Investment Rating - The report maintains a positive outlook on the computer industry, indicating a "Buy" rating for the sector [2]. Core Insights - The computer sector is supported by strong fundamentals, with expectations of increased allocations to high-performing stocks. The sector's public fund allocation is currently at 1.6%, down 0.8 percentage points from the previous quarter, marking a low point since 2010 [2][3]. - Valuation metrics such as PE, PS, and PCF suggest that there is still room for growth in the computer sector, despite high current levels. The PE (TTM) is at 94.6x, in the 94.80% historical percentile, while PS (TTM) is at 4.0x and PCF (TTM) is at 51.6x, indicating a divergence that could be resolved as market sentiment improves [2][11]. - Anticipated price increases for server CPUs due to supply constraints and rising demand driven by AI applications are highlighted. Major players like Intel and AMD may raise CPU prices by 10% to 15% in Q1 2026 [2][18]. - The report emphasizes the importance of sandbox environments for agents, which enhance system performance and security by isolating tasks, thus improving user experience in high-concurrency scenarios [24][32]. Summary by Sections 1. Fund Holdings Analysis - The computer sector's public fund allocation decreased to 1.6% in Q4 2025, ranking 14th among 30 sectors, reflecting a decline in investor confidence [3][4]. - The top ten holdings in the computer sector include Inspur Information, Kingsoft Office, and Sangfor Technologies, with notable changes in positions among these stocks [5][6]. 2. Valuation Metrics - The report notes that the current PE (TTM) of 94.6x exceeds previous peaks in 2020 and 2023, indicating market optimism about future earnings potential [11][12]. - The divergence between PE and PS/PCF suggests that as the macroeconomic environment stabilizes, the sector's valuations may realign, leading to potential market cap growth [11][12]. 3. CPU Price Expectations - The report anticipates a supply-demand mismatch for CPUs, with significant price increases expected due to locked-in capacities and rising AI-driven demand [18][23]. - The role of CPUs is evolving, with increased responsibilities in managing complex workflows driven by AI agents, necessitating higher performance specifications [21][42]. 4. Sandbox Technology - The report discusses the growing importance of sandbox environments for AI agents, which enhance performance and security by isolating tasks and managing resources effectively [24][32]. - The sandbox model is seen as crucial for handling high concurrency and ensuring system stability, particularly in AI applications [32][40]. 5. Key Investment Themes - The report identifies several key investment themes, including digital economy leadership, AIGC applications, and new industrialization, with specific companies highlighted for each theme [45].

来源：大众网 金山办公副总裁黄志军发表演讲 金山办公副总裁黄志军在欢迎致辞中表示："展望金山办公B端业务的发展与挑战，核心在于构建'自 销、自服、自续'的一体化合作伙伴体系。"公司将打造公平开放、竞争有序的渠道格局，基于分层分级 的精细化客户管理模型，推动更多合作伙伴从单一销售向综合服务转型。目前，金山办公已形成涵盖服 务合作伙伴、终端合作伙伴、战略合作伙伴等多种类型的生态布局，此次战略升级将进一步强化合作的 公开透明与系统性，建立长期价值共识。 "伙伴深度合作是民企业务的第二增长曲线。"他表示，在完善的民企渠道布局与利好保护政策的双重支 撑下，金山办公凭借过硬的产品技术实力，2025年在民企渠道合作领域成效显著、硕果累累。"未来， 我们将持续加大渠道合作政策扶持与技术支撑投入，诚邀更多具备优质服务能力与续费增值潜力的高价 值渠道合作伙伴携手并进，共同开创金山办公民企合作业务的全新增长篇章。"黄志军强调。 销服续一体的模式，是破解高留存、高续费率的核心抓手。云南铠炫科技有限公司通过本地化服务与培 训体系实现高续费率，2025年业绩增长超3倍；武汉汇智坤元科技有限公司基于WPS协作生态搭建高校 非学历教育全场景 ...

