AI泡沫后只剩这两类公司杀出重围！昆仑万维CEO方汉：明年唯一技术赛点在Agent

Group 1 - The core keywords for the technology sector in 2025 are AI bubble, verifiable product value, and process-oriented ecology, indicating a shift from mere technological advancement to practical application and monetization [2][10] - The AI bubble is seen as a necessary phase that concentrates capital, computing power, and engineering talent to filter out viable products, with a focus on real-world high-frequency scenarios that can generate sustainable revenue [2][10] - Companies that have emerged successfully this year are those that address high-frequency demand scenarios, such as AI social media and music, which are conducive to scalable model applications and user retention [3][11] Group 2 - AI has significantly restructured content production and research analysis, reducing the marginal cost of content or services by 1-2 orders of magnitude, thus altering industry pricing logic [3][11] - Companies lagging behind include general-purpose AI assistants lacking vertical data and result closure, and those that focus solely on models without product development, leading to long-term commercialization stagnation [4][13] - The industry is transitioning from an "algorithm-driven" approach to a balanced focus on both algorithms and products, with product leaders gaining influence comparable to algorithm leaders [12][14] Group 3 - The unique technological battleground for 2026 is whether Agents can automate verifiable processes on a large scale, emphasizing the industrialization of structured decision-making [6][15] - The Chinese AI sector has made significant strides in application layers, particularly in AIGC and AI social media, leveraging data density and scene complexity for rapid iteration, although gaps remain in top-tier closed model capabilities compared to Silicon Valley [6][15] - Future innovations are expected to emerge as AI mobile devices and edge computing become prevalent, with a focus on transforming processes into assets rather than merely enhancing model intelligence [6][15][16]