（文/观察者网 张志峰） 从文档工具到AI协同平台，拥有37年文档处理积累的金山办公，转型B端业务的过程中，找到了一条为千行百业数字化转型赋能的新路径。 1月27日，金山办公正式宣布，旗下一站式AI协同办公平台WPS 365构建的"企业大脑"已在华东地区组织级客户中率先落地，在业务效率提升、知识资产盘 活等方面取得多项关键成果，为金融、高端制造、航空等多个行业的数字化转型提供了坚实支撑。 "当前，企业AI应用正经历从'以模型为中心'到'以数据为中心'的关键转变。"金山办公助理总裁朱熠锷强调，数据质量已经成为决定企业AI应用效果的关 键，只有让大模型真正掌握企业知识资产，才能让AI在实际业务场景中发挥实效。 金山办公副总裁吴庆云表示："高质量数据已经成为制约今天AI能不能在现有技术水平下发挥作用的关键制约点，企业级AI建设的首要任务是完成对非结构 化数据的收集和治理。" 针对这些痛点，WPS 365提出了"三步走"实施路径：先通过一站式办公平台特性归集散落的非结构化数据，再依托知识增强生成（KAG）架构将数据治理为 可复用知识，最后将这些知识嵌入办公流、业务流与决策流，形成"企业大脑"的核心能力。 在技术支撑方 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for AI-driven cloud computing services, leading to a tightening supply-demand dynamic in the computing power sector, which is reflected in rising prices from major cloud providers [8][11]. - The "算力ETF" (Computing Power ETF) has seen significant inflows, with over 1.4 billion yuan accumulated in the last ten days, indicating strong investor interest in the sector [1]. - Major tech companies like Microsoft, Meta, and others have reported impressive cloud revenue, with Microsoft achieving $50 billion in cloud revenue for the second fiscal quarter, surpassing analyst expectations [4]. Group 2 - Clawdbot, an open-source AI assistant, has gained significant attention, with deployment support from Tencent Cloud and Alibaba Cloud, indicating a shift towards more personalized AI applications [3][6]. - The pricing strategies of leading cloud providers, such as Google and AWS, have been adjusted upwards, reflecting the increased costs associated with AI training and inference demands [8][9]. - The computing power supply chain is experiencing inflation, with projections indicating significant price increases for DRAM and NAND storage, as well as CPU products, driven by AI demand [9][10]. Group 3 - The rapid growth in token usage for AI models, particularly from OpenAI and Google, suggests a burgeoning market for AI applications across various sectors, with daily token calls reaching unprecedented levels [10]. - The anticipated rise in AI model applications is expected to further drive demand for computing resources, benefiting companies involved in hardware, cloud services, and AI development [11]. - The computing power ETF, 汇添富 (159273), is positioned to capture the growth opportunities in the AI-driven cloud computing market, covering a wide range of sectors including hardware, IT services, and data center operations [12].

Core Insights - The AI office sector has been rapidly growing over the past year, with major players like Microsoft, Google, and Kingsoft competing for market share in the AI To B (business) market by launching AI collaborative office products by 2025 [1][2] - Kingsoft Office has made significant strides in the enterprise market, particularly among private and local state-owned enterprises, with a notable increase in revenue and the acquisition of key clients [2][3] Group 1: Market Dynamics - The collaborative office market is characterized as a "game among giants," with various platforms vying for dominance in the AI office space [1] - Shanghai is emerging as a critical battleground for AI office orders, with Kingsoft Office's WPS 365 "Enterprise Brain" already deployed among major clients in the region [1][2] - Kingsoft Office has reformed its channel system to better compete against Microsoft's stronghold, signing "Changhong Jiahua" as its national distributor to reach a broader market [1][2] Group 2: Competitive Strategies - A key strategy for Kingsoft Office is to replace Microsoft in the enterprise market, particularly targeting private and local state-owned enterprises [2] - Kingsoft Office has reported significant growth in the private enterprise sector, with a revenue increase and the acquisition of industry-leading clients such as Beike and Starbucks [2] - The company aims to replicate its success across various industries by leveraging its experience with top clients [2] Group 3: Financial Performance - Kingsoft Office's personal business accounts for 59% of total revenue, but growth has slowed to 11%, while the WPS 365 enterprise collaboration business has seen revenue growth exceeding 70% [2][3] - Microsoft reported a quarterly revenue of $34.12 billion in its productivity and business processes segment, reflecting a year-on-year growth of approximately 16% [3] Group 4: Challenges and Opportunities - Kingsoft Office faces challenges in overcoming traditional brand perceptions among younger, tech-savvy enterprises and must enhance its product capabilities to meet the needs of small and medium-sized businesses [5] - The AI office market in China is still in the "co-creation stage," with significant potential but requiring the emergence of a killer application for natural growth [5] - The exploration of new AI product forms and interaction modes is ongoing, indicating that the market is still evolving [5]

