Core Insights - The article discusses the Shanghai Stock Exchange International Investor Conference held on November 12-13, focusing on the commercialization of AI in office software by Kingsoft Office [1][3]. Group 1: AI Commercialization Strategy - Kingsoft Office's Vice President Xu Liu emphasizes the challenge of balancing user experience and commercial value in AI monetization [3]. - The company aims to move beyond "single-point functionality charging" by leveraging over 600 million global monthly active devices to meet real user needs in office scenarios [3]. - The core differentiation strategy involves a "dual transformation" of software and AI to achieve deep collaboration [3]. Group 2: Technical Innovations - Kingsoft Office encapsulates thousands of complex functions in the Office system into standardized APIs, allowing AI to effectively utilize software capabilities [3]. - AI is trained to understand office operation logic, ensuring generated content is well-formatted and editable, addressing issues like the difficulty in modifying AI-generated PPTs [3]. - The "intelligent knowledge base" formed from over 260 billion WPS cloud documents is highlighted as a significant advantage, enabling AI to convert historical documents into searchable knowledge assets [3][4]. Group 3: Market Potential and Future Vision - Xu Liu asserts that full-process intelligent collaboration will unlock larger market opportunities, aligning with the view that AI should transition from single-point intelligence to full-process collaboration [3][4]. - The three-tier leap in AI capabilities involves understanding data, organization, and business, with the WPS 365 platform serving as a comprehensive data foundation [4]. - The ultimate goal is for AI to deeply integrate into enterprise operations, participating in decision-making and innovation, transforming WPS 365 into an intelligent business hub [4][5].

Core Viewpoint - The core challenge of AI commercialization lies in balancing user satisfaction and shareholder expectations, with a focus on product quality as the solution [1] Group 1: AI Commercialization Strategy - The strategy for AI commercialization at Kingsoft Office is based on deep integration rather than isolated features, addressing deeper user needs in practical office scenarios [3] - Product differentiation is emphasized through three key aspects: unique integration, exclusive data assets, and comprehensive intelligent collaboration for enterprises [3] Group 2: Competitive Advantages - Kingsoft Office's approach involves a "dual transformation" of AI and office software, allowing both to adapt to each other, enhancing usability and understanding of user intent [4] - The company boasts an impressive data asset of over 260 billion cloud documents, which can be leveraged to activate dormant knowledge and transform it into new productivity [4] Group 3: Strategic Vision - The WPS 365 platform aims to transition enterprises from "digital office" to "intelligent collaboration," focusing on three essential capabilities: understanding data, organizations, and business [5] - The ultimate goal is for AI to evolve from a content generation tool to a participant in business operations and decision-making, enhancing its role in analyzing customer documents and market conditions [5]

Core Viewpoint - The financial indicators of Kingsoft Office are improving comprehensively, with a continuous optimization of profit quality, indicating strong operational efficiency and cost control [1] Financial Performance - In Q3 2025, the non-GAAP net profit reached 421 million yuan, representing a year-on-year growth of 39.01%, with profit growth outpacing revenue growth [1] - Non-recurring gains and losses for the same period amounted to 978.11 thousand yuan, accounting for only 2.27% of the net profit, confirming the solidity of core business profitability [1] - The net cash flow from operating activities in Q3 was 538 million yuan, with a cumulative total of 1.277 billion yuan for the first three quarters, an increase of 18.26% year-on-year, enhancing revenue collection and cash generation capabilities [1] Market Position and Growth Potential - The company is a leading player in the domestic office software market and a pioneer in AI office solutions, leveraging the WPS ecosystem and AI technology to strengthen its market dominance [1] - The advantages in niche areas such as government and trusted computing are expanding, indicating strong long-term growth certainty [1] Valuation - Based on comparable companies, a price-to-sales ratio of 28 times for 2026 is suggested, leading to a target market value of 200.5 billion yuan and a target price of 432.9 yuan, maintaining a "strong buy" rating [1]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has seen a strong increase of 1.04%, with notable gains from stocks such as Fudan Microelectronics (up 3.43%) and Lanke Technology (up 3.24%) [1] - OpenAI has announced the launch of its flagship GPT-5.1 model, aimed at enhancing the intelligence and user experience of ChatGPT, with the rollout starting this week [1] - Quark has scheduled the launch of its AI glasses for November 27, with pre-sales ranking first in various categories during the Double 11 shopping festival [1] Industry Analysis - The Quark AI glasses S1 integrate Alibaba's Qwen closed-source model and offer deep integration with core applications like Alipay and Taobao, covering high-frequency use cases such as payment and navigation [2] - Domestic AI models like MiniMax M2 and DeepSeek show stronger adaptability in the A-share market compared to international models like GPT-5, indicating that investment strategies should be tailored to specific market conditions [2] - The global sales of AI smart glasses surged by 370% year-on-year in Q3 2025, signaling a high-growth phase for the industry, with key components like optical displays and storage benefiting directly [2] Fund Performance - The Sci-Tech AI ETF has experienced a significant scale increase of 32.45 billion yuan over the past six months [3] - The ETF's share count grew by 4.32 million shares in the past week, with a total net inflow of 331 million yuan over four days, averaging 82.87 million yuan daily [4] - The underlying index of the ETF consists of 30 major companies in the AI sector, with the top ten stocks accounting for 70.92% of the index [4]

