当清晨的第一缕光透过窗帘，一位懂你日程、知你冷暖的"AI伙伴"也开始了一天的工作。 一杯咖啡氤氲的香气里，行程梳理妥当，甚至晨会的简短发言提纲也已拟好；通勤路上，昨晚未看完的项目文档转化为语音播报，自动标注出关键数据； 在工位前，面对庞杂的数据报表，秒级生成可视化图表；下午和客户见面前，输入核心思路，它快速生成PPT初稿，还匹配符合品牌调性的排版与配图； 回家途中，语音告知晚餐需求，它会推送适配食材库存的菜谱，甚至联动智能家居提前预热厨具；入夜，当你准备休息，它已筛选好明日最重要的资讯， 并道一声"晚安"…… 就像水电般自然存在的基础设施，如果说2024年是试探性地触碰AI的年份，那么2025年，我们真切地与AI共同生活、并肩工作，AI应用也正在进行"全场 景渗透、全流程赋能"的蜕变，我们的时间感知、决策模式甚至生活节奏，都在被悄然重塑。AI改变的，远不只是工作效率。 这份榜单，也不只是评点优劣，或许并不那么完美，但更想记录AI如何以惊人的速度重塑新范式。我们审视榜单，既是在万千选择中寻找最可靠的"伙 伴"，也是追问：当AI的能力深入核心领域，我们该如何驾驭，如何让AI在规范中更好助力这场"智变"。 A面 豆 ...

Core Insights - The first batch of large model companies in China, including Zhiyu AI and MiniMax, are set to go public, marking a significant milestone in the AI startup landscape by the end of 2025 [1][5] - These companies are taking different paths in their business models, with Zhiyu AI focusing on technology infrastructure and MiniMax targeting consumer applications [1][2] Company Strategies - Zhiyu AI, founded in 2019, has a strong academic background and focuses on a full-stack self-developed approach, primarily generating revenue through Model as a Service (MaaS), which contributed 84.8% of its revenue in the first half of 2025 [6][10] - MiniMax, established in early 2022, adopts a "technology as product" strategy, with a significant portion of its revenue coming from AI-native products, which accounted for 71.4% of total revenue in 2024 [11][12] Financial Performance - Zhiyu AI's valuation reached 24.4 billion yuan, making it a leader among domestic large model companies, with a market share of 6.6% in the general large model development sector [6][10] - MiniMax reported revenues of $3.46 million in 2023, $30.52 million in 2024, and $53.44 million in the first three quarters of 2025, with overseas revenue becoming a significant contributor [11][12] Market Trends - The global large model market is expected to grow from $10.7 billion in 2024 to $20.65 billion by 2029, with a compound annual growth rate (CAGR) of 80.7% [16] - The Chinese large language model market is projected to reach 53 billion yuan in 2024, with enterprise clients contributing 47 billion yuan [15] Competitive Landscape - Zhiyu AI's focus on B-end clients aligns with the market's payment structure, while MiniMax's C-end strategy allows it to avoid direct competition with giants like OpenAI and Google [15][18] - Both companies are exploring potential expansions into each other's domains, with Zhiyu AI looking to enhance consumer electronics and MiniMax expressing intentions to develop B-end services [21] Challenges and Risks - Zhiyu AI faces risks related to client concentration, with its largest client contributing 19% of revenue and the top five clients accounting for 45.5% [10] - MiniMax is dealing with copyright lawsuits from major film studios, which could pose financial risks despite the company's belief in the lack of merit in these claims [14]

