计算机周观点第 33 期：底层基础设施迭 代加速，AI 原生力量重塑软件产业格局 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 本周，SpaceX 确认与 xAI 合并，其 100 万颗卫星申请获受理；Claude Cowork 更新 11款插件，动摇传统 SaaS 软件核心护城河；质变科技发布记忆湖产品 MemoryLake。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 计算机《未来产业之脑机接口：资本与政策赋 能，迎产业窗口期》2026.02.05 计算机《政策注入消费动能，看好 ...

Investment Rating - The investment rating for the computer industry is "Positive" and maintained [10] Core Insights - The total market value of heavy holdings in the computer sector for Q4 2025 is approximately 23.27 billion, down from 37.36 billion in Q3 2025, reflecting a decrease of about 14.09 billion. The concentration of holdings has further increased, with a higher proportion in storage and vertical applications. Overall, the allocation ratio for the computer industry has reached a historically low level, indicating limited downside potential. With the acceleration of AI application commercialization, the sector is expected to see a recovery [2][5][6][35]. Summary by Sections Heavy Holdings and Allocation - The heavy allocation ratio for the computer sector has continued to decline, reaching a historical low of 1.6% in Q4 2025, down 0.7 percentage points from Q3 2025. The heavy allocation ratios over the past year have been -2.8%, -3.4%, -3.6%, and -3.8%, indicating a deepening decline [19][20]. Sector Performance and Fund Flow - The absolute value of holdings in various sub-sectors has generally decreased, with increased pressure from fund outflows. The top five sub-sectors by market value in Q4 2025 are IT infrastructure (2.8%), government IT (2.3%), industrial software (2.1%), cybersecurity (1.7%), and automotive IT (1.7%). The government IT sector saw a significant increase of 0.6%, while energy IT experienced a notable decline of 1.3% [6][34]. Concentration of Holdings - The concentration of holdings in the computer sector has significantly increased, reaching a new high. The CR10 and CR5 concentration ratios rose from 65.9% to 69.8% and from 49.1% to 57.8%, respectively, indicating a trend towards increased concentration of fund holdings [7][43]. Future Outlook - The application and computing power chains are expected to continue attracting institutional investments, with a focus on structural opportunities amid sector rotation. The current optimistic narrative surrounding AI is expected to drive demand for computing power, particularly as AI applications begin to materialize in various high-value scenarios [8][27][28]. Valuation Metrics - As of February 3, 2026, the latest PE-TTM for the Jiangsu computer index is 68.5 times, which is at the 91st percentile since 2016. In comparison, the latest PE-TTM for the CSI 300 is 13.3 times, at the 78th percentile [48][50].

2月6日，金山办公跌1.8%，截至发稿，报303.87元/股，成交17.73亿元，换手率1.25%，总市值1407.46 亿元。金山办公股价已经连续3天下跌，区间累计跌幅6.94%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，北京金山办公软件股份有限公司位于北京市海淀区小营西路33号金山软件大厦，成立日期 2011年12月20日，上市日期2019年11月18日，公司主营业务涉及从事WPS Office办公软件产品及服务的 设计研发及销售推广。主营业务收入构成为：WPS个人业务65.80%，WPS软件业务20.38%，WPS365业 务11.62%，其他2.19%。 责任编辑：小浪快报 从基金十大重仓股角度 新华中证云计算50ETF（560660）基金经理为邓岳。 截至发稿，邓岳累计任职时间8年186天，现任基金资产总规模5.02亿元，任职期间最佳基金回报 123.68%， 任职期间最差基金回报-56.26%。 数据显 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688111 证券简称：金山办公 公告编号：2026-001 北京金山办公软件股份有限公司 关于2022年、2023年、2024年限制性股票激励计划部分限制性股票归属结果暨股份上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为192,828股。 本次股票上市流通总数为192,828股，占归属前公司总股本的比例为0.0416%。其中，2022年限制性股票 激励计划首次授予部分第二类激励对象第三个归属期归属2,210股，2022年限制性股票激励计划预留授 予部分第三个归属期归属62,050股，2023年限制性股票激励计划预留授予部分第二个归属期归属64,548 股，2024年限制性股票激励计划预留授予部分第一个归属期归属64,020股。 ● 本次股票上市流通日期：2026年2月12日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分公司有关业务规则的规定， ...

