蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 周观点 聚焦 AI 赛道龙头及中报预喜 聚焦核心赛道龙头及中报预喜。 当前，正处于中报预告窗口，市场较为关心重点公司中报数据，以及产业边际变 化。从海外市场来看，以英伟达、微软为代表的 AI 龙头及纳指持续创新高，对国内科技股风偏提供正向支撑。 建议重视 AI 赛道龙头及中报预喜的公司。 AI 产业催化有望持续密集释放。 人工智能有望迎来产业催化的密集释放窗口。在算力侧，沐曦股份、摩尔线程 科创板首发申请均于 6 月 30 日获得上交所受理；在大模型侧，智谱于 7 月 2 日官宣获得浦东创投集团和张江集 团 10 亿元战略投资， Grok 4 、 GPT 5 等重磅大模型有望陆续发布。另外，世界人工智能大会将于 7 月 26 日 在上海召开。 布局卡位优势显著的 Agent 领军。 目前，随着大模型持续迭代， AI 应用有望加速落地，重点关注 Agent 产业 点击上方"公众号"可订阅哦！ 兴业证券计算机小组 风险提示：板块业绩不达预期；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 注：文中报告节选自兴业证券经济与金融研究院已公 ...

为什么开发者"放弃"Cursor 纷纷迁移到 Claude Code？ Claude Code 的 10x 开发体验是如何实现的？它的增长会给 cursor、lovable 等其他现象级 coding 产品带 来哪些影响？它所主打的 CLI 会是 coding 产品的最好形态吗？ 为了更好地理解 Coding 领域正在发生的变化、梳理关键问题，我们邀请到了黄航、Tony、周弋涵三位开发者组织了一场 「Best Ideas」 讨论会，他们结合自 身的开发体验分享了对 Claude Code、cursor、lovable 等 coding 产品的观察，并和海外独角兽社群成员一起讨论了对 coding agent 赛道的观点与洞察。 今年以来 Coding 领域的最大变量是 AI labs 们的加入 ，模型大厂纷纷发力，和创业公司共同竞争这一关键场景： 两周前，all-in coding 的 Anthropic 更新了 Artifacts 功能，用户可以在聊天界面里直接生成、预览和编辑代码，实现类 vibe coding 的体验；同一天，Google 也推出了自己的命令行工具 Gemini CLI，开 发者可以使用 ...

同时，吴世春认为，具身智能、自动驾驶、无人机、AI玩具是Agent的四大物理落地场景。其中，具身智能是中国引领世界的历史机遇。在投资偏好上，吴 世春认为可关注整机，关节、触觉传感器、灵巧手等核心零部件，以及形成规模效应的定制化服务。 "投资就是要投资未来的稀缺性，要敢于在非共识的无人区里独立判断。"吴世春分享了自己的三条投资逻辑，分别为"投资独角虎"逻辑、"投资小镇青年"逻 辑和"人事时值"逻辑。 具体来看，"独角虎"理论指以多维的评价标准取代独角兽单一的估值评价标准，其更有投资指导意义。"投资小镇青年"理论由吴世春于2017年提出，其 中"小镇青年"特指那些出身非顶尖资源圈层，却具备极强抗压能力与草根创业精神的创业者。吴世春强调，"小镇青年"如今已成为中国创业大军的主力军， 他们没有退路，如同"打不死的小强"般坚韧不拔。而"人事时值四合一"理论则着重指出，在早期投资判断逻辑里，"人、事、时、值"这四个方面是不可或缺 的关键要素，在投资决策过程中，任何一个方面都不能缺失。 "2025年是AI Agent元年。"吴世春将AI Agent看作基于大模型，具备记忆能力、能够有自主推理和规划工具的使用、从而来解决问题 ...