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]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Office (688111) [1] Core Insights - Kingsoft Office, as a leading domestic office software provider, has experienced accelerated growth in performance, driven by its innovative AI applications and alignment with the national strategy for domestic software replacement [4][11] - The company has successfully integrated AI into its product offerings, particularly with the WPS AI, which has evolved to version 3.0, marking a significant shift towards intelligent collaborative tools in the office software sector [4][46] - The report highlights the strong growth in revenue and profit for Q3 2025, with a notable year-on-year increase in revenue of 25.33% and net profit of 35.42%, indicating a robust performance compared to earlier quarters [4][21] Summary by Sections 1. Domestic Office Software Leader with Steady Growth - Kingsoft Office has developed a comprehensive application service system that integrates cloud, collaboration, and AI office capabilities, providing efficient and intelligent office experiences for users [11] - The company has a strong product matrix, including WPS Office, WPS 365, and WPS AI, serving users across over 220 countries [11][14] 2. AI Agent Enters Explosive Growth Phase - The report notes a significant increase in the consumption of AI tokens, indicating that AI has entered a phase of large-scale application, with domestic markets showing a 363% growth in token usage [29][35] - Kingsoft Office is positioned to benefit from this trend, leveraging its AI capabilities to enhance user efficiency and drive business growth [29][38] 3. Dual-Drive of AI and Domestic Software Replacement - The company has strategically positioned itself to capitalize on the domestic software replacement trend, actively participating in government and enterprise tenders for domestic office software [4][46] - The WPS AI product has been upgraded to version 3.0, enhancing its capabilities and user interaction, thus redefining the office software landscape in China [46][50] 4. Financial Performance and Growth Drivers - For the first three quarters of 2025, Kingsoft Office reported a revenue of 41.78 billion yuan, a year-on-year increase of 15.21%, with net profit growing by 13.32% [21] - The company’s core business segments, including WPS 365 and WPS software, have shown strong growth, particularly in the government and enterprise sectors, driven by increased demand for domestic software solutions [24][28] 5. Future Outlook - The report projects that Kingsoft Office will continue to benefit from the growth of AI and domestic software initiatives, with expected EPS of 4.27, 5.06, and 6.04 yuan for 2025 to 2027, corresponding to PE ratios of 71, 60, and 51 times respectively [4][46]

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]

Core Viewpoint - The collaboration between China Merchants Securities and ten major fund companies aims to enhance investor knowledge of ETFs and promote healthy market development, particularly focusing on the opportunities within the Hong Kong internet sector driven by AI advancements [1] Group 1: Market Dynamics - The Hong Kong internet sector has experienced significant fluctuations over the past three years, influenced by regulatory policies, U.S. Federal Reserve monetary policy, and economic recovery from the pandemic [2][3] - Positive signals in domestic economic expectations and the Fed's shift to a dovish stance have created a favorable liquidity environment for the Hong Kong internet sector [3][4] Group 2: AI Industry Trends - The AI market is characterized by a technological breakthrough-driven industrial trend, with strong demand for computing power in the upstream and significant advancements in model technology in the midstream [2][5] - The release of Gemini3 marks a transition from "conversational interaction" to "action-oriented intelligence," complementing cost reductions in models like DeepSeek, which significantly lowers operational costs [5][6] Group 3: Investment Opportunities - The China Securities Hong Kong Internet Index is designed to capture leading companies in the sector, characterized by high concentration, balanced coverage across various applications, and a strong focus on AI [8][14] - The index includes 30 companies, with the top ten accounting for over 72% of its weight, providing a concentrated investment in leading firms while diversifying risk across different sectors [14][18] Group 4: Seasonal Market Behavior - Historical trends indicate that the end of the year often sees a "window dressing" effect, where fund managers adjust portfolios to showcase better-performing assets, potentially leading to increased capital inflows into popular sectors [11][12] - The end of the year is also a critical period for policy meetings, which can set the tone for future economic policies and enhance market risk appetite [11] Group 5: Valuation and Growth Potential - The Hong Kong internet sector currently presents a valuation discount compared to U.S. tech giants, with a price-to-earnings ratio of 22, indicating potential for valuation recovery as AI continues to develop [19][20] - The sector's long-term growth is supported by continuous technological iterations, deep integration of AI across various applications, and favorable government policies promoting AI development [13][20]

29 December 2025 | 9:07AM HKT Equity Research Kingsoft Office (688111.SS): WPS Premium discount to engage new AI users and drive ARPU expansion; Buy Kingsoft Office (KO) is now offering higher discounts for WPS Premium, which includes AI features from late Nov (Exhibit 1), to engage more AI users and drive ARPU expansion. Compared to the promotion season last year, KO is now integrating WPS AI membership into WPS Premium, and is offering a higher discount rate for Premium membership to encourage users' adop ...

