Core Viewpoint - Galaxy Securities has initiated coverage on Kingsoft Corporation (03888) with a "recommended" rating, highlighting its strong position in the domestic office software market and promising prospects driven by AI integration and active changes in its gaming business [1] Financial Projections - The company is expected to achieve revenues of RMB 10.568 billion, RMB 11.608 billion, and RMB 13.4 billion for the years 2025 to 2027, with growth rates of 2.43%, 9.83%, and 15.44% respectively [1] - Earnings per share are projected to be RMB 1.00, RMB 1.11, and RMB 1.31 for the same years [1] AI Integration and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion rates, with B-end WPS 365 revenue increasing by 71.61% year-on-year in Q3 2025 [1] - The integration of AI is creating a feedback loop of data and product iteration, with accelerated subscription models and successful implementation of government AI products in central and local government agencies [1] Gaming Business Developments - The company is focusing on its IP "Jianxia Qinyuan," with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - Kingsoft is actively expanding into new categories such as science fiction and anime, and is promoting game exports to reduce reliance on traditional martial arts genres [1] - However, the new game market is experiencing performance divergence, with Q3 revenues from online games and other businesses declining by 47% year-on-year, primarily due to revenue drops from existing games like "Jiexianji," while newly launched games are still in the early stages of market influence [1]

公开资料显示，润歌互动致力于构建中国彩票行业线下门店创新服务生态，将全国超40万家社区彩票门 店作为AI数字门店革新的核心突破口，目前已实现彩票行业全产业链覆盖：上游以彩票通讯设备为切 入点，中游提供专业化行业解决方案，下游全面拓展、运营和服务彩票销售终端。据报道，2025年，润 歌互动通过战略投资专注体彩门店AI营销服务的杭州悦享醇臻科技、并购深耕线下彩票门店运营的彩 平方科技，践行"AI赋能线下门店，助力店主收入快速增长"的核心使命，为世界杯风口下的行业革新注 入强劲动力。 消息面上，美加墨世界杯将于2026年6月至7月在美国、加拿大、墨西哥的16座城市举行。中邮证券此前 发布研报称，体育彩票销售与体育赛事热度高度相关。除常规赛事外，重大全球性赛事对体彩销量的拉 动作用更为显著，以2022年卡塔尔世界杯为例，当年11月体育彩票销量环比提升逾100%。展望2026 年，世界杯、冬奥会、亚洲杯等大型赛事将密集落地，赛事周期效应有望再次推动体彩行业在短期内实 现阶段性高增长。 润歌互动(02422)尾盘放量拉升，截至收盘，涨64.29%，报1.15港元，成交额1047.67万港元。 ...

Core Viewpoint - The report from Galaxy Securities highlights Kingsoft as a leading domestic office software provider with significant potential in AI empowerment and active transformation in its gaming business, initiating coverage with a "Buy" rating [1] Group 1: AI Empowerment and Business Growth - WPS AI has significantly enhanced user engagement and paid conversion, with B-end WPS 365 revenue growing by 71.61% year-on-year in the third quarter [1] - The AI empowerment has created a data and product iteration flywheel, accelerating subscription models, with government AI products already implemented in central and local party and government agencies [1] Group 2: Gaming Business Developments - The company focuses on the "Jianxia Qianren" IP, with the online game "Jianwang 3" maintaining vitality through continuous operations, and the cross-platform version "Jianwang 3 Wujie" has seen significant user return [1] - The company is actively expanding into new categories such as science fiction and ACG (Anime, Comic, and Games), and promoting game exports to reduce reliance on traditional martial arts genres, although the performance of new games shows market differentiation, leading to short-term pressure on earnings [1]

公开资料显示，润歌互动致力于构建中国彩票行业线下门店创新服务生态，将全国超40万家社区彩票门 店作为AI数字门店革新的核心突破口，目前已实现彩票行业全产业链覆盖：上游以彩票通讯设备为切 入点，中游提供专业化行业解决方案，下游全面拓展、运营和服务彩票销售终端。据报道，2025年，润 歌互动通过战略投资专注体彩门店AI营销服务的杭州悦享醇臻科技、并购深耕线下彩票门店运营的彩 平方科技，践行"AI赋能线下门店，助力店主收入快速增长"的核心使命，为世界杯风口下的行业革新注 入强劲动力。 消息面上，美加墨世界杯将于2026年6月至7月在美国、加拿大、墨西哥的16座城市举行。中邮证券此前 发布研报称，体育彩票销售与体育赛事热度高度相关。除常规赛事外，重大全球性赛事对体彩销量的拉 动作用更为显著，以2022年卡塔尔世界杯为例，当年11月体育彩票销量环比提升逾100%。展望2026 年，世界杯、冬奥会、亚洲杯等大型赛事将密集落地，赛事周期效应有望再次推动体彩行业在短期内实 现阶段性高增长。 智通财经APP获悉，润歌互动(02422)尾盘放量拉升，截至收盘，涨64.29%，报1.15港元，成交额 1047.67万港元。 ...

