1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Big models are entering the AI Agent explosion stage, and Agents may comprehensively drive edge-side intelligence. Human - AI collaboration may transition to the Agent mode, and currently, Agent capabilities are in a stage similar to the transition from GPT3 to ChatGPT, potentially driving edge - side intelligence [2][7]. - More powerful open - source models are emerging, which are expected to trigger an AI application boom. Domestic large models have comparable language abilities to overseas ones, and the inference side has witnessed rapid iteration in 2025. Open - source models are more suitable for enterprise - level applications and may drive an AI application upsurge [2][17]. - The CSI Artificial Intelligence Industry Index selects 50 representative companies as sample stocks, reflecting the overall performance of AI industry companies. It has features such as focusing on AI revenue ratio in component stock selection, scientific weight distribution, balanced industry distribution, and strong performance in capturing industry changes [2]. - The Huafu CSI Artificial Intelligence Industry ETF is a fund benchmarked against the CSI Artificial Intelligence Industry Index, aiming to closely track the target index with controlled tracking deviations and errors [2][52]. 3. Summary According to the Directory 3.1 Big models are entering the AI Agent explosion stage, and Agents may comprehensively drive edge - side intelligence - **Three modes of human - AI collaboration**: Embedding mode (e.g., ChatGPT), Copilot mode (e.g., Microsoft 365 Copilot), and the future Agent mode where humans set goals and provide resources while AI does most of the work [7]. - **Current stage of AI development**: Currently in the reasoning stage, approaching the AI Agent stage. As Agent capabilities improve, AI has expanded from language/text to multi - modality and tool use [10]. - **Driving edge - side intelligence**: In the Agent era, the demand for reasoning - side computing power will increase. Mobile phone manufacturers with their own hardware and operating systems, and Internet giants with operating systems/APP application ecosystems have advantages in developing AI Agents [14]. 3.2 More powerful open - source models are emerging, which are expected to trigger an AI application boom - **Domestic large - model capabilities**: Domestic large models have comparable language abilities to overseas ones, and the inference side has developed rapidly in 2025. For example, DeepSeek R1 represents comparable reasoning capabilities to overseas models [17]. - **Advantages of open - source models**: Open - source models like Deepseek and Llama4 are comparable to closed - source models in terms of capabilities. Their transparency and customizability are more suitable for the diverse needs of enterprise - level applications, potentially driving an AI application boom [17]. 3.3 CSI Artificial Intelligence Industry Index: One - click investment in core AI assets - **Compilation scheme**: Published on 2018/11/21, it selects 50 sample stocks based on AI business proportion and total market value. It focuses on AI revenue ratio to avoid concept speculation and has a unique weight distribution mechanism [19][21]. - **Component stock distribution**: It uses an AI revenue ratio and growth indicator - adjusted market - value weighted method. The top ten component stocks mostly have free - floating market values between 40 billion and 100 billion, and the index has a high concentration, amplifying the growth potential of core targets [23][25]. - **Industry distribution**: With a comprehensive and balanced industry distribution, it has a "hardware - software collaboration, scenario - connected" ecological investment portfolio. It can automatically adjust weights in emerging fields and cover the entire AI industry chain [32][33]. - **Fundamental characteristics**: It has a high - purity investment portfolio through a "two - dimensional screening mechanism", with significant R & D investment and strong growth potential in financial indicators [37][39]. - **Investment value**: It has a leading ability to capture industry changes compared to traditional AI indexes. In early 2025, it outperformed traditional AI indexes and broad - based indexes [45]. 3.4 Huafu CSI Artificial Intelligence Industry ETF Fund Introduction - The Huafu CSI Artificial Intelligence Industry ETF (515980.SH) is issued by Huafu Fund, benchmarked against the CSI Artificial Intelligence Industry Index. It aims to control the daily average tracking deviation and annual tracking error, with current management and custody fees of 0.50% and 0.10% respectively [52]. 3.5 Fund Manager Information - **Fund manager introduction**: Huafu Fund Management Co., Ltd. was established in 2004, with a clear development strategy, a rich product system, and an experienced investment and research team [56]. - **Fund manager profiles**: Zhang Ya, Gao Zhe, and Li Xiaohua have rich experience in fund management, with multiple products under their management and a certain scale [57][58][60].

