格隆汇12月10日｜华创证券研报指出，金山办公日前宣布旗下WPS 365正式升级为全球一站式AI协同办 公平台，推出WPS灵犀企业版、团队空间、"轻舟"引擎等新产品，并对智能文档库、数字员工两大AI核 心产品进行升级。此举将让WPS 365成为首个拥有全产品矩阵、覆盖全球主流平台、链接全球各地的AI 协同办公平台。截至目前，WPS 365已累计服务超过100万家企业组织客户及逾1.8万家头部政企客户。 在2024年《财富》世界500强榜单中的133家中国企业中，90%已采用WPS365实现提质增效；而在2025 年中国民营企业500强中，已经有超过七成的上市公司选择WPS 365推动效率提升与业务优化。公司是 国内办公软件龙头、信创AI办公领军企业，依托WPS生态、AI技术落地及国产办公软件自主可控优 势，持续巩固市场主导地位，政务信创等细分领域优势扩大，长期成长确定性强。估值方面，参考可比 公司，给予公司2026年28倍PS，目标市值2005亿元，目标价432.9元，维持"强推"评级。 ...

华创证券研报指出，金山办公日前宣布旗下WPS 365正式升级为全球一站式AI协同办公平台，推出WPS 灵犀企业版、团队空间、"轻舟"引擎等新产品，并对智能文档库、数字员工两大AI核心产品进行升级。 此举将让WPS 365成为首个拥有全产品矩阵、覆盖全球主流平台、链接全球各地的AI协同办公平台。截 至目前，WPS 365已累计服务超过100万家企业组织客户及逾1.8万家头部政企客户。在2024年《财富》 世界500强榜单中的133家中国企业中，90%已采用WPS365实现提质增效；而在2025年中国民营企业500 强中，已经有超过七成的上市公司选择WPS 365推动效率提升与业务优化。公司是国内办公软件龙头、 信创AI办公领军企业，依托WPS生态、AI技术落地及国产办公软件自主可控优势，持续巩固市场主导 地位，政务信创等细分领域优势扩大，长期成长确定性强。估值方面，参考可比公司，给予公司2026年 28倍PS，目标市值2005亿元，目标价432.9元，维持"强推"评级。 ...

智通财经APP获悉，兴业证券发布研报称，本轮计算机板块上行的核心驱动在于产业创新、政策发力、 业绩改善三者共振，影响未来趋势的主要因素是AI创新的兑现能力、业绩改善的持续性与力度、政策 深化发力的空间，寻找结构性机会将是未来一年板块投资的核心工作。该行预计将从过去一年的偏困境 反转型的中小市值风格趋于更为均衡。展望十五五，围绕着科技自立自强、新质生产力等关键词，建议 守正出奇，重点关注AI与国产化的兑现、前沿创新的突破，把握相关的投资机会。 兴业证券主要观点如下： AI应用：从1到N，闭环生态日臻完善 新科技：卡位未来，前沿创新多点开花 1)量子科技：政策扶持，中国具有一定的领先优势，量子计算、量子通信、量子测量应用提速，关注国 盾量子、神州信息。2)脑机接口：进入3.0时代，在临床应用上取得突破，前景可期，关注科大讯飞。3) 空天信息化：商业航天破局，在轨卫星数量大幅增加，"太空算力"成为AI产业新热点，关注中科星图、 航天智装、超图软件。 投资建议与核心标的 建议重点关注AI、国产化、前沿科技创新，重点推荐海光信息、同花顺、金山办公、科大讯飞、神州 数码、合合信息、新大陆、广联达、汉得信息、能科科技。 风 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Kingsoft Office, Jiuzhou Pharmaceutical, and Zhongding股份 [1][2] - Kingsoft Office received a target price increase of 42.77%, with a highest target price of 432.90 yuan, rated as "Strong Buy" by Huachuang Securities [2][3] - Jiuzhou Pharmaceutical's target price increased by 33.88%, with a highest target price of 24.50 yuan, rated as "Buy" by Tianfeng Securities [2][3] - Zhongding股份 saw a target price increase of 33.27%, with a highest target price of 29.00 yuan, rated as "Buy" by CITIC Securities [2][3] Group 2 - On December 9, a total of 10 listed companies received recommendations from securities firms, including China Tianying and Hars, each receiving one recommendation [2] - Four companies received initial coverage on December 9, including China Tianying rated "Increase" by Guotai Junan Securities, Hars rated "Buy" by Guosheng Securities, Jiuzhou Pharmaceutical rated "Buy" by Tianfeng Securities, and Igor rated "Buy" by Zheshang Securities [3][4] - The industries represented among the newly covered companies include environmental governance, household goods, medical services, and other electronics [4]

