Industrial: Office scenarios or the direction for large-scale application of AI. Major internet companies are creating primary products.

Industrial has released a research report stating that the office scene has high usage frequency, high stickiness, and high willingness to pay, presenting a vast market space that is expected to become the next large-scale application direction for AI following AICoding. Major internet companies dominate the domestic office application market and possess a natural traffic advantage in the new trend of AI integration. Currently, mainstream office applications are mainly products within the ecosystems of these big companies. Tencent is currently leading, and as WorkBuddy continues to expand its capabilities across various industries, software application vendors are expected to benefit significantly. The main points of Industrial are as follows: The AI office market is vast with rich application scenarios and is expected to become the next large-scale AI application direction. AI can implement functions in general office scenarios, including AI meeting assistants, intelligent search/Q&A, table management, AI creation, AI knowledge bases, AI research, AI contracts, etc., providing a wide range of applications. Overseas, OpenAI and Anthropic have launched ChatGPTWork and Claude Cowork, respectively, focusing on task demands in office scenarios, with a rapid increase in users after launch. According to Anthropic, the applicability of AI has shifted from coding to daily work and other business activities. The office scenes high usage frequency, high stickiness, and high willingness to pay indicate a vast market space, making it expected to become the next large-scale application direction for AI following AICoding. Domestic internet giants compete primarily on product ecosystems and application entry points, integrating internal resources to develop key products. Internet giants dominate the domestic office application market, and with the new trend of AI integration, they have natural traffic advantages. Currently, mainstream office applications are primarily products from these large ecosystems. Tencent, Alibaba, and ByteDance are narrowing their product lines to develop core products: Tencents WorkBuddy emphasizes ecosystem co-creation, performing outstandingly in real work scenarios, and has launched the Buddy AI ecosystem co-creation program, enabling capability exchange with external partners across industry, service, and hardware dimensions to help WorkBuddy penetrate various sectors; Alibaba's Qianwen Office leans towards enterprise scenarios, achieving excellent performance in complex office environments with Qwen 3.8-Max as its core model; ByteDance integrates Feishu and Doubao, leveraging Doubao's strong commercialization capabilities and Feishu's accumulated office scenario data and experience to rapidly grow its AI office business. Tencent's WorkBuddy currently leads the market, and under the trend of ecosystem co-creation, ecosystem software vendors are likely to benefit first. Tencent's WorkBuddy has collaborated with numerous software vendors, embedding WorkBuddy into corporate products or transforming the vertical industry experience or data into Skills, Experts, and Connectors, enriching WorkBuddy's adaptability across various industries. Software application vendors benefit from WorkBuddy's AI empowerment, leading to enhanced application processing efficiency and analytical capabilities. Currently, Tencents partner ecosystem covers industries such as finance, law, accounting, healthcare, education, manufacturing, consumer electronics, marketing, human resources, and content creation. As WorkBuddy continues to expand its capabilities across various sectors, software application vendors are expected to benefit significantly. Recommendations for attention: 1) Office Software: Beijing Kingsoft Office Software, Inc, Intsig Information, Fujian Fuxin Software Development Joint Stock; 2) OA: Weaver Network Technology, Beijing Seeyon Internet Software Corp.; 3) Enterprise Services: Yonyou Network Technology, Hand Enterprise Solutions, Digiwin Co., Ltd., Servyou Software Group, PHANCY, MARKETINGFORCE, HCR Co., Ltd., Nancal Technology; 4) Fintech: Hundsun Technologies Inc., Hithink RoyalFlush Information Network, Beijing Compass Technology Development, Fujian Apex Software. Risk warnings: There is a risk that sector performance may not meet expectations; downstream demand may experience unstable economic conditions; technological innovations may lead to short-term performance declines.