Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [32]. Core Insights - Oracle announced a $30 billion order and plans to expand data centers in the U.S., with multi-cloud database revenue growing at over 100% [4][7]. - CoreWeave received the first batch of NVIDIA GB300 servers, significantly enhancing AI processing capabilities and efficiency [8]. - Figma is preparing for a major IPO, projecting $749 million in revenue for 2024, with a focus on integrating AI into its design platform [9][13]. - The AI sector is experiencing a new technology cycle driven by increased computational power, model iteration, and accelerated commercialization [4]. - ByteDance's Doubao launched a new "In-Depth Research" feature, enhancing its AI capabilities for complex task processing [22][26]. Summary by Sections Oracle - Oracle's CEO stated a strong start to FY26, with multi-cloud database revenue growing over 100% and a significant contract with OpenAI expected to contribute over $30 billion annually starting FY28 [4][7]. CoreWeave - CoreWeave announced the receipt of NVIDIA's latest GB300 servers, which enhance AI model output efficiency by up to 50 times, marking a significant advancement in AI cloud services [8]. Figma - Figma aims for a $1.5 billion IPO, with 2024 revenue projected at $749 million, reflecting a 48% year-over-year growth. The platform is embedding AI to improve design efficiency [9][13]. AI Dynamics - The AI industry is witnessing a robust cycle characterized by high demand for computational power and rapid advancements in AI applications, with major companies like Oracle and CoreWeave leading the charge [4]. ByteDance - ByteDance's Doubao introduced the "In-Depth Research" feature, which allows users to process complex tasks and generate structured reports, indicating a shift towards deeper AI application capabilities [22][26].

Core Viewpoint - The "Gelonghui Golden Award" ESG Excellence Company selection recognizes companies that excel in environmental, social, and governance dimensions, contributing to China's dual carbon goals and setting benchmarks for long-term value in the capital market [1][2]. Group 1: Award Winners - Twelve companies were awarded the "ESG Sustainable Development Excellence Enterprise" title, including Fourth Paradigm (06682.HK), JinJing New Energy (01783.HK), Kangqiao Yuelife (02205.HK), Ping An Good Doctor (01833.HK), AAC Technologies (02018.HK), Shoucheng Holdings (00697.HK), Tongwei Co., Ltd. (600438.SH), Yaoshi Bang (09885.HK), Zhaojin Mining (01818.HK), China Chunlai (01969.HK), China Reinsurance (01508.HK), and China Nuclear International (02302.HK) [1]. - The ranking of the awarded companies is in alphabetical order and does not indicate any specific order of merit [1]. Group 2: Evaluation Criteria - The selection process involved quantitative data analysis and evaluation by an expert panel to determine the final results [1]. - The award aims to highlight companies that actively promote green transformation and social responsibility through transparent governance [1]. Group 3: Scope of the Selection - The ESG Excellence Company selection covers all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]. - The initiative is designed to create a reference value ranking of outstanding companies in the ESG field within the investment community [2].

近日，第四范式发布法律行业AI智能体解决方案，通过"AI Agent+法律行业模型"，为律所、企业法务 团队及法律服务机构带来全流程的智能化升级。AI智能体可深入理解用户的业务诉求，智能调用垂直 法律模型，在法律文书处理、案件检索、法规合规、法律问答及律师赋能五大核心场景中发挥关键作 用，帮助法律行业实现更高效、更精准、更普惠的智能服务。 基于"AI Agent+垂直法律大模型"这对黄金搭档，为法律人士量身打造的全流程智能升级利器。 它就像一个聪明绝顶的"法律大脑"，能深度理解您的业务需求，智能调用专业的法律知识库，拯救您走 出"痛苦"时刻，让法律服务更高效、精准、普惠。 例如，某法务团队今天要审50份供应商合同，每份都密密麻麻几十页。要在海量文字里找出"霸王条 款"、"隐藏陷阱"或缺失的关键要素(比如争议解决地、知识产权归属)，简直像大海捞针，眼睛都快看花 了还怕有疏漏。 "超级助手"一出手，合同"扫描仪"+"风险探测器"，前来报到！ 它不仅能快速阅读合同全文，更能结合具体业务场景(比如这是一份软件采购合同还是房屋租赁合同？) 和合同结构，精准定位潜在风险点。 不知疲倦、精通法律、效率超高的"超级助手"，2 ...

