Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved steady revenue growth with a significant increase in cash flow from operating activities. In the first half of 2025, the company reported revenue of 2.657 billion yuan, a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 747 million yuan, up 3.57% year-on-year [1][4]. - The WPS 365 business showed remarkable growth, with revenue reaching 309 million yuan, a year-on-year increase of 62.27% [1][4]. - The company is enhancing its market share in domestic office software while benefiting from significant revenue contributions from overseas AI rights [2][4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 738 million yuan, an increase of 17.51% year-on-year [1]. - R&D investment reached 959 million yuan, up 18.70% year-on-year, with a research expense ratio of approximately 36% [1]. - The number of R&D personnel increased to 3,533, representing 66% of the total workforce [1]. Business Segments - The WPS personal business generated revenue of 1.748 billion yuan, a year-on-year increase of 8.38% [1]. - The WPS software business experienced a slight decline, with revenue of 542 million yuan, down 2.08% year-on-year [1]. Market Position and Growth - As of June 30, 2025, WPS Office had 651 million monthly active devices globally, an increase of 8.56% year-on-year [2]. - The company launched WPS AI 3.0 and introduced the native Office intelligent assistant, marking a significant advancement in AI capabilities within the office software sector [3]. - The overseas localization strategy is improving user growth efficiency, with a notable increase in overseas large-screen users [2]. Profitability Forecast - The revenue forecast for 2025-2027 has been adjusted to 5.851 billion, 6.610 billion, and 7.324 billion yuan, respectively, with net profit forecasts of 1.702 billion, 1.943 billion, and 2.166 billion yuan [4][9]. - The expected EPS for 2025, 2026, and 2027 is 3.67, 4.20, and 4.68 yuan per share, respectively, with corresponding P/E ratios of 91.05, 79.72, and 71.52 [4][9].

中国基金报记者孙越 8月，A股市场行情向好，券商金股组合普遍获得较高收益。每市App数据显示，开源证券金股组合以 25.84%的月度收益率排名第一，中航证券、国元证券分列第二、第三位，单月收益均超20%。 个股方面，有3只金股在8月份股价实现翻倍以上增长，分别是华胜天成、寒武纪-U、思泉新材。截至 发稿，已有20多家券商发布9月金股组合。配置方向上，多家券商认为A股市场仍然有望继续上行，建 议关注科技、顺周期、"反内卷"制造业等方向。 8月"金股池"出现3只翻倍大牛股 回顾8月，开源证券金股组合以25.84%的月度收益率排名第一，中航证券、国元证券分列第二、第三 位，单月收益均超20%；华鑫证券、中原证券、长城证券金股组合8月份涨幅也超18%。 【导读】券商9月金股出炉，建议关注科技、顺周期等方向 个股方面，中兴通讯在9月受到国信证券、中泰证券、华泰证券等多家券商推荐。国信证券认为，该公 司是国内通信设备头部企业，受益AI（人工智能）发展，同时公司芯片侧有望突破，未来盈利能力有 望提升。此外，金山办公、新易盛、晶晨股份、雷赛智能、泸州老窖等个股也被多家券商青睐。 | 股票简称 | 所属行业 | 推荐券商 | ...

证券研究报告 2025 年 09 月 01 日 国元证券 2025 年 9 月金股组合及投资逻辑 ——2025 年第 9 期 报告要点： [Table_Title] 金股报告 国元月度金股（2025 年 9 月） |  | 国元月度金股（2025 | 年 月） 9 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行 业 | 公司名称 | 股票代码 | | EPS | | 收盘价 | PE(TTM) | 推荐人 | | | | | 24A | 25E | 26E | | | | | 电新机械 | 凯格精机 | 301338.SZ | 0.66 | 1.44 | 1.81 | 66.33 | 64.07 | 楼珈利 | | 计算机 | 金山办公 | 688111.SH | 3.56 | 4.10 | 4.94 | 334.50 | 92.73 | 耿军军 | | 汽车 | 双环传动 | 002472.SZ | 1.21 | 1.51 | 1.85 | 37.26 | 28.05 | 刘乐 | | 医药生物 | 山外山 ...

1 September 2025 | 8:36AM HKT China Software: 2Q25 result review; AI monetization and integration with software as focus, enhanced productivity starts to reflect on We review our China Software coverage based on 2Q25 performance and update our estimates to reflect our latest views. In 1H25, the avg. revenue growth of our coverage was at 9% YoY, and avg. net margin was -3% due to weak seasonality of the first half, while we see software companies' productivity improvement has started to reflect on margin imp ...

消息面上，1) 阿里云25Q2云收入增长26%且资本支出超预期，其AI全产业链布局优势凸显，或推动云 计算及AI基础设施需求提升；2) 国内AI领域融资活跃，科技巨头持续加码核心技术研发，政策与资本 双向驱动产业扩张；3) 部分成分股如中际旭创、润和软件等或受益于AI服务器及算力需求增长，天承 科技、欧陆通等企业产品获国际大厂认可，带动产业链景气度上行。 截至09月01日09:57，大数据ETF(159739.SZ)上涨0.76%，其关联指数云计算(930851.CSI)上涨1.32%；主 要成分股中，中际旭创上涨6.14%，润和软件上涨4.41%，紫光股份上涨2.97%，新易盛上涨0.79%，数 据港上涨9.99%。 券商研究方面，长江证券指出云计算行业发展的第一驱动力是外部不断涌现的新需求，本轮AI周期是 继移动互联网、企业云转型后最新的需求井喷，AI推动云计算从"资源租赁"转向"智能服务"模式转变， 同时国内云厂商盈利能力改善的核心在于AI业务占比提升带来的业务结构优化。此外，长江证券分析 认为云计算是AI推理范式下的算力核心环节，AI为行业带来质变（服务模式升级）和量变（市场规模 扩张），预计未来几年 ...

