Investment Rating - The report maintains an "Add" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [44]. Core Views - The company reported a revenue of 5.121 billion yuan for 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, which is a 24.84% increase year-on-year [6]. - The transition to AI applications is expected to accelerate in 2025, with significant growth in the company's product capabilities [7][9]. - The company is shifting its business disclosure from a commercial model classification to a product-based classification, focusing on WPS personal and WPS 365 businesses [8]. Financial Performance - The company achieved a net profit margin of 32.13% in 2024, with a diluted return on equity of 14.49% [2][11]. - The gross profit margin for the company was reported at 85.14% [2]. - The earnings per share (EPS) for 2024 was 3.56 yuan, with projections of 4.29 yuan, 5.43 yuan, and 6.92 yuan for 2025, 2026, and 2027 respectively [11][42]. Business Segments - The WPS personal business generated 3.283 billion yuan in revenue, growing 18% year-on-year, while WPS 365, launched in 2023, saw a revenue increase of 149.33% to 437 million yuan in 2024 [8]. - The domestic personal service subscription revenue was 3.1 billion yuan, up 16.84% year-on-year, while the domestic institutional subscription and service revenue reached 1.064 billion yuan, growing 11.11% [8]. - The international and other business revenue was 250 million yuan, with a notable 38.38% growth in overseas business [11]. Future Outlook - The company plans to enhance its overseas business, which is expected to become a significant growth driver, with a 38.38% increase in overseas revenue in 2024 [11]. - The report anticipates that the company's AI capabilities will significantly contribute to its growth trajectory in 2025, with expectations of increased user engagement and willingness to pay [9].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) increased by 0.61% as of April 14, 2025, with notable gains from stocks such as Yuyuan Pharmaceutical (688658) up 19.91%, and Kexing Pharmaceutical (688136) up 16.90% [1] - The Penghua Sci-Tech Innovation Index ETF (589680) rose by 0.76%, marking its fifth consecutive increase, indicating a strong performance in the AI industry chain [2] - The top ten weighted stocks in the Sci-Tech Innovation Board Composite Index as of March 31, 2025, include Haiguang Information (688041) and Cambrian (688256), collectively accounting for 22.34% of the index [3] Group 2 - The AI industry chain is experiencing breakthroughs, with expectations for major product releases from companies like Alibaba and Tencent around May to June [2] - The Chinese government is likely to enhance policy support and funding for the technology sector, particularly in AI, as part of its strategy to counterbalance the U.S. in the ongoing trade disputes [2]

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1]. Core Viewpoints - The "reciprocal tariff" policy is expected to further impact the global industrial landscape, accelerating China's technological self-reliance and self-control process, with positive prospects for the development of domestic software and hardware markets [7][9]. - The implementation of "reciprocal tariffs" by the U.S. is leading to increased tariffs on Chinese imports, which may result in a shift towards domestic alternatives in software and hardware sectors [24]. Summary by Sections Tariff Impact Overview - The U.S. has enacted "reciprocal tariffs," which may accelerate China's self-reliance process in technology [13]. - The tariffs imposed by the U.S. include a 34% increase on all imports from the U.S. to China, which is expected to raise the costs of imported software and hardware products, thus promoting a shift towards domestic alternatives [24]. Software Impact - The trend towards model autonomy remains unchanged, with significant potential for self-replacement in foundational and industrial software [7]. - China's large model industry is rapidly catching up, with domestic models like DeepSeek and Qwen continuously improving their capabilities [7]. Hardware Impact - The domestic chip industry is expected to accelerate, with significant growth potential in domestic computing power [8]. - In 2024, NVIDIA and Intel's revenues in China were $17.1 billion and $15.5 billion respectively, while domestic CPU and GPU manufacturers are increasingly competitive [8]. Investment Recommendations - The report suggests that the "reciprocal tariff" policy will influence the global industrial structure and accelerate China's technological self-reliance, maintaining a "Recommended" rating for the computer industry [9]. Related Targets - Key software companies include China Software, Taiji, and DaMeng Data, while hardware targets include Haiguang Information, Inspur, and Huawei [10][11].

Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board Composite Index (000680) has shown a strong increase of 2.66% as of April 11, 2025, with notable individual stocks such as Jinghua Micro (688130), Meixin Sheng (688458), and Naxin Micro (688052) each rising by 20% [1] - The Huaxia Science and Technology Innovation Index ETF (589000) has experienced a 2.22% increase, marking its fourth consecutive rise, with the latest price reported at 0.92 yuan and a transaction volume of 21.67 million yuan [1] - Over the past month, the Huaxia Science and Technology Innovation Index ETF has seen a significant growth in scale, increasing by 7.13 million yuan, with the latest share count reaching 884 million, a new high for the month [2] Group 2 - The net inflow of funds into the Huaxia Science and Technology Innovation Index ETF has reached 28.90 million yuan, with a total of 43.39 million yuan accumulated over the last five trading days [2] - The Ministry of Industry and Information Technology has emphasized the need to accelerate the development of specialized and innovative small and medium-sized enterprises, focusing on innovation, digital empowerment, talent development, ecological support, and service enhancement [2] - Guosen Securities highlights that under the current trade tensions, technological self-reliance and autonomy are crucial for breaking through challenges, with China's established industrial ecosystem and advancing engineering talent providing a significant comparative advantage in the electronics industry [2] Group 3 - The Huaxia Science and Technology Innovation Index ETF closely tracks the performance of the Shanghai Stock Exchange Science and Technology Innovation Board Composite Index, which includes stocks from eligible companies listed on the Science and Technology Innovation Board [3] - As of March 31, 2025, the top ten weighted stocks in the index include Haiguang Information (688041), Cambricon (688256), and SMIC (688981), collectively accounting for 22.34% of the index [3] - The Huaxia Science and Technology Innovation Index ETF has associated fund products, including the Huaxia Shanghai Science and Technology Innovation Board Composite ETF Connect A (023719) and C (023720) [3]

Core Viewpoint - The introduction of a privatized AI document system in Zhongshan is revolutionizing government operations, significantly reducing the time civil servants spend on document writing by an average of 40% [1][3]. Group 1: AI Implementation and Impact - Zhongshan has launched Guangdong's first privatized intelligent document model, which is designed to better understand government operations and enhance efficiency [1]. - The AI system integrates local government knowledge with advanced model technology, redefining the process of government document writing [3]. - The system's deployment has led to a substantial reduction in the workload of government personnel, automating proofreading and formatting tasks [3]. Group 2: Data Security and Management - The AI system employs a dual-model architecture to ensure data security and compliance, processing basic semantics with a general model while a specialized model handles government-specific terminology [4]. - All data is processed on localized servers, ensuring that sensitive information remains secure and within the government’s control [4]. - The implementation of a document intelligent classification system allows for the automatic identification and structuring of documents, creating a comprehensive knowledge base for government operations [2]. Group 3: Future Prospects and Applications - The AI document system is expected to evolve from merely writing documents to extracting value from existing knowledge, enhancing the overall efficiency of government services [5]. - Future collaborations between Zhongshan government and Kingsoft Office aim to explore innovative applications of AI in policy interpretation and public service [5]. - This initiative serves as a replicable model for other regions, showcasing the potential for deep integration of AI technology in government operations [5].

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

Core Viewpoint - Kingsoft WPS Corporation Limited, the controlling shareholder of Beijing Kingsoft Office Software Co., Ltd., has voluntarily committed not to reduce its shareholding in the company from April 10, 2025, to December 31, 2025, to enhance investor confidence and maintain market stability [1][2]. Group 1 - As of the announcement date, WPS Hong Kong holds 238,387,351 shares, representing 51.52% of the company's total share capital [2]. - The commitment includes all forms of share reduction, including those arising from capital reserve transfers, stock dividends, rights issues, and new share issuances [1]. - The company's board will continuously supervise this commitment and fulfill relevant information disclosure obligations in accordance with applicable laws and regulations [2].