Group 1 - The core viewpoint of the news highlights the performance of the AI-themed index and ETF, with notable gains in specific stocks like iFlytek and Kunlun Wanwei, while the AI ETF shows significant trading volume and growth in assets [1][2] - As of January 28, the AI-themed ETF has a total asset size of 34.06 billion yuan, with a recent increase of 2.24 million shares over the past six months, indicating strong investor interest [1][2] - The AI-themed index consists of 50 companies involved in providing resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 58.08% of the index [2] Group 2 - The storage chip supply tightness and price increases driven by the AI infrastructure boom are expected to persist until 2027, potentially leading to a systematic upcycle in the chip industry [2] - Domestic chip manufacturers are expected to raise prices, reflecting enhanced pricing power and accelerated localization, which may improve gross margins and cash flow, supporting R&D and expansion [2] - The AI ETF closely tracks the performance of the AI-themed index, which is designed to reflect the overall performance of listed companies in the AI sector [2]

方正富邦沪港深人工智能50ETF（517800）基金经理为吴昊、徐维君。 截至发稿，吴昊累计任职时间7年219天，现任基金资产总规模43.21亿元，任职期间最佳基金回报 112.32%， 任职期间最差基金回报-33.88%。 1月29日，金山办公涨5.01%，截至发稿，报363.55元/股，成交21.66亿元，换手率1.32%，总市值 1683.89亿元。 资料显示，北京金山办公软件股份有限公司位于北京市海淀区小营西路33号金山软件大厦，成立日期 2011年12月20日，上市日期2019年11月18日，公司主营业务涉及从事WPS Office办公软件产品及服务的 设计研发及销售推广。主营业务收入构成为：WPS个人业务65.80%，WPS软件业务20.38%，WPS365业 务11.62%，其他2.19%。 从基金十大重仓股角度 数据显示，方正富邦基金旗下1只基金重仓金山办公。方正富邦沪港深人工智能50ETF（517800）四季 度减持1200股，持有股数3.14万股，占基金净值比例为3.16%，位居第八大重仓股。根据测算，今日浮 盈赚取约54.52万元。 方正富邦沪港深人工智能50ETF（517800）成立日 ...

于钟海在演讲中展示了一组数据：顶尖AI实验室的模型更新周期已缩短至数月，而企业对某一特定模 型的用户留存率，即便是性能卓越的"神模"，12个月后也可能降至较低水平。"这意味着，企业试图通 过自研或深度绑定某一模型来建立竞争优势，不仅成本高昂，而且'保鲜期'极短。"他认为，在这场以 AI为核心的数字化转型中，企业的核心优势将回归其独有的、高质量的数据资产与组织知识。 这一判断揭示了当前企业级AI应用的核心瓶颈。尽管大模型能力突飞猛进，但许多企业的AI项目却陷 入"演示惊艳、落地困难"的困境。症结何在？于钟海指出，问题往往不在于模型本身，而在于业务数据 的"沉睡"与"无序"。财报、合同、设计图纸、会议纪要、工艺手册……这些散落在各处、格式不一、质 量参差的文档，无法直接被AI理解和使用，构成了AI落地的"最后一公里"障碍。 基于对行业痛点的深刻洞察和文档能力的长期积累，金山办公推出的WPS365一站式AI协同办公平台， 其发展路径与于钟海的观点高度契合。WPS365不满足于提供AI工具，而是致力于为企业构建"全域知 识基座"，其核心逻辑是通过强大的文档解析与知识治理能力，激活企业沉睡的非结构化数据。 在这一领域， ...

1月27日，金山办公宣布旗下WPS 365"企业大脑"已在华东地区组织级客户中率先落地。作为由全域知识驱动的核心引擎，该方案通过深度赋能，实现了业 务效率显著提升与知识资产的高效盘活，交出了多项关键成果的亮眼答卷。 对此，金山办公助理总裁朱熠锷提出，企业AI应用正加速从"以模型为中心"转向"以数据为中心"，数据质量成为决定企业AI应用效果的关键。WPS 365以知 识增强生成（Knowledge-Augmented Generation）为支撑，让大模型"掌握"企业真正的知识资产。 从 RAG 到 KAG ，让大模型真正 " 掌握 " 企业知识 近三年来，尽管大模型能力飞速发展、算力价格持续下降，但技术层面的进步并未自动转化为企业AI生产力的实质性突破。企业在应用AI时会遭遇复杂文 档解析、知识冲突、企业黑话、问答相关性弱等现实挑战。高质量的数据治理已经成为AI融入千行百业的关键因素。 中金公司研究部执行总经理、计算机行业首席分析师于钟海介绍，头部模型的快速迭代让企业在模型侧作出的努力"保鲜期"极短，越来越多的企业选择外部 采购模型，而数据作为AI时代的企业底盘，将是企业唯一可持续的AI护城河。 针对这一行业 ...

