【策略】"十五五"规划引领，资本市场谱写创新升级新机遇——总量联合行业《"十五五"规划建议》解读 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确要坚持以经济建设为中心，坚持 高质量发展。从宏观角度来看，未来国内经济政策有望持续发力，经济增长有望保持在合理区间，进一步 夯实资本市场繁荣发展的基础。从产业角度来看，《建议》明确了国内产业未来五年的重要发展方向，这 些方向将是未来资本市场关注的重点，涵盖传统产业、消费、新兴产业和未来产业等领域。 （王一峰/赵格格/张宇生/ 董文欣/刘凯/施鑫展/王招华/殷中枢/陈佳宁/黄帅斌/赵乃迪/王明瑞/倪昱婧/何缅 南 ） 2025-11-06 您可点击今日推送内容的 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年11月4日，金蝶2025全球创见者大会宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"， 标志着企业管理正式迈入AI原生时代。 产品更新方面： 点击注册小程序 查看完整报告 特别申明： 公司海外战略分为三个阶段：第一步是服务中国企业出海；第二步是主动深耕本地市场，联接当地标杆客户打 造海外标杆案例，目前正在推进中，例如与马来西亚振兴集团签署战略合作协议，同时在泰国、新加坡、印尼 与当地标杆企业合作；第三步是根据各地区业务情况设立当地研发和交付中心，目前初有成效，例如已在马来 西亚建立东南亚交付中心，未来将实现产品、业务、生态的本地化。公司管理层预计未来3-5年，海外收入占 比有望提升至5%-10%。 风险提示： 宏观经济不景气；新客 ...

Core Viewpoint - Kingdee International focuses on subscription-first and AI-first strategies, enhancing its product capabilities with AI support, and maintains revenue forecasts for 2025 at 6.9 billion, 7.7 billion, and 8.5 billion CNY, respectively, with a "Buy" rating maintained [1] Group 1: Product Updates - The recent product upgrade includes a comprehensive enhancement of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents" [2] - The new AI product "Xiao K" serves as a unified entry point for enterprise-level AI intelligent agents, integrating nearly 20 agents covering various fields such as supply chain, manufacturing, marketing, HR, finance, and ESG [1][2] - The AI suite will adopt a payment model based on organization size, usage, and prepayment [2] Group 2: Financial Performance - In Q3 2025, Kingdee's subscription ARR grew approximately 18% year-on-year to 3.86 billion CNY, with a net addition of 130 million CNY in ARR from the previous quarter [3] - The renewal rates for various products are reported as follows: Cang Qiong & Xing Han at 105%, Xing Kong at 95%, Xing Chen at 93%, and Jing Dou Yun at 88% [3] Group 3: International Expansion - Kingdee is accelerating its overseas expansion in three phases: first, serving Chinese enterprises going abroad; second, actively developing local markets and building benchmark cases; and third, establishing local R&D and delivery centers based on regional business conditions [4] - The management anticipates that overseas revenue will increase to 5%-10% of total revenue in the next 3-5 years [4]

公司强调"金蝶数据云Data cloud"作为企业AI时代的数据底座，构建了坚强可信的数据基础 金蝶数据云主要服务于上层AI原生智能体及AI增强SaaS，支撑金蝶AI套件，为客户提供完整解决方 案，其目的是帮助企业具备数据服务能力(采集、整理、清理数据并为AI所用)和部分PTA能力(支撑智能 体交付结果)。 光大证券发布研报称，金蝶国际(00268)聚焦订阅优先、AI优先，作为国内ERP龙头，AI加持下金蝶产 品力有望进一步增强。维持25-27年收入预测至69/77/85亿元。维持"买入"评级。2025年11月4日，金蝶 2025全球创见者大会宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"，标志着企业管理 正式迈入AI原生时代。 3Q25经营数据 光大证券主要观点如下： ARR方面，3Q金蝶订阅ARR同比增长约18%至38.6亿元;环比6月底净新增ARR1.3亿元，整体增量稳定， 25全年若达成20%的ARR增长目标需Q4净新增约2.56亿元;基于当前经营数据和宏观环境，该行预计25 全年ARR增速有望维持在18%。续费率方面，苍穹&星瀚达105%，星空95%、星辰93%、精斗云88%。 ...

