证券研究报告 2025 年 12 月份股票组合 2025 年 12 月 2 日 重要提示： | 代码 | 名称 | 收盘价（元） | 投资主题 | | --- | --- | --- | --- | | | | （25/11/30） | | | 600801 | 华新建材 | 22.42 | 海外积极布局 | | 603379 | 三美股份 | 52.17 | 制冷剂 | | 601888 | 中国中免 | 79.03 | 政策红利 | | 300750 | 宁德时代 | 373.20 | 估值修复 | | 300274 | 阳光电源 | 182.90 | 新型储能景气度向好 | | 600031 | 三一重工 | 20.32 | 工程机械 | | 600066 | 宇通客车 | 31.11 | 客车出海 | | 002371 | 北方华创 | 427.90 | 半导体设备 | | 688111 | 金山办公 | 311.31 | AI 智能体+办公 | | 603236 | 移远通信 | 88.75 | 车载与无线网关业务放量 | 东莞证券 2025 年 12 月股票组合 本报告的风险等级为中高风险。 本报 ...

Core Viewpoint - Beijing Kingsoft Office Software Co., Ltd. will hold a Q3 2025 earnings presentation on December 2, 2025, to discuss its operational results and financial status with investors [2][3][4]. Group 1: Earnings Presentation Details - The earnings presentation is scheduled for December 2, 2025, from 14:00 to 15:00 [4]. - The event will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online interactive format [4][5]. - Investors can submit questions from November 25 to December 1, 2025, through the Roadshow Center website or via the company's email [5][6]. Group 2: Board Changes - Non-independent director Liu Wei has resigned due to work adjustments, and his resignation will not affect the board's operation [9][11]. - The company has elected Yao Dong as the employee representative director, following a democratic election by company employees [12]. - The board has also approved the election of Ge Ke as a member of the Audit Committee, ensuring compliance with legal requirements [12][17].

Market Overview - China's recent rare earth policy has led to a significant drop in the US stock market, with the Nasdaq falling by 3.56% and the S&P 500 by 2.72%, indicating a strong impact on technology stocks and a spike in the VIX fear index above 31% [1] - The new policy effectively closes loopholes in rare earth exports, which are crucial for semiconductor manufacturing, particularly for companies like TSMC, which relies heavily on rare earth materials from China [1] - The US's dependency on Chinese rare earths for chip production raises concerns for major tech companies like Nvidia and Apple, potentially crippling their operations if strict enforcement occurs [1] Trade Relations - Despite the US's threats to impose 100% tariffs on Chinese goods, China's exports have shown resilience, with a reported 8.3% year-on-year increase in September, leading to a trade surplus of $90.5 billion [2] - The US administration's stance appears to soften, with indications that both countries prefer to avoid economic recession and are open to dialogue [3] Industry Impact - The recent tensions have prompted a shift in attitudes from other countries, such as Canada, which is reconsidering its tariffs on Chinese electric vehicles due to the negative impact on bilateral trade [4] - The market's reaction to the geopolitical situation has led to a rise in gold prices, with spot gold reaching a historical high of over $4060 [4] Semiconductor Sector - The semiconductor industry is witnessing advancements, with upcoming events like the Bay Area Semiconductor Industry Expo expected to showcase significant developments [5] - Companies involved in semiconductor manufacturing, such as Huahong Semiconductor and SMIC, have seen stock price increases, reflecting market optimism [5] Software and Domestic Alternatives - The cessation of support for Windows 10 by Microsoft is expected to boost the market share of domestic operating systems, with projections indicating a 15% share in the PC market by mid-2025 [6] - Companies like Kingsoft are benefiting from this trend, with significant stock price increases following the announcement of domestic software alternatives [6] Cobalt Market Dynamics - New export quotas for cobalt from the Democratic Republic of Congo have led to supply tightening and increased costs, benefiting companies like Luoyang Molybdenum and China Molybdenum [7] - The concentration of export rights among a few large companies enhances their bargaining power within the supply chain [7] Company Performance - Shanghai Fudan reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, although net profit saw a decline of 44.38% [8] - The company is positioned as a leading FPGA supplier, with a focus on advanced chip development and a positive outlook for revenue growth in various product lines [9]

