29 December 2025 | 9:07AM HKT Equity Research Kingsoft Office (688111.SS): WPS Premium discount to engage new AI users and drive ARPU expansion; Buy Kingsoft Office (KO) is now offering higher discounts for WPS Premium, which includes AI features from late Nov (Exhibit 1), to engage more AI users and drive ARPU expansion. Compared to the promotion season last year, KO is now integrating WPS AI membership into WPS Premium, and is offering a higher discount rate for Premium membership to encourage users' adop ...

Core Insights - Meta's acquisition of AI Agent startup Manus signifies a pivotal shift in the AI industry, moving from mere conversational capabilities to autonomous actions, marking a new phase in AI evolution [1][9] - The news has triggered a surge in the Chinese capital market, with investors actively seeking companies that demonstrate real "Agent implementation capabilities" [1][9] Group 1: Key Companies in AI Agent Space - **Pioneer in Vertical Implementation: Maifushi (02556.HK)** Maifushi's stock surged over 11% following the news, as it recently launched its Agentforce 3.0, a significant upgrade that automates complex business processes from perception to execution. It ranks among the top in the "2025 Enterprise AI Agent Applications TOP 50" alongside major players like Baidu and Alibaba [2][10] - **Foundation Stone of Infrastructure: Baidu Group (09888.HK)** Baidu serves as the backbone of China's AI Agent ecosystem, providing the Wenxin large model and the AgentBuilder development tool, enabling developers to create agents with low barriers. Its foundational technology positions it as a critical player in the AI Agent market [3][11][12] - **Central Hub for Office Scenarios: Kingsoft Office (688111.SH)** Kingsoft is transforming traditional document processing software into intelligent agents through WPS AI, focusing on enhancing personal productivity. It stands as a solid counterpart to Microsoft's Copilot in the domestic market [4][13] - **Hardware Giant: Lenovo Group (00992.HK)** Lenovo is promoting "AI PCs" that integrate localized large models and agents, representing a new category of edge intelligence. This positions Lenovo as a key hardware provider for AI agents, ensuring user accessibility [5][14] - **Entertainment and Social Player: Kunlun Wanwei (300418.SZ)** Kunlun is aggressively pursuing the C-end entertainment sector with its "All in AGI" strategy, which includes the Tiangong large model and ventures into AI gaming and social agents, aiming to create interactive companions in virtual environments [6][15] - **Leader in Visual Perception: SenseTime-W (00020.HK)** SenseTime excels in visual AI, focusing on physical world perception, particularly in autonomous driving and robotics. Its "Riri New" system aims to develop agents capable of understanding and responding to physical environments, representing a high-tech frontier in the agent space [7][16] Conclusion - Meta's acquisition of Manus serves as a clarion call for the AI industry, indicating a shift from mere conversational AI to functional agents. The next phase for China's AI agents will prioritize product capabilities over mere concepts [8][17]

Group 1: Policy and Industry Dynamics - The Shanghai Stock Exchange released guidelines to expand the fifth listing standard for commercial rocket companies on the Sci-Tech Innovation Board, aiming to support the innovation and development of the commercial aerospace sector [1][17] - The guidelines consist of 14 articles detailing requirements related to business scope, "hard technology" attributes, and standards for commercial rocket enterprises, providing targeted support for high-quality companies without significant revenue [1][17] - Several rocket companies have recently submitted IPO counseling records, indicating a growing interest in capital market participation [1][17] Group 2: Market Overview and Trends - The commercial rocket industry is at a critical stage of large-scale commercialization, necessitating further support from the capital market [2][18] - The Sci-Tech Innovation Board focuses on hard technology, including sectors like electronic chips, emerging software, and new information technology services, reflecting the rise of advanced manufacturing in China [2][18] - Recent trends show a rebound in the Sci-Tech Innovation Board, particularly in sectors such as chips, information technology, and new materials [3][19] Group 3: Sector Performance - The top five industries on the Sci-Tech Innovation Board are electronics, biomedicine, power equipment, computers, and machinery, collectively accounting for 88.2% of the board's market capitalization [4][20] - The semiconductor sector has seen significant interest, with a notable rebound in chip stocks driven by demand for AI computing infrastructure [21] - The high-end equipment manufacturing sector is experiencing growth, with a 15.4% year-on-year increase in engineering machinery import and export trade, reflecting a recovery in overseas demand [22] Group 4: Investment Opportunities - The AI computing demand is expected to surge, with continued capital investment from cloud vendors driving high demand for advanced chips [21] - The domestic engineering machinery update cycle is starting, supported by favorable policies in real estate and infrastructure [22] - The pharmaceutical sector remains active, with multiple innovative drugs and medical devices receiving approvals, indicating a robust pipeline for growth [23]