Core Insights - The report emphasizes the significant potential for asset value re-evaluation in China, predicting a slow bull market in the stock market by 2025 as a reflection of this process [3] - The report highlights the ongoing transformation of China's economy towards high-value service industries, with a notable shift from traditional manufacturing to technology-driven sectors [3] - The anticipated liquidity support for the stock market is expected to facilitate the return of overseas capital and encourage domestic investment in equities [4] - The report forecasts a recovery in corporate earnings and valuation expansion, suggesting a transition from valuation-driven growth to earnings-driven growth in the A-share market [5] - The report identifies favorable factors for economic recovery, including the implementation of the "14th Five-Year Plan" and a shift from passive to active inventory replenishment [6][7] - Investment styles are expected to shift towards a more balanced approach, with growth and cyclical sectors outperforming others as consumer recovery becomes more likely [8] Company Recommendations - Torch Electronics (603678.SH): The company is experiencing improved industry conditions, with significant growth in its three main business segments, achieving a revenue of 1.772 billion yuan in the first half of 2025, a 24.20% year-on-year increase [15] - Guoli Electronics (688103.SH): A leading player in vacuum devices, the company has seen rapid revenue growth, reaching 569 million yuan in the first half of 2025, a 70.49% increase year-on-year, driven by demand in the semiconductor and new energy sectors [20] - Huace Navigation (300627.SZ): The company is positioned to benefit from the North Star initiative, with a revenue of 3.251 billion yuan in 2024, reflecting a 21.38% year-on-year growth [23] - Kingsoft Office (688111.SH): The company reported a revenue of 4.178 billion yuan in the first three quarters of 2025, a 15.21% increase year-on-year, driven by strong growth in its WPS software business [30] - Zhejiang Xiantong (603239.SH): The company has established itself as a leader in the automotive sealing strip industry, benefiting from the rising demand for high-end automotive products [33] - Zhongke Haixun (300810.SZ): The company is developing comprehensive deep-sea technology solutions, positioning itself as a leader in underwater acoustics [10] - Jinyinhe (300619.SZ): The company is the largest producer of rubidium and cesium salts globally, with a strong growth outlook as it reaches full production capacity [10] - Anji Food (603345.SH): The company has quickly adapted to market changes, demonstrating clear growth potential [10]

销服续一体的模式，是破解高留存、高续费率的核心抓手。云南铠炫科技有限公司通过本地化服务与培 训体系实现高续费率，2025年业绩增长超3倍；武汉汇智坤元科技有限公司基于WPS协作生态搭建高校 非学历教育全场景管理平台，实现资源统筹与体验优化；迈尔特（内蒙古）科技有限公司通过技术团队 专业化与及时响应服务快速打开市场。 近日，以"数智同行·育见未来"为主题的2026年金山办公教育合作伙伴年会在武汉成功举办。本次大会 以渠道生态升级为核心，明确未来五年战略合作方向，推出销售、服务、续费一体化合作体系，将携手 更多优质渠道合作伙伴持续深耕AI协同办公领域，共同探索企业数智化转型的新路径与新机遇。 金山办公副总裁黄志军在欢迎致辞中表示："展望金山办公B端业务的发展与挑战，核心在于构建'自 销、自服、自续'的一体化合作伙伴体系。"公司将打造公平开放、竞争有序的渠道格局，基于分层分级 的精细化客户管理模型，推动更多合作伙伴从单一销售向综合服务转型。目前，金山办公已形成涵盖服 务合作伙伴、终端合作伙伴、战略合作伙伴等多种类型的生态布局，此次战略升级将进一步强化合作的 公开透明与系统性，建立长期价值共识。 "伙伴深度合作是民企 ...

Group 1 - The core focus is on the domestic AI industry chain, particularly the performance of the Huabao AI ETF (589520), which has shown a price increase of 0.29% and has been trading at a premium, indicating strong buying interest [1][7] - NVIDIA's CEO Jensen Huang emphasized the need for massive infrastructure investment in AI, estimating that over $1 trillion will be invested in AI-native startups by 2025, highlighting AI applications as a critical layer in the AI ecosystem [2][9] - The Ministry of Industry and Information Technology of China projected that by 2025, the number of AI companies in China will exceed 6,000, with the core industry scale expected to surpass 1.2 trillion yuan, and intelligent computing power reaching 1590 EFLOPS [3][10] Group 2 - The Huabao AI ETF's index covers four major segments: application software, terminal applications, terminal chips, and cloud chips, reflecting a shift from reliance on foreign technology to self-sufficiency in the AI industry [5][11] - The ETF's top holdings include leading domestic companies in GPUs, ASICs, and AI applications, with nearly 70% of the top ten holdings concentrated in these sectors, indicating a strong offensive strategy [12][13] - The current dynamics in the AI industry are marked by significant developments, including the launch of new policies promoting "AI + manufacturing," which is expected to drive a new wave of AI application growth [3][10]

Group 1: AI Computing Sector Performance - The AI computing sector has rebounded for the second consecutive day, with the cloud computing ETF Huatai (159273) rising by 1.18% and achieving a trading volume exceeding 240 million yuan [1] - Continuous capital inflow has been observed for five days, accumulating over 120 million yuan [1] Group 2: Market Reactions to Greenland Crisis - The U.S. government announced a framework agreement regarding the Greenland issue, which is expected to benefit the U.S. and all NATO member countries [3] - Following this announcement, U.S. stock markets surged, with all three major indices rising by over 1% [3] Group 3: Cloud Computing ETF Performance - The majority of the weighted stocks in the Huatai cloud computing ETF showed positive performance, with notable gains from companies such as Zhongji Xuchuang (up nearly 7%) and Runze Technology (up over 4%) [4] - The trading volume for Zhongji Xuchuang reached 24.275 billion yuan, while Alibaba-W had a trading volume of 9.837 billion yuan [5] Group 4: Supply and Demand Dynamics in Domestic Computing Power - Domestic computing power is experiencing steep growth due to high supply and demand, driven by increased AI application in mobile devices and policy support for energy-efficient computing hardware [6] - The scaling law for large models continues to enhance training demand, while domestic GPU performance is improving, facilitating the adaptation of local CSP manufacturers [6] Group 5: Future Projections for Domestic Computing Power - The intelligent computing capacity in China is projected to maintain a compound annual growth rate of 57% from 2020 to 2028 [7] - Domestic general-purpose GPUs are advancing from "usable" to "highly usable," significantly narrowing the performance gap with international competitors [7] Group 6: Light Module Demand Forecast - Nomura Oriental predicts that the demand for optical modules will remain strong due to increased investment in AI infrastructure and supply chain constraints, with significant growth expected through 2026 and beyond [8] - The upgrade of 1.6T optical modules and silicon photonics technology is identified as a key growth driver for the industry [8]