Summary of Key Points Core Viewpoint - On October 9, Kingsoft Office experienced a block trade with a volume of 30,000 shares and a transaction amount of 9.27 million yuan, executed at a price of 309.00 yuan, which represents a discount of 3.11% compared to the closing price of the day [2] Trading Activity - The block trade was conducted by Huatai Securities Co., Ltd. at the Shenzhen Qianhai Securities Trading Department, with the seller being an institutional client [2] - Over the past three months, Kingsoft Office has recorded a total of 5 block trades, amounting to 47.63 million yuan [2] Stock Performance - The closing price of Kingsoft Office on the same day was 318.93 yuan, reflecting an increase of 0.77%, with a turnover rate of 3.04% and a total trading volume of 4.43 billion yuan [2] - The net inflow of main funds for the day was 254 million yuan, and over the past five days, the stock has risen by 2.60% with a total net inflow of 248 million yuan [2] Margin Trading Data - The latest margin financing balance for Kingsoft Office is 1.77 billion yuan, which has decreased by 157 million yuan over the past five days, representing a decline of 8.14% [2]

Group 1 - The article discusses the upcoming recruitment activities of companies after the National Day holiday, particularly focusing on Kingsoft Office, which will start interviewing candidates in 2-3 weeks after the holiday [3][5]. - Kingsoft Office, known for its WPS office software, offers competitive salaries for development positions, ranging from 18k to 22k, with opportunities available in cities like Beijing, Zhuhai, and Wuhan [5][6]. - The work culture at Kingsoft is described as comfortable, with a 9-6 work schedule, making it an attractive option for job seekers [5]. Group 2 - The recruitment positions at Kingsoft primarily include C++, server-side development, and front-end development, with a strong emphasis on foundational knowledge during interviews [6][10]. - The interview process for server-side development positions includes questions on TCP/IP models, OSI models, and database principles such as Redis and MySQL [10][11][12]. - The article outlines the technical details of TCP/IP models, including the four-layer TCP/IP model and the functions of each layer, which are crucial for candidates to understand [14][15][16]. Group 3 - The article highlights the importance of understanding network communication processes, such as the TCP three-way handshake and the reasons for the four-way handshake in connection termination [22][30][31]. - It discusses the implications of HTTP connection management, including the differences between long and short connections, and how these affect server performance and resource management [39][41][42]. - The article also touches on the handling of TIME_WAIT states in TCP connections and the scenarios that lead to their occurrence, emphasizing the need for efficient connection management in high-traffic environments [47][49][50]. Group 4 - The article briefly mentions the concept of SYN flood attacks and the methods to mitigate such attacks, which are critical for maintaining server availability [52][54]. - It explains the structure and functioning of Bloom filters in Redis, which are used for efficient data querying and management [61][67]. - The article concludes with a discussion on the CAP theorem, which outlines the trade-offs between consistency, availability, and partition tolerance in distributed systems [96][98].

两融数据显示，该股最新融资余额为20.13亿元，近5日增加4133.06万元，增幅为2.10%。 金山办公9月19日大宗交易平台出现一笔成交，成交量9.60万股，成交金额2932.80万元，大宗交易成交 价为305.50元。该笔交易的买方营业部为中国银河证券股份有限公司青岛海口路证券营业部，卖方营业 部为中信证券股份有限公司上海分公司。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3835.71万元。 证券时报·数据宝统计显示，金山办公今日收盘价为305.50元，下跌1.77%，日换手率为1.32%，成交额 为18.89亿元，全天主力资金净流出2.74亿元，近5日该股累计下跌0.28%，近5日资金合计净流出3.47亿 元。 （文章来源：证券时报网） 机构评级来看，近5日共有2家机构给予该股评级，预计目标价最高的是西南证券，9月16日西南证券发 布的研报预计公司目标价为373.10元。（数据宝） 9月19日金山办公大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） ...

