Investment Rating - The report maintains a positive outlook on the computer industry, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [27]. Core Insights - The computer industry index rose by 7.93% during the week of August 18-24, 2025, ranking 4th among 31 primary industries, with a year-to-date increase of 28.86%, outperforming the CSI 300 index by 17.60 percentage points [3][22]. - The release of DeepSeek-V3.1 is expected to drive the domestic AI industry, enhancing the capabilities of programming and search agents significantly [4][8]. - DeepSeek-V3.1 features a hybrid reasoning architecture, improved efficiency, and enhanced agent capabilities, marking a significant advancement in AI technology [12][14]. Summary by Sections 1. DeepSeek-V3.1 Release - DeepSeek-V3.1 was officially released on August 21, 2025, featuring a hybrid reasoning architecture that supports both thinking and non-thinking modes with an expanded context of 128K [12]. - The new version shows improved reasoning efficiency, with a score of 88.4 in AIME 2025, compared to 87.5 for the previous model [13]. - Enhanced agent capabilities were achieved through post-training optimization, significantly improving performance in programming and multi-step tasks [14][16]. 2. Market Review - The computer industry index increased by 7.93% in the week of August 18-24, 2025, with a year-to-date increase of 28.86%, outperforming the CSI 300 index by 17.60 percentage points [22]. - The top five companies in terms of weekly gains included Yuyin Co. (+46.2%), Chengmai Technology (+34.92%), and Kexin Information (+33.94%) [24][25]. 3. Investment Recommendations - The report recommends focusing on companies that will benefit from the release of DeepSeek-V3.1, including Haiguang Information, Zhiwei Intelligent, and Lenovo Group [8]. - Application-side recommendations include Kingsoft Office, Yonyou Network, and Saiyi Information, among others [8].

Investment Rating - The investment rating for the company is "Buy" [5][11] Core Views - The company reported a revenue of 2.657 billion yuan for H1 2025, representing a year-on-year increase of 10.12%, and a net profit attributable to shareholders of 747 million yuan, up 3.57% year-on-year [1][5] - The WPS 365 business showed significant growth, with revenue reaching 309 million yuan, a year-on-year increase of 62.27% [1][5] - The company is increasing its R&D investment, with 960 million yuan spent in H1 2025, a 19% increase year-on-year, and a R&D expense ratio of 36.1% [3] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.36 billion yuan, up 14% year-on-year, with the WPS personal business generating 890 million yuan, a 6% increase [2] - The WPS 365 business in Q2 generated 160 million yuan, reflecting a 62% year-on-year growth [2] - The total revenue for the first half of 2025 was 2.657 billion yuan, with a breakdown showing WPS personal business at 1.748 billion yuan (up 8.38%), WPS 365 at 309 million yuan (up 62.27%), and WPS software business at 542 million yuan (down 2.08%) [1][5] R&D and Innovation - The company has a total of 3,533 R&D personnel, accounting for approximately 66% of the total workforce [3] - The launch of WPS AI 3.0 has led to a monthly active user count of nearly 30 million, with expectations for continued growth in the second half of the year [3] Future Projections - Revenue projections for 2025 to 2027 are estimated at 5.906 billion yuan, 7.038 billion yuan, and 8.467 billion yuan respectively, with net profits expected to be 1.832 billion yuan, 2.179 billion yuan, and 2.653 billion yuan [4][10] - The company anticipates a recovery in demand and accelerated AI implementation, maintaining a "Buy" rating [3][5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has successfully expanded its overseas market and the launch of the Lingxi AI assistant is expected to accelerate AI revenue realization [2] - In H1 2025, the company achieved total revenue of 2.657 billion yuan, a year-on-year increase of 10.12%, and a net profit of 727 million yuan, up 5.77% year-on-year [5][6] Revenue Breakdown - WPS personal business generated 1.648 billion yuan in H1 2025, with a year-on-year growth of 8.38%, contributing 65.80% to total revenue [6][7] - WPS 365 business revenue reached 309 million yuan, showing a significant growth of 62.27%, with new enterprise clients added [10] - WPS software business generated 542 million yuan, with a slight decline of 2.08% year-on-year [6][11] Cost and Expense Management - The company maintained stable cost and expense management, with a gross margin of 85.03% and a research and development expense ratio of 36.07%, reflecting an increase of 2.6 percentage points year-on-year [12] AI Integration and Future Outlook - The launch of the Lingxi AI assistant is expected to reshape office workflows and create significant incremental revenue opportunities [13] - Revenue projections for 2025-2027 are estimated at 6.199 billion, 7.543 billion, and 9.167 billion yuan, with corresponding net profits of 1.936 billion, 2.290 billion, and 2.920 billion yuan [14][15]