Core Insights - The global AI agent market is experiencing explosive growth, with projections indicating a market size of $11.3 billion by 2025 and nearly $50 billion by 2030 [4] - The introduction of AutoGLM by Zhiyu, an AI agent capable of mobile operations, is a significant development, allowing for complex tasks like food ordering and flight booking [2] - Major technology companies are increasing capital expenditures to accelerate the commercial application of generative AI, with Chinese cloud service providers spending approximately $45 billion over the past year [6] Market Growth - The AI agent market is expected to see a compound annual growth rate (CAGR) exceeding 30% from 2025 to 2030 in China, with the market size reaching approximately 30 billion yuan by 2030 [4] - The Chinese government's policy aims for over 70% adoption of new intelligent terminals and agents by 2027, and over 90% by 2030, positioning the intelligent economy as a key growth driver [4] Capital Expenditure Trends - Capital expenditures in the AI sector are on the rise, with a projected total of 26.53 billion yuan for 2024, reflecting a year-on-year increase of over 10% [6] - The A-share market shows a significant increase in capital expenditure among AI agent concept stocks, with a total of nearly 30.5 billion yuan spent in the first three quarters of 2025, up nearly 15% from the previous year [6] Stock Performance - The average annual increase for AI agent concept stocks in the A-share market exceeds 25%, with over half of the stocks rising more than 10% this year [7] - Eight specific stocks have seen significant institutional interest, with Shanghai Steel Union receiving over 150 institutional surveys this year [8][9] - Financing balances for AI agent concept stocks have increased by nearly 45% compared to the end of last year, indicating strong investor interest [7]

证 券 研 究 报 告 金山办公（688111）跟踪分析报告 强推（维持） WPS 365 升级，金山打造 AI 协同办公龙头 事项： 11 月 25 日，金山办公宣布旗下 WPS 365 正式升级为全球一站式 AI 协同办公 平台，推出 WPS 灵犀企业版、团队空间、"轻舟"引擎等新产品，并对智能文 档库、数字员工两大 AI 核心产品进行升级。此举将让 WPS 365 成为首个拥有 全产品矩阵、覆盖全球主流平台、链接全球各地的 AI 协同办公平台。 评论： 公司研究 云软件服务 2025 年 12 月 09 日 | 目标价：432.9 元 | | | --- | --- | | 当前价：305.45 | 元 | 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 公司基本数据 | 总股本(万股) | 46,317.93 | | --- | --- | | 已上市流通股(万股) | 46,317.93 | | 总市值(亿元) | 1,414.78 | | 流通市值(亿元) | 1,414.78 | | 资产负债率(%) | 27.08 | ...

WPS 365作为金山办公推出的一站式AI协同办公平台，集成了文档处理、协作、AI等多种能力，能为企业级用户提供高效、 便捷、智能的办公体验。目前，WPS 365已累计服务超百万企业组织客户，以及超1.8万家头部政企客户，覆盖金融、能源、 通信、交通、高端制造、教育等行业。2025年中国民营企业500强中，有超七成上市公司选择WPS 365提质增效。 近日，金山办公与中集集团正式签署战略合作协议。双方将依托WPS 365一站式AI协同办公平台，聚焦中集集团的办公一体 化与智能化需求，共同创建自主可控的协同办公新平台。双方还将通过AI技术深度赋能协同办公场景，探索制造业"技术主 权+AI协同"的数智化转型新路径。 金山办公高级副总裁毕晓存表示，"中集集团作为能源与物流设备及服务领域，中国制造、全球运营的领军企业，此次与金 山办公战略携手，对我们是非常大的认可和鼓舞。金山办公近期已将'企业大脑'迭代升级到了2.0，希望通过一站式AI协同办 公平台WPS 365助力中集集团汇聚过往知识，以数字员工赋能业务全场景、全流程，为企业提供真正懂数据、懂组织、懂业 务的新质生产力。" 在不久前的"WPS 365 AI协同办公 ...