Core Viewpoint - The global AI industry is experiencing a bearish impact due to recent negative comments, while the domestic AI sector shows resilience, particularly in application stocks [1] Group 1: Market Performance - The AI ETF (515070) saw a slight decline of 0.8%, but stocks like Beijing Junzheng rose over 4%, with other companies such as Stone Technology, Deepin Technology, Qihoo 360, and Dahua Technology performing well [1] - In the third quarter, public funds and northbound capital reached a historical high in their holdings of the communication sector, with AI computing power being a significant contributor to this increase [1] Group 2: Industry Developments - On November 10, Intel's AI infrastructure head Sachin Katti moved to OpenAI, indicating an intensifying competition for AI talent globally [1] - Meituan launched its first AI programming assistant, CatPaw, which focuses on agent collaboration and large-scale code generation, marking a significant step in the domestic "AI + software engineering" sector [1] Group 3: Investment Recommendations - With the decline in inference costs driven by open-source models like DeepSeek, there is a simultaneous release in demand for domestic 1.6T optical modules, liquid-cooled servers, and AI power supplies [1] - It is recommended to pay attention to leading companies in the infrastructure segments such as IDC, servers, and domestic computing chips [1] Group 4: ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambrian, Zhongke Shuguang, iFlytek, OmniVision, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2]

Investment Rating - The report maintains a "Strong Buy" rating for Kingsoft Office (688111) with a target price of 432.9 CNY [1]. Core Insights - Kingsoft Office reported a revenue of 1.521 billion CNY for Q3 2025, representing a year-on-year growth of 25.33%. The net profit attributable to shareholders was 431 million CNY, up 35.42% year-on-year, while the non-GAAP net profit reached 421 million CNY, growing by 39.01% year-on-year [1][8]. - For the year-to-date, the total revenue reached 4.178 billion CNY, reflecting a year-on-year increase of 15.21% [1]. - The company is experiencing robust growth across its three main business segments, driven by advancements in AI and the promotion of domestic software solutions [3][8]. Financial Performance - The WPS 365 business generated 201 million CNY in revenue, marking a significant increase of 71.61% year-on-year. The company has effectively expanded its reach among private enterprises and local state-owned enterprises, enhancing its product capabilities and industry influence [3]. - The WPS software business achieved revenue of 391 million CNY, a year-on-year increase of 50.52%, supported by accelerated bidding and revenue recognition in government projects [3]. - The company’s R&D investment was 536 million CNY in Q3 2025, accounting for 35.24% of its revenue, indicating a strong commitment to innovation and technology development [8]. Business Growth Drivers - The personal WPS business reported revenue of 899 million CNY, with a year-on-year growth of 11.18%. The number of active devices reached 669 million, an increase of 8.83% year-on-year, with significant growth in the PC segment [8]. - The report highlights the company's strong cash flow, with a net cash flow from operating activities of 538 million CNY in Q3 2025, and a cumulative total of 1.277 billion CNY for the first three quarters, up 18.26% year-on-year [8]. Future Projections - The company is projected to achieve revenues of 6.049 billion CNY, 7.162 billion CNY, and 8.505 billion CNY for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 18.1%, 18.4%, and 18.7% [8]. - The net profit attributable to shareholders is expected to be 2.044 billion CNY, 2.324 billion CNY, and 2.702 billion CNY for the same years, with growth rates of 24.2%, 13.7%, and 16.3% respectively [8].