图片来源： Anthropic Open AI 和 Anthropic 虽然价格不菲，但这两家模型制造商正快速成长，并利用其主导地位向应用领 域扩张。 • Anthropic年化40亿、OpenAI 120亿美元，但估值仅15-25倍年化营收倍数，显著低于应用层公司 （如Perplexity 116倍、Harvey 70倍） • OpenAI 和 Anthropic这两家公司， 应用领域的未来增长可能冲击估值过高的竞争对手 • 模型商虽增速快，但市场担忧其持续烧钱能力（如Meta开源Llama的冲击） 人工智能领域没有便宜货可捡。 投资者刚刚向成立仅五个月的 Mira Murati's Thinking Machines Lab 注资 20 亿美元，这家机构既无产品，收入也微乎其微。 但若仔细观察，仍能发现价值所在。纵观 AI 领域，通过聚焦估值、增长率和营收数据，可以区分合 理价值与泡沫，甄别出可能成功的企业与那些难以满足投资者过高期望的公司。 行业赢家是两家最知名的 AI 模型开发商—— OpenAI 和 Anthropic 。它们与业内其他公司的区别在 于惊人的增长速度 。 据 The Informat ...

Core Viewpoint - SoundHound AI experienced a significant stock increase of 836% in 2024, but has since declined by 55% from its peak in early 2025 due to Nvidia selling its stake in the company [1][4]. Company Overview - SoundHound AI specializes in voice-assistant technology for various industries, including automotive and restaurants, and is recognized as a first-mover in this space with two decades of experience [5][11]. - The company reported a remarkable revenue growth of 85% for the full year of 2024 and an impressive 151% year-over-year growth in Q1 2025 [5][10]. Market Opportunity - Management estimates a total addressable market of $140 billion, indicating that SoundHound currently captures less than 1% of this market [6][11]. - The rapid growth rate and substantial market potential suggest a long runway for future expansion, which is appealing to investors [8]. Financial Position - Although SoundHound is not yet profitable, it has a trailing 12-month net loss of $188 million, with $246 million in cash and no debt, positioning the company well for future profitability [10]. Competitive Landscape - SoundHound claims a competitive advantage as a "white-label" provider, allowing clients to maintain their branding, unlike larger competitors [11]. - However, increased competition from tech giants and advancements in generative AI may challenge SoundHound's market position [12][13]. Investment Considerations - While the business is performing well, the path to capturing its estimated $140 billion market opportunity will face significant competition [15]. - Investors are advised to remain cautious and consider the evolving competitive landscape before making investment decisions [16].

之前我们参与过垃圾币再就业的 @PalioAI 的 Patoshi 嘴撸活动，可以分到 $PAL 代币，过两天就要上线 Binance Alpha 了可以速度检查下自己在之前的活动中拿到了多少代币，到时候 TGE 应该就可以拿到了，记得当时大华和好几个玩链游多的博主撸到了不少，我领到了 5555 个 😂 需要切换空投类别到 Patoshi Airdrop，查询链接我放在评论区$PAL 的代币消耗在 GameFi、AI Agent 以及 Co-pilot，代币经济学可以见 qt 的这条 thread，其中提到没有 VC 和团队份额，是 75% 全归社区。最近币安 TGE 活动开盘之后都有操作机会，届时可以看看有没有撸钱机会Palio (@PalioAI):𝐏𝐚𝐥𝐢𝐨𝐀𝐈 𝐖𝐡𝐢𝐭𝐞𝐩𝐚𝐩𝐞𝐫 𝐢𝐬 𝐋𝐈𝐕𝐄We’re building more than a game.Palio is creating the 𝐸𝑚𝑜𝑡𝑖𝑜𝑛𝑎𝑙 𝐿𝑎𝑦𝑒𝑟 of Web3 and beyond — where AI doesn’t just respond, it connects.This is the future of ...

virtuals protocol showing what sustainable ai agent monetization looks likeeva agent: 8x returns at $1.6M market cap with 600% oversubscription from 10k participants. actual demand, not just speculationagent commerce protocol (acp): $200 first-day revenue through performance-based payments. early but proves the model works46,135 users committed 23.4M $VIRTUAL tokens to agent launches in 3 months. real adoption metrics vs typical ai token farmingtechnical infrastructure is maturing fast:• veVIRTUAL governanc ...