本地化交付，破局B端全球化的正确打开方式。 编辑 | 硬 AI 越南，东南亚数字经济的发动机。 2024年，这个国家的数字经济占GDP比重已达18.3%，增速超过 20%，是GDP整体增速的三倍以上—— 从政府大楼到中小企业的格子间，数以万计的 越南 组织正在急迫地寻找 数字时代的新工具 。 这里 ，既 是充满诱惑的增量市 场，也 微软等老牌霸主深耕多年的后花园。 作者 | 硬 AI 2026年， 一位来自中国的挑战者， 给这个市场带来了新变量 。 近期 ，中国领先的办公软件厂商 金山办公 宣布与越南科技巨头 FPT集团签署战略合作备忘 录 ， 推进 WPS 365 海外本地化与全球交付合作。 双方将围绕 WPS 365 在越南市场的本地化、用户增长、联合解决方案打造以及全球交付服务等方面开展 深度合作，共同推动越南及全球组织级用户的数字化转型。 而这，恰恰是 金山办公 联手 FPT这步棋的精妙之处—— 借船出海、借梯登高 。 长期以来，中国软件出海面临 着一个现实处境 ：我们在 C端战无不胜，却在B端步履维艰。 过去十年，凭借免费策略和极致的移动端体验，中国 App在海外应用商店里攻城略地。 以金山办公为例 ...

1月21日，AI主线强势回归，截至14:20，科创人工智能ETF汇添富(589560)放量上涨3.00%， 反包前两日跌幅！ | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估買板車 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 688521 | 芯原股份 | 电子 | 4.60% | 11.11% | | 2 | 688008 | 澜起科技 | 电子 | 10.92% | 9.99% | | 3 | 688111 | 金山办公 | 计算机 | -0.39% | 9.43% | | 4 | ୧୫୫25୧ | 寒武纪-U | 电子 | 1.11% | 8.34% | | ਦੇ | 688169 | 石头科技 | 家用电器 | 0.41% | 5.12% | | 6 | 688099 | 脂膏胺役 | 曲子 | 1.65% | 4.99% | | 7 | 688568 | 中科营图 | 计算机 | -1.78% | 4.90% | | 8 | ୧୫8382 | 复旦微电 | 电子 | 1.98% | 4.89% | | 9 | 688608 | 恒 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, with the CSI Artificial Intelligence Theme Index rising by 2.68% and significant gains in individual stocks such as Lanke Technology and Zhongke Shuguang [1] - The AI Artificial Intelligence ETF has seen continuous net inflows over the past week, totaling 802 million yuan, with a peak single-day inflow of 318 million yuan [1] - The storage chip sector is experiencing a strong upward trend, driven by rising prices and increased demand due to AI, with companies like SanDisk and Seagate receiving target price upgrades from Citigroup [2] Group 2 - CITIC Securities believes that regional friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their chip performance [2] - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely tracks the CSI Artificial Intelligence Theme Index, reflecting the overall performance of AI-related listed companies [2]

金山办公(688111.SH)是国内领先的办公软件产品和服务提供商，2019年在上海证券交易所上市，是中国"硬科技"代表性企业。秉持"技术立业"和"用户第 一"理念，公司为全球220多个国家和地区的用户提供办公服务，旗下核心产品包括WPS Office、WPS365、WPS AI等，凭借深厚的技术积累与场景化创新， 成为推动各行业数字化转型的重要力量。 WPS365智慧教育平台的规模化落地，为高校数字化转型带来显著成效，成为AI赋能教育产业的标杆案例。 在效率提升方面，平台通过统一协作与自动化工具，大幅减少师生重复性工作：高校组织活动时，5分钟可生成全流程方案，10分钟完成社会实践简报，提 案收集与统计、档案转递等工作效率提升80%以上；AI工具让学生文献处理、简历制作、信息查询等效率实现数倍增长，学习与办事成本显著降低。平台破 解了教育数字化"信息碎片化、服务被动化、操作断层化"三大痛点。南京邮电大学"校园大脑"覆盖3万师生、60个二级学院，汇聚4000多万条有效信息，30 秒内响应学生转专业咨询、毕业条件查询等需求；AI助手24小时在线服务，让师生无需等待即可获取精准答案，校园服务更便捷、更暖心。 面对高 ...