Group 1: AI Industry Developments - The European Union is investing in the construction of 13 AI super factories, with a total investment goal of €200 billion, including a dedicated fund of €20 billion for these projects [1] - Each AI super factory will be equipped with over 100,000 high-end AI processors, with the best-performing factories hosting up to 25,000 processors [1] Group 2: Film Industry Response - The National Film Administration of China plans to moderately reduce the import of American films in response to the U.S. government's imposition of tariffs on Chinese goods, which may decrease the audience's favorability towards American films [1] Group 3: Telecommunications and 5G - Beijing aims to achieve comprehensive 5G large-scale applications by the end of 2027, establishing itself as a leading city in 5G applications, enhancing industrial support, network service capabilities, and ecological collaboration [2] Group 4: Corporate Financial Performance - TSMC reported March revenue of NT$285.96 billion, a year-on-year increase of 46.5%, and Q1 revenue of NT$839.25 billion, up 41.6% year-on-year [3] - Meixin Sheng expects Q1 2025 net profit to be between RMB 2 million and 5 million, marking a significant turnaround from losses, driven by a 30% to 35% increase in revenue [5] - Huaxi Biological's 2024 revenue reached RMB 5.371 billion, with skin-related medical revenue exceeding RMB 1 billion, reflecting a 43.57% year-on-year growth [6] Group 5: Corporate Actions and Shareholder Commitments - Kingsoft WPS Corporation Limited, the controlling shareholder of Kingsoft Office, has committed not to reduce its shareholding from April 10, 2025, to December 31, 2025 [4] - Jincheng Co. plans to repurchase shares worth between RMB 50 million and 100 million for employee stock ownership or equity incentives [6] - Guangge Technology intends to repurchase shares with a total amount between RMB 10 million and 20 million for employee stock ownership plans [6] Group 6: Investment and Financing Activities - Stardust Intelligence has completed several rounds of financing, raising several hundred million yuan, with participation from prominent investors [7] - Shenzhen Ruisi Zhixin Technology has received equity financing from multiple investors, indicating strong market interest [8] - Anhui Zhongsheng Traceability Biotechnology has completed B+ round financing of RMB 85 million, continuing its trend of successful fundraising [9]

2025 年 4 月 10 日，北京金山办公软件股份有限公司（以下简称"公司"） 收到公司控股股东 Kingsoft WPS Corporation Limited（以下简称"WPS 香港"） 出具的《关于自愿不减持北京金山办公软件股份有限公司股份的承诺》，现将有 关情况公告如下： 基于对公司未来发展前景的信心及对公司内在投资价值的认可，同时为增强 广大投资者信心，切实维护投资者权益和资本市场的稳定。WPS 香港自愿承诺： 自 2025 年 4 月 10 日起至 2025 年 12 月 31 日将不以任何方式减持所持有的公司 股份（包括因公司资本公积转增股本、派送股票红利、配股、增发等事项取得的 新增股份）。 北京金山办公软件股份有限公司 关于公司控股股东自愿承诺不减持公司股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688111 证券简称：金山办公 公告编号：2025-016 截至本公告披露日，WPS 香港持有公司股份 238,387,351 股，占公司总股本 的 51.52%。 北京金山办公软件股份 ...

Core Viewpoint - The technology innovation sector, particularly the STAR Market, is experiencing a strong rebound driven by multiple positive signals, including significant policy support and increased capital inflow [1][2]. Group 1: Market Performance - The STAR Market Index ETF, Huatai-PineBridge (589080), saw a sharp rebound, rising nearly 3% and at one point exceeding 4%, with a trading volume surpassing 31 million yuan, indicating a significant increase in trading activity compared to the previous day [1]. - Major component stocks of the STAR Market ETF experienced substantial gains, with Tongyi rising over 18%, and other companies like Xindong Lian Ke and Guokai Military Industry increasing by over 14% [1]. Group 2: Policy and Institutional Support - Recent policies, including stock buybacks and increased investments from state-owned enterprises, are creating a synergistic effect that is expected to enhance the attractiveness of A-share core assets [1][2]. - Guoxin Investment Co. plans to increase its holdings in central enterprise stocks and technology innovation stocks through stock buybacks and special re-loans, with an initial amount of 80 billion yuan [1]. Group 3: Market Outlook - According to China International Capital Corporation (CICC), the risk of further declines in the A-share market is limited, supported by historical trends where state-owned enterprises tend to increase stock holdings during liquidity risk phases [2]. - Guoxin Securities emphasizes that technological self-reliance and autonomy are crucial for overcoming challenges posed by trade conflicts, particularly for the domestic electronics industry [2].