（编辑 任世碧） 证券日报网讯 2月5日，金山办公发布关于2022年、2023年、2024年限制性股票激励计划部分限制性股 票归属结果暨股份上市的公告称，公司本次股票上市类型为股权激励股份；股票认购方式为网下，本次 股票上市流通总数为192，828股，占归属前公司总股本的比例为0.0416%。其中，2022年限制性股票激 励计划首次授予部分第二类激励对象第三个归属期归属2，210股，2022年限制性股票激励计划预留授予 部分第三个归属期归属62，050股，2023年限制性股票激励计划预留授予部分第二个归属期归属64，548 股，2024年限制性股票激励计划预留授予部分第一个归属期归属64，020股。本次股票上市流通日期： 2026年2月12日。 ...

证券代码：688111 证券简称：金山办公 公告编号：2026-001 北京金山办公软件股份有限公司 关于 2022 年、2023 年、2024 年限制性股票激励计划部分限制 性股票归属结果暨股份上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 192,828股。 本次股票上市流通总数为192,828股，占归属前公司总股本的比例为 0.0416%。 其中，2022 年限制性股票激励计划首次授予部分第二类激励对象第三个归属期归 属 2,210 股，2022 年限制性股票激励计划预留授予部分第三个归属期归属 62,050 股，2023 年限制性股票激励计划预留授予部分第二个归属期归属 64,548 股，2024 年限制性股票激励计划预留授予部分第一个归属期归属 64,020 股。 本次股票上市流通日期：2026 年 2 月 12 日。 根据中国证监会、上海证券交易所、中国证券登记结算有限责任公司上海分 公司有关业务规则的规定，北京金山办公 ...

Core Viewpoint - The article highlights the top ten stocks with the highest net financing purchases on February 4, indicating strong investor interest in these companies [1] Group 1: Top Stocks by Net Financing Purchases - Kingsoft Office leads with a net purchase of 315 million yuan [1] - Zhongjin Gold follows with a net purchase of 245 million yuan [1] - Laplace ranks third with a net purchase of 234 million yuan [1] - China Satellite has a net purchase of 212 million yuan [1] - Shiyun Circuit received a net purchase of 198 million yuan [1] - Aotaiwei saw a net purchase of 185 million yuan [1] - Chifeng Gold and Baiyin Nonferrous both had net purchases of 151 million yuan [1] - Zijin Mining recorded a net purchase of 149 million yuan [1] - Huamao Technology had a net purchase of 143 million yuan [1]

Core Insights - The core viewpoint of the articles emphasizes the transformation of Yanfeng International through the adoption of WPS 365, aiming to enhance collaboration and knowledge management within its vast organizational structure [1][11]. Group 1: Company Overview - Yanfeng International is a leading global automotive parts supplier with annual revenues exceeding 100 billion, operating over 220 production bases worldwide, and employing more than 50,000 staff, including over 4,000 R&D engineers [1][11]. - The company faces challenges in efficient collaboration across different regions, time zones, languages, and systems, necessitating a shift from traditional office models to a more integrated platform [1][11]. Group 2: Transition to WPS 365 - Yanfeng International has initiated a transition to WPS 365 to upgrade its office platform, moving from a "tool replacement" model to an "ecosystem reconstruction" approach [1][11]. - The goal is to build an "enterprise brain" that transforms vast amounts of documents into knowledge, enabling large enterprises to drive business growth through effective knowledge management [1][11]. Group 3: Data Governance and AI Integration - The company recognizes the importance of high-quality data governance for effective AI applications, shifting from a model-centered to a data-centered approach in enterprise AI [3][14]. - The Knowledge-Augmented Generation (KAG) framework proposed by Kingsoft Office aims to integrate multi-modal and structured knowledge assets, allowing AI to understand the internal logic and relationships of enterprise knowledge [4][14]. Group 4: Migration Process and Challenges - The collaboration with Kingsoft Office involved a nine-month data migration process, successfully transferring 110 terabytes of data and integrating 16 internal business systems into the WPS ecosystem with a 94% adaptation success rate [6][16]. - The migration strategy included a phased approach to mitigate risks associated with data scale and migration challenges, starting with a pilot program before full-scale implementation [6][16]. Group 5: Efficiency Gains and Future Implications - The online collaboration features have improved cross-departmental and cross-regional team efficiency by 25%, with significant enhancements in product design documentation and project management [10][20]. - The establishment of an intelligent document library has increased knowledge search and sharing efficiency by 40%, reducing redundant work and facilitating the accumulation of organizational experience [10][20].

