst and assistant fund manager prior to his current position [2]

Core Viewpoint - Chinese companies are seeking larger markets overseas, and the current global economic changes due to tariff wars present new opportunities for them [1] Group 1: Market Expansion and Competition - Kingsoft Office's CEO emphasizes the importance of confidence in global competition and the potential for Chinese companies to find new opportunities amid economic changes [1] - The company aims to accelerate its exploration of overseas markets, viewing it as a core strategy, especially with the growing market shares of domestic brands like Huawei and Xiaomi in international markets [2] - Kingsoft Office's WPS software has gained significant recognition, with approximately 200 million monthly active devices in Southeast Asia and Europe, driven by the success of Chinese mobile manufacturers [2][3] Group 2: Financial Performance - In 2024, Kingsoft Office reported a revenue of 5.121 billion yuan, a year-on-year increase of 12.40%, with 95.7% of revenue coming from domestic markets [2] - The revenue from WPS365, a comprehensive AI office platform, reached 437 million yuan, marking a substantial growth of 149.33% [2] Group 3: AI Integration and R&D Investment - The CEO views AI as a transformative opportunity for the industry, with expectations that AI applications will mature significantly by 2025 [4][5] - Kingsoft Office has invested 1.696 billion yuan in R&D, accounting for approximately 33% of its revenue, with a year-on-year increase of 15.16% in R&D expenses [6] - The company plans to continue increasing its investment in AI, collaboration, and internationalization, prioritizing long-term growth over short-term profits [6]

金山办公CEO章庆元：办公软件的底层逻辑将逐步从"人适应软件"到"软件理解人" 金十数据4月15日讯，金山办公CEO章庆元受邀参加长江商学院"中国企业CEO上海论坛"，回应了外界 关于产品战略等方面的热点问题。章庆元表示，基于私域知识的AIGC和AI Agent是今年发展的重点。 早在两年前，金山办公就开始探索AI Agent的应用，并逐步推进落地。未来，随着AI Agent智能体的可 控性逐步提升，用户与软件的交互方式还将被进一步改写，办公软件的底层逻辑也会逐步从"人适应软 件"到"软件理解人"。 （36氪） ...

金山办公CEO章庆元：WPS会考虑将国产模型引入海外市场 金十数据4月15日讯，在长江商学院"中国企业CEO上海论坛"上金山办公CEO章庆元表示，海外对于金 山办公来说是一个很大的增量市场，是金山办公的重点业务。目前，金山办公在海外已拥有超过2亿月 活设备数。面对全球AI竞赛的产业变局，章庆元表示："DeepSeek的横空出世，把中国AI大模型的水平 拉至世界级，而且成本上更占优势，也让金山办公等一众在大模型之上'做应用'的企业看到了新的机 遇。未来WPS会考虑将国内AI模型引入海外市场。" （36氪） ...

从指数持仓来看，上证科创板综合指数十大权重分别为：海光信息（5.41%）、寒武纪（4.13%）、中 芯国际（2.84%）、金山办公（2.18%）、中微公司（1.83%）、联影医疗（1.67%）、传音控股 （1.54%）、百利天恒（1.49%）、澜起科技（1.32%）、华润微（0.95%）。 从上证科创板综合指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证科创板综合指数持仓样本的行业来看，信息技术占比52.19%、工业占比23.48%、医药卫生占比 16.36%、原材料占比3.37%、可选消费占比2.19%、通信服务占比1.79%、主要消费占比0.57%、能源占 比0.05%。 资料显示，上市以来日均总市值排名在科创板前10位的证券于上市满三个月后计入指数，其他证券于上 市满一年后计入指数。样本被实施风险警示的，从被实施风险警示措施次月的第二个星期五的下一交易 日起将其从指数样本中剔除；被撤销风险警示措施的证券，从被撤销风险警示措施次月的第二个星期五 的下一交易日起将其计入指数。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分 拆、停牌等情形的处理，参照指数计算与维护细则处理。 ...

云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 ——金山办公(688111)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-11) | 收盘价(元) | 308.00 | | --- | --- | | 一年内最高/最低(元) | 398.08/168.53 | | 沪深 300 指数 | 3,750.52 | | 市净率(倍) | 12.55 | | 流通市值(亿元) | 1,425.04 | 基础数据(2024-12-31) | 每股净资产(元) | 24.55 | | --- | --- | | 每股经营现金流(元) | 4.75 | | 毛利率(%) | 85.14 | | 净资产收益率_摊薄(%) | 14.49 | | 资产负债率(%) | 28.13 | | 总股本/流通股(万股) | 46,267.40/46,267.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -41% -30% -18% -7% 5% 16% 27% 39% 2024.0 ...

