Core Viewpoint - The AI application sector is experiencing a significant surge, with companies like 360 (601360.SH) seeing strong stock performance and reaching a new high of 13.15 yuan, resulting in a total market value of 934.44 billion yuan [1] Group 1: Market Dynamics - Recent developments in the AI industry include financing rounds for overseas companies like xAI and Anthropic, and the introduction of domestic policies promoting "AI + manufacturing" [1] - The stock prices of Hong Kong-listed large model companies, such as Zhipu and MiniMax, have surged following their listings, indicating a growing interest in AI applications [1] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of enthusiasm for AI applications [1] Group 2: Company Developments - 360 has been selected as one of the first pilot application units for the intelligent agent interconnection protocol, alongside 27 other entities including Huawei, Tsinghua University, and China Telecom [1] - The market anticipates that the development of "professional intelligent agents" is essential for empowering vertical industries [1] - 360's founder and chairman, Zhou Hongyi, predicts that the market space opened by professional intelligent agents could reach ten times the size of the traditional software market [1] Group 3: Strategic Initiatives - 360 has established an "All in Agent" core strategy, which includes the release of the world's first L4-level multi-agent swarm, showcasing its ability to handle complex tasks collaboratively [1] - The company has also launched the "360 Enterprise-level Intelligent Agent Construction and Operation Platform," aimed at addressing the challenges faced by government and enterprise users in their intelligent transformation [1]

Group 1 - The core viewpoint of the news is the significant surge in AI application stocks, with multiple companies experiencing substantial price increases, indicating a strong market interest in AI technologies [1][3]. - The recent strong performance of domestic large model companies MiniMax and Zhipu after their listings in Hong Kong signals the successful "capital closure" of domestic large models, marking the beginning of the "commercial value realization" in AI applications [3]. - Three new hotspots in the AI application field have emerged: AI for Science (AI4S), Generative Engine Optimization (GEO), and AI in healthcare, with notable developments such as OpenAI's launch of "ChatGPT Health" and the rapid user growth of "Ant Financial's" health feature [3]. Group 2 - Guojin Securities recommends four key directions in AI applications: super entry points, AI infrastructure, high growth sectors, and high barrier industries, emphasizing the commercial potential of AI technologies in various fields [4]. - The current geopolitical climate and the trend towards self-sufficiency in technology have increased the urgency for domestic innovation, supported by government initiatives and the need for national security [7]. - The 信创 ETF fund, which tracks the 中证信创 index, has seen significant price increases, reflecting strong market interest in the domestic innovation sector, particularly in software development [5][7].

Core Viewpoint - The AI application sector has experienced a significant surge, with multiple stocks reaching their daily limit up, indicating strong market interest and potential investment opportunities in this area [1][8]. Group 1: Market Performance - Five stocks, including Puyuan Information and New Point Software, hit a 20% limit up, while three others, such as Yonyou Network, achieved a 10% limit up [1][9]. - The Innovation ETF (562030), heavily invested in the software development sector, saw its price rise by 7%, indicating strong market momentum [9]. Group 2: Reasons for AI Application Surge - The recent strong market performance of domestic large model companies MiniMax and Zhipu, which have listed on the Hong Kong stock market, signals the successful establishment of a "capital closed loop" for domestic large models, marking the beginning of the "commercial value realization" of AI applications [3][10]. - Three new hotspots in AI applications have emerged: AI for Science (AI4S), Generative Engine Optimization (GEO), and AI in healthcare, with significant user engagement reported for new AI health features [3][10]. - New advancements in large model technology include the release of Qwen3-VL-Embedding and Qwen3-VL-Reranker models, as well as a new architecture proposed by DeepSeek [3][10]. Group 3: Investment Recommendations - Key investment directions in AI applications include: 1. Super entrance: Large models have evolved into dominant traffic entry points in the AI era [4][11]. 2. AI Infrastructure: Software-defined computing is expected to yield stable returns [4][11]. 3. High growth: AI technology is driving commercialization in marketing and entertainment sectors [4][11]. 4. High barriers: Data flow and workflow integration in sectors like healthcare and manufacturing present significant opportunities [4][11]. Group 4: Industry Outlook - The domestic innovation industry is expected to see a recovery in sentiment due to large-scale debt measures and proactive fiscal policies [4][11]. - The current geopolitical climate and the push for self-sufficiency in technology highlight the urgent need for development in the innovation sector, supported by government initiatives [13].

