西风 发自 凹非寺 量子位 | 公众号 QbitAI 你使用AI的时候，有没有遇到过这种情况： 如何让AI能够真正地深入我们日常的办公学习场景，直接打入Microsoft Office、WPS这种办公套件的内部，真正实用？ 现在这个问题，终于～终于～有解了！ WAIC上，一个全新全能办公学习AI神器问世，在展示它的效果时，论坛上掀起一阵又一阵的掌声。它 还 获评了 202 5 WAIC"镇馆 之宝" 奖项 。 划重点：这事儿就是最懂办公软件的 金山办公 干的！ WPS AI 3.0，来了 喜大普奔，打工党、学生党注意了～ WAIC论坛现场，金山办公官宣全新发布 WPS AI 3.0 ，带来了 原生Office办公智能体WPS灵犀 ，其中多个组件给AI办公来了个全套升 级。 国内首款 基于 原生Office文 档 的知识 库 产 品 —— WPS 知识 库 ， 登场。 它能将用户的云文档一键升级为知识库，用户可以在WPS知识库上搜答案、筛数据，基于私域知识写方案、写稿子、写汇报，解决知识碎片 化检索、应用和分享难题。 由此，知识的查找和学习不再是大海捞针，每个人都可以拥有专属的"私人知识银行"。 个人办公学习 ...

Q&A 今年（2025 年）科技行业的整体趋势如何？有哪些关键节点和重要事件？ 今年（2025 年），科技行业展现出显著的增长和发展趋势。我们在一月份建 议布局，二三月份迎来一波行情，3 月中旬开始重点关注财报总结，并在 4 月 底建议抄底。从海外算力到国内算力，再到端侧 AI 及应用，整个趋势非常明显。 特别是在 6 月份市场出现分歧时，我们坚定看好 2G 市场行情，并通过算力模 型进行了详细解析。 近期刚刚结束的世界人工智能大会展示了 AI 端、机器人 端以及科技公司半年报的最新动态。华为的超级节点展示了全光方案在通信环 节的重要性，其光模块比例从 1:3 提升至 1:16 甚至 1:18，表明通信和光技术 的重要性显著提升。此外，各大硬件厂商如木兮等 GPU 制造商和服务器厂商也 在大规模推动技术进步。 国内外企业，如亚马逊、阿里巴巴等，在 AI 领域进 行大量探索和发展。北美大厂的财报表现持续良好，创收端也有较好的表现， 这形成了算力模型应用的正循环。在应用端，大量创意项目涌现，例如通过视 国产算力方面，华为展示 3,849 点产品，慕七、摩尔线程等公司推出最 新芯片，国产芯片正逐步从可用跨越到好用阶 ...

Group 1: Market Strategy and Outlook - The core driver behind the recent A-share market rally is the optimistic expectation of a rebound in corporate ROE, rather than mere speculation around policy themes [4][9] - The current valuation of A-shares, while having outpaced the recovery of fundamentals, is not extreme, indicating that the recovery in sectors like food and beverage, coal, and oil and petrochemicals is still in its early stages [4][9] - The "anti-involution" and demand-side policies are expected to show quicker effects compared to the comprehensive policies of 2024, with companies having undergone three quarters of self-purging [10][11] Group 2: Sector Recommendations - **Machinery**: Companies like Xugong Machinery and Yingliu Shares are recommended due to domestic demand stabilization and overseas market recovery [14][15] - **Non-ferrous Metals**: China Rare Earth is favored as export controls may lead to price increases in rare earths, supported by moderate quota growth [16] - **Non-bank Financials**: China Galaxy is highlighted for its strengthening brokerage business and potential for international expansion [17] - **Media and Internet**: Yao Cai Securities is positioned to benefit from increased trading volumes in Hong Kong and potential synergies from Ant Group's acquisition [18] - **Agriculture**: Muyuan Foods is recognized as a leading pig farming enterprise with expected stable profits amid rising pork prices [19] - **Defense and Military**: North Navigation is anticipated to benefit from a rising demand cycle for its products [20] - **Computing**: Kingsoft Office is seen as a leader in AI applications, with significant growth potential from its innovative products [21][22] - **Electronics**: Lante Optics is expected to see strong demand from various sectors, including automotive and AI [23] - **Pharmaceuticals**: Kelun-Botai is noted for its leading ADC technology and potential for international sales growth [24][25]

