金山办公最新一期业绩显示，截至2025一季报，公司营业总收入13.01亿元、同比增长6.22%，归属净利 润4.03亿元，同比增长9.75%，扣非净利润3.90亿元，同比增长10.72%，流动比率1.998、速动比率 1.998、资产负债率25.64%。 金融界消息 截至2025年8月4日收盘，金山办公（688111）报收于311.8元，上涨1.43%，换手率0.8%， 成交量3.73万手，成交金额11.47亿元。 资金流向方面，今日主力资金净流入3034.48万元，占比成交额2.64%。其中，超大单净流入3416.56万 元、占成交额2.98%，大单净流出382.09万元、占成交额0.33%，中单净流出流出2307.07万元、占成交 额2.01%，小单净流出727.41万元、占成交额0.63%。 通过天眼查大数据分析，北京金山办公软件股份有限公司共对外投资了17家企业，参与招投标项目540 次，知识产权方面有商标信息910条，专利信息1373条，此外企业还拥有行政许可5个。 来源：金融界 天眼查商业履历信息显示，北京金山办公软件股份有限公司，成立于2011年，位于北京市，是一家以从 事软件和信息技术服务业为 ...

Group 1: Liquidity and Scale of AI ETF - The AI ETF has a turnover rate of 2.52% with a half-day trading volume of 81.81 million yuan, and an average daily trading volume of 269 million yuan over the past week as of August 1 [2] - The latest scale of the AI ETF reached 3.261 billion yuan, with leveraged funds continuing to invest, showing a financing buy-in amount of 19.96 million yuan and a financing balance of 88.20 million yuan [2] - The AI ETF has seen a net value increase of 53.17% over the past year, ranking 260 out of 2944 index equity funds, placing it in the top 8.83% [2] Group 2: Performance Metrics - Since its inception, the AI ETF has recorded a highest monthly return of 30.38%, with the longest consecutive monthly gains being 3 months and the longest cumulative gain reaching 43.97%, averaging a monthly return of 6.94% during rising months [2] - The AI ETF closely tracks the CSI Artificial Intelligence Industry Index, which selects 50 representative listed companies based on their AI business proportion, growth level, and market capitalization [2] Group 3: Key Holdings and Market Trends - As of July 31, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Industry Index account for 61.26% of the index, with notable companies including Xinyi Sheng, Cambricon, and iFlytek [3] - The anticipated release of GPT-5 by OpenAI, expected in early August, will include three versions, enhancing capabilities in understanding and processing complex information [3] - The ongoing performance growth of AI-driven overseas tech companies and the acceleration of AI application monetization in China highlight the investment value in the domestic AI chain [3] Group 4: Investment Strategy and Focus Areas - The Huafu AI ETF (515980) is unique in its quarterly rebalancing and exclusive tracking of the AI industry index, balancing computing power and applications at 50% each [5] - The index includes sectors with strong commercialization potential in AI applications such as autonomous driving, robotics, and smart wearables, each holding a 5% weight [6] - Investors can also consider the Huafu AI ETF linked funds (Class A 008020, Class C 008021) to gain exposure to high-purity AI business stocks while avoiding speculative trading [7]

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《计算机持仓占比低位！AI 链商业化拐点 将至！——计算机行业周报 20250721- 20250725》 2025/07/26 《Kimi K2 发布获多项开源 SOTA！美国天 才法案通过！——计算机行业周报 20250714-20250718 》 2025/07/19 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com 徐平平 A0230123060004 xupp@swsresearch.com 曹峥 A0230525040002 caozheng@swsresearch.com 陈晴华 A0230123090010 chenqh@swsresearch.com 联系人 罗宇琦 (8621)23297818× luoyq@swsre ...

Group 1 - Zhuhai Kingsoft Office Software Co., Ltd., Beijing Kingsoft Office Software Co., Ltd., and Wuhan Kingsoft Office Software Co., Ltd. have applied for a patent titled "Text Image Processing Method and Device" with publication number CN120411977A, filed on January 2024 [1] - The patent describes a method for processing text images, which includes obtaining a first feature vector based on multiple first coordinates of N text units, correcting the first feature vector to obtain a second feature vector, and fusing both to derive a third feature vector for image correction [1] Group 2 - Zhuhai Kingsoft Office Software Co., Ltd. was established in 2009, has a registered capital of 162.326 million RMB, and has invested in 7 companies while participating in 1,696 bidding projects [2] - Beijing Kingsoft Office Software Co., Ltd. was founded in 2011, has a registered capital of 46.1817245 million RMB, and has invested in 17 companies with 539 bidding project participations [2] - Wuhan Kingsoft Office Software Co., Ltd. was established in 2017, has a registered capital of 65 million RMB, and has invested in 19 companies while participating in 166 bidding projects [2]

