360 (601360.SH) AI Application Concept Heat Analysis: Driving Factors and Market Impact

360 (601360.SH) became a market hot stock on November 17, 2025. The core driving factors include the outbreak of the AI application concept, large inflows of main funds, and sector rotation effects. On that day, the stock rose by a 10.01% daily limit to 13.60 yuan, with a net purchase of 1.439 billion yuan by main funds and a net inflow of 1.665 billion yuan from super large orders [0][2]. The Shanghai-Hong Kong Stock Connect turnover reached 9.337 billion yuan, ranking first in the Shanghai-Hong Kong Stock Connect that day [0].

The outbreak of the AI application concept is a key catalyst: Alibaba’s “Qianwen” App public beta launch ignited a new main line of investment [1], and the market shifted from the computing power hardware competition to the application implementation field. As a representative enterprise in AI security strategy, 360 has unique advantages in AI application scenarios [0]. In addition, the sector rotation effect is obvious, with funds shifting from the previously popular computing power hardware to the AI application sector [0].

Financially, the company’s Q3 2025 revenue was 3.827 billion yuan, but net profit was a loss of 203 million yuan, total assets were 37.698 billion yuan, and diluted earnings per share were -0.04 yuan [0]. Despite the short-term loss, 360 was included in the holdings of the Xinchuang ETF fund, accounting for 4.32% [0][3], indicating its allocation value in the technology sector.

1. Combination Advantages of AI Security and Applications
   : 360’s AI security capabilities have made it stand out in the outbreak of AI applications, becoming a differentiated target of capital attention [0].
2. Strong Signal from Institutional Funds
   : A net inflow of over 1.4 billion yuan from main funds indicates that institutional investors are optimistic about its AI application prospects [2][4].
3. Long-term Significance of ETF Inclusion
   : Being included in the holdings of the Xinchuang ETF reflects the market’s recognition of its role in the field of independent technological innovation and is expected to attract more passive capital inflows [3].

• Risks
  : The Q3 net profit loss shows that the company still faces profit pressure, and attention should be paid to the monetization progress of the AI application business [0]; fluctuations in market sentiment in the AI concept sector may lead to short-term stock price corrections [0].
• Opportunities
  : The continuous expansion of the AI application market provides growth space for 360, especially in the fields of AI security and enterprise-level AI applications [1]; if the company can convert AI technology into actual profits, it is expected to achieve a performance reversal [0].

360 (601360.SH) has become the market focus due to the outbreak of the AI application concept, with strong short-term performance, but it is necessary to balance its AI business potential with its current profit status. Investors should pay attention to the progress of the company’s AI application business, profit improvement, and changes in market sentiment [0].