主题投资月度观察（2025年第7期）：AI革命浪潮与“反内卷”共振-20250803

Group 1: Overseas Technology Mapping - OpenAI released ChatGPT Agent, a general-purpose AI agent with end-to-end interaction capabilities, scoring 41.6% in HLE tests [2][8] - xAI launched the Grok-4 model, claiming it to be the "smartest AI in the world," achieving a score of 44.4% in HLE tests, with an optimized strategy reaching a new record of 50.7% [2][13] - The U.S. "Genius Act" was signed into law, establishing a federal regulatory framework for stablecoins, emphasizing transparency and limiting issuance to banks [2][14] Group 2: Domestic Hot Topics - The Yarlung Tsangpo River hydropower project commenced with a total investment of 1.2 trillion yuan, equivalent to 12 Qinghai-Tibet railways, aiming to support new productive forces through "computing power + electricity" synergy [2][29] - The 11th batch of drug procurement rules was innovated, breaking the "lowest price bidding" logic with an "N-3" bidding mechanism [2][34] - JD.com launched the JoyAgent intelligent agent, the first fully open-source enterprise-level product in the industry, with over 20,000 internal deployments [2][37] Group 3: Policy Focus - The "Childcare Subsidy Implementation Plan" was released, providing 3,600 yuan per child annually starting from 2025 [2][58] - The draft amendment to the "Price Law of the People's Republic of China" was issued, targeting "involution" low-price dumping and bundling sales [2][61]