据艾瑞咨询预测，中国人工智能产业未来五年将保持32.1%的年均复合增长率，2029年市场规模将突破万亿元。多重利好催化下，市场热 度持续高涨，人工智能产业投资价值空间有望进一步打开。 人工智能板块热度持续 "人工智能三剑客"提前布局 在产业端，深度求索（DeepSeek）宣布升级版大模型DeepSeek V3.1，采用UE8MO FP8 Scale参数精度，针对性适配下一代国产芯片适 配，标志着国产AI软硬件协同迈进新阶段，有望加速构建"芯片－大模型－应用"全生态闭环，推动人工智能产业商业化发展。 政策方面，《关于深入实施"人工智能+"行动的意见》的发布，进一步点燃市场对 人工智能板块的热情。 这个夏天， 人工智能的热度比气温更加灼人。投资者间热议着寒武纪股价超过茅台、登顶新一代"股王"的传奇。从产业端到政策端的多重 利好，点燃市场对人工智能板块的热情。 科创人工智能ETF华夏（589010）于4月9日上市，截至8月29日，收盘价为1.515，短短四个多月，二级市场涨幅即超50%。创业板人工 智能ETF华夏（159381）3月24日上市以来涨幅超60%，人工智能AIETF（515070）年内涨幅亦达到59.6 ...

Kingsoft Office 688111.SS 688111 CH EQUITY: TECHNOLOGY Mixed 2Q25 results despite strong AI sentiment Quick Note Kingsoft Office (KO) reported 1H25 results on 20 August after market close. KO recorded 1H25 revenue/earnings growth of 10%/4% y-y, translating into changes of 14%/-3% y-y in 2Q25. We note its top-line growth accelerated in 2Q25 (14% y-y vs 6% y-y in 1Q25), driven by accelerated growth in WPS software (27% y-y in 2Q25 vs. -21% in 1Q25), likely owing to a low base effect, and certain delayed proje ...

特别新易盛在八月内实现了惊人的涨幅，累计上涨超过88%，其最新收盘价已经达到了356.2元。这一表现无疑为投资者们提供了极大的 信心。 在行业配置方面，多家券商认为A股市场有望继续上行。科技、顺周期以及"反内卷"制造业等方向成为了券商们关注的焦点。申万宏源 指出，市场持续演绎牛市氛围，休整幅度有限。他们建议投资者关注国内科技链的突破以及先进制造业的"反内卷"趋势。同时，他们也 看好人工智能+的行情扩散以及顺周期低估值板块的修复机会。 中原证券则认为，八月市场呈现小市值占优、成长强于价值的风格特征。随着九月联储降息概率的提升，市场风险偏好有望进一步上 升，从而驱动TMT和周期板块的上涨。然而，他们也提醒投资者注意成长板块"拥挤度"不断走高可能带来的市场波动性加大。因此，他 们建议投资者均衡配置成长与价值风格，并在TMT板块调整时逐步增配金融、交运、消费等板块。 华龙证券则给出了更为具体的建议。他们建议关注科技和先进制造等成长方向，以及高技术制造业的高景气度对制造业利润的引领作 用。同时，他们也看好"反内卷"政策促进产业高质量发展的方向，以及内需政策发力带动的行业机会。在这些行业中，电力设备、基础 化工、机械设备 ...

Group 1 - The A-share market is expected to continue its upward trend, with a focus on technology, cyclical sectors, and "anti-involution" manufacturing [1][6] - In August, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index increased by 15.32%, and the ChiNext Index surged by 24.13% [1] - Multiple brokerages have released their investment portfolios for September, covering various sectors including consumption, technology, and finance [1] Group 2 - The most frequently recommended stocks include ZTE Corporation, which received recommendations from three brokerages, while Kingsoft Office, New Yisheng, Crystal Morning, and Race Intelligent received two recommendations each [4] - ZTE Corporation's stock price increased by 32.52% in August, closing at 45.44 yuan, with a market capitalization of 207.15 billion yuan [5] - New Yisheng had the highest increase in August, with a rise of over 88%, closing at 356.2 yuan [4][5] Group 3 - Brokerages suggest focusing on technology and advanced manufacturing as key growth areas, with high-tech manufacturing maintaining strong profitability [7] - The "anti-involution" policy is expected to promote high-quality industrial development, with a focus on sectors like electric equipment and basic chemicals [8] - Domestic demand policies are anticipated to create opportunities in industries such as machinery, home appliances, automobiles, and consumer electronics [8]

风险提示：AI推进不及预期、行业竞争加剧、下游 IT开支收紧、宏观经济波动 2025H1 公司经营稳健，WPS AI 用户数快速提升。1）2025Q2 单季度，公司实现营业收入13.56 亿元， 同比增长14.14%；归母净利润3.44 亿元，同比下降2.83%；现金流量净额7.03 亿元，同比增长48.06%。 2）分业务来看，报告期内，公司WPS 个人业务实现收入17.48 亿元，同比增长8.38%，符合市场预期。 月活延续稳健增长态势，截至2025 年6 月30 日，WPS Office 全球月度活跃设备数为6.51 亿，同比增长 8.56%。其中，PC 版月活3.05 亿，同比增长12.29%；移动版月活3.46 亿，同比增长5.48%。3）分区域 而言，国内WPS 个人业务收入16.19 亿元，国内累计年度付费个人用户数4,179 万，同比增长9.54%；海 外来看，WPS 个人业务收入1.29 亿元，累计年度付费个人用户数达到189 万。4）报告期末，国内WPS AI 月度活跃用户数已达到2951 万，反映了在AI 新时代下，公司抓紧抢占客户心智，吸引、激活并持续 运营C 端用户，在智慧办公领域持 ...