Core Insights - The 2025 World Artificial Intelligence Conference held in Shanghai attracted over 800 tech companies, showcasing more than 100 global or China debuts of innovative products [5][10] - The event highlighted the innovation vitality and industrial advantages of companies listed on the Sci-Tech Innovation Board, particularly in AI and related fields [5][9] Group 1: Company Innovations - Kingsoft Office launched its native AI office assistant "WPS Lingxi," which automates tasks like generating presentations through natural language processing [6] - Cambrian and Jiyue Xingchen collaborated on a new generation of foundational large models, enhancing domestic computing power and model adaptability [5] - The exhibition featured high-precision joint drive products from Hechuan Technology and the Plantbot robot solution from Zhongkong Technology, aimed at high-risk scenario replacements [5][9] Group 2: AI Product Developments - The conference showcased over 150 humanoid robots, demonstrating capabilities in logistics, healthcare, and dining services, indicating a shift from mere concepts to practical applications [8] - Companies like Zhiyuan Robotics and Dematech presented the world's first data-driven humanoid robot in a real logistics environment, showcasing its commercial viability [8] - Zhongkong Technology's TPT model acts as a "smart brain" for factories, optimizing industrial processes for companies like Wanhua Chemical [9] Group 3: Industry Trends - The Sci-Tech Innovation Board has over 40 core companies in the AI industry chain, covering computing power, algorithms, data, and application scenarios [9] - The recent "1+6" reform policy by the China Securities Regulatory Commission aims to support AI companies in listing on the Sci-Tech Innovation Board, enhancing opportunities for innovation and ecosystem development [10] - The conference is expected to position the Sci-Tech Innovation Board as a primary capital market for China's AI industry cluster, contributing to global AI development [10]

Core Insights - The launch of WPS AI 3.0 by Kingsoft Office aims to redefine the interaction between users, AI, and software, addressing current limitations in AI capabilities and usability [3][5] - The AI PPT feature allows for real-time editing and generation of presentations, showcasing advanced capabilities such as content modification and template selection [2][5] - WPS AI 3.0 integrates deeply with WPS Office, enabling collaborative document creation and modification through multi-turn dialogues, enhancing user experience and productivity [5][6] Company Developments - Kingsoft Office demonstrated its AI PPT functionality at the World Artificial Intelligence Conference, highlighting its unique ability to generate and modify presentations interactively [2][4] - The WPS AI 3.0 version is designed to facilitate a more intuitive user experience, allowing users to create documents without needing extensive software skills [6] - The WPS Knowledge Base was introduced alongside WPS AI 3.0, enabling users to convert cloud documents into a searchable knowledge repository, thus improving efficiency in information retrieval and application [5][6] Industry Trends - The AI industry is currently facing challenges in fully utilizing AI capabilities within software, with a need for more practical and user-friendly applications [3] - The concept of Agentic Software is being explored, which refers to more intelligent and capable software that can better serve user needs [3][5] - The global monthly active device count for WPS Office reached 647 million by March 2025, indicating significant market penetration and potential for widespread adoption of AI-driven office solutions [6]

Group 1: Event Overview - The 2025 World Artificial Intelligence Conference (WAIC 2025) was held in Shanghai from July 26 to 28, attracting over 800 tech companies and showcasing more than a hundred "global debuts" or "China debuts" of new products [1] - Over 20 companies from the Sci-Tech Innovation Board participated, marking the largest scale of participation in history, with innovations covering foundational computing power, AI agents, and embodied intelligence [1] Group 2: AI Application Expansion - The Sci-Tech Innovation Board has gathered over 40 core enterprises in the AI industry chain, covering various segments such as computing power, algorithms, data, and application scenarios, with a majority focusing on algorithms and application scenarios [2] - Companies are shifting from closed-source to open-source foundational models, seeking suitable application scenarios to address user pain points, which is crucial for the transition of AI applications from "assistive" to "mainstream" roles [2] - Kingsoft Office (688111) launched WPS AI 3.0, a new native office AI assistant "WPS Lingxi," recognized as a "treasure of the exhibition" at WAIC 2025, aiming to lower the usage threshold of AI tools and promote an "efficiency revolution" in office scenarios [2] - Hehe Information introduced new features for its core product, ScanMaster, enabling high-definition scanning and seamless stitching of large artworks, addressing challenges in the digitalization of cultural heritage [2] Group 3: Advancements in Embodied Intelligence - The past year has seen explosive growth in embodied intelligence in China, with a significant increase in the number and scale of exhibited embodied intelligence companies and products at WAIC 2025, featuring over 150 humanoid robots [3] - Companies demonstrated the operational capabilities of embodied intelligence products in logistics, healthcare, and dining services, indicating a shift from mere exhibits to interactive "robot colleagues" [3] - Hechuan Technology (688320) showcased high-precision joint drive products for humanoid robots, meeting demands for compact spaces and precise control, enhancing the core power for intelligent movement [3] Group 4: Strengthening Computing Power - GPU companies, including Moer Technology and Muxi Technology, showcased cutting-edge products at WAIC 2025, with Moer Technology presenting a comprehensive general acceleration computing platform based on domestic GPUs [4] - Muxi Technology unveiled its latest training and inference integrated GPU, Xiyun C600, featuring HBM3e memory with a data storage capacity increase from 64GB to 144GB, positioning it as one of the most advanced high-bandwidth memory products on the market [4] Group 5: Future Outlook - The recent "1+6" reform policy by the China Securities Regulatory Commission aims to establish a growth tier in the Sci-Tech Innovation Board, expanding the applicability of the fifth set of standards to AI and other frontier fields, which is expected to accelerate innovation in key technologies and the construction of the AI industry ecosystem [5] - The Sci-Tech Innovation Board is anticipated to become the main capital market platform for building China's AI industry cluster, contributing new "intellectual" productivity to global AI development [5]