Group 1: Kingsoft Office - The company reported steady operating performance in the first half of 2025, with revenue of 2.657 billion yuan, a year-on-year increase of 10.12% [4] - The net profit attributable to shareholders was 747 million yuan, up 3.57% year-on-year, while the non-recurring net profit was 727 million yuan, an increase of 5.77% [4] - The company has increased its R&D investment, with R&D expenses reaching 959 million yuan, a year-on-year increase of 18.7%, representing approximately 36% of total revenue [4] - The launch of WPS AI 3.0 has significantly enhanced the company's competitive edge in the AI office software market, with AI monthly active users reaching 29.51 million [6][29] - The WPS 365 business saw a revenue increase of 62.27% year-on-year, indicating strong growth in the B-end market [5][28] Group 2: Zai Jian Pharmaceutical - The company achieved revenue of 376 million yuan in the first half of 2025, a year-on-year increase of 56.07%, with Q2 revenue reaching 208 million yuan, up 57.04% year-on-year [8] - The company has three products approved for market, with significant growth potential as they are included in medical insurance [8] - The early-stage pipeline is progressing steadily, with positive data released at ASCO for key products, indicating a strong competitive position [9] Group 3: Construction Industry - The State Council emphasized the importance of major projects in stabilizing the real estate market and promoting economic recovery [10] - New guidelines were issued for the construction and operation of existing PPP projects, focusing on classifying and prioritizing projects based on their economic viability [11] - The government aims to enhance policy support and funding for existing projects to ensure their smooth operation and completion [12]

Core Viewpoint - Kingsoft Office reported a strong performance in the first half of 2025, with revenue and net profit growth, driven by the resilience of its WPS personal business and rapid growth in WPS 365 services [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.657 billion yuan, a year-on-year increase of 10.12%, and a net profit of 747 million yuan, up 3.57% [1]. - For Q2 2025, revenue reached 1.356 billion yuan, reflecting a year-on-year growth of 14.14%, while net profit was 344 million yuan, a decline of 2.83% [1]. Group 2: WPS Personal Business - The WPS personal business generated revenue of 1.748 billion yuan, marking an 8.38% increase year-on-year, with a global monthly active device count of 651 million, up 8.56% [1][2]. - The company is enhancing its market share in domestic office software and has initiated the development of a new international version of WPS, aiming to migrate high-value features from domestic to international markets [1][2]. Group 3: WPS 365 Business - WPS 365 achieved revenue of 309 million yuan, a significant year-on-year increase of 62.27%, with new features like AI Docs enhancing product capabilities [2]. - The company is actively promoting WPS 365 in various industries and scenarios, collaborating with leading clients to replicate successful projects [2]. Group 4: WPS Software Business - The WPS software business reported revenue of 542 million yuan, a slight decline of 2.08% year-on-year, while maintaining a leading market share in government procurement of domestic office software [2]. Group 5: AI Development - The launch of WPS AI 3.0 has led to nearly 30 million monthly active users, with new features indicating a shift towards collaborative intelligent applications [3]. - The company anticipates accelerated growth in AI monthly active users in the second half of 2025 as new AI products are rolled out [3]. Group 6: Investment Outlook - The company expects continued growth in personal subscription users and ARPU driven by AI capabilities, forecasting revenues of 6.109 billion, 7.295 billion, and 8.717 billion yuan for 2025-2027, with corresponding EPS of 4.12, 5.18, and 6.25 yuan [3].

