周鸿祎认为，现在AI的运营成本很高，用户对智能体的要求越高，完成任务越多，我们过去跟ChatGPT 聊天的时候消耗token是很少的，现在智能体实际上替你完成一个任务都要花几百万个token，你跟人问 答案哪花得了几百万个token，几千个token就了不起了，所以这种广告模式就不work了，就要向用户直 接收费。 "2025（第二十四届）中国互联网大会"于7月23日-25日在北京举行。360公司董事长周鸿祎谈及近日 Manus将国内业务转移至海外这一话题时表示，Manus的问题比较复杂，我对他们也不是很了解，所以 只能简单的说，可能在国外 AI起来之后，商业模式发生了变化，跟互联网最大的不一样，互联网过去 是这样，运营成本很低，所以只要有足够多的用户，Dau足够高，就可以有广告模式，羊毛出在猪身 上。 他总结：中国的付费习惯可能还是比欧美市场可能要差一些，但是我觉得这是一个过程，整个互联网如 果大家都不要太内卷，现在你比如说你想收费巨头都免费对吧？所以对Manus这种公司来说，可能它既 然融了资，它就要有收入。所以可能还是商业模式变现的问题。但是，我在考虑国内还有一个巨大的市 场。我觉得Manus的思路是自 ...

此前有第三方数据显示DeepSeek用户使用率和官网流量回落，今日360集团创始人周鸿祎在回应记者提 问时表示，梁文锋并没有想认真做一个To C的APP，DeepSeek流量暴涨时它的网站速度"慢得要死"，他 都不在乎，而是一门心思搞AGI，是一个有梦想的人，并且把技术全部开源免费。DeepSeek官网的流量 下降是因为DeepSeek没有花心思，但是现在很多第三方云服务上都有DeepSeek的服务，用了DeepSeek 的大模型流量一直很高，在中国许多公司包括360智能体的基座模型等都使用DeepSeek来改，相当于很 多公司的"武器装备"都是DeepSeek提供的。(第一财经) ...

"2025(第二十四届)中国互联网大会"于7月23日-25日在北京举行。360公司董事长周鸿祎表示，360这个 月将会发布两款AI硬件，包括AI录音笔，不是简单的会议转写，而是智能分析不同场景，将要点总结 更好，这样的功能也会马上在纳米AI搜索中更新。另一款是智能眼镜，周鸿祎表示，自己看了很多小 米AI智能眼镜的反馈，在他看来，做眼镜必须得带显示，如果不带显示功能，想象不出这款眼镜在哪 里会比智能耳机更强一些。(新浪财经) ...

360集团创始人周鸿祎表示，目前360对于芯片的采购在往国产芯片方向转，尽管国产的芯片和英伟达有 差距，但是必须要用，用得越多才会改进。对于是否会重新采购H20芯片，他称360最近采购的都是华 为的产品。他称H20更适合做推理，但相比训练，推理对于芯片的要求更低，不需要高速互联、组成集 群等等，国产芯片性价比更高，H20会比较尴尬。(一财) ...

以下文章来源于刀客Doc ，作者刀客doc 刀客Doc . 商业专栏作者，专注品牌营销、广告平台和社会消费文化的深度观察。 本文来自微信公众号： 刀客Doc ，作者：刀客doc，题图来自：AI生成 一 前几天，我了解到一个消息：又一个大厂的品牌部"没了"。 简单来说，这家大厂将原本独立负责品牌建设与传播的集团品牌部，整体并入集团公关部门，未来也 不再保留高配级别的CMO岗位。 事实上，过去一年里，"品牌部消失"或"品牌被整合"的消息已经屡见不鲜。大厂们正在经历一场组织 层面的"品牌大撤退"——那些曾经直接向高层汇报、拥有高度自主权的品牌团队都已经消失了。 早在3月，京东就官宣撤销集团品牌部，将其人员和职能整体划入市场营销部下的平台营销条线，理 由是精简架构、提高服务业务效率。但从组织上看，品牌管理被从总部剥离，转而归属零售业务线， 意味着其战略地位的下降。 再看360，动作更极端。周鸿祎直接宣布砍掉整个市场部，称其"效率太低"，不如把资源投入AI和产 品研发。当然，在我看来这更像是一场借AI之名做的宣传，但也传递出一个信号： 在资源优先级排 序中，传统品牌与市场部门已被边缘化。 二 放眼更早，腾讯也有类似调整 ...

截至7月21日收盘，智谱AI概念下跌0.49%，位居概念板块跌幅榜前列，板块内，宇信科技、正元智 慧、因赛集团等跌幅居前，股价上涨的有20只，涨幅居前的有盛通股份、优刻得、凌云光等，分别上涨 6.35%、5.24%、4.10%。 | 600640 | 国脉文化 | 0.24 | 0.66 | -668.31 | | --- | --- | --- | --- | --- | | 603956 | 威派格 | -0.42 | 3.06 | -639.23 | | 002908 | 德生科技 | 0.36 | 7.85 | -633.41 | | 300571 | 平治信息 | -0.68 | 3.28 | -589.81 | | 688244 | 永信至诚 | -0.91 | 2.94 | -447.95 | | 605069 | 正和生态 | 0.27 | 11.30 | -266.68 | | 688365 | 光云科技 | -2.59 | 3.18 | -8.11 | | 003032 | *ST传智 | -0.89 | 1.64 | 81.83 | | 002712 | 思美传媒 | 0.69 | 2. ...