作者 | 刘宝丹 编辑 | 黄昱 作为中国版的"微软Office"，金山办公多年来和微软在产品形态上保持高度相似。如今，随着AI进入 Agent落地阶段，金山办公有望走出一条新路。 近日，金山办公在世界人工智能大会上发布了WPS灵犀，这是一个能满足个人办公需求的AI助理，通 过自然语言、多轮对话即可完成文档创作、演示文稿生成及语音助手等功能，旨在提升办公效率。 这也开启了WPS AI的3.0版本。金山办公助理总裁田然表示，办公AI的能力已从工具升级为AI助 理。"WPS AI 3.0正在探索重新定义用户、AI与软件三者的交互关系，推动AI办公向Agentic Software演 进。" 一系列产品上新背后，是金山对AI时代办公软件的深入洞察。 过去，AI行业普遍面临两大问题，一是AI能力藏在软件后面，用户能看到软件变强大，但AI的能力无 法完全发挥；二是用户通过聊天机器人调用AI能力，但单次生成的内容看似炫酷，实际并不实用。 基于此，WPS AI 3.0尝试推动AI和办公软件的深度融合。"不是把软件的10000个API教给AI，而是针对 场景做AI和软件的双向改造，软件为AI设计专有能力，同时教会AI跟软件深 ...

Core Insights - The launch of WPS AI 3.0 by Kingsoft Office aims to redefine the interaction between users, AI, and software, addressing current limitations in AI capabilities and usability [3][5] - The AI PPT feature allows for real-time editing and generation of presentations, showcasing advanced capabilities such as content modification and template selection [2][5] - WPS AI 3.0 integrates deeply with WPS Office, enabling collaborative document creation and modification through multi-turn dialogues, enhancing user experience and productivity [5][6] Company Developments - Kingsoft Office demonstrated its AI PPT functionality at the World Artificial Intelligence Conference, highlighting its unique ability to generate and modify presentations interactively [2][4] - The WPS AI 3.0 version is designed to facilitate a more intuitive user experience, allowing users to create documents without needing extensive software skills [6] - The WPS Knowledge Base was introduced alongside WPS AI 3.0, enabling users to convert cloud documents into a searchable knowledge repository, thus improving efficiency in information retrieval and application [5][6] Industry Trends - The AI industry is currently facing challenges in fully utilizing AI capabilities within software, with a need for more practical and user-friendly applications [3] - The concept of Agentic Software is being explored, which refers to more intelligent and capable software that can better serve user needs [3][5] - The global monthly active device count for WPS Office reached 647 million by March 2025, indicating significant market penetration and potential for widespread adoption of AI-driven office solutions [6]