新华财经上海1月28日电（记者高少华）金山办公27日在上海宣布旗下WPS 365"企业大脑"已在华东地区客户中率先落地。作为由全域知识驱动的核心引 擎，该方案通过深度赋能，实现业务效率显著提升与知识资产的高效盘活。 金山办公助理总裁朱熠锷现场分享 （受访者供图） 金山办公助理总裁朱熠锷表示，企业AI应用正加速从"以模型为中心"转向"以数据为中心"，数据质量成为决定企业AI应用效果的关键。WPS 365以知识增强 生成（Knowledge-Augmented Generation）为支撑，让大模型"掌握"企业真正的知识资产。 转自：新华财经 针对这一行业痛点，金山办公提出了知识增强生成的新模式。与传统的检索增强生成（Retrieval-Augmented Generation）仅让大模型"看到"文档不同，知识 增强生成架构系统性融合多模态、多结构的知识资产，使AI能够真正"掌握"企业知识的内在逻辑与关联。 金山办公副总裁吴庆云表示，高质量数据治理已经成为保障企业级AI应用效果的关键，企业需要优先完成非结构化数据的收集与治理。他提出"三步走"的实 施路径：首先，通过WPS 365办公软件一体化的特性将散落各处的非 ...

Investment Rating - The report rates the computer industry as "Overweight," indicating that the industry is expected to outperform the overall market [9]. Core Insights - Clawdbot signifies a transition in AI product forms from "scene-level assistants" to "system-level Agent platforms," emphasizing comprehensive execution capabilities across tools and systems [3]. - The evolution of Agents is marked by a clear path from Skills to Claude Excel and Clawdbot, shifting market focus from model parameters to the ability to execute complex tasks and integrate external tools [3]. - Clawdbot's revolutionary aspect lies in its ability to understand high-level user intentions and autonomously break them down into ordered steps, enhancing automation in complex workflows [3]. - The deployment of system-level Agents faces challenges such as high complexity in enterprise deployment, data security concerns, and the need for improved stability and traceability across systems [3]. - The acceleration of Agent deployment does not imply the replacement of traditional software but rather positions Agents as intelligent interaction and automation hubs, enhancing overall efficiency [3]. Summary by Sections AI Application Key Companies Valuation - The report includes a valuation table for key AI application companies, detailing their market capitalization and projected net profits for 2024 to 2027, with notable companies such as Kingsoft Office, Yonyou Network, and Zhongkong Technology [4].

Core Insights - The report emphasizes that China's asset value has significant room for revaluation, with the stock market expected to experience a slow bull market in 2025, driven by the transition from old to new economic drivers and the increasing share of the tertiary industry [6] - The report highlights that the liquidity environment is expected to remain supportive for the stock market in 2026, with potential interest rate cuts in China and a narrowing of interest rate differentials between China and the US [7] - The report anticipates a turning point in corporate earnings and valuations in the A-share market, with a projected profit growth rate of around 12% in 2026 [8] Economic News - The report notes that retail sales in various sectors, including home appliances and tourism, have shown significant year-on-year growth, indicating a recovery in consumer spending [2] - The People's Bank of China has announced measures to enhance offshore RMB liquidity, which may positively impact market confidence and investment [2] - The report mentions that foreign direct investment in China has increased, particularly in high-tech industries, reflecting a positive trend in attracting foreign capital [2] Industry Analysis - The report discusses the ongoing transformation of China's manufacturing sector, with a shift towards high-value-added services and technology-driven industries, which is expected to enhance the profitability of Chinese assets [6] - The report highlights the expected growth in the lithium industry, driven by the demand for electric vehicles and energy storage systems, with a projected compound annual growth rate (CAGR) of 21% for lithium demand from 2024 to 2027 [21] - The report indicates that the rare earth industry is undergoing a structural optimization, with supply constraints and increasing demand from sectors like electric vehicles and renewable energy, which may lead to price increases and improved profitability for related companies [17][18] Company Recommendations - The report recommends several stocks for 2026, including Torch Electronics, which is expected to benefit from improving industry conditions, and Guoli Electronics, which has a strong position in the semiconductor and new energy sectors [13] - Other recommended companies include Huace Navigation, which is poised to benefit from the Beidou satellite system, and Kingsoft Office, which is expected to see growth in its software business [13][14] - The report also highlights the potential of companies in the lithium and rare earth sectors, such as Zhongmin Resources and Jinyang Salt, due to the anticipated growth in demand for these materials [20][21]