针对上述瓶颈，本文提出了一种全新的智能体推理范式——Chain-of-Agents（CoA）。与传统的 TIR 模型仅支持单一智能体的「思考-行动-观察」模式不同，CoA 框架能够灵活定义多个角色和工具的智能体，在单一模型内动态激活，实现端到端的多智能体协作。 本文通讯作者周王春澍，OPPO个性化AI实验室负责人，主要研究方向是AI个性化、智能体的自主进化和强化学习、以及大模型和智能体的记忆系统等。本文核 心贡献者均来自OPPO个性化AI实验室的AI智能体团队。 近年来，以多智能体系统（MAS）为代表的研究取得了显著进展，在深度研究、编程辅助等复杂问题求解任务中展现出强大的能力。现有的多智能体框架通过多 个角色明确、工具多样的智能体协作完成复杂任务，展现出明显的优势。然而，现阶段的 MAS 依然面临一些关键限制： 同时，近期兴起的工具融合推理（TIR）模型，通过显式地将工具使用融入推理过程，显著提升了单智能体框架（如 ReAct）在信息检索任务中的表现。然而，传 统的 TIR 模型，无法直接支持多智能体系统的原生训练与协作。 计算开销高 ： 智能体之间频繁冗余的通信和复杂的工作流设计导致效率不高。 泛化能力有 ...

Core Insights - Junpu Intelligent achieved a revenue of 1.032 billion yuan in the first half of 2025, with a backlog of orders amounting to 3.464 billion yuan, indicating stable business development [1] - The company secured new orders worth 1.112 billion yuan, representing a year-on-year growth of 20.22%, with non-automotive orders in the medical and high-end consumer goods sectors reaching 445 million yuan, accounting for approximately 40% of total new orders [1] Group 1: Medical Sector Developments - In the medical health sector, Junpu Intelligent successfully won a project for the production line of continuous glucose monitoring (CGM) sensors for an internationally leading diagnostic equipment manufacturer, with an annual design capacity of 15 million units [1] - The company established a strategic partnership with a leading domestic medical enterprise to jointly develop key platform cam technology for insulin injection pens [1] - The acquisition of the first fully automated production line project for insulin injection pens and automatic injectors signifies the market recognition of Junpu Intelligent's technological strength in high-value medical consumables intelligent manufacturing [1] Group 2: High-End Consumer Goods Innovations - In the high-end consumer goods sector, Junpu Intelligent's innovative achievements include the successful application of its self-developed "multi-blade intelligent assembly process" for an international brand's razor blade assembly order [1] - The company received an order for a flexible assembly line for high-end electric toothbrush drive units, which received high praise from the client [1] Group 3: Robotics Advancements - Junpu Intelligent's humanoid robot "Jarvis 2.0" successfully completed a multimodal upgrade, integrating various AI models such as large language models (LLM) and visual language models (VLM), enabling multilingual dialogue, voice command control, and visual guidance for object handling [2] - The "Jarvis Lightweight 1.0" version has been officially delivered to Tsinghua University and other institutions for research and teaching purposes [2] - The joint venture between Junpu Intelligent's Ningbo Junpu Artificial Intelligence and Humanoid Robot Research Institute and Zhiyuan Robotics has officially commenced operations, with the first mass production pilot line achieving production [2] - By the end of June, the joint venture received over 28 million yuan in orders for humanoid robot production and sales, with three models of embodied intelligent robots currently in production [2]

Core Viewpoint - Anthropic, an AI unicorn company, is negotiating a financing round of up to $10 billion, which would significantly increase its valuation to approximately $170 billion, nearly tripling its valuation from $61.5 billion last year [2][3]. Financing Details - The upcoming financing round is expected to be the largest in Anthropic's history, approaching a total of $11.404 billion raised to date [2][3]. - The financing is driven by high market demand, with the initial target raised from $5 billion to $10 billion due to oversubscription [4][5]. - Iconiq Capital is set to lead this financing round with an investment of about $1 billion, alongside other investors such as TPG Inc., Lightspeed Venture Partners, and potential contributions from Qatar Investment Authority and GIC [4][5]. Revenue Growth - Anthropic's annualized revenue has reportedly reached $5 billion, with expectations to grow to $9 billion by the end of the year [3][4]. Historical Financing - Since its founding in 2021, Anthropic has completed eight financing rounds, raising a total of $11.404 billion, with the current round being the ninth [5][6]. - Notable past financing rounds include a $1.24 million Series A in May 2021, a $580 million Series B in April 2022, and a $1.25 billion strategic investment from Amazon in September 2023 [6][7][8]. Industry Context - The AI sector continues to attract significant investment, with Anthropic poised to become the fourth AI unicorn to surpass a $100 billion valuation, following major players like SpaceX, ByteDance, and OpenAI [3][10]. - The ongoing influx of capital into AI, particularly in large language models, indicates strong market confidence in the sector's growth potential [10].