回望中国现代煤化工的发展历程，"十四五"时期无疑经历了一场深刻的行业洗牌与价值重估，行业步入了以核心 技术突破、绿色低碳转型、综合效益提升为标志的高质量发展新周期。正是在这一轮行业分化与升级中，一批聚 焦主业、苦练内功的领先企业崭露头角，实现了从跟跑到并跑乃至领跑的跨越。 从"黑色燃料"到"白色材料"——筑牢国家能源安全基石 纵观宝丰能源"十四五"答卷，宝丰能源内蒙古年产300万吨烯烃项目，成为这张答卷上最引人注目的一笔。 其引人注目不止在于"五个全球规模之最"和"三个全国规模之最"的行业纪录，更在于开启了我国煤炭清洁高效利 用与现代煤化工产业升级的新章：一方面可等效替代近千万吨的原油进口需求，保障国家能源安全;另一方面突破 高端材料"卡脖子"困局，备战未来产业。 而这个项目，又仅是答卷上的短短一行。 能源安全，"国之大者"。"十四五"期间，世界经济增速持续放缓、大国博弈持续加剧、新一轮科技革命和产业变 革持续深化、能源绿色低碳转型进程加快……尽管国内原油、天然气产量连续稳步增长，但2024年，我国原油对 外依存度仍达72.2%，天然气对外依存度达42%。内外种种新形势叠加之下，煤化工产业已将成为保障我国能源 ...

来源：电子商务研究中心 网经社 导读：云服务收入占比已达77.2%，但毛利率却连续三年下滑，这家中国企业软件龙头在港交所提交的 招股书，揭示了中国传统软件商向云服务转型的集体阵痛。 一、营收毛利双降 亏损泥潭拖累资金链 12月29日，港交所披露，用友网络科技股份有限公司（简称：用友网络，600588.SH）向港交所主板递 交上市申请，招银国际、中信证券为其联席保荐人。这是该公司年内第二次递表港交所，曾于6月27日 递交过上市申请。此次递交上市申请揭开了这家老牌软件企业连续两年半累计亏损近40亿元的严峻现 实。 2022年尚能实现净利润2.25亿元的用友网络，在2023年转盈为亏，录得9.33亿元净亏损，而2024年亏损 进一步扩大至20.70亿元。 更令人担忧的是，公司毛利率呈现持续下滑态势，从2022年的55.0%降至2024年的46.0%，累计下降9个 百分点。经营性现金流自2023年起转为净流出，2024年净流出2.74亿元，2025年上半年流出额已达9.28 亿元。 2025年上半年，这一下滑趋势仍未扭转，收入进一步降至34.34亿元。更详细的数据显示，2025年一季 度公司营收13.78亿元，同比下 ...

中国银河证券研报称，我们认为，国产EDA正处于"政策驱动+技术突破+需求高增"三重共振期，短期 看国产替代与并购整合，中期看全流程覆盖与AI赋能，长期看全球份额提升，建议关注产业链核心标 的长期投资价值。 ...

Group 1 - The meeting focused on deeply learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session and Xi Jinping's important speech, aiming to unify thoughts and clarify directions for the upcoming year's work [1][2] - Participants expressed a comprehensive understanding of the significance of the 20th Central Committee's Fourth Plenary Session and its practical requirements for implementation in the context of Wuzhou's economic and social development [1][2] - The meeting emphasized the importance of high-quality political construction and collective decision-making in leadership, aiming to enhance the effectiveness of party leadership in driving high-quality development [3] Group 2 - The city aims to focus on high-quality development by accelerating the construction of a national logistics hub city and a regional center in the Pearl River-Xijiang Economic Belt, among other strategic initiatives [3] - There is a commitment to planning major projects, establishing project lists, and enhancing investment attraction to translate ideas into actionable projects that drive economic growth [3] - The meeting highlighted the need for continuous implementation of a unified economic scheduling mechanism and deepening work style construction to enhance the cohesion and combat effectiveness of high-quality development [3]

Group 1 - The core viewpoint of the article highlights that Qianjin Pharmaceutical (600479) is implementing a digital transformation strategy across its entire value chain, aiming to reduce costs and improve efficiency [1] - The company's AI capabilities are being applied in various areas including research project initiation, production scheduling, procurement sourcing, decision-making for bulk medicinal materials, marketing knowledge assistance, and AI training [1] - The recent acquisition of minority shareholder rights in two companies is a significant step in executing the company's medium to long-term strategic plan, which is expected to enhance profitability and increase net profit attributable to the parent company [1] Group 2 - Qianjin Pharmacy currently operates approximately 1,800 stores, with a notable year-on-year increase in sales of influenza-related medications [1]

Core Viewpoint - The company has expanded its customer base significantly, with a notable increase in private sector clients, while maintaining a strong focus on technological innovation and market penetration across various industries [1] Group 1: Customer Base and Orders - The company's early customers were primarily state-owned enterprises and research institutions, but in recent years, the coverage has expanded to include a significant number of private clients [1] - In the first three quarters of 2025, the company achieved a new order repurchase rate of nearly 60%, with over 70% of these orders coming from private enterprises [1] Group 2: Technological Innovation and Market Expansion - The company is continuously enhancing its core competitiveness through technological iteration and AI empowerment [1] - It is actively increasing its market share in the aerospace sector while also strengthening its presence in low-altitude economy, automotive, medical, energy, shipping, machinery, semiconductor, and humanoid robot industries [1]