持续产出最新的行业研究报告同时提供专业的资讯服务如果有行业调研市场地位调研的需求可以联系我们今天我们来看一下报告主要内容是中国AI Agent行业的研究今天主要从三个点进行切入目前中国AI Agent行业的现状 我来看一下人与AI Agent的合作模式图人通过设定目标、分配资源以及监管成果三方面的任务即可AI Agent则可以进行自我代理首先进行任务的分解它会自主选择工具然后自我接督进程去调整情况直到最后进行目标的完成、反馈给人类 使用程序智能体,该智能体主要是用于设计目的和反应和环境反馈来定义。最后一类是学习型智能体,该智能体具有从过去经验中学习的能力,并根据学习能力采取行动做出决策。接下来我们来看一下整个AI这个行业的发展历程。 以及整个市场上的规模有多大再到中国AI Agent未来的发展趋势首先我们来介绍一下它的定义AI Agent是一种能够自主感知、做招环境通过内在的智能处理系统进行自我决策并且去执行相应的行动以达到目的的一个智能体它的特点在于 右边是AI Agent的生态框架图它的底层逻辑就是大语言模型然后它的功能是决策及内容生成第一步是进行规划其次是记忆接下来是采取实际的工具最后是进行行动在具备了 ...

会议仅限受邀嘉宾参会未经天风证券研究所和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为天风证券研究所保留追究相关方法律责任的权利 好的谢谢各位啊这个大家好啊这个感谢大家这个晚上抽抽时间听我们的会议也欢迎大家继续关心啊我们的这个美洲的这个AI的这个重点的这个分析和大陆产生的这个思路的总结说实话这个感触很深啊因为去年三月份的时候我当时研究完一个爱之处啊 这依然是一个值得大家高度重视的一个领域和板块去年三月份为什么我们说这是一个这个十年一遇的寒情因为我们说这碰到了二十年一遇的变革我还是一直要强调这个事我从2010年开始研究科技行业到现在十五年时间这是唯一一次啊比尔盖茨扎克伯格这个我们讲马斯克啊对吧包括华为啊等等一直认可的这种二十年一遇十五年一遇的变革这种变革现在唯一一次他不会清楚很大的变化 对吧BAT可能今年对吧一千二明年晚预计一千八以上就是显著出来但我们在海外其实这个政府也不理这个咱们看到CAPEX的大幅的增加对吧从八百几万块对吧今年可能蹦两千万只对吧这个每今年一千万只明年成蹦两千万只然后呢我们的这个北美地铁的线我们的这个1.67对吧明年可能这个 ...

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大家早上好我是虚拟不证券的副所长科技行业手机分析师周洪达今天早上呢想跟大家交流一下我们对明年的年度策略大家可以从标题就可以看出来我们还是一如既往的非常坚定的看好AI人工智能的一个产业创新而且呢产业创新呢这个AI产业创新咱也已经感受出来了它越来越开始进入实际的落地和实际的营运阶段那我想呢这会带来更多的投资机会 第二个呢就是阶级的B端应用这个呢其实在今年下半年美国都已经开始起来了那我想呢随着国内的大模型能力的不断的上升那到明年这个国内应用也会逐渐在AI的应用逐渐会逐渐更丰富起来第三个就是高速推理因为大家都知道现在应用开始慢慢的起来场景变得越来越多然后呢这个包括OpenAI的OEO3这样的模型它对推理提出了更高的要求而且呢 当然国产化也非常重要就是这个智能化和国产化其实一直伴随着这几年整个科技股投资这是两个段的组成部分相辅相成另外从行情的判断来看的话我觉得明年上半年至少明年上半年应该是依然是一个科技股聚集做多的一个非常好的窗口 那如果是出现政委了那很可能明年下半年会再跌下来那如果要是明年下半年的这些数据更好他反而会在明年上半年的股价中会把下半年的这些印证的程序是会凑值的那所以不管是什么情况那依然是明年上半年会是一个 ...

会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则,由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 然后下午的话18号下午的话是一个就是这个技术加上这个产业论坛就包括有AI家安全啊包括AI家就是一些产业里面就包括像智能驾驶啊然后像玩具啊等等不同的这样的一些包括19号的开发者大会也是围绕着一些落地场景进行展开的 有的就是甚至提高百分之五六十的这样的一个比例所以从这一块来看的话就是整个通用价模型目前基本上已经算是最高这个CPCO就是基本上大家公认的就是第一档的这个模型差不多就是最起了以及整体来看的话就是通用模型它的这个调用的token的成本只有这个就是像CPCO的1%也就是价格会低很多包括我们刚刚也提到了它后面还发了像什么音乐的一些模型啊然后包括像 男居都是等等大家比较关注的这样的一个场景那对于整个里面还有一个比较超预期的就是来自于豆豹视觉理解模型它的一个发布整体来看的话一个是它内容识别的能力是比较强的就是之前大家其实也反馈过就整体来看的话就是这个拍图等等反映的整个识别其实是不太精准的那 ...