智通财经APP获悉，近日，第四范式(06682)高级副总裁俞晖，出席备受全球科技界瞩目的华为开发者大会2025(HDC 2025)，并发表「基 于OpenHarmony+海思芯片打造AI智能硬件的实践分享」，重点阐述了在Agent加速发展的2025年，第四范式对端侧模型的探索，以及其 对于鸿蒙生态的贡献。 端侧革命：开发模式的重构与第四范式新生态 俞晖首先分享了传统云端模型与第四范式专注的端侧模型之间的区别。传统云端模型依赖网络传输数据至云端处理，存在「延迟高、隐 私风险大、离线不可用」三大痛点。而端侧模型通过本地化部署模型，在响应速度、隐私保护、降低成本方面都有着不俗的表现。 与此同时，第四范式在十多年的端侧模式开发中，打造了一个开放平台。相比传统开发模式的固定化、指定性(某1-2人做某个模型)，今 天是"你想做就可以参与"，"像一个榜单、一个擂台、一个竞技场"。这样的好处是每个人都有机会，模型效果的上限也不再取决于某1-2 人的水平，而是所有参与到其中的人员的上限。 "把复杂留给操作系统，把简单留给开发者。" 俞晖对HDC主论坛上的这样一句话印象深刻、高度赞同，他表示上述的开发平台、端侧模型能力并不会封闭 ...

股票研究 /[Table_Date] 2025.06.17 2025-06-17 2025Q1 业绩超预期，Agent 业务高歌猛进带动公司进 入高速增长轨道 第四范式(6682) [Table_Industry] 计算机 [Table_Invest] 评级： 增持 证 券 研 股 票 研 究 究 报 告 [Table_CurPrice] 当前价格(港元)： 45.80 [Table_Market] 交易数据 52 周内股价区间（港元） 20.05-62.55 本报告导读： 宏观承压下，公司 25Q1 营收增速实现逆势高速增长，Agent 对公司业务加持已经凸 显，全年转盈趋势确定的背景下，公司在 2B+2C 双轮驱动下长期增长可期。 投资要点： | [Table_Finance] 财务摘要 （百万人民币） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,087.63 | 4,206.95 | 5,260.65 | 6,883.82 | 8,862. ...

Core Insights - The introduction of AI intelligent agents in manufacturing aims to provide a comprehensive upgrade from production optimization to supply chain management through the "AI Agent + Industrial Vertical Model" [1] - The AI intelligent agents enhance operational efficiency and smart capabilities, breaking through traditional lean production constraints [3] - Real-world applications of AI intelligent agents have led to significant improvements in manufacturing processes and cost reductions [4] Group 1: AI Intelligent Agent Solutions - The AI intelligent agent solution covers various aspects such as industry data inquiry, 3D design, yield data analysis, predictive maintenance, and intelligent supply chain decision-making [1][5] - The solution aims to help enterprises achieve cost reduction, efficiency enhancement, quality improvement, and digital transformation [1] Group 2: Operational Efficiency Improvements - A heavy-duty engine manufacturing base improved its vehicle production efficiency to a level where a vehicle can be completed in approximately 4.5 minutes, showcasing the transformative impact of AI [3] - The AI intelligent agent connects various business processes, enabling management precision, manufacturing flexibility, process visibility, and intelligent decision-making [3] Group 3: Real-World Impact - A plane manufacturing group reduced lifecycle costs of parts by over 100 million yuan through a 3D parts management system [4] - A semiconductor company increased production capacity by 13% using intelligent scheduling for semiconductor manufacturing [4] - A leading battery company achieved a recall accuracy rate of 93.4% for abnormal vehicles through real-time battery anomaly detection [4] - A specialized enterprise improved expert support efficiency by 30% using a smart service operation system [4] Group 4: Specific Applications of AI Intelligent Agents - Industry data inquiry is facilitated by building an enterprise-level knowledge base that supports 24/7 natural language interaction for quick responses [5] - 3D design capabilities allow for rapid association of similar parts from 2D images, significantly shortening R&D cycles [5] - Yield data analysis utilizes a multimodal model to create a factory-level data panorama, enhancing problem identification speed [5] - Predictive maintenance employs smart sensor networks to collect real-time equipment parameters, reducing unplanned downtime [5] - Intelligent supply chain decision-making analyzes market demand and logistics costs to generate procurement plans and inventory strategies [5] Group 5: Future Outlook - The collaboration between AI agents and the manufacturing industry is expected to strengthen, leading to new advancements in manufacturing [6]