Core Viewpoint - Kingdee International focuses on subscription-first and AI-first strategies, enhancing its product capabilities with AI support, and maintains revenue forecasts for 2025 at 6.9 billion, 7.7 billion, and 8.5 billion CNY, with a "Buy" rating maintained [1] Group 1: Product Updates - The recent product upgrade includes a comprehensive enhancement of "platform + data cloud + AI-enhanced SaaS + AI native intelligent agents" [2] - "Xiao K" is introduced as a unified entry point for enterprise-level AI intelligent agents, integrating nearly 20 agents covering various fields such as supply chain, manufacturing, marketing, HR, finance, and ESG [2] - "Kingdee Cloud" is fully upgraded to "Kingdee AI," with a product strategy aligned to launch AI packages for enterprises of all sizes, and the flagship version will upgrade to "Kingdee AI Starry Sky Suite" on December 12 [2] Group 2: Data Infrastructure - Kingdee Data Cloud serves as a robust and reliable data foundation for the AI era, supporting AI native intelligent agents and AI-enhanced SaaS, providing complete solutions for clients [3] Group 3: Financial Performance - In Q3 2025, Kingdee's subscription ARR grew approximately 18% year-on-year to 3.86 billion CNY, with a stable overall increase [4] - The renewal rates for various products are reported as follows: Cang Qiong & Xing Han at 105%, Xing Kong at 95%, Xing Chen at 93%, and Jing Dou Yun at 88% [4] Group 4: International Expansion - Kingdee accelerates its overseas strategy in three phases: first, serving Chinese enterprises going abroad; second, deepening local market engagement and building benchmark cases; third, establishing local R&D and delivery centers [5] - The management anticipates that overseas revenue could increase to 5%-10% of total revenue in the next 3-5 years [5]

Core Insights - Kingdee announced the comprehensive upgrade of "Kingdee Cloud" to "Kingdee AI" and introduced a new AI product "Xiao K" at the Kingdee 2025 Global Innovators Conference, showcasing its full-chain AI capabilities from technology foundation to business implementation [1][2] Group 1 - The upgrade focuses on three main highlights: the evolution from single intelligent agents to collaborative multi-agent systems, deep scene optimization from general to specific applications, and the introduction of "Xiao K" as China's first enterprise-level AI native super entrance [1][2] - The new AI product "Xiao K" integrates nearly 20 intelligent agents covering various fields such as marketing, supply chain, human resources, and finance, providing ready-to-use solutions for enterprises [2] Group 2 - Kingdee's AI transformation is not just a technological upgrade but involves a comprehensive restructuring of operations, products, business models, ecosystems, organizations, talent, and leadership [2] - Strategic cooperation agreements were signed with 10 companies, including Tongwei Co., Ltd. and Hisense Group, to promote the deep integration of AI technology in real business scenarios and to create a more open ecosystem [2]

中新网上海新闻11月4日电(樊中华)4日，以"AI+管理 成就不凡"为主题的金蝶2025全球创见者大会在上 海举行。作为行业最具影响力的年度盛会，大会吸引了来自海内外的全球知名企业代表。 上海市普陀区委副书记、区长赵亮，上海市普陀区副区长周如意，马来西亚振兴集团总裁、拿督威拉周 豪俊，强脑科技有限公司创始人兼CEO韩璧丞，深圳云天励飞技术股份有限公司董事长兼CEO陈宁，中 国航空集团有限公司(国航股份)财务部总经理白冬明，通威股份CIO周勇，山西鹏飞集团有限公司集团 副总裁郑梓豪，白象食品集团总裁姚进等嘉宾出席大会，与全球超 3000 位参会者深度对话，共探AI技 术赋能企业管理的实践路径与未来方向。 大会主要聚焦三大亮点：一是从单一智能体到多智能体的协同进化：本次产品实现了"平台+数据云+AI 增强SaaS+AI原生智能体"的全面升级；二是从通用到深度场景优化：新品覆盖财务分析、报价、呆滞 料管理、质量管理等多个深度场景的智能体，全面支撑企业在财务、人力、制造、供应链、营销等领域 的AI转型；三是金蝶宣布"金蝶云"全面升级为"金蝶AI"，并推出全新的AI产品"小K"。同时，"金蝶小 K"作为中国首个企业级A ...

11月4日，在2025全球创见者大会上，企业管理云SaaS公司金蝶（0268.HK）宣布"金蝶云"全面升级 为"金蝶AI"，并推出全新的AI产品、企业级AI原生超级入口"小K"。金蝶集团董事会主席兼CEO徐少春 在会上表示，金蝶AI已在多家企业规模落地，助力企业加速运营智能化转型，如建发集团通过AI合同 审查，审核效率提升100%。同时，徐少春提出了AI时代企业管理的七大转型，指出AI转型不仅是技术 升级，更是涵盖运营、产品、商业模式、生态、组织、人才与领导力的全方位重构。（智通财经记者 胡含嫣） ...