Group 1 - Software concept stocks weakened, with Guiding Compass falling over 7%, and Keda Xunfei, Tonghuashun, Kingsoft Office, and Tuwei Information each dropping over 2% [1] - The software ETF declined by more than 2% due to market influences [1] Group 2 - Institutions indicate that in the context of increasing global technological competition, the autonomy and control of basic software is not only a national security requirement but also a necessary choice for sustainable industrial development [2] - Future basic software companies will face higher technical requirements and stronger competitive pressures, but this also means more market opportunities [2] - With the continuous advancement of domestic substitution and the deepening of financial services in the industrial chain, basic software companies are expected to transition from "following" to "keeping pace" and then to "leading," providing solid underlying technical support for China's new industrialization and high-quality development [2]

Core Insights - The artificial intelligence (AI) sector is experiencing significant activity and increasing market attention, driven by the implementation of self-controllable strategies and accelerated commercialization of AI [1] - The industry is transitioning from "concept cultivation" to "value realization," indicating a promising future for AI applications [1] Group 1: AI Commercialization and Events - Recent industry events showcase the practical applications of AI technology, including the "Internet of Light" expo and the unveiling of Tesla's Cybercab, highlighting the shift from technology demonstrations to empowering solutions [1] - The 2025 World Internet Conference featured over 1,000 AI technology products from more than 600 companies, emphasizing the vast potential of AI applications [1] Group 2: Model Development and Cost Optimization - Continuous improvement in large model capabilities, exemplified by DeepSeek-V3 and Alibaba's Tongyi Qwen3-Next, has significantly reduced training and inference costs, facilitating the widespread adoption of AI across various industries [2] Group 3: Policy Support for AI Ecosystem - The "14th Five-Year Plan" emphasizes the need for original innovation and breakthroughs in key technologies, including AI, to strengthen the domestic AI ecosystem [3] - There is a national strategic direction towards building a self-controllable AI industry system, with a focus on domestic AI chips, frameworks, models, and applications [3] Group 4: Performance Growth in AI Sector - The 2025 Q3 reports indicate widespread improvement in the performance of AI industry chain companies, with a median revenue growth rate of 14.81%, reflecting a year-on-year increase of 13.77 percentage points [4] - Specific companies like Cambricon and Haiguang Information reported explosive revenue growth of 2,386.38% and 54.65% respectively, showcasing the robust growth in the AI chip sector [4] Group 5: Investment Opportunities - The Science and Technology Innovation Artificial Intelligence ETF (588730) closely tracks the AI index, focusing on companies providing essential resources and technologies for AI, covering the entire AI industry chain [4] - The top ten weighted stocks in the index include leading companies in AI computing, chip design, and foundational software, indicating strong positions in the market [5][6]

Group 1 - The core point of the article highlights the performance of the Science and Technology Innovation ETF (588050), which opened with a slight increase of 0.35% at 1.451 yuan [1] - The major holdings of the ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening increases of 0.49%, 0.50%, and 0.47% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management Company, with a return of 0.65% since its inception on September 28, 2020, and a return of -3.07% over the past month [1] Group 2 - The article provides specific stock performance data for the ETF's holdings, including a 1.17% increase for Lattice Semiconductor and a 1.13% increase for Zhongwei Company, while Unisound and Kingsoft Office experienced declines of 0.47% and 0.45%, respectively [1] - The article emphasizes the importance of monitoring market conditions, as the ETF's recent performance reflects broader market trends [1]

三、出席会议的股东（或股东代表）须在会议召开前 20 分钟到会议现 场办理签到手续，并请按规定出示证券账户卡、身份证或法人单位证明、授 权委托书以及参会回执等，经验证后领取会议资料，方可出席会议。 四、股东（或股东代表）依法享有发言权、咨询权和表决权等各项权益。 如股东（或股东代表）欲在本次股东大会上发言，可在签到时先向大会会务 组登记。会上主持人将统筹安排股东（或股东代表）发言。股东（或股东代 表）的发言主题应与本次会议议题相关；超出议题范围，欲了解公司其他情 况的，可会后向公司董事会秘书咨询。 北京金山办公软件股份有限公司 2025 年第一次临时股东大会 会议材料 2025 年 11 月 18 日 金山办公2025年第一次临时股东大会 股东大会须知 为保障北京金山办公软件股份有限公司（下称"公司"）全体股东的合法 权益，维护股东大会的正常秩序，保证股东大会的议事效率，确保本次股东 大会如期、顺利召开，根据《中华人民共和国公司法》《北京金山办公软件 股份有限公司章程》（以下简称"《公司章程》"）、《北京金山办公软件股 份有限公司股东大会议事规则》及中国证监会、上交所的有关规定，特制定 本须知。 一、股东大会 ...