Core Viewpoint - The article discusses the transformation of spreadsheets from traditional tools to dynamic operational systems, driven by AI advancements, and highlights the competitive landscape among companies like DingTalk, Feishu, and WPS in the AI office software market [1][4]. Group 1: AI Integration in Spreadsheets - Spreadsheets have evolved from being passive record-keeping tools to active components in business processes, with AI functionalities enhancing their capabilities [2][3]. - Companies like Alibaba's DingTalk, ByteDance's Feishu, and Kingsoft's WPS have introduced AI features that automate data analysis, workflow management, and reporting, making spreadsheets integral to team collaboration [2][3][4]. Group 2: Competitive Landscape - The competition among DingTalk, Feishu, and WPS is intensifying, with DingTalk's AI spreadsheet and Feishu's multi-dimensional spreadsheet vying for market share [6][11]. - Feishu reported a significant increase in active users for its multi-dimensional spreadsheet, reaching nearly 10 million, while DingTalk maintains a strong user base with over 42 million active users [9][13]. Group 3: User Experience and Adoption - User experience is a critical factor in the adoption of these AI spreadsheet tools, with WPS focusing on seamless integration of AI features to enhance usability without requiring users to change their habits [24][25]. - Case studies illustrate the efficiency gains from using these AI tools, such as significant reductions in time spent on tasks and improved workflow management [18][19]. Group 4: Strategic Positioning - DingTalk targets large enterprises and government clients, emphasizing integration with existing systems, while Feishu focuses on innovative and growth-oriented companies [16][36]. - WPS aims to provide a lightweight, user-friendly solution that caters to individual users' immediate needs, contrasting with the more structured approaches of DingTalk and Feishu [34][36]. Group 5: Future Outlook - The article suggests that the future of office collaboration will be shaped by who can effectively influence organizational workflows through these AI-enhanced tools [38][39]. - The ongoing competition will not only be about features but also about how these tools redefine communication, collaboration, and decision-making within organizations [39][40].

Core Insights - The rise of AI-powered spreadsheets is transforming traditional office tools into dynamic operational systems, enhancing collaboration and efficiency across various platforms [2][3][19] - Major players like DingTalk, Feishu, and WPS are competing in the AI spreadsheet space, each adopting different strategies and functionalities to attract users [4][5][12] Group 1: AI Integration in Spreadsheets - DingTalk, Feishu, and WPS have introduced AI features that automate tasks such as formula completion, data analysis, and workflow management, making spreadsheets more interactive and user-friendly [2][3][19] - Feishu's multi-dimensional spreadsheet allows users to input natural language queries, which the system interprets to generate data analyses and execute related actions [7][9] - WPS focuses on seamless AI integration, enhancing user experience without requiring significant changes in user habits, thus appealing to a broader audience [19][23] Group 2: Competitive Landscape - The competition between DingTalk and Feishu has intensified, with both platforms vying for B-end clients and showcasing their AI capabilities [4][12][13] - As of July 2023, Feishu reported nearly 10 million monthly active users for its multi-dimensional spreadsheet, indicating strong market traction [7][12] - DingTalk has a significant user base, with 42 million average paid weekly active users as of March 2025, positioning it as a leading efficiency app in China [11][12] Group 3: Market Dynamics and User Preferences - The shift towards AI spreadsheets reflects broader changes in enterprise collaboration models, with companies increasingly seeking tools that enhance operational efficiency [4][12] - User migration between platforms is common, with brands switching between DingTalk and Feishu based on specific needs and preferences [12][13] - Pricing strategies differ, with DingTalk generally offering lower initial quotes compared to Feishu, which may influence client decisions [14][13] Group 4: Future Directions - The evolution of AI spreadsheets is expected to continue, with companies exploring deeper integrations of AI capabilities to meet complex business needs [23][30] - The competition is not just about features but also about how each platform influences organizational communication and decision-making processes [31][30] - The future of office tools will likely hinge on the ability to adapt to user needs while maintaining efficiency and ease of use [31][30]