Core Insights - Kingsoft Office released WPS AI 3.0, aiming to redefine the interaction between users, AI, and software, moving towards an era where everyone has an AI assistant [1][2] - The global monthly active devices for WPS Office reached 647 million as of March 2025, indicating significant user engagement [1] Group 1: Product Development - WPS AI 3.0 introduces a new PPT creation mode and aims for deep integration with WPS Office [1] - The previous versions, WPS AI and WPS AI 2.0, focused on content creation, smart assistance, and knowledge insights, with the latter targeting enterprise-specific scenarios [1] Group 2: Industry Challenges - The AI industry has faced two main issues: AI capabilities being hidden behind software and the impracticality of content generated by chatbots [2] - WPS AI 3.0 seeks to address these challenges by promoting a deep integration of AI and office software, enabling a two-way transformation tailored to specific scenarios [2]

Core Insights - Kingsoft Office launched WPS AI 3.0, named WPS Lingxi, which allows users to create documents and presentations through natural language and multi-turn dialogue without complex operations or external transitions [2] - The assistant president of Kingsoft Office, Tian Ran, emphasized that a good AI office software should mimic human interaction, aiming for a more practical and user-friendly product [2] - Tian Ran noted that many existing AI PPT generation products have low renewal rates and user retention, as they fail to meet higher practical demands, indicating a need for more valuable content creation [2] Company Strengths - WPS AI PPT product manager, Lu Weijun, highlighted the company's 37 years of understanding of office editors as a core advantage, differentiating it from competitors [3] - Lu Weijun compared the understanding of office software to a "chip" in the tech industry, asserting that Kingsoft Office's capability in this area is unique alongside Microsoft [3] - He mentioned that many startups are approaching Kingsoft Office for collaboration, indicating a strong market position and demand for its expertise [3]

Core Insights - Kingsoft Office launched WPS AI 3.0, named WPS Lingxi, during the WAIC 2025, enabling users to create documents and presentations through natural language and multi-turn dialogue without complex operations [1] - The company emphasizes practicality over flashy features, focusing on solving real user problems rather than showcasing advanced AI capabilities [1][2] - Kingsoft Office aims to differentiate itself from other AI companies by prioritizing user needs and creating a more relatable AI assistant experience [1] Company Strategy - Kingsoft Office's approach is to develop AI tools that align closely with user requirements, moving beyond merely demonstrating AI capabilities [2] - The company believes that a successful AI office software should mimic human interaction, allowing users to communicate with the AI as they would with a real assistant [1] - Kingsoft Office is committed to quickly transitioning to a phase where it meets genuine user demands rather than just proving AI capabilities [2]

Core Insights - The artificial intelligence industry is experiencing mixed performance among its constituent stocks, with notable gains from companies like Guangxun Technology and Chipone Technology, while others like Shensanda A and Huahuan Xinwang are declining [1] - The artificial intelligence ETF has shown significant liquidity and net inflows, indicating strong investor interest and confidence in the sector [1][2] Group 1: ETF Performance - The artificial intelligence ETF (515980) has a recent price of 1.14 yuan, with a trading volume of 1.78 billion yuan and a turnover rate of 5.12% [1] - Over the past year, the ETF's net value has increased by 56.22%, ranking it 350 out of 2938 index stock funds, placing it in the top 11.91% [2] - The ETF has achieved a maximum monthly return of 30.38% since its inception, with an average monthly return of 6.80% during rising months [2] Group 2: Fund Flows and Leverage - The ETF has seen continuous net inflows over the past five days, with a peak single-day net inflow of 1.67 billion yuan, totaling 2.49 billion yuan in net inflows [1][2] - Leveraged funds have been actively buying into the ETF, with a maximum single-day net purchase of 16.65 million yuan, bringing the latest financing balance to 1.09 billion yuan [2] Group 3: Index Composition - The artificial intelligence industry index (931071) is composed of 50 representative companies, with the top ten stocks accounting for 52.07% of the index [4] - The top weighted stocks include Zhongji Xuchuang, Xinyi Sheng, and Keda Xunfei, with respective weights of 8.20%, 7.36%, and 6.63% [6] Group 4: Industry Events - The 2025 World Artificial Intelligence Conference, themed "Intelligent Era, Common Prosperity," is taking place in Shanghai, focusing on academic breakthroughs and global governance [6] - The conference features over 800 companies showcasing more than 40 large models and numerous AI products, indicating the industry's commercialization phase [7]