Group 1 - The top 50 Chinese technology and internet companies by market capitalization as of July 21, 2025, are listed, with TSMC leading at $124.684 billion [3][4]. - Tencent Holdings ranks second with a market cap of $60.3704 billion, followed by Alibaba at $28.679 billion [3][4]. - Xiaomi Group and Pinduoduo hold the fourth and fifth positions, with market caps of $18.9457 billion and $15.4741 billion, respectively [3][4]. Group 2 - Meituan and NetEase are ranked sixth and seventh, with market caps of $10.3371 billion and $8.6191 billion [4]. - JD.com, SMIC, and Kuaishou follow, with market caps of $4.8896 billion, $4.8429 billion, and $3.948 billion, respectively [4][5]. - Li Auto and Tencent Music are also in the top 15, with market caps of $3.404 billion and $3.3193 billion [5]. Group 3 - Baidu, Beike, and Tonghuashun are ranked 13th, 14th, and 15th, with market caps of $3.0187 billion, $2.2374 billion, and $2.0827 billion, respectively [5][6]. - The list includes various companies from different sectors, indicating a diverse representation within the technology and internet industry [6]. - The market capitalization figures are calculated based on the current exchange rate of USD to HKD [6].

两市全天特大单净流入166.28亿元，其中44股特大单净流入超2亿元，常山北明特大单净流入23.33亿 元，特大单净流入资金居首。 沪指今日收盘上涨0.37%。资金面上看，沪深两市全天特大单净流入166.28亿元，共计2101股特大单净 流入，2633股特大单净流出。 从申万一级行业来看，今日有19个行业特大单资金净流入，计算机特大单净流入规模居首，净流入资金 57.90亿元，该行业指数今日上涨1.33%，其次是电子，今日上涨2.18%，净流入资金为43.18亿元，净流 入资金居前的还有国防军工、通信等行业。 特大单资金净流出的行业共有12个，净流出资金最多的是公用事业，特大单净流出资金8.09亿元，其次 是银行，特大单净流出资金7.41亿元，净流出资金居前的还有环保、房地产等行业。 特大单净流出资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%) | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 002602 | ST华通 | 11.77 | -4.77 | -3.98 | 传媒 | | 300274 | 阳光电源 | 74. ...

Core Viewpoint - The company 360 is facing significant financial challenges, with continuous revenue decline and increasing losses attributed to high sales expenses and unsuccessful investments in various technology sectors [1][5][12]. Financial Performance - 360 expects a net profit loss of 240 million to 320 million yuan for the first half of 2025, primarily due to increased sales expenses aimed at enhancing product promotion and market influence [5]. - The company has experienced a continuous revenue decline over the past six years, with revenues of 108.86 billion, 95.21 billion, 90.55 billion, and 79.48 billion yuan from 2021 to 2024, representing year-on-year declines of 6.28%, 12.54%, 4.89%, and 12.23% respectively [3][6]. - Cumulative net losses have exceeded 4 billion yuan over the past three and a half years since turning from profit to loss in 2022 [1][3]. Business Segments - The main business segments of 360 include internet advertising and services, smart hardware, security services, and internet value-added services, with internet advertising contributing over 50% of total revenue [6]. - In 2024, the revenue from internet advertising and services was 4.166 billion yuan (down 7.85%), smart hardware was 1.014 billion yuan (down 35.44%), and security services was 1.287 billion yuan (down 27.06%), while internet value-added services grew to 1.379 billion yuan (up 25.51%) [6][8]. Expense Trends - The company has seen an increase in expense ratios, with R&D expense ratio rising from 34.28% in 2023 to 40.29% in 2024, sales expense ratio increasing from 22.41% to 26.97%, and management expense ratio from 7.74% to 8.3% [8] Investment Strategy - 360 has been actively investing in various technology trends, including electric vehicles, the metaverse, and AI, but has faced challenges in realizing profitable returns from these investments [12][13]. - The company's investment in the electric vehicle company Hozon Auto has resulted in significant losses, with investment losses of 894 million yuan and 687 million yuan in 2022 and 2023 respectively [12]. - The launch of the "N World" metaverse platform has not achieved significant success due to a lack of foundational technology and ecosystem capabilities [12][13]. Market Position - Following its reverse merger in 2018, 360's stock price has experienced significant volatility, with a peak above 60 yuan per share, but has since declined to 10.87 yuan per share as of July 17, 2025, resulting in a market capitalization of only 76.1 billion yuan [10][12].

Core Insights - The China Securities Artificial Intelligence Industry Index (931071) has shown a strong increase of 1.71% as of July 17, 2025, with notable gains in constituent stocks such as Xinyi Sheng (300502) up 7.98% and Tuowei Information (002261) up 6.72% [1][2] - The Artificial Intelligence ETF (515980) has also risen by 1.74%, achieving a five-day consecutive increase, with a trading volume of 1.40 billion yuan [1][2] - The index has demonstrated a 40.06% increase in net value over the past year, ranking in the top 17.63% among 2,915 index equity funds [1][2] Industry Overview - The index is constructed from 50 representative listed companies that provide foundational resources, technology, and application support for artificial intelligence, with the top ten stocks accounting for 52.07% of the index [2][3] - The upcoming World Artificial Intelligence Conference from July 26 to July 28, 2025, in Shanghai will showcase over 3,000 cutting-edge exhibits, including numerous AI models and products, marking the largest scale in history [2][3] Market Trends - Dongwu Securities indicates that AI applications have achieved significant cost reductions and rapid penetration, suggesting the industry is entering a fast growth phase [3] - Guojin Securities highlights strong momentum in AI hardware for smart driving and robotics, as well as software applications in education, finance, and enterprise services [3][5] - The Huafu Artificial Intelligence ETF (515980) is positioned as a small broad-based fund that captures opportunities in both computing infrastructure and application innovation within the AI sector [5][6]