Group 1: Event Overview - The 2025 World Artificial Intelligence Conference (WAIC 2025) was held in Shanghai from July 26 to 28, attracting over 800 tech companies and showcasing more than a hundred "global debuts" or "China debuts" of new products [1] - Over 20 companies from the Sci-Tech Innovation Board participated, marking the largest scale of participation in history, with innovations covering foundational computing power, AI agents, and embodied intelligence [1] Group 2: AI Application Expansion - The Sci-Tech Innovation Board has gathered over 40 core enterprises in the AI industry chain, covering various segments such as computing power, algorithms, data, and application scenarios, with a majority focusing on algorithms and application scenarios [2] - Companies are shifting from closed-source to open-source foundational models, seeking suitable application scenarios to address user pain points, which is crucial for the transition of AI applications from "assistive" to "mainstream" roles [2] - Kingsoft Office (688111) launched WPS AI 3.0, a new native office AI assistant "WPS Lingxi," recognized as a "treasure of the exhibition" at WAIC 2025, aiming to lower the usage threshold of AI tools and promote an "efficiency revolution" in office scenarios [2] - Hehe Information introduced new features for its core product, ScanMaster, enabling high-definition scanning and seamless stitching of large artworks, addressing challenges in the digitalization of cultural heritage [2] Group 3: Advancements in Embodied Intelligence - The past year has seen explosive growth in embodied intelligence in China, with a significant increase in the number and scale of exhibited embodied intelligence companies and products at WAIC 2025, featuring over 150 humanoid robots [3] - Companies demonstrated the operational capabilities of embodied intelligence products in logistics, healthcare, and dining services, indicating a shift from mere exhibits to interactive "robot colleagues" [3] - Hechuan Technology (688320) showcased high-precision joint drive products for humanoid robots, meeting demands for compact spaces and precise control, enhancing the core power for intelligent movement [3] Group 4: Strengthening Computing Power - GPU companies, including Moer Technology and Muxi Technology, showcased cutting-edge products at WAIC 2025, with Moer Technology presenting a comprehensive general acceleration computing platform based on domestic GPUs [4] - Muxi Technology unveiled its latest training and inference integrated GPU, Xiyun C600, featuring HBM3e memory with a data storage capacity increase from 64GB to 144GB, positioning it as one of the most advanced high-bandwidth memory products on the market [4] Group 5: Future Outlook - The recent "1+6" reform policy by the China Securities Regulatory Commission aims to establish a growth tier in the Sci-Tech Innovation Board, expanding the applicability of the fifth set of standards to AI and other frontier fields, which is expected to accelerate innovation in key technologies and the construction of the AI industry ecosystem [5] - The Sci-Tech Innovation Board is anticipated to become the main capital market platform for building China's AI industry cluster, contributing new "intellectual" productivity to global AI development [5]

Core Insights - Kingsoft Office launched WPS AI 3.0, named WPS Lingxi, during the WAIC 2025, enabling users to create documents and presentations through natural language and multi-turn dialogue without complex operations [1] - The company emphasizes practicality over flashy features, focusing on solving real user problems rather than showcasing advanced AI capabilities [1][2] - Kingsoft Office aims to differentiate itself from other AI companies by prioritizing user needs and creating a more relatable AI assistant experience [1] Company Strategy - Kingsoft Office's approach is to develop AI tools that align closely with user requirements, moving beyond merely demonstrating AI capabilities [2] - The company believes that a successful AI office software should mimic human interaction, allowing users to communicate with the AI as they would with a real assistant [1] - Kingsoft Office is committed to quickly transitioning to a phase where it meets genuine user demands rather than just proving AI capabilities [2]