Summary of Conference Call Notes Industry Overview - The backup power supply application for data centers has shifted from traditional IDC to intelligent computing AIDC since 2013, with diesel generators being essential and no alternatives available [1] Market Demand and Supply Shortage - Major data center markets are in the US, China, and Southeast Asia, with US orders extending to 2027 due to limited production capacity of large international engine brands [2] - Diesel generators account for a small portion of these companies' overall business, leading to a supply shortage in the domestic market, where local internet companies prefer imported engines due to performance gaps [2][3] Pricing Trends - Current market shortages have led to price increases, with 2MW models priced over 2 million, and customers willing to pay an additional 200,000 per unit [3] - Domestic diesel generator sets are approximately 400,000 cheaper than those using foreign engines [3] Engine Manufacturers and Supply Situation - Cummins has imported only 60 units to China over 25 years, primarily for self-use [4] - MTU has supplied around 800 units to China, with a joint venture producing 300-400 units [4] - Domestic manufacturers like Yuchai and Weichai have a maximum annual capacity of about 1,000 units each for large power engines [7] Market Dynamics - The demand for 2MW units is expected to reach around 3,000 units in 2024, with significant growth anticipated in the second half of the year as internet giants shift from leasing to self-built data centers [18] - Major players in the backup power industry include imported brands like Caterpillar, Cummins, MTU, Kohler, and Mitsubishi, alongside domestic companies like KOTAI, Taihao Technology, and Sumida [14] Future Outlook - The supply of imported engines is unlikely to increase, which may benefit domestic manufacturers if they can validate their engines [19] - The market share of domestic manufacturers like Weichai and Yuchai may increase due to the shortage of imported engines [18] - The price of imported engines is expected to rise by 3-5% annually, with generator sets potentially increasing by 10-15% due to rising costs [26][27] Technical Considerations - The performance of domestic engines is currently perceived as inferior, with issues like oil and water leaks being common [23] - The requirement for redundancy in configurations may affect the cost-effectiveness of using domestic engines [23] Key Players' Market Share - KOTAI, Taihao, and Sumida each hold approximately 15% market share, while foreign brands dominate the rest [18] - The total market demand for 2MW units is projected to be around 3,000 units, with a significant portion of this demand coming from major internet companies [18] Conclusion - The backup power supply market for data centers is experiencing significant growth driven by the shift to AIDC, with supply constraints leading to price increases and a potential shift in market share towards domestic manufacturers if they can meet performance standards [1][2][18]

Summary of Pony AI Inc. (PONY) Conference Call Company Overview - **Company**: Pony AI Inc. (PONY) - **Industry**: Autonomous Driving Technology - **Market Cap**: $4.4 billion - **Enterprise Value**: $3.7 billion - **Current Price**: $12.92 with a 12-month price target of $19.60, indicating a potential upside of 51% [19][21] Key Insights Financial Projections - **Revenue Growth**: Expected to grow at a 27% CAGR from 2024 to 2027, reaching approximately $156 million by 2027 [36] - **Long-term Revenue Growth**: Anticipated to grow at a 158% CAGR from 2027 to 2030, potentially reaching $2.7 billion by 2030 [36] - **EBITDA and Net Income**: Expected to turn positive by 2030 [21] Market Position and Competitive Edge - **Leader in L4 Autonomous Mobility**: Pony AI is recognized as a leader in Level 4 autonomous mobility, operating fully driverless robotaxis in four tier-1 cities in China (Beijing, Shanghai, Guangzhou, Shenzhen) [21][12] - **Safety Metrics**: Pony AI's vehicles have demonstrated superior safety metrics compared to local competitors and human-driven cars [12] - **Technology Advantages**: The company utilizes a fully redundant platform for safety, co-developed with Toyota, featuring multiple operational modes to ensure safety during system failures [12] Operational Highlights - **Fleet Size**: As of 1H24, Pony AI operates 124 robotaxis and has a total of 250 robotaxis and over 190 robotrucks [31] - **Customer Engagement**: Over 220,000 customer registrations on the PonyPilot+ mobile app as of August 2024 [31] - **Commercialization Progress**: The company is progressing towards large-scale commercialization of its robotaxi services [33] Client and Partner Ecosystem - **Key Clients**: Major clients include Sinotrans (31% of total revenue in 2023) and Toyota (engineering services) [8] - **Partnerships**: Collaborations with various OEMs (Toyota, SAIC, FAW, GAC, SANY) and TNC platforms (Amap, Alipay, OnTime) to expand service reach [18][26] Market Dynamics - **Robotaxi Market in China**: Expected to grow significantly, with projections of 1 million robotaxis in operation in tier-1 and tier-2 cities by 2030 [27] - **Cost Reductions**: Anticipated reductions in vehicle and autonomous driving kit costs will enhance market competitiveness [25] Risks and Challenges - **Regulatory Environment**: Potential regulatory hurdles could impact growth [21] - **Market Competition**: Competition in the autonomous driving space remains a concern, particularly regarding the development of vehicles without safety drivers [21] - **Operational Challenges**: Issues related to supply, infrastructure, and pricing competition could pose risks to growth [21] Conclusion Pony AI Inc. is positioned as a leading player in the autonomous driving sector, with strong growth projections driven by its innovative technology and expanding operational footprint. The company is well-placed to capitalize on the growing demand for autonomous mobility solutions, although it must navigate regulatory and competitive challenges to achieve its ambitious growth targets.

