计算机行业 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 6 月 6 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 计算机行业双周报（2025/5/23-2025/6/5） 行 业 海内外 AI 领域催化不断，关注 AI 应用及 AI 算力投资机遇 投资要点： | 1、计算机行业行情回顾 | | 3 | | --- | --- | --- | | 2、板块估值情况 | | 5 | | 3、产业新闻 | | 5 | | 4、公司公告 | | 6 | | 5、本周观点 | | 7 | | 6、风险提示 | | 8 | 资料来源：iFinD， ...

Core Viewpoint - The company maintains its profit forecast for Kingdee International (00268) and continues to rate it as outperforming the industry with a target price of HKD 17, based on a 40x 2025 P/OCF, corresponding to an 8x 2025 P/S ratio, indicating a 30% upside potential from its current trading level of 31x 2025 P/OCF or 6x 2025 P/S [1] Group 1 - The company is transitioning to a comprehensive enterprise management AI company, introducing the concept of "Enterprise Management AI" (EMAI) which integrates AI technology with management theories and practices to create a new generation of management platforms [2] - The management believes that this transformation will shift the company from delivering tools to delivering results, enhancing the value proposition of enterprise service providers and leading to a more outcome-oriented pricing model [2] - The company has developed the AI transformation methodology "AIGO," which includes Assessment & Architecture, Implementation, Governance, and Operation, aimed at accelerating the AI transformation process for enterprises [2] Group 2 - The company announced an upgrade of its enterprise-level PaaS platform, Kingdee Cloud Cangqiong, to a new generation AI platform, providing richer templates and tools, deeper SaaS connectivity, enhanced security, and more open technical standards [3] - This upgrade aims to lower the technical barriers for enterprises to apply AI and accelerate the development of intelligent agents [3] Group 3 - The company launched five intelligent agents, including JinYao Financial Report (financial report analysis agent), ChatBI (enterprise inquiry agent), recruitment agent, travel agent, and enterprise knowledge agent, all designed for immediate use [4] - The JinYao Financial Report agent targets professional investors, business operators, financial researchers, and individual investors, providing intelligent financial report interpretation and analysis report writing capabilities, marking an extension of the company's AI capabilities from B-end to C-end [4]