Group 1 - The 2025 World Artificial Intelligence Conference highlighted a shift from theoretical discussions about large models to practical applications in various industries [3] - DeepSeek is recognized as a pivotal product that enhances reasoning capabilities in education, particularly in programming and solving mathematical problems [3] - The education sector is increasingly focused on the problem-solving abilities of large models, with significant advancements noted in AI's reasoning capabilities [3] Group 2 - Kingsoft Office launched the WPS Lingxi intelligent product, allowing users to create documents and presentations through natural language and multi-turn dialogue [4] - The industry remains focused on foundational models rather than vertical industry models, which are more about applications and solutions than the models themselves [4] - Kingsoft Office's assistant president expressed caution regarding the maturity of Agent technology, noting that it has not yet fully addressed core user pain points [4] Group 3 - Guangyi Mingdao, a digital technology company under Geely Holding Group, reported significant challenges in deploying large models in industrial AI due to the proprietary nature of factory data and the disconnect between process knowledge and AI technology [4][5] - Many manufacturing companies are eager to adopt AI but struggle to integrate it into their business processes effectively, leading to a disconnect between AI capabilities and operational execution [5] - The lack of deep understanding of industrial processes limits the potential impact of AI on manufacturing enterprises, despite the perceived intelligence of large models [5]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology, particularly in computing power, algorithms, and applications, indicating a robust growth trajectory for the industry [12][60] - Domestic manufacturers are progressively enhancing their chip performance from inference to training, emphasizing ecosystem support and application scenarios [13][60] - The report highlights the emergence of quantum computing as a disruptive innovation in the computing power industry, with potential for exponential growth in computational capabilities [38][39] Summary by Sections 1. Industry Overview - The WAIC 2025 featured over 800 companies and more than 3000 cutting-edge exhibits, marking the largest scale in its history [12] - The conference focused on AI technology frontiers, industry trends, and global governance practices [12] 2. Computing Power - Domestic chip manufacturers are evolving from inference-focused AI chips to high-performance training chips, showcasing various industry applications [13] - The report notes the importance of supernodes, integrated machines, and liquid cooling solutions as key trends in the future of domestic AI computing power [18][19] 3. Algorithms - The evolution of large models is highlighted, with a shift towards multi-modal capabilities and the integration of deep reasoning and thinking abilities [43][44] - The report emphasizes the growing importance of AI agents and physical AI, which aim to enable intelligent agents to understand and interact with the real world [43][44] 4. Applications - The report identifies a flourishing landscape for both B2B and B2C AI applications, with significant advancements in areas such as AI glasses, smart driving, and robotics [60] - C-end applications focus on AIGC and productivity tools, while B-end applications emphasize cost reduction and efficiency improvements across various sectors [60][61] 5. Quantum Computing - Quantum computing is positioned as a critical future technology, with companies showcasing solutions that leverage quantum mechanics for superior computational capabilities [38][39]

Investment Rating - The report maintains a positive investment rating for the computer industry, emphasizing the transition from "Internet+" to "AI+" as a significant opportunity for growth [7]. Core Insights - The digital economy in China is evolving from the broad connectivity phase of "Internet+" to the innovative leadership phase of "AI+", driven by government policies and the rapid implementation of AI applications across various industries [5][11]. - The AI industry in China is projected to maintain a compound annual growth rate (CAGR) of 32.1% from 2025 to 2029, with the market size expected to exceed 1 trillion yuan by 2029 [12][18]. Summary by Sections Market Review - During the week of July 21-25, the CSI 300 index rose by 1.69%, the small and medium-sized board index increased by 2.44%, and the ChiNext index grew by 2.76%. The computer sector (CITIC) saw an increase of 1.81% [3]. Industry News - Hanxin Technology announced plans for share reduction by major shareholders, while Hailianxun completed changes in registered capital and business license [4]. Weekly Insights - Investment suggestions include focusing on companies in various sectors such as office software (e.g., Kingsoft Office), programming (e.g., Zhuoyi Information), terminal AI (e.g., Hanshu Technology), ERP/CRM (e.g., Kingdee International), and more, as the "AI+" applications accelerate across industries [5][22]. Historical Turning Point - The transition from "Internet+" to "AI+" is marked by significant policy support, with the government emphasizing the integration of digital technology with manufacturing and market advantages [11][18]. Policy Support - The report highlights a surge in policies supporting "AI+" initiatives, with local governments actively promoting AI applications across various sectors [19][21]. Accelerating AI Applications - Numerous successful AI application cases are emerging across over 20 industry categories, indicating a potential for high growth similar to the "Internet+" era [22][24].