Core Insights - The concept of General Agents in the AI field is gaining significant traction, with companies like Manus AI leading the charge by securing $75 million in funding and achieving a valuation of $500 million [1] - Major tech companies, including Baidu, are entering the General Agent market, with Baidu launching its product "Xinxiang" following ByteDance's "Kouzi Space" [1] - The distinction between traditional Agents and General Agents lies in their role; General Agents aim to be user "partners" capable of handling complex tasks, enhancing user experience and work efficiency [1] Company Developments - ByteDance's "Kouzi Space" is designed for web applications, focusing on integrating with office software to enhance enterprise efficiency [2] - Baidu's "Xinxiang" targets mobile users, aiming to incorporate AI into daily life and foster user habits through convenient services [2] - "Kouzi Space" has demonstrated strong capabilities in document retrieval, spreadsheet creation, and report generation, seamlessly integrating with platforms like Feishu [4] - "Xinxiang" incorporates interactive elements and visual optimizations in content generation, although it has a slower response time, resulting in richer and more detailed outputs suitable for everyday use [4] Market Trends - The push for AI Agent commercialization is driven by tech giants' recognition of its potential, with Manus AI's funding success and OpenAI's optimistic sales forecasts boosting confidence in the sector [5] - Despite the promising outlook, challenges such as high task failure rates, context understanding issues, data security risks, and potential bias amplification remain significant hurdles [5] - Companies are increasing investments in technology innovation and upgrades, with Baidu releasing Wenxin 4.5 Turbo and X1 Turbo, and ByteDance updating its Doubao 1.5 model to enhance multimodal capabilities and cost-effectiveness [5] Competitive Landscape - The General Agent sector is expected to become a new growth point for AI product ecosystems among tech giants [6] - Companies that can overcome technical bottlenecks and identify differentiated application solutions are likely to gain a competitive edge [6] - Domestic players like Alibaba and Tencent, along with international competitors such as Google, Anthropic, and OpenAI, are also intensifying their focus on this emerging market [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 1.44 billion, with AI native application revenue approximately CNY 67 million, marking a year-on-year growth of over 100% [3][11] - In Q1 2025, the company reported a revenue of CNY 380 million, representing a year-on-year increase of 6.06% [3][10] Research and Development - In 2024, the company invested CNY 442 million in R&D, with a R&D expense ratio of 30.73%, highlighting its commitment to innovation [4] - The company developed a multimedia model "Tianmu" covering video, audio, image, and language models, and enhanced its AI capabilities across various products [4] Product Innovation - The video creative product Filmora upgraded to version 14, introducing over ten innovative features, resulting in a 68% increase in Trustpilot ratings [5] - The mobile version of Filmora saw a 90% increase in monthly active users in 2024, with a significant rise in revenue share [5][14] - AI marketing short video tool Virbo's revenue grew approximately 200% year-on-year, while the AI image product SelfyzAI's revenue increased about 400% [6] Team Development - By the end of 2024, the company employed 1,704 people, an increase of 8.26% year-on-year, with R&D personnel accounting for approximately 54% [7] - The company promotes a "big platform, medium product, small team" management strategy to foster innovation and entrepreneurship among employees [7] Ecosystem Collaboration - The company actively participates in AI hardware and software ecosystem collaborations, achieving a 34% year-on-year growth in government and enterprise revenue in 2024 [8] - The company received the "Outstanding Contribution Member Unit" award from the Xinchuang Working Committee in 2024, enhancing its brand recognition [8] Future Outlook - The company is optimistic about the development of multimodal AI applications and aims to integrate AI capabilities deeply into traditional workflows [9] - The company plans to continue expanding its user base and enhancing the perceived value of AI through real experiences [9][12] Marketing and Commercialization - The company increased marketing expenses significantly in 2024 to enhance brand awareness and product visibility, with a 9% decrease in sales expenses in Q1 2025 compared to Q4 2024 [10] - AI native application revenue is expected to continue growing, with the company focusing on enhancing user experience and commercializing AI features [11][12] External Model Integration - The company maintains an