Core Insights - Meta's acquisition of AI Agent startup Manus signifies a pivotal shift in the AI industry, moving from mere conversational capabilities to autonomous actions, marking a new phase in AI evolution [1][9] - The news has triggered a surge in the Chinese capital market, with investors actively seeking companies that demonstrate real "Agent implementation capabilities" [1][9] Group 1: Key Companies in AI Agent Space - **Pioneer in Vertical Implementation: Maifushi (02556.HK)** Maifushi's stock surged over 11% following the news, as it recently launched its Agentforce 3.0, a significant upgrade that automates complex business processes from perception to execution. It ranks among the top in the "2025 Enterprise AI Agent Applications TOP 50" alongside major players like Baidu and Alibaba [2][10] - **Foundation Stone of Infrastructure: Baidu Group (09888.HK)** Baidu serves as the backbone of China's AI Agent ecosystem, providing the Wenxin large model and the AgentBuilder development tool, enabling developers to create agents with low barriers. Its foundational technology positions it as a critical player in the AI Agent market [3][11][12] - **Central Hub for Office Scenarios: Kingsoft Office (688111.SH)** Kingsoft is transforming traditional document processing software into intelligent agents through WPS AI, focusing on enhancing personal productivity. It stands as a solid counterpart to Microsoft's Copilot in the domestic market [4][13] - **Hardware Giant: Lenovo Group (00992.HK)** Lenovo is promoting "AI PCs" that integrate localized large models and agents, representing a new category of edge intelligence. This positions Lenovo as a key hardware provider for AI agents, ensuring user accessibility [5][14] - **Entertainment and Social Player: Kunlun Wanwei (300418.SZ)** Kunlun is aggressively pursuing the C-end entertainment sector with its "All in AGI" strategy, which includes the Tiangong large model and ventures into AI gaming and social agents, aiming to create interactive companions in virtual environments [6][15] - **Leader in Visual Perception: SenseTime-W (00020.HK)** SenseTime excels in visual AI, focusing on physical world perception, particularly in autonomous driving and robotics. Its "Riri New" system aims to develop agents capable of understanding and responding to physical environments, representing a high-tech frontier in the agent space [7][16] Conclusion - Meta's acquisition of Manus serves as a clarion call for the AI industry, indicating a shift from mere conversational AI to functional agents. The next phase for China's AI agents will prioritize product capabilities over mere concepts [8][17]

2025年，A股市场的AI主线清晰地呈现出"硬件先行"的格局，算力需求的指数级增长，推动了CPO、AI 服务器、存储芯片等硬件环节率先实现业绩兑现.其中，工业富联（601138.SH）AI服务器相关业务营收 同比增长5倍，中际旭创（300308.SZ）光模块营收呈现量价齐身，股价井喷式上涨。 随着硬件基础设施持续完善、算力成本逐步下行，以及AI技术在各行业的深度渗透，市场目光开始转 向"硬件之后谁接棒"的核心问题。从产业周期视角观察，AI发展遵循"基础设施先行-中间层工具-上层 应用"的传导路径。硬件端的爆发为应用层提供了必要的算力基础和环境支持。 多家券商在2026年投资策略中明确指出，AI产业链的投资机会将从硬件端向应用侧扩散。展望2026 年，AI应用端企业是否将迎来业绩与估值的双重爆发？哪些细分赛道将有望成为新投资风口？ AI产业正步入从"可用"到"好用"、从"技术验证"到"规模商用"的关键拐点。在美股市场，AI应用端的业 绩叙事已率先展开，特别是数字广告领域，广告营销已成为AI应用最先实现商业化落地的领域之一。 得益于AI在广告素材生成、程序化投放优化、用户精准触达等方面的深度赋能，相关公司不仅提升 ...

Core Insights - The AI industry is transitioning from a "technology competition" phase to a "value realization" phase, with a focus on commercial applications and profitability by 2025 [1][4] - Companies that can effectively convert AI capabilities into commercial returns will emerge as the winners in the next stage of the AI revolution [2] Industry Trends - The advertising and marketing sector is leading the way in realizing AI's commercial value, with major companies like Meta, Google, Tencent, and Alibaba leveraging AI to drive revenue growth [2][7] - The market is shifting its focus from raw computational power to the practical application of AI technologies that can deliver tangible business results [4][6] Company Performance - Companies in the AI application space are showing signs of profit recovery, with notable examples including Kingsoft Office and 360, which reported significant revenue and profit growth in Q3 [5] - 易点天下 (Easy Point) has achieved a revenue of 2.717 billion yuan, marking a year-on-year increase of 54.94% for the first three quarters of 2025 [8] Business Model Evolution - 易点天下 is evolving from a service provider to an ecosystem builder, integrating AI technologies into its marketing solutions to create a comprehensive intelligent marketing system [14][16] - The company has developed a new generation of smart marketing solutions, AI Drive 2.0, which automates the entire marketing process from insights to execution [15] Market Positioning - 易点天下 has established a strong competitive foundation through its extensive marketing data assets and AI technology, enabling it to optimize advertising return on investment (ROAS) [10][16] - The company is expanding its reach beyond e-commerce to various sectors, enhancing its resilience against market fluctuations [15][16] Future Outlook - The AI content creation sector is expected to grow, with 易点天下 positioning itself to capitalize on this trend by collaborating with partners like Alibaba Cloud to create a comprehensive solution for AI content creators [11][13] - The integration of AI into advertising is reshaping the industry, and companies that can effectively harness these technologies will be well-positioned for future growth [14][16]