Core Viewpoint - The company, Zhiyuan Robotics, has gained a 63.62% controlling stake in A-share Sci-Tech Innovation Board company, Shuangwei New Materials, and has made its public debut at the first partner conference, showcasing its strategic direction and future plans [1][2]. Group 1: Financing and Production Plans - The company plans to initiate a Series C funding round by the end of the year to attract more international industrial partners [8]. - It can sustain cash flow for three years without revenue, with plans to ship thousands of units this year and tens of thousands next year, aiming for hundreds of thousands annually in the future [8]. - The commercial rollout will follow a "To B" (business) first, then "To C" (consumer) approach, with a focus on gradually increasing product maturity and market readiness starting this year [8]. Group 2: Team and Investment - The team consists of over 1,000 members, with an average age of 31, where 75% are involved in R&D, with two-thirds focused on AI [8]. - The company plans to invest tens of billions in the next three years to incubate 50 early-stage projects, having already invested in 15 projects with an annualized return of 8 times [8]. Group 3: Market Strategy and Partnerships - The company is shifting from direct sales to a partner-first approach, aiming for 30% channel sales this year and over 70% by 2026 [8]. - Collaborating with listed companies is strategic, leveraging their resources and industry experience to enhance the company's capabilities in the AI and robotics sectors [49][50]. Group 4: Technological Advancements - The company has made significant breakthroughs in autonomous movement and navigation, enabling robots to operate in various lighting conditions and extreme temperatures [20][21]. - Reliability has been demonstrated through extensive testing, with robots achieving continuous operation for 24 hours without failure [22]. - The company is developing a world model for robotics that utilizes over 3,000 hours of real robot operation data for training, enhancing the predictive capabilities of robots in real-world scenarios [26][29]. Group 5: Industry Data and Trends - The industry is in an early data stage, with a focus on accumulating high-quality data for practical applications, which is crucial for the development of embodied intelligence [28][29]. - The company aims to create a large-scale, standardized data production and inspection process in collaboration with various partners [28][29]. Group 6: Future Outlook and Expansion - The company is optimistic about rapid advancements in the next 1-2 years, aiming to achieve significant improvements in operational efficiency and cost-effectiveness [60][62]. - Plans for international expansion include focusing on educational and commercial partnerships, particularly in Southeast Asia, Japan, South Korea, and the Middle East [55][56].

Core Viewpoint - The competition in large language models has highlighted the importance of mathematical and coding reasoning capabilities, with the introduction of the Klear-Reasoner model by Kuaishou's Klear team, which achieves state-of-the-art performance in various benchmarks [1][2]. Group 1: Model Performance - Klear-Reasoner outperforms other strong open-source models in benchmarks such as AIME2024 and AIME2025, achieving scores of 90.5% and 83.2% respectively, making it the top 8B model [2]. - The model's performance is attributed to the innovative GPPO (Gradient-Preserving Clipping Policy Optimization) algorithm, which enhances exploration capabilities while maintaining training stability [5][24]. Group 2: Technical Innovations - The GPPO algorithm allows for the retention of all gradients during training, which contrasts with traditional clipping methods that can hinder model exploration and slow down convergence [8][10]. - GPPO enables high-entropy tokens to participate in backpropagation, thus preserving exploration ability and accelerating error correction [10]. Group 3: Training Methodology - The Klear team emphasizes the importance of data quality over quantity during the supervised fine-tuning (SFT) phase, demonstrating that high-quality data sources yield better training efficiency and outcomes [12]. - For high-difficulty tasks, retaining some erroneous samples can enhance model performance by providing additional exploration opportunities [16]. - In the reinforcement learning (RL) phase, using soft rewards based on test case pass rates is more effective than hard rewards, leading to improved training stability and efficiency [19]. Group 4: Future Implications - The release of Klear-Reasoner not only showcases impressive performance but also offers a reproducible and scalable approach for reasoning models in supervised and reinforcement learning tasks, providing valuable insights for future applications in mathematics, coding, and other RLVR tasks [24].