open attitude towards external large models while focusing on self-developed algorithms for vertical user scenarios [17][18] - The integration of external models is expected to accelerate the iteration and commercialization of AI functions [18]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in collaborative management software, focusing on innovation and providing high-quality products for over 20 years. It has established a strong market presence with a 25.7% market share in China's enterprise team collaboration software market as of the first half of 2023 [5][9]. - The company is expected to benefit from the ongoing trends in domestic innovation (信创) and AI integration, which are anticipated to enhance growth potential in the collaborative management software sector [5][37]. - Revenue and profit forecasts indicate a positive growth trajectory, with expected revenues of 2.607 billion, 2.896 billion, and 3.207 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 283 million, 354 million, and 431 million yuan for the same years [5][4]. Summary by Sections 1. Collaborative Management Software Leader - The company has focused on collaborative management for over 20 years, gradually becoming an industry leader. It serves over 80,000 clients across 87 different sectors and has established more than 200 branches nationwide [5][9]. - The founder and management team have long tenures, ensuring stability and continuity in leadership [12]. - The company has a strong cash flow, with operating cash flow consistently around 110% of revenue, which supports sustainable growth [25]. 2. Industry Competitive Landscape - The collaborative management software industry is fragmented, with a low market concentration. The company, as a comprehensive leader, is well-positioned to capture market share as competition intensifies [27][33]. - The domestic innovation policy is expected to drive demand for domestic OA software, with projections indicating a market size of 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system that meets diverse business needs and has launched numerous specialized products to enhance revenue potential [5][9]. - The unique EBU mechanism has contributed to maintaining high gross margins, with software product margins at 99.26% and service margins at 94.30% in 2024 [22]. 4. Profit Forecast and Valuation - The company is projected to achieve significant revenue and profit growth from 2025 to 2027, with a PE ratio of 61.0, 48.8, and 40.1 for those years based on the stock price as of April 25, 2025 [5][4].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leader in the collaborative management software sector, with a strong focus on innovation and a healthy cash flow that creates a secure boundary for future growth [5]. - The integration of domestic innovation (信创) and AI technologies is expected to enhance the growth potential of the company's products, particularly in the OA (Office Automation) market [5]. - The company is anticipated to benefit from the increasing demand for domestic OA software as the market shifts towards local solutions due to policy changes [5]. Summary by Sections 1. Collaborative Management Software Leader - The company has over 20 years of experience in collaborative management, focusing on R&D to provide high-quality products [9]. - It has established over 200 branches nationwide and has begun setting up service points overseas, serving more than 80,000 clients across 87 industries [9]. - According to IDC, the company holds a 25.7% market share in the Chinese enterprise team collaboration software market as of the first half of 2023, ranking first [9][33]. 2. Industry Competitive Landscape Improvement - The collaborative management software industry is characterized by a fragmented market with low concentration, but the company, as a comprehensive leader, is expected to improve its competitive advantage [27]. - The domestic innovation policy is driving the demand for OA software replacements, with the market projected to reach 319 billion yuan by 2027, growing at a CAGR of 20.61% from 2023 to 2027 [37][47]. 3. Product and Channel Transformation - The company has developed a modular product system supported by its low-code development platform, e-builder, which meets diverse business needs [5]. - It has launched a series of specialized products and expanded its ecosystem to adapt to domestic innovation and AI trends, enhancing its market position [5]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.607 billion yuan, 2.896 billion yuan, and 3.207 billion yuan from 2025 to 2027, with year-on-year growth rates of 10.38%, 11.09%, and 10.72% respectively [5]. - The net profit attributable to the parent company is expected to reach 283 million yuan, 354 million yuan, and 431 million yuan during the same period, with growth rates of 39.69%, 24.87%, and 21.74% respectively [5].