Core Insights - On August 25, 2023, brokerage firms issued target prices for listed companies a total of 63 times, with notable increases in target prices for Longping High-Tech, Xinjie Energy, and Beixin Building Materials, showing increases of 38.75%, 37.40%, and 36.57% respectively, across the agriculture, coal mining, and construction materials sectors [1][2]. Group 1: Target Price Increases - Longping High-Tech (000998) received a target price of 14.00 yuan with a target increase of 38.75% from China International Capital Corporation [2]. - Xinjie Energy (601918) was assigned a target price of 9.00 yuan with a target increase of 37.40% from CITIC Securities [2]. - Beixin Building Materials (000786) had a target price of 36.90 yuan with a target increase of 36.57% from Tianfeng Securities [2]. Group 2: Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with Shede Spirits receiving 4 recommendations, Shuiyang Co. receiving 3, and Marubi Biological Technology receiving 3 [3]. - One company, Guodian Power (600795), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [4]. Group 3: Rating Adjustments - Three companies had their ratings downgraded on August 25, including Minhe Livestock (downgraded from "Buy" to "Hold"), Chifeng Gold (downgraded from "Buy" to "Hold"), and Silan Microelectronics (downgraded from "Buy" to "Hold") [4]. - Seven companies received initial coverage, including Ganhua Science and Technology (rated "Buy" by Dongwu Securities) and Wangneng Environment (rated "Buy" by Xinda Securities) [5].

Investment Rating - The report maintains a "Recommended" rating for Kingsoft Office (688111.SH) [4][6] Core Views - Kingsoft Office reported a revenue of 2.657 billion yuan for the first half of 2025, representing a year-on-year growth of 10.12%, while the net profit attributable to shareholders was 747 million yuan, up 3.57% year-on-year [1] - The WPS personal business showed strong revenue resilience, achieving 1.748 billion yuan in revenue, a year-on-year increase of 8.38% [2] - WPS 365 business experienced rapid growth with a revenue of 309 million yuan, marking a significant year-on-year increase of 62.27% [2] - The company has successfully built a cloud, collaboration, and AI office application service system, creating a new intelligent office model [1] Summary by Sections WPS Personal Business - Revenue reached 1.748 billion yuan, with a growth of 8.38% year-on-year - Global monthly active devices for WPS Office reached 651 million, an increase of 8.56% year-on-year [2] WPS 365 Business - Revenue of 309 million yuan, with a remarkable growth of 62.27% year-on-year - The introduction of AI features such as intelligent document libraries and smart search has significantly enhanced product capabilities [2][3] WPS Software Business - Revenue was 542 million yuan, showing a slight decline of 2.08% year-on-year - The company continues to lead in the government and enterprise market for domestic office software [3] AI Development - WPS AI 3.0 has nearly 30 million monthly active users, with new features enhancing user engagement and opening new monetization opportunities [3] - The report anticipates continued growth in personal subscription users and ARPU driven by AI capabilities [4] Financial Forecast - Projected revenues for 2025, 2026, and 2027 are 6.109 billion, 7.295 billion, and 8.717 billion yuan respectively, with corresponding EPS of 4.12, 5.18, and 6.25 yuan [4][5]

Core Viewpoint - On August 25, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the agriculture, coal mining, and construction materials sectors, indicating potential investment opportunities in these industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Longping High-Tech (隆平高科) with a target price increase of 38.75% to 14.00 CNY [2] - Xinji Energy (新集能源) with a target price increase of 37.40% to 9.00 CNY [2] - Beixin Building Materials (北新建材) with a target price increase of 36.57% to 36.90 CNY [2] Brokerage Recommendations - A total of 163 listed companies received brokerage recommendations on August 25, with notable mentions: - Shede Liquor (舍得酒业) received 4 recommendations [4] - Shuiyang Co. (水羊股份) and Marubi Biotechnology (丸美生物) each received 3 recommendations [4] Rating Adjustments - One company had its rating upgraded: - Guodian Power (国电电力) was upgraded from "Hold" to "Buy" by Huayuan Securities [5] - Three companies had their ratings downgraded: - Minhe Livestock (民和股份) from "Buy" to "Hold" [6] - Chifeng Gold (赤峰黄金) from "Buy" to "Hold" [6] - Silan Microelectronics (士兰微) from "Buy" to "Hold" [6] First-Time Coverage - Seven companies received first-time coverage with positive ratings: - Ganhua Science and Technology (甘化科工) received a "Buy" rating from Dongwu Securities [7] - Wangneng Environment (旺能环境) received a "Buy" rating from Xinda Securities [7] - Yingliu Co. (应流股份) received an "Increase" rating from Shanxi Securities [7] - New Clean Energy (新洁能) received an "Increase" rating from Industrial Securities [7] - Weijian Medical (稳健医疗) received a "Buy" rating from Northeast Securities [7]