Investment Rating - The report maintains a positive outlook on the computer industry, with a recommendation to outperform the market for key targets including Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Newland Digital Technology, and Dawning Information Industry [3][4]. Core Insights - Domestic AI foundational models are making significant breakthroughs, with DeepSeek-V3.2 enhancing reasoning capabilities and ByteDance launching the "Doubao Phone Assistant," indicating rapid penetration of foundational models into terminal applications [3][9]. - Overseas giants like AWS and NVIDIA are leading the next-generation AI infrastructure competition through full-stack capabilities and strategic investments, with AWS announcing a comprehensive AI strategy and NVIDIA investing $2 billion in Synopsys [3][10]. - China's commercial space sector is advancing in satellite internet and rocket technology, with significant developments in ecosystem construction and successful rocket launches, indicating a robust growth trajectory [3][11]. Summary by Sections AI Development - The report highlights the rapid commercialization of edge AI, driven by breakthroughs in foundational models and significant product launches in the domestic market [3][9]. Infrastructure Competition - AWS and NVIDIA are enhancing their control over AI infrastructure through comprehensive strategies and investments, marking a shift from mere computational power competition to a focus on full-stack solutions and ecosystem control [3][10]. Commercial Space Industry - The report details advancements in China's commercial space sector, including partnerships for satellite internet services and successful rocket launches, showcasing a dual focus on application and research development [3][11].

截至2025年12月8日 09:46，中证人工智能主题指数(930713)强势上涨1.33%，成分股复旦微电(688385)上 涨4.83%，中科星图(688568)上涨4.18%，中际旭创(300308)上涨3.68%，光迅科技(002281)，新易盛 (300502)等个股跟涨。AI人工智能ETF(512930)上涨1.15%， 冲击3连涨。最新价报2.11元。 消息面上，OpenAI计划最快在下周初发布GPT-5.2更新，旨在缩小与谷歌公司Gemini 3之间的性能差 距。Gemini 3是上个月发布后登顶了性能排行榜，并获得了OpenAI首席执行官Sam Altman和马斯克高度 评价的竞争模型。GPT-5.2已准备就绪，代表了OpenAI在AI军备竞赛中对市场竞争做出的迅速、直接的 反应。近日，Altman宣布公司进入"红色警报 (code red)"状态，以快速应对来自谷歌Gemini 3和 Anthropic等竞争对手带来的日益增长的压力。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385； ...

Market Overview - In November, A-shares and Hong Kong stocks experienced a trend of high-low switching, with the ChiNext Index down 4.23% and the Hang Seng Tech Index down 5.23%[5] - The market's focus shifted towards defensive sectors as funds moved from high-valuation growth stocks to low-valuation cyclical stocks and dividend assets[5] Investment Strategy - December's market is expected to maintain an upward trend, with a short-term oscillating structure anticipated[5] - Key events include the Central Economic Work Conference and various industry conferences that may create investment opportunities[5] Key Investment Themes - Focus on "anti-involution" policies which are expected to improve industry performance, particularly in resource sectors benefiting from rising commodity prices[5] - Emphasis on overseas expansion themes, with Chinese high-end manufacturing expected to gain market share globally[5] Recommended Stocks - Zijin Mining (601899.SH) projected EPS growth from 1.21 in 2024 to 2.83 in 2027, with a PE ratio decreasing from 23.62 to 10.10[7] - Electric Power Investment (002128.SZ) expected to see EPS rise from 2.38 in 2024 to 2.75 in 2027, with a PE ratio decreasing from 10.9 to 9.45[27] Financial Performance - Zijin Mining's revenue is projected to grow from 303.64 billion yuan in 2024 to 381.84 billion yuan in 2027, with a net profit increase from 32.05 billion yuan to 75.22 billion yuan[18] - Electric Power Investment's revenue is expected to increase from 298.59 billion yuan in 2024 to 371.25 billion yuan in 2027, with net profit rising from 5.34 billion yuan to 6.17 billion yuan[27] Risk Factors - Risks include unexpected policy changes, underperformance in commercialization, and slower-than-expected product development[5]