Company and Industry Key Points 1. **Company Overview**: Cambricon is a leading Chinese AI chipset supplier. The company focuses on AI chipsets for various applications, including intelligent cluster systems for governments and autonomous driving chips. [44] 2. **Revenue Growth**: Goldman Sachs expects Cambricon's revenue to grow by 4%, 9%, and 16% in 2025E-2027E, driven by ongoing demand from government projects and the widening applications of AI technology. [5] 3. **Valuation**: Goldman Sachs uses a discounted EV/EBITDA methodology to derive a target price of Rmb538.0 for Cambricon. The target EV/EBITDA multiple is based on peers' trading EV/EBITDA vs. forward-year fundamentals. [2, 56] 4. **Key Risks**: The key risks identified include weaker/stronger-than-expected government projects, competition in AI chips and accelerators, slower/faster-than-expected local foundry supplies, slower/faster-than-expected expansion to non-government projects, and the company's addition to the US Entity List in December 2022. [3] 5. **M&A Rank**: Cambricon has an M&A rank of 3, indicating a low probability (0%-15%) of being acquired. [14] 6. **Market Cap**: Cambricon's market cap is Rmb281.6bn ($38.6bn) as of December 2024. [45] 7. **Enterprise Value**: Cambricon's enterprise value is Rmb280.5bn ($38.4bn) as of December 2024. [45] 8. **Beta**: Cambricon's beta is 1.3. [23] 9. **Risk-Free Rate**: The risk-free rate is 3.0%. [23] 10. **Market Risk Premium**: The market risk premium is 6.5%. [23] 11. **Revenue Breakdown**: Cambricon's revenue breakdown by region is 49% global, 34% Greater China, and 17% other regions. [27] 12. **Revenue Breakdown by Segment**: Cambricon's revenue breakdown by segment includes 63% AI chips (government projects), 57% other segments, and 40% other segments. [54] 13. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 14. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 15. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 16. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 17. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 18. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 19. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 20. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54]

各位投资人晚上好啊。今天晚上我们给大家汇报一下关于自己 AI 的一些产业链 的产业链的一些理解，和我们推荐的一些公司。我想最近这两天大家也听了，因 为不止这两天，应该最近这两周大家肯定也了听了很多字节的 AI 的这个会也可 估计也聊了很多字节的一些专家，大家可能也都会从不同角度去理解。但我想今 天的话我们希望说能能给大家有一些不一样的一些参考的一些内容。然后今天的 话主要是由我和同事浩怡还有心怡一起给大家做汇报。我想一开始的话，我们我 先简短先汇报一下，大概就两三分钟。 To c 的话是我们相对来讲比较熟悉的，to b 的话相对来讲不是那么熟悉，但这 次大会的话大家也看到它的重心其实在 to b，特别 to b 这块更新比较多。To c 的里面豆包也好，记忆梦也好，它都是常规性升级。所以我想第一个就是在 to b 端，我们并不是说我们一定要去关注自己 to b 的业务。也就是说这块它底层 的东西其实比较重要。就是字节为什么要去做 to b 核心就是要去推他的 S 云业 务，所以我想这个是第一个第二个的话，就是在整个字节里面，我觉得如果说我 们去看字节 AI 的布局上，哪些是我们意料之外的，我想 to c 的应 ...

各位领导，大家早上好。感谢大家参加我们海通电新组的一个电话会议。上周周 四、周五左右的这个时间，风控板块相关的一些标的涨幅还是比较不错的。我们 觉得跟 AI 的相关的这个大长以及人形机器人的一些催化都有一定的关系所以今 天我们就又开了一场电话会议，希望把这个相关的标地的情况再跟各位领导更新 一下。接下来把这个时间交给我们陶玉斌老师，请玉斌发言。 目前主要是面向移动类、协作类以及服务类的机器人领域。主要是提供了包括低 压伺服空心杯电机、特种无框利息电机等核心部件在内的多套解决方案。在人形 机器人领域，公司主要是布局了空心变电机，无框立即电机等产品。我们判断未 来随着人形机器人产业的不断发展，公司配套的空心被电机和无框率电机价值量 有望得到进一步提升。公司作为前端布局研发的核心部件供应商之一，有望持续 是收益的。然后第三方的成长性是来源于区域性的延伸，主要表现为海外市场， 公司近几年是在加速开拓的，目前公司海外市场主要还是以通用类的一些产品为 主，未来还会进一步推广行业专机伺服及控制系统。 但近期有了解到的话，但近期有了解到奥麦克里面的份额可能会比大家预期的会 更乐观一些。并且公司给英伟达提供的 AI 服务器电源 ...