Core Insights - The focus of competition in AI applications is shifting from model capabilities to data governance, emphasizing the importance of structured data for effective AI implementation [5][13][27] - Companies that can transform unstructured data into AI-understandable structured knowledge will hold a competitive advantage in AI deployment [7][21][32] Group 1: Industry Trends - The AI landscape has evolved from a model-centric approach to a data-centric one, with high-quality data becoming a critical factor for AI effectiveness [13][17][27] - The retention rate of users for top AI models is declining, indicating that even advanced models struggle to maintain user engagement over time [10][29] - Companies are increasingly prioritizing data governance capabilities over the number of features in AI office platforms [29][32] Group 2: Company Developments - Kingsoft Office has developed a document parsing model, MonkeyOCR v1.5, which outperforms major competitors in parsing complex documents, showcasing its long-standing expertise in document processing [21][23] - The WPS 365 platform has achieved significant revenue growth, with Q3 2025 revenue reaching 201 million yuan, a year-on-year increase of 71.61% [29][31] - WPS 365's capabilities in data governance, including duplicate detection and conflict identification, are critical for AI deployment in enterprises [23][24][32]

Core Insights - The company initially believed that AI had reached its limits but quickly shifted its perspective after the release of ChatGPT 3.5, recognizing the transformative potential of AI in user interaction [1][2] - The CEO emphasized that the current AI wave could have a more significant impact than previous technological shifts, and the company decided to fully commit to AI [1][2] Strategic Decisions - After deciding to go "ALL in AI," the company faced critical choices regarding how to engage with the AI wave, including whether to develop large models or focus on application [4][6] - The company chose not to create large models but instead to enhance AI applications by collaborating with existing large model providers, positioning itself as an application developer rather than a model creator [6][8] Product Development - The company has focused on refining its WPS AI product, which has evolved through multiple iterations, with the latest version being WPS AI 3.0, aimed at providing a seamless AI-assisted office experience [5][17] - The transition from WPS AI 1.0 to 2.0 involved making AI more user-friendly and integrating it into the office software, allowing users to interact with AI in a more intuitive manner [12][17] Market Positioning - The company has shifted its focus towards the B2B market, launching WPS 365 as a comprehensive AI office platform for organizations, which includes various collaboration tools [18][19] - The company aims to help businesses build their "enterprise brain" by integrating AI capabilities that enhance data management and decision-making processes [22][27] International Expansion - The company is prioritizing international expansion as a core strategy, planning to launch WPS 365 internationally and integrate AI capabilities into its global offerings [35][37] - Despite facing challenges in international markets, the company is committed to leveraging AI to enhance its competitive position globally [38][39] Future Outlook - The company is focused on improving data quality as a key factor for successful AI applications, transitioning from a model-centric to a data-centric approach [27][32] - The ongoing evolution of WPS 365 and its AI capabilities indicates a long-term strategy to capture growth opportunities in both domestic and international markets [39][40]