本研究由淘天集团算法技术—未来生活实验室与爱橙科技智能引擎事业部联合完成 ，核心作者 刘子贺，刘嘉顺， 贺彦程和王维埙等 。未来生活实验室汇聚淘天 集团的算力、数据与顶尖技术人才，专注于大模型、多模态等前沿 AI 方向，致力于打造基础算法、模型能力及各类 AI Native 应用，引领 AI 在生活消费 领域的技术创新。爱橙科技则在大模型训练与优化方面具有丰富的实践经验。双方此前联合开源了高效大模型强化学习训练框架 ROLL，此次论文工作同样 是基于 ROLL 框架的实践探索。 近年来，强化学习（Reinforcement Learning, RL）在提升大语言模型（LLM）复杂推理能力方面展现出显著效果，广泛应用于数学解题、代码生成等任 务。通过 RL 微调的模型常在推理性能上超越仅依赖监督微调或预训练的模型。也因此催生了大量的相关研究。但随之而来的，是一系列令人困惑的现象： 不同研究提出了不同的 RL 优化技巧，却缺乏统一的实验对比和机制解释，有的甚至得出相互矛盾的结论。对于研究者和工程师而言，这种 "方法多、结论 乱" 的局面，反而增加了落地应用的难度。 为此，阿里巴巴淘天集团和爱橙科技联合多所高校，基 ...

Core Insights - Stone Technology has achieved the highest global shipment volume of robotic vacuum cleaners, reflecting its product competitiveness and globalization progress in the latest semi-annual report [1][2] - The company reported a revenue of 7.903 billion yuan in the first half of 2025, a year-on-year increase of 78.96%, and a net profit of 678 million yuan, with a significant quarter-on-quarter profit growth of 53.29% in Q2 [1][2] Financial Performance - Revenue for the first half of 2025 reached 79.03 billion yuan, marking a continuous six-year growth [1] - The net profit for Q2 2025 was 678 million yuan, with a net profit margin rising to 9.2% [1] - Total assets at the end of the period were 19.379 billion yuan, a 10.83% increase from the beginning of the year, with net assets of 13.374 billion yuan [1] Market Dynamics - Domestic sales have been boosted by government subsidy policies, while overseas markets are seeing brand building and refined channel strategies [1][4] - The global smart robotic vacuum cleaner market is projected to ship 20.603 million units in 2024, with a year-on-year growth of 11.2% and a sales revenue of 9.31 billion USD, reflecting a 19.7% increase [4][5] - The average price of robotic vacuums has risen by 7.6% to 452 USD, driven by continuous product and technology iterations [4] Product Innovation - Stone Technology has introduced advanced products like the G30 Space Exploration version, featuring AI obstacle recognition and a five-axis folding robotic arm [6][7] - The P20 Ultra Plus addresses user pain points related to cleaning and hygiene with its self-cleaning base and advanced features [6] - The company is transitioning from a "cleaning tool" provider to a "smart home solution provider" through innovative technologies [7] International Strategy - Stone Technology is expanding its overseas channels and product price ranges, focusing on markets like Southern Europe and the UK [8][10] - The company is implementing a "de-distribution" strategy in Europe, shifting from reliance on local distributors to a direct sales model [8][9] - The establishment of manufacturing capabilities in Vietnam aims to enhance supply chain resilience and reduce geopolitical risks [10]

Core Viewpoint - The article emphasizes the importance of timely and professional information interpretation in the investment landscape, focusing on the investment value of significant events, analysis of industry chain companies, and key points of major policies [1]. Group 1: Company Developments - The company has achieved mass production of certain computing power chips, which possess intelligent processing capabilities for edge-side chips, and these products are already integrated with major language models such as DeepSeek and Kimi [1]. - The company has also mass-produced several wafer testing equipment that can be utilized for large-diameter wafer testing [1].

Core Viewpoint - Alibaba plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zhibo Zhixing), for a Hong Kong IPO, marking a significant move in the smart automotive sector [1][2]. Company Summary - Zhibo Zhixing was established on November 22, 2015, and will no longer be included in Alibaba's consolidated financial statements starting December 27, 2024 [2]. - As of the announcement date, Alibaba holds approximately 44.72% of Zhibo Zhixing's shares, and post-spin-off, it will retain over 30% [2]. - Zhibo Zhixing primarily provides smart automotive operating systems and solutions, with SAIC Group being its largest customer and significant shareholder [2][3]. Financial Performance - Zhibo Zhixing's revenue from 2022 to 2024 was reported as follows: 805 million yuan, 872 million yuan, and 824 million yuan, respectively [3]. - The company incurred losses and total comprehensive expenses of 878 million yuan, 876 million yuan, and 847 million yuan during the same