文｜王方玉 编辑｜苏建勋 一句话介绍 贝陪科技是一家专注于研发融合AI大模型技术的智能玩具公司，致力于打造真正懂孩子、懂家长的智能陪伴产品。 贝陪科技近日宣布完成Pre-A轮投资，由顺为资本独家投资。此前公司曾获得由五源资本投资的天使轮融资和由青山资本独投的天使+轮融资，累计融资金 额达到近千万美元。 产品及业务 贝陪科技打造了AI玩具品牌"可豆陪陪"（KidoPally），并于今年4月底推出了首批AI玩具产品——友爱兔和好奇熊。 这两款产品是毛绒玩具形态，配备一副"眼镜"，主要功能有自然对话的儿童AI大模型、NFC游戏启智卡和家长小程序，主要面向全球2-8岁的儿童。 相比于简单的对话式毛绒玩具，可豆陪陪配备的眼镜状屏幕可以显示丰富的表情和英语单词等学习内容，带来更丰富的交互体验。 市场上大多数AI毛绒玩具产品需要按压唤醒，可豆陪陪则实现了语音唤醒，同时做到了低功耗，可以每天对话30分钟，一周不充电。该产品上市两周即 跻身天猫AI玩具类目前三，验证了市场接受度。 团队介绍 创始人兼CEO黄缨宁拥有北京大学人工智能专业和儿童心理学双学位，曾是阿里巴巴P10级别高管，前第四范式AIOS总经理。 联合创始人姚良超是 ...

Core Insights - Fourth Paradigm (06682) has launched an AI intelligent agent solution tailored for the water conservancy industry, aiming to enhance core business operations from monitoring to disaster prevention through intelligent upgrades [1][2] Group 1: AI Intelligent Agent Features - The AI intelligent agent serves as a central hub, understanding the real decision-making needs of water management personnel and frontline workers in various business scenarios [1] - It dynamically invokes specialized AI models in the water conservancy field, facilitating a shift from experience-driven to data-driven operations, thereby improving the resilience and efficiency of water systems [1][2] - The solution includes capabilities such as real-time monitoring of equipment, predictive maintenance alerts, and automated identification of potential issues, significantly reducing response times and enhancing operational efficiency [2][4] Group 2: Benefits to Stakeholders - For the general public, the AI intelligent agent translates to a safer environment, more convenient information access, and a more secure living experience [2] - For enterprises in the water management sector, it promises higher efficiency, lower costs, enhanced safety, improved decision-making, and sustainable development [2][4] - The integration of AI in water resource management is expected to yield substantial societal benefits through smarter, safer, and more efficient disaster prevention and resource management [2][4] Group 3: Specific Applications - The AI intelligent agent can assist in water knowledge Q&A and intelligent decision support by integrating water conservancy knowledge graphs with large language models [4] - It employs image recognition and defect detection models to analyze drone and on-site images, identifying potential hazards such as dam cracks and leaks [4] - Real-time hydrological monitoring is facilitated through anomaly detection and predictive models, integrating sensor data with remote sensing and historical data for dynamic monitoring [4][5] - Flood warning and emergency response capabilities are enhanced through flood evolution simulation models, providing precise warnings and scientific decision support [4][5]

第四范式发布水利行业AI智能体解决方案 金十数据6月10日讯，据第四范式官微消息，第四范式近日发布面向水利行业的AI智能体解决方案，通 过"AI Agent+水利行业模型"的技术架构，助力水利行业实现从监测、调度、运维到防灾的核心业务智 能化升级。 ...

Core Insights - The company has launched an AI agent solution for the real estate brokerage industry, providing comprehensive intelligent upgrades from client acquisition to transaction completion [1] - The AI agent enhances customer conversion rates, optimizes service processes, and accurately predicts market trends, facilitating the industry's shift towards intelligence [1] Group 1: AI Solution Features - The AI agent can understand customer needs and integrate deeply with vertical industry models, allowing real estate agencies to match diverse client requirements efficiently [1] - Key functionalities include professional knowledge Q&A, business empowerment, precise marketing, intelligent customer service, and smart contract management [1] - For precise marketing, the AI agent analyzes customer behavior and historical transaction data to provide personalized property recommendations, improving matching accuracy and conversion rates [1] Group 2: Industry Impact - Industry experts suggest that AI agents are not competitors but tools that help professionals escape inefficient competition, transitioning the industry from "mass tactics" to "professional service premium" [2] - The AI agent assists brokers in evolving from "sales tool operators" to "professional consultants," enhancing the overall service quality in the real estate sector [2]