AI办公似乎成了AI助手的必备技能。 翻看各大AI助手的主界面，无论是字节的豆包、腾讯的元宝还是百度的文小言，AI聊天、AI创作、AI 搜索已经是必备功能。当然，也有一些开始在知识密集的创作场景中崭露头角，如讯飞公文写作助手专 攻公文撰写，腾讯ima主打个人知识库……所有这些似乎都在挑战原有办公软件的地位。 随着AI办公到来，Office套件的办公帝国该如何迎接挑战，当下的办公形态真的要被AI颠覆了吗？ 从市场数据来看，传统软件嵌入AI产品由于其功能的确定性，用户留存率相对稳定，但续费率的提升 面临瓶颈。自由对话型AI产品虽然在初期能凭借新颖的交互方式吸引大量用户，但由于存在上述痛 点，用户留存率和续费率都不太理想。 作为从微软Office时代走来的老牌办公软件，金山办公田然认为，AI办公未来如何发展的问题其实也不 必想的太过复杂，用户实际上会用行动投票。"用户不是想要炫酷的产品，他们要的是解决实际的问题 ——我的PPT里的问题，我的表格的问题，我的文字的问题，你把我这个问题解了就好。"田然表示。 面对当下AI办公虎狼环伺的市场环境，虽然金山办公早在2018年就开始布局AI相关功能，但这显然远 远不够。在刚刚 ...

截至2025年8月1日 09:51，中证软件服务指数上涨0.29%，成分股深信服上涨5.32%，卫宁健康上涨3.31%，中国软件上涨1.90%，东华软件上涨1.73%，同花 顺上涨1.55%。软件ETF(159852)上涨0.35%。 流动性方面，软件ETF盘中换手2.51%，成交1.29亿元。拉长时间看，截至7月31日，软件ETF近1周日均成交4.07亿元，排名可比基金第一。 规模方面，软件ETF近1周规模增长1618.51万元，实现显著增长，新增规模位居可比基金第一。资金流入方面，拉长时间看，软件ETF近5个交易日内有4日 资金净流入，合计"吸金"1.48亿元。 截至7月31日，软件ETF近3年净值上涨8.43%。从收益能力看，截至2025年7月31日，软件ETF自成立以来，最高单月回报为39.35%，最长连涨月数为3个 月，最长连涨涨幅为69.40%，上涨月份平均收益率为9.75%。 7月31日国务院常务会议召开，会议审议通过《关于深入实施"人工智能+"行动的意见》。会议指出，要深入实施"人工智能+"行动，大力推进人工智能规模 化商业化应用，充分发挥我国产业体系完备、市场规模大、应用场景丰富等优势，推动 ...

Core Insights - The article highlights the ongoing integration of AI capabilities into office software, marking a significant trend in the industry as companies explore the potential of intelligent agents [1][3][8] - The development of WPS AI 3.0 by Kingsoft Office is a key example, showcasing advancements in user interaction through natural language processing and multi-turn dialogue [1][6] - The AI industry is currently in a phase reminiscent of the early mobile internet era, indicating that product development and consumer needs are still evolving [2][4] Company Developments - Kingsoft Office has launched WPS AI 3.0, which allows users to create documents and presentations through natural language commands, redefining the interaction between users, AI, and software [1][6] - The company has identified three stages of AI product evolution: the introduction of WPS AI in 2023, the anticipated WPS AI 2.0 in 2024 focusing on enterprise applications, and the WPS AI 3.0 in 2025 aimed at enhancing user-AI interaction [6][4] - The integration of AI into WPS products is seen as a response to user feedback, aiming to create a more practical and usable AI experience [4][6] Industry Trends - The AI + office software market is shifting from broad expansion to deep operational focus, with a growing emphasis on integrated solutions that provide comprehensive services [3][8] - The current landscape of AI products is characterized by a need for continuous iteration and improvement, as many existing solutions have not yet achieved satisfactory performance [7] - The evolution of AI technology is reshaping the office software market, driving it towards greater intelligence, automation, and data-driven functionalities [8]

21世纪经济报道记者骆轶琪 上海报道 大模型的风正持续吹入大众日常生活。 作为业界公认的Agent（智能体）元年，2025世界人工智能大会（WAIC）期间不少企业展示了多种智能 体应用。比如打工人还在为PPT烦忧的当下，Agent加持下的新一代办公软件正着手解决这一重要痛 点。 当然，Agent被公认目前仍处在发展早期。因此即便是近两年来引发大众关注的重点Agent产品，最终仍 然面临续费率和留存率不足的挑战。 接受21世纪经济报道等记者采访时，田然分析道，从发展阶段来说，目前的AI产业更像是2010-2011年 间的移动互联网发展时期，尚未走到2013-2014年那般呈现破圈态势。 这显示出，不同厂商对产品具体场景化并逐步融合工具的能力，仍在迭代探索阶段。这本质上正走向产 品结合技术迭代与消费者诉求持续磨合的螺旋式上升演化进程。 探路智能体 将更多AI能力植入办公系统或者软件中，正成为当前的一大重要趋势。 平安证券指出，当前AI+办公的战略重心正从广度扩张转向深度运营，具备行业Know-how沉淀、能提 供全链路解决方案的产品，正在高价值用户争夺中建立不可替代性。此外，产品形态加速向集成化方向 演进，主流产 ...