Core Viewpoint - The release of the new generation of domestic commercial desktop operating systems and server operating systems, Galaxy Kirin V11, marks a significant advancement in China's operating system capabilities, showcasing strong market competitiveness and a shift from "usable" to "user-friendly" products [1][2]. Group 1: Domestic Operating Systems Development - The launch of Harmony OS computers by Huawei signifies a breakthrough in China's ability to develop self-controlled operating systems from the kernel level, with over 12 million terminals equipped with Harmony OS 5 [1][2]. - The global computer operating system market is highly concentrated, with Microsoft Windows and Apple operating systems holding nearly 90% market share, highlighting the challenges faced by China in establishing a self-controlled technology system [2]. - Experts emphasize the necessity of developing domestic operating systems to ensure information security and promote digital economic growth, with Harmony OS being a prime example of rapid development in less than a decade [2][7]. Group 2: Ecosystem and Software Development - The success of an operating system relies on a robust application ecosystem, with domestic operating systems like Galaxy Kirin and Harmony OS making significant strides in ecosystem development [4][5]. - The adaptation of popular software, such as WPS Office to Harmony OS, involves substantial technical migration, with approximately 40 million lines of code being ported to ensure compatibility [5][6]. - The growth of domestic operating systems is fostering innovation and functionality in domestic software, enabling a shift from mere compatibility to collaborative development within the ecosystem [6][7]. Group 3: Market Growth and Future Opportunities - The market for operating systems in China is expected to reach 25 billion yuan by 2025, indicating a growing demand for domestic solutions [6]. - The integration of new technologies, such as artificial intelligence, presents opportunities for domestic operating systems to leapfrog existing solutions and enhance user experience [6][7]. - The development of open-source software and communities is seen as a means to disrupt the current operating system market dynamics, providing a pathway for domestic systems to gain traction [7].

Core Insights - The release of the new generation of domestic commercial desktop and server operating systems, Galaxy Kirin V11, marks a significant advancement in China's operating system capabilities [1] - Huawei's Harmony OS computers have achieved a milestone with over 12 million terminals equipped with Harmony OS 5, indicating a breakthrough in the personal computer operating system sector [1][2] - The Chinese technology and industry sectors are making strides in developing competitive domestic operating systems, transitioning from "usable" to "user-friendly" [1][2] Group 1: Market Dynamics - The global computer operating system market is highly concentrated, with Microsoft Windows and Apple operating systems holding nearly 90% market share [2] - The development of domestic operating systems is crucial for ensuring information security and promoting the digital economy, as stated by Chinese Academy of Engineering academician Ni Guangnan [2] - Harmony OS, initiated in 2015, has rapidly evolved to become one of the top three mobile operating systems globally within a decade [2] Group 2: Innovation and Ecosystem Development - Domestic operating systems are accelerating innovation in various fields, including server and industrial operating systems, with Alibaba Cloud's "Flying Sky" achieving breakthroughs in cloud computing [2][3] - The success of an operating system relies on a robust application ecosystem, with domestic systems like Galaxy Kirin entering a phase of rapid expansion [4] - The adaptation of software applications, such as WPS office software to Harmony OS, involves significant technical challenges, including the rewriting of approximately 40 million lines of code [5] Group 3: Future Opportunities - The market for operating systems in China is projected to reach 25 billion yuan by 2025, reflecting ongoing growth and development [6] - The integration of new technologies, such as artificial intelligence, presents opportunities for domestic operating systems to leapfrog existing solutions [6][7] - The emergence of open-source software and communities is seen as a potential disruptor to the current operating system market landscape [7]

Core Insights - The core viewpoint of the article highlights the financial performance of Kingsoft Office in the first half of 2025, showcasing growth in revenue and net profit, while also noting a decline in quarterly net profit for Q2 2025 [1]. Financial Performance - The company's main revenue for the first half of 2025 reached 2.657 billion yuan, representing a year-on-year increase of 10.12% [1]. - The net profit attributable to shareholders was 747 million yuan, up 3.57% year-on-year [1]. - The net profit excluding non-recurring items was 727 million yuan, reflecting a year-on-year increase of 5.77% [1]. - In Q2 2025, the company reported a single-quarter revenue of 1.356 billion yuan, which is a 14.14% increase compared to the same quarter last year [1]. - The net profit attributable to shareholders for Q2 2025 was 344 million yuan, showing a decline of 2.83% year-on-year [1]. - The net profit excluding non-recurring items for Q2 2025 was 337 million yuan, with a slight increase of 0.57% year-on-year [1]. Profitability and Financial Ratios - The company's debt ratio stood at 29.16% [1]. - Investment income amounted to 133 million yuan, while financial expenses were -4.3228 million yuan [1]. - The gross profit margin was reported at 85.03%, indicating a year-on-year increase of 0.13% [8]. - The return on equity was 6.35%, down 9.67% year-on-year [8]. - Earnings per share were 1.62 yuan, reflecting a year-on-year increase of 3.84% [8]. - The operating cash flow per share was 1.59 yuan, up 17.22% year-on-year [8].

（编辑 何成浩） 证券日报网讯 8月20日晚间，金山办公发布公告称，2025年半年度公司实现营业收入2，657，121， 733.79元，同比增长10.12%；归属于上市公司股东的净利润为747，204，516.37元，同比增长3.57%。 ...