Core Viewpoint - The article discusses the emergence and growth of the AI bookkeeping app "Kapi Bookkeeping," which positions itself as a personal CFO for young people, leveraging AI to simplify and enhance the bookkeeping experience, resulting in over one million users within six months [2][5][41]. Group 1: Product Overview - Kapi Bookkeeping is designed as an AI-native personal life assistant targeting young adults aged 22 to 30, primarily in first and second-tier cities, who are beginning to recognize the importance of financial management [7][8]. - The app offers features such as AI bookkeeping (text/voice/multi-modal), AI budgeting, financial analysis, and multi-asset account management, making bookkeeping easier and faster [5][9]. - Kapi Bookkeeping has achieved a leading position in the AI bookkeeping sector, with over one million users in just six months [5][41]. Group 2: Market Positioning and User Engagement - The app addresses the challenge of maintaining bookkeeping habits among users, recognizing that while many want to track their spending, few can sustain the practice due to the tedious nature of traditional bookkeeping methods [8][9]. - Kapi Bookkeeping utilizes AI to streamline the bookkeeping process, making it less burdensome and more appealing to potential users who previously found it difficult to maintain [9][12]. - The product development process involves continuous feedback from users, allowing for iterative improvements based on real-world usage [5][26]. Group 3: User Experience and Functionality - The most praised feature is the AI bookkeeping process, which automates data extraction from user inputs, significantly reducing manual entry [19][24]. - The app also includes a "life timeline" feature that enhances user experience by contextualizing spending behavior within a timeline, making it more relatable [19][24]. - Kapi Bookkeeping aims to evolve beyond simple bookkeeping to become a comprehensive financial agent, providing proactive suggestions and insights based on user data [46][47]. Group 4: Future Directions and Challenges - The company acknowledges the rapid evolution of AI technology and the need to adapt to new developments in AI models to maintain a competitive edge [49]. - Kapi Bookkeeping's long-term goal is to effect positive changes in users' financial behaviors, such as improving savings rates and managing debt more effectively [35][41]. - The app currently does not charge users, focusing instead on refining the user experience before considering monetization strategies [41][42].

图片来源： a16z Z Highlights AI 推动市场调研迈入新纪元 几十年来，企业为更好地了解客户，持续向市场调研投入了数千亿美元，但却一直受到调查慢、样本偏倚、洞察滞后的制约。尽管每年市场调研的支出高 达 1400 亿美元，但软件的使用在其中几乎可以忽略不计。举例来说，传统依赖人工的咨询公司如 Gartner 和 McKinsey 估值分别为 400 亿美元，而软件平 台 Qualtrics 和 Medallia 的估值仅为 125 亿美元和 64 亿美元。 随着 AI 的发展，我们又一次看到市场准备将原本用于人工的支出转向软件。早期的 AI 公司已经开始利用语音转文字（ speech-to-text ）和文字转语音（ text-to-speech ）模型，构建 AI 原生的调查平台 —— 这些平台可以自动进行视频访谈，然后由大型语言模型（ LLMs ）分析结果并生成演示文稿。 这些先 行者增长迅速，不仅签下了大型合同，还开始接管原本由市场调研和咨询公司掌控的预算。 McKinsey 等咨询公司构建了完整的调研子部门，使用软件化工具进行大规模客户细分和消费者洞察。但这种合作常常历时数月、成本高昂、 ...

6月19日，天润融通在上海黄浦江畔举办了"向AI而行 与变革者同航"游轮之夜活动，来自消费品、家电家居、汽车、金融、软件信息服务等多个行业的客户 与合作伙伴齐聚一堂，在江景与夜色中，共同探讨AI驱动下的组织重塑与增长新范式，带来一场思想盛宴。 随着AI应用加速发展，AI Agent正成为引领未来组织变革的核心力量。活动伊始，天润融通副总裁潘威和FAS事业部总经理杨潘分别为活动致辞，分享对AI 发展趋势的深刻洞察。 ▲ 天润融通副总裁潘威 ▲ 天润融通FAS事业部总经理杨潘 AI Agent改变了软件的构建逻辑，从过去的"预设规则，人工编排"转向现在的"意图理解，自主决策"，这一变革也正引领企业客户联络模式从"人工为主， AI辅助"的Copilot阶段，迈入"AI为主，人工带教"的无人化阶段。未来以AI Agent为核心的AI员工将全面接管标准化流程，人类员工则转向业务理解与策略 判断的"专家"角色，共同构成"业务专家+AI员工"的新型组织范式。 基于服务多个行业客户的丰富实践，天润融通总结出了AI转型实践六部曲，为企业迈向AI驱动的智能化组织提供了清晰的蓝图。一是以客户为中心，建立 数字化连接，形成闭环；二是 ...