海外科技行业2025年第12期：模型能力持续进化，AIAgent商业化加速

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [1]. Core Insights - The competition between China and the US in AI model development is intensifying, with significant advancements in model performance. Notably, the Gemini 2.5 Pro model was introduced, boasting a context window of 1 million tokens and excelling in logical reasoning and code generation [2][7]. - Manus has launched a paid version of its AI Agent platform, indicating a shift towards commercialization. The Manus Starter plan costs $39 per month, while the Manus Pro plan is priced at $199 per month, with significant user benefits [8]. - OpenAI has introduced an image generation feature based on the GPT-4o model, marking a transition towards multimodal AI capabilities, allowing users to generate and edit images through natural language commands [9]. Summary by Sections Market Overview - The report notes a decline in major indices from March 23 to March 29, 2025, with the Hang Seng Index down 1.11%, the Hang Seng Tech Index down 2.36%, the Dow Jones Industrial Average down 0.96%, and the Nasdaq down 2.59% [12]. AI Industry Developments - The Gemini 2.5 Pro model, described as the "smartest AI model to date," supports deep understanding across multiple modalities, including text, images, audio, and video [7]. - The DeepSeek-V3 model has been upgraded to enhance performance in reasoning tasks and Chinese writing, capable of running at 20 tokens per second on Apple’s M3 Ultra chip, challenging previous assumptions about AI model capabilities [7]. Commercialization of AI Agents - Manus's new pricing structure signifies a critical step towards monetization, with the company seeking a valuation of at least $500 million, a fourfold increase from its previous funding round [8]. OpenAI's Advancements - OpenAI's GPT-4o model now includes an image generation feature, integrating text, image, and code capabilities, which represents a significant leap towards full multimodal AI [9]. Investment Recommendations - The report suggests investments in companies benefiting from AI developments, including Nvidia, TSMC, ASML, and major cloud providers like Microsoft and Amazon, as well as AI application companies such as Apple and Xiaomi [27].