Investment Rating - The report maintains an "Add" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [44]. Core Views - The company reported a revenue of 5.121 billion yuan for 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, which is a 24.84% increase year-on-year [6]. - The transition to AI applications is expected to accelerate in 2025, with significant growth in the company's product capabilities [7][9]. - The company is shifting its business disclosure from a commercial model classification to a product-based classification, focusing on WPS personal and WPS 365 businesses [8]. Financial Performance - The company achieved a net profit margin of 32.13% in 2024, with a diluted return on equity of 14.49% [2][11]. - The gross profit margin for the company was reported at 85.14% [2]. - The earnings per share (EPS) for 2024 was 3.56 yuan, with projections of 4.29 yuan, 5.43 yuan, and 6.92 yuan for 2025, 2026, and 2027 respectively [11][42]. Business Segments - The WPS personal business generated 3.283 billion yuan in revenue, growing 18% year-on-year, while WPS 365, launched in 2023, saw a revenue increase of 149.33% to 437 million yuan in 2024 [8]. - The domestic personal service subscription revenue was 3.1 billion yuan, up 16.84% year-on-year, while the domestic institutional subscription and service revenue reached 1.064 billion yuan, growing 11.11% [8]. - The international and other business revenue was 250 million yuan, with a notable 38.38% growth in overseas business [11]. Future Outlook - The company plans to enhance its overseas business, which is expected to become a significant growth driver, with a 38.38% increase in overseas revenue in 2024 [11]. - The report anticipates that the company's AI capabilities will significantly contribute to its growth trajectory in 2025, with expectations of increased user engagement and willingness to pay [9].

Core Viewpoint - The introduction of a privatized AI document system in Zhongshan is revolutionizing government operations, significantly reducing the time civil servants spend on document writing by an average of 40% [1][3]. Group 1: AI Implementation and Impact - Zhongshan has launched Guangdong's first privatized intelligent document model, which is designed to better understand government operations and enhance efficiency [1]. - The AI system integrates local government knowledge with advanced model technology, redefining the process of government document writing [3]. - The system's deployment has led to a substantial reduction in the workload of government personnel, automating proofreading and formatting tasks [3]. Group 2: Data Security and Management - The AI system employs a dual-model architecture to ensure data security and compliance, processing basic semantics with a general model while a specialized model handles government-specific terminology [4]. - All data is processed on localized servers, ensuring that sensitive information remains secure and within the government’s control [4]. - The implementation of a document intelligent classification system allows for the automatic identification and structuring of documents, creating a comprehensive knowledge base for government operations [2]. Group 3: Future Prospects and Applications - The AI document system is expected to evolve from merely writing documents to extracting value from existing knowledge, enhancing the overall efficiency of government services [5]. - Future collaborations between Zhongshan government and Kingsoft Office aim to explore innovative applications of AI in policy interpretation and public service [5]. - This initiative serves as a replicable model for other regions, showcasing the potential for deep integration of AI technology in government operations [5].

截至2025年4月11日 10:29，上证科创板人工智能指数(950180)上涨0.97%，成分股芯海科技(688595)上涨8.19%，澜起科技(688008)上涨5.29%，安路科技 (688107)上涨5.01%，恒玄科技(688608)上涨3.70%，天准科技(688003)上涨3.05%。科创AIETF(588790)上涨0.91%， 冲击4连涨。最新价报0.55元。拉长时间 看，截至2025年4月10日，科创AIETF近3月累计上涨7.70%，涨幅排名可比基金2/6。 流动性方面，科创AIETF盘中换手4.12%，成交1.08亿元。拉长时间看，截至4月10日，科创AIETF近1周日均成交3.94亿元，居可比基金第一。 回撤方面，截至2025年4月10日，科创AIETF成立以来相对基准回撤0.36%。 费率方面，科创AIETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 跟踪精度方面，截至2025年4月10日，科创AIETF近1月跟踪误差为0.010%，在可比基金中跟踪精度最高。 科创AIETF紧密跟踪上证科创板人工智能指数，上证科创板人工智能指数从科创板市场中选取30只市值较 ...