[Table_Rating] 增持（维持） able_Summary] [Table_Summary ◼ 市场回顾 ] [行业Table_Industry] : 计算机 日期: shzqdatemark [Table_Author] 分析师: 章锋 E-mail: zhangfeng@shzq.com SAC 编号: S0870525030002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： 《巨头积极拥抱 MCP，大模型仍在持续迭 代》 ——2025 年 04 月 20 日 《重视科技内需方向，看好自主可控主 线》 ——2025 年 04 月 13 日 《智谱发布"AutoGLM 沉思"，端侧 AI 催 化密集》 ——2025 年 04 月 06 日 -19% -10% 0% 10% 19% 29% 38% 48% 57% 04/24 07/24 09/24 11/24 02/25 04/25 计算机 沪深300 2025年04月27日 《AI 大模型持续更新，算力需求维持高景 气》 ——2025 年 03 月 31 日 《洲际量子 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continued high growth in social and gaming sectors, particularly in the MENA region, emphasizing companies with operational advantages and market positioning [4] - The report notes significant revenue growth for companies like Zhiyu City Technology, which achieved total revenue of 5.09 billion yuan in 2024, a year-on-year increase of 53.9% [4] - The report emphasizes the importance of AI applications and the ongoing development of domestic video models, which are expected to drive further growth in the industry [5] Summary by Sections Industry Overview - The report indicates that the A-share media sector underperformed compared to major indices, while the gaming sector showed better performance [9] - The report provides insights into the performance of popular games and films, with "Peace Elite" topping the iOS free and revenue charts in mainland China [12][16] Company Performance - Zhiyu City Technology's social business revenue reached 4.63 billion yuan, growing by 58.1%, while its innovative business revenue was 460 million yuan, up by 21.3% [4] - Yalla Technology reported a revenue of 339.7 million USD in 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] AI and Technology Developments - The report discusses breakthroughs in domestic video models, with Vidu achieving top rankings in evaluation benchmarks [5] - The report highlights the integration of AI capabilities in various applications, suggesting continued investment in AI technologies [5] Market Trends - The report notes the increasing popularity of AI-generated content and tools, with significant engagement on social media platforms [33][34] - The report emphasizes the ongoing demand for gaming and entertainment content, with several new titles gaining traction in the market [23][24]

通用 Agent（智能体）的火爆，仍在继续。 两者都在尝试打破各自内部的生态壁垒，构建更广泛的AI Agent生态体系，将通用Agent概念彻底打入用户的心智。 然而，受限于大模型技术的成熟度，包括字节、百度在内的所有参与者，都不得不在探索的路上，不断地扪心自问：AI Agent的真正应用场景是 什么？ 01 引爆这一领域的明星初创公司Manus AI，近期被曝出完成了新一轮7500万美元融资，估值在短短不到2个月内，飙升至5亿美元。 追逐AI Agent的场景答案 被Manus打开未来想象空间的通用 Agent市场，正在吸引一众科技大厂的入局。最新加入进来的是百度。 在找寻差异化应用场景的道路上，字节与百度在这一问题上选择了不同的路径。 近日，百度对外推出了类通用 Agent产品"心响"。百度之前，字节抢跑一众国内科技大厂，率先上线了自家的Agent产品"扣子空间"。 相比传统Agent产品，通用Agent本质区别在于其定位从"工具"向"伙伴"的角色转变，能够处理复杂、多步骤的任务场景。 背靠大厂已有的产品生态，字节和百度共同盯上了同一目标，即借 AI Agent寻找自家 AI 产品体系的新增长点：字节试图 ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is actively positioning itself in the AI Agent space. The long-term development outlook remains positive despite current challenges [4][5] - Revenue for 2024 is projected to decline by 18.97% year-on-year, with a net loss of 236 million yuan, indicating an expanded loss compared to the previous year [4] - The company has adjusted its net profit forecasts for 2025-2026 to -97 million and -23 million yuan respectively, with a new forecast for 2027 set at 21 million yuan [3] Financial Summary - In 2024, the company achieved operating revenue of 847 million yuan, down from 1,045 million yuan in 2023, with a gross margin decrease from 68.44% to 64.22% [4][6] - For Q1 2025, the company reported operating revenue of 105 million yuan, a decline of 42.4% year-on-year, with a net loss of approximately 66.98 million yuan [4] - The company's EPS (Earnings Per Share) is projected to be -0.84, -0.20, and 0.18 yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 148.6 for 2027 [3][6] Strategic Initiatives - The company launched a new generation of AI intelligent products, CoMi, which integrates mainstream AI models and allows for the creation of customized agents for various applications [5]