Summary of Key Points from Conference Call Records Industry Overview - The computer sector's holdings are near historical lows at approximately 2.0%, compared to a peak of 6% during the 2018 cloud computing boom, indicating potential for growth [1][3] - The 2025 World Artificial Intelligence Conference (WAIC) has a total area exceeding 70,000 square meters, with significant proposals from Premier Li Qiang regarding AI accessibility and governance [1][4] Key Insights and Arguments - The AI sector is expected to see several catalytic events, including the WAIC, the anticipated release of GT5 in early August, and the Rtwo or V4 models in the latter half of Q3, which will drive AI technology development and application [1][5] - Recommended AI application stocks include Kingdee Digital Enterprise in Hong Kong and several A-share companies such as Jingjie, Hand, Saiyi, Kingsoft, and Hongsoft, all of which have stable fundamentals and positive Q2 earnings expectations [1][6] - China aims to enhance AI chip independence through improved single-card capabilities and distributed network construction, exemplified by Huawei's Cloudmagic 384 [1][7] Technological Developments - Huawei's Cloudmetric 384 features high bandwidth and low latency designs, significantly improving multi-expert inference efficiency, equipped with 384 cards, achieving a single card BF16 computing power of 800 TFLOPS, surpassing NVIDIA A100 [1][8][9] - The AI chip sector is witnessing significant advancements, with the VICO2.25 showcasing multiple AI chips, including the 910C chip with BF16 computing power nearing 800 TFLOPS and a memory capacity of 128GB [1][10] Liquid Cooling Technology - Liquid cooling technology is highlighted as a key feature at the Wetalk 2025 conference, with the Chinese liquid cooling server market projected to reach approximately 11.5 billion in 2024 and expand to 68 billion by 2027, reflecting a compound annual growth rate of over 45% [2][12] AI Applications and Innovations - The 2025 AI conference showcased over 40 large models, with significant updates from major companies like Alibaba, SenseTime, and China Mobile, focusing on model upgrades and applications [1][20] - Kingsoft's WPS AI 3.0 version emphasizes AI PPT and personal knowledge base features, enhancing user experience through improved document interaction and real-time modifications [1][29][30] Market Trends and Future Outlook - The AI sector is transitioning into a multi-agent collaboration phase, where complex task planning and iterative reflection are becoming standard practices [1][37] - The evolution of enterprise AI is expected to significantly alter business models, moving towards performance-based pricing structures and revenue-sharing models [1][38] Recommendations for Investment - When selecting ToB AI software companies, it is advisable to focus on firms with stable business development and significant future growth potential, such as Kingdee, Maifushi, Jingjie, and Xunfei Medical [1][39]

Investment Rating - The report indicates a positive investment outlook for the AI industry in China, projecting significant growth and opportunities for investors [1][5][53]. Core Insights - China's AI industry is positioned to lead globally due to a robust ecosystem, substantial market size, and a strong talent pool, with expectations of an annual productivity increase of approximately 0.8% over the next decade [1][4][2]. - The AI market in China is anticipated to reach 5.6 trillion RMB by 2030, presenting vast opportunities for entrepreneurs despite challenges such as high startup costs and industry uncertainties [1][5]. - There is a notable narrowing of the gap between top Chinese AI companies and their U.S. counterparts, with increased participation from global investors in financing projects [1][7]. - The report highlights a significant funding gap in AI safety investments, emphasizing the need for a "patient capital" strategy to prioritize long-term safety while achieving short-term returns [1][15][21]. Summary by Sections AI Market Overview - China's AI market is expected to grow to 5.6 trillion RMB by 2030, driven by advancements in technology and a complete industrial chain [1][5]. - The AI industry is projected to contribute an additional 12.4 trillion RMB to China's GDP by 2035, reflecting the technology's self-accelerating nature [1][4]. Investment Opportunities and Challenges - Opportunities include the emergence of numerous commercialization scenarios as AI capabilities improve and costs decrease [5]. - Challenges consist of high startup costs, including talent and computational resources, and significant industry uncertainties [5][19]. International Competitiveness - Chinese AI companies are increasingly recognized for their competitiveness on the global stage, with opportunities to participate in global standard-setting [7][11]. - The report notes a significant increase in global investor participation in financing Chinese tech projects [7][11]. AI Safety and Investment Gaps - The report identifies a stark contrast between the vast investments in AI technology and the minimal funding allocated for AI safety, highlighting a resilience funding gap of approximately 2,800 to 1 [15][21]. - It calls for a strategic focus on long-term safety investments to mitigate potential risks associated with AI advancements [15][18]. Government and Institutional Support - The Chinese government is actively promoting AI development through various measures, including financial support and regulatory optimization [50][53]. - Initiatives such as the establishment of the Science and Technology Innovation Board (科创板) aim to support high-growth tech companies, particularly in AI [53][55]. Future Trends and Innovations - The report anticipates that AI will continue to drive significant productivity gains and foster innovation across various sectors, including finance, healthcare, and manufacturing [1][4][25]. - Emerging trends in AI applications, such as generative AI and its integration into business processes, are expected to reshape industries and enhance operational efficiencies [41][42].