但总有生态玩家，看得不一样。长虹佳华是其中一个。 " 若想代理WPS 365，眼下或许正是最佳窗口期。 " 作者丨 胡敏 编辑丨 包永刚 "代理SaaS？我劝你三思。" 2025年1月，长虹佳华正式签约成为金山办公的企业总分销商，并启动了WPS 365在民企市场的开拓。 双方的合作，是"天时、地利、人和"的汇聚。 天时，是国产化浪潮从党政向民企的实质性蔓延。 在云业务增长趋缓的当下，雷峰网曾与不少云渠道商探讨转型可能，而提及SaaS代理，多数人几乎毫不犹 豫地摇头。在他们的认知中，SaaS意味着付费意愿低、客单价薄、续费难把控。哪怕云生意再难做，许多 人仍宁愿守着老路，也不愿轻易踏入这片"盐碱地"。 金山办公 2024 年实际全年营收为 51.21 亿元，而这些营收中，有32.83 亿元都是WPS 个人业务（To C）创造，相反To B业务（SaaS 订阅+授权制）合计只有17.03亿元。对于金山办公而言，To C业务虽 已构筑起坚实的营收基本盘，接下来要寻找新的增长引擎，必然需要依托To B的突破来破局。 从金山办公的实际举措来看，其对To B业务的发力意图已十分明确。2024 年，金山办公年报调整了主营 ...

（文章来源：证券日报） 证券日报网讯 12月29日，金山办公发布公告称，公司第四届董事会第五次会议审议通过《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》《关于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议案》《关于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议案》等多项议案。 ...

智通财经APP讯，金山软件(03888)发布公告，于2025年12月29日，金山办公董事会已决议根据金山办公 2025年股票激励计划预留授予，向47名激励参与者(包括金山办公多名核心管理人员及技术骨干)授予合 共66.9万股限制性股票，授予价格为每股限制性股票人民币150.56元，以在表扬激励参与者所作的贡献 并留住金山办公集团所聘的优秀人才。 ...

智通财经APP讯，金山软件(03888)发布公告，于2025年12月29日，金山办公董事会已决议根据金山办公 2025年股票激励计划预留授予，向47名激励参与者(包括金山办公多名核心管理人员及技术骨干)授予合 共66.9万股限制性股票，授予价格为每股限制性股票人民币150.56元，以在表扬激励参与者所作的贡献 并留住金山办公集团所聘的优秀人才。 ...

证券代码：688111 证券简称：金山办公 公告编号：2025-055 北京金山办公软件股份有限公司 关于 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。 重要内容提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 若本次激励计划预留授予的限制性股票在2023年授出，预留限制性股票的归 属期限和归属安排具体如下： | 归属安排 | | 归属时间 | 归属权益数量占授 予权益总量的比例 | | --- | --- | --- | --- | | 预留授予的限制性 | 自预留授予之日起 | 个月后的首个交易日至预 12 | 33% | | 股票第一个归属期 | 留授予之日起 24 | 个月内的最后一个交易日止 | | | 预留授予的限制性 | 自预留授予之日起 | 个月后的首个交易日至预 24 | 33% | | 股票第二个归属期 | 留授予之日起 36 | 个月内的最后一个交易日止 | | | 预留授予的限制性 | 自预留授予之日起 ...

北京金山办公软件股份有限公司 关于 2024 年限制性股票激励计划预留授予部分第一个归属 期符合归属条件的公告 证券代码：688111 证券简称：金山办公 公告编号：2025-056 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。 重要内容提示： 本次拟归属股票数量：64,020 股 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票或公司从 二级市场回购的 A 股普通股股票 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：2024 年限制性股票激励计划（以下简称"本次激励计划"） 拟向激励对象授予不超过 100.00 万股限制性股票，约占本次激励计划草案公告 时公司股本总额 46,181.7245 万股的 0.22%。其中首次授予部分不低于本次授予 权益总额的 80.00%，对应首次授予股数为 80.10 万股，约占本次激励计划草案公 告时公司股本总额的 0.17%；预留部分不超过本次授予权益总额的 20.00%，对 应预留授予股数为 19.90 ...

证券代码：688111 证券简称:金山办公 公告编号：2025-054 北京金山办公软件股份有限公司 关于 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。 重要内容提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：2022 年限制性股票激励计划（以下简称"本次激励计划"） 拟向激励对象授予 100.00 万股限制性股票，约占本次激励计划草案公告时公司 股本总额 46,100.00 万股的 0.22%。其中首次授予 80.00 万股，约占本次激励计划 草案公告时公司股本总额的 0.17%，首次授予部分占本次授予权益总额的 80.00%；预留 20.00 万股，约占本次激励计划草案公告时公司股本总额的 0.04%， 预留部分占本次授予权益总额的 20.00%。 3、授予价格（调整后）：42.65 元/股。 4、归属期限及归属安排如下： 根据岗位职责及激励需求不同，在综合考虑了公司股 ...