Core Insights - The report highlights strong revenue growth and profitability across various companies, indicating a positive market outlook for the sectors involved [6][7][13][17][20][34]. Company Summaries 应流股份 (603308.SH) - In the first half of 2025, the company achieved revenue of 1.38 billion yuan, up 9.1% year-on-year, and a net profit of 190 million yuan, up 23.9% year-on-year [6]. - The core business remains robust with a significant order backlog exceeding 2 billion yuan, driven by strategic partnerships with major global clients [6]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for technological upgrades [6]. 天融信 (002212.SZ) - The company reported a revenue increase in Q2 2025, driven by growth in integrated machine sales [7]. - The cybersecurity market showed resilience, with significant growth in sectors such as finance and energy [9][10]. 深信服 (300454.SZ) - The company recorded a revenue of 3.009 billion yuan in H1 2025, a year-on-year increase of 11.16%, with a notable recovery in Q2 [13]. - The growth was primarily fueled by the cloud computing and IT infrastructure segments, which saw a 26.15% increase in revenue [14]. 新雷能 (300593.SZ) - The company achieved a revenue of 552 million yuan in H1 2025, reflecting a 12.93% year-on-year growth, despite a net loss [17]. - Continuous investment in R&D has maintained its competitive edge in the market [17]. 中航高科 (600862.SH) - The company reported a revenue of 2.747 billion yuan in H1 2025, up 7.87% year-on-year, with a stable profit margin [20]. - The growth in aerospace materials is attributed to the increasing demand in both military and civilian sectors [20]. 赢家时尚 - The company reported a revenue of 3.104 billion yuan in H1 2025, a decrease of 6.12% year-on-year, but managed to increase net profit by 3.19% through cost control [24]. - The online sales channel showed resilience, growing by 8.88% year-on-year [25]. 李宁 - The company achieved a revenue of 14.817 billion yuan in H1 2025, a 3.3% increase year-on-year, with a focus on maintaining healthy inventory levels [27]. - The footwear segment showed strong performance, with sales of running shoes exceeding 5.26 million pairs [27]. 凯立新材 - The company reported a revenue of 1.014 billion yuan in H1 2025, a 24.86% increase year-on-year, driven by strong sales in the pharmaceutical and basic chemical sectors [29]. - The company is focusing on expanding its market presence in the new energy sector [29]. 金山办公 (688111.SH) - The company achieved a revenue of 2.657 billion yuan in H1 2025, a 10.12% increase year-on-year, with significant growth in AI user engagement [34]. - The introduction of new AI features is expected to enhance user experience and drive further growth [34].

本报告导读： 公司2025 年上半年经营业绩稳健，加大研发投入并推出WPS AI 3.0 版本，实现AI月活大幅增长，持续 夯实AI 办公时代的竞争优势。 投资要点： WPS AI 3.0 双向改造AI 与办公软件，引领AI 办公实践。25 年7月公司发布WPS AI 3.0 并推出原生 Office 办公智能体，灵犀根据需求调用不同能力执行相关操作，完成复杂任务，WPS AI 能力由工具型 应用向协同智能体转变。功能方面，公司推出AI 改文档、灵犀语音助手、AI PPT、知识库等全新功 能。截至25 年中报公司AI 月活数已达2951 万，随着AI 权益持续惠及用户及AI 新产品落地推广，下半 年AI 月活有望持续实现快速增长。 维持"增持 "评级。我们预计公司 2025/26/27 年营收分别为59.13/69.78/83.20 亿元，同比增长 15.5%/18.0%/19.2%；考虑到公司加大研发投入，我们预计EPS 分别为4.03（-0.19）/4.77（-0.33）/5.90 （-0.47）元。参考可比公司，给予公司2025 年动态PE 100 倍，给予目标价402.92 元，维持"增持"评 级。 ...