Group 1 - The Shenzhen Component Index rose by 0.55%, while the ChiNext Index fell by 0.12%. The CSI Software Services Index increased by 5.65% [1] - Notable individual stock performances included Shenxinfu rising over 7%, with Kingsoft Office, iFlytek, and others increasing by over 6% [1] - The Software ETF (159852) gained 5.39%, with a trading volume of 799 million yuan and a turnover rate of 11.18%. The fund has seen a 42.70% increase over the past six months and a 59.80% increase over the past year [1] Group 2 - The demand for the Qianwen App's learning capabilities surged over 100% week-on-week, with a 300% increase in the need for past exam papers within five days [1] - On January 12, Weimeng Group launched the Weimeng Star Initiation GEO solution, utilizing self-developed generative engine optimization technology to enhance brand exposure and performance in the AI search era [1] - The Software ETF tracks the CSI Software Services Index, with the top ten weighted stocks including iFlytek, Kingsoft Office, and others, accounting for over 48.00% of the total weight [1][2]

Core Viewpoint - The stock of 360 Security Technology Co., Ltd. experienced a significant increase of 6.30% on January 9, with a trading volume of 3.739 billion yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On January 9, 360 received a margin buying amount of 468 million yuan, while the margin repayment was 395 million yuan, resulting in a net margin purchase of 72.87 million yuan [1]. - As of January 9, the total margin trading balance for 360 was 2.393 billion yuan, with the margin balance accounting for 2.81% of the circulating market value, which is above the 80th percentile level over the past year, indicating a high level of margin activity [1]. - In terms of short selling, 360 repaid 87,800 shares and sold 38,200 shares on January 9, with the selling amount calculated at 463,700 yuan. The remaining short selling volume was 428,400 shares, with a short selling balance of 5.2008 million yuan, also exceeding the 80th percentile level over the past year [1]. Company Overview - 360 Security Technology Co., Ltd. is located in Chaoyang District, Beijing, and was established on June 20, 1992. The company was listed on January 16, 2012 [1]. - The main business activities of 360 include the research and development of internet security technology, design and promotion of internet security products, and commercialization services based on these products, including internet advertising, value-added services, and smart hardware [1]. - The revenue composition of 360 is as follows: internet and smart hardware business accounts for 92.00%, security business 6.63%, and other supplementary services 1.37% [1]. Financial Performance - As of September 30, 2025, 360 reported a total revenue of 6.068 billion yuan for the first nine months, representing a year-on-year growth of 8.18%. However, the net profit attributable to shareholders was -122 million yuan, showing a significant year-on-year increase of 78.88% in losses [2]. - The number of shareholders for 360 as of September 30, 2025, was 339,300, a decrease of 14.34% from the previous period, while the average circulating shares per person increased by 16.75% to 20,630 shares [2]. - Since its A-share listing, 360 has distributed a total of 3.535 billion yuan in dividends, with 2.1 billion yuan distributed over the past three years [2]. Institutional Holdings - As of September 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 134 million shares, a decrease of 7.45181 million shares from the previous period [2]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and China Universal CSI 300 ETF, all of which have seen reductions in their holdings [2].

Core Viewpoint - The company leverages its 360 security browser with an average monthly active user base of nearly 400 million to reshape the entire chain of intelligent marketing through AI, enhancing customer conversion efficiency [1] Group 1: AI and Marketing Strategy - The company utilizes the "360 Smart Brain" and "360CV" large model capabilities to intelligently generate titles, copy, images, and video content, optimizing advertisement display formats and increasing click-through rates [1] - The self-developed user intent understanding model intelligently mines potential user needs, matching supply and demand, and works alongside "smart landing pages" and other intelligent conversion tools to automate the entire process from reach, interest guidance to conversion [1] Group 2: Advertising Efficiency - The comprehensive automation significantly enhances advertising conversion efficiency, helping clients achieve both precise marketing and improved performance goals [1]

他认为，AI产业的发展动力将发生根本性转移。过去行业拼的是"谁家模型更博学"，而2026年，企业将 不再频繁训练大模型，而是通过"推理应用"直接"雇佣"AI解决实际问题。这一转变将引发连锁反应：首 先，AI芯片市场"英伟达一家独大"的单极格局将被打破，形成"英伟达主导训练，多家厂商分食推理"的 双轨产业格局。专用推理芯片（ASIC）将凭借成本优势在细分场景快速渗透。其次，制约发展的核心 瓶颈将从算力芯片转向稳定充足的电力供给，全球科技竞争将升级为"能源大战"。 中证报中证网讯（记者 王婧涵）1月9日，360集团创始人周鸿祎在个人微博账号发布《2026年AI全景预 测：迈向百亿智能体时代的20个发展趋势》表示，如果说2024是"大模型之年"，2025是"智能体之年"， 那么2026年将被定义为"百亿智能体之年"。百亿级智能体将全面融入经济社会，竞争焦点将从"比拼参 数"转向"比拼落地"。 另外，周鸿祎认为，智能体将替代APP成为服务核心入口，个人与商家的智能体可直接谈判、交易。这 要求建立全新的硅基规则体系，包括智能体身份认证、区块链合约及"AI原生保险"等金融创新。伴随能 力提升，AI安全从"选修课"变为"生 ...

Core Insights - The year 2026 is predicted to be defined as the "Year of Hundred Billion Intelligent Agents," with a shift in AI competition focus from "parameter comparison" to "practical application" [1] - AI industry dynamics will fundamentally change, with a move towards "reasoning applications" that directly employ AI to solve real-world problems, leading to a significant increase in demand for computing power [1][2] - The chip market is expected to transition from a single-dominant player (NVIDIA) to a dual-track model, emphasizing both training and diverse reasoning capabilities [1] Infrastructure and Market Dynamics - The demand for reasoning tasks is projected to grow by "hundred-fold" in the short term, surpassing the scale and growth of training computing power [1] - The energy supply will become the core bottleneck, leading to an escalation in global technological competition characterized as an "energy war" [1] - China's early advantage is highlighted through the "East Data West Calculation" national project and its green power capabilities [2] Model Evolution and Open Source - The evolution of AI models is expected to transition from "static tools" to "continuously evolving systems," with a new paradigm of "general foundation + industry specialization + reasoning evolution" [2] - Chinese open-source models, such as DeepSeek and Tongyi Qianwen, are becoming central to the global AI ecosystem, creating a "siphoning effect" on global intellectual resources [2] - The shift towards open-source AI is democratizing technology, particularly benefiting countries involved in the "Belt and Road" initiative [2] Social Integration and Workforce Changes - By 2026, AI is anticipated to develop mature long-term memory capabilities, evolving into a personal "second brain" and becoming an extension of human consciousness [2] - The integration of "silicon-based digital employees" into the workforce will lead to a mixed team of carbon-based and silicon-based entities, resulting in a flatter organizational structure [2] - Companies that can effectively translate industry know-how into AI-learnable knowledge will establish a significant competitive moat [2] Economic and Security Implications - The integration of hundred billion intelligent agents into the economy will rewrite business rules and security boundaries, marking a third leap in human commerce towards an "automated economy among intelligent agents" [3] - AI will replace apps as the core service entry point, necessitating the establishment of silicon-based regulatory frameworks, including identity verification and blockchain contracts [3] - AI security will transition from an elective concern to a critical priority, requiring the development of fully traceable systems and maintaining human oversight in key decision points [3]

Group 1 - The Zhipu AI concept index rose by 4.54%, ranking 6th among concept sectors, with 62 stocks increasing in value [1] - Leading stocks in the Zhipu AI sector included Yidian Tianxia, which surged by 20%, followed by BlueFocus, Jinxiandian, and Yaxin Security, which rose by 14.08%, 12.87%, and 12.45% respectively [1][2] - The sector experienced a net inflow of 3.87 billion yuan from main funds, with 48 stocks receiving net inflows, and 13 stocks exceeding 100 million yuan in net inflows [2] Group 2 - The top three stocks by net inflow were Yidian Tianxia with 732 million yuan, BlueFocus with 722 million yuan, and 360 with 336 million yuan [2] - The net inflow ratios for leading stocks included Jinxiandian at 17.12%, Boyan Technology at 14.91%, and Yidian Tianxia at 11.92% [3] - The overall performance of the Zhipu AI concept was supported by significant trading volumes, with Yidian Tianxia achieving a turnover rate of 31.68% [3]

Group 1: AI and Marketing Trends - The shift from traditional SEO to GEO (Generative Engine Optimization) is highlighted as a long-term growth opportunity in the context of AI search becoming the main entry point for information retrieval [2][3] - Traditional SEO is facing systematic decline as search algorithms transition from keyword matching to generative reasoning, leading to a change in traffic distribution from "click-driven" to "citation-driven" [2][3] - Leading marketing companies are advancing their GEO strategies at the technical, product, and organizational levels, validating the feasibility of this new approach [2][3] Group 2: Market Performance and Developments - The software 50ETF index shows positive performance with significant gains from companies like Zhongke Xingtou (up over 11%), Aerospace Information (up over 5%), and Tonghuashun (up over 3%) [4] - The establishment of a new company, Hanxiang Xingyu Technology, is noted, which focuses on smart UAV manufacturing and AI public data platforms, indicating growth in the AI and aerospace sectors [4] Group 3: AI in Manufacturing - The "AI + Manufacturing" policy aims to address bottlenecks in industrial software and promote the integration of AI into core manufacturing processes [5][6] - The market for AI applications in Chinese manufacturing is projected to grow significantly, with an expected market size of 141 billion yuan by 2025, up from 56 billion yuan in 2023 [6] - The revenue from industrial software products in China is expected to exceed 500 billion yuan by 2029, driven by the implementation of supportive national policies [6]