金山办公- 人工智能功能持续升级；估值回归合理，评级下调至 “中性”

8 February 2026 | 9:10PM HKT Equity Research Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng Kingsoft Office (688111.SS) AI features upgrade continues; Down to Neutral on fair valuation 688111.SS 12m Price Target: Rmb365.00 Price: Rmb303.62 Upside: 20.2% We remain positive on Kingsoft Office (KO) as the local office software leader, riding on growing paying ratio of ToC (Consumer) users and ToB (Business) client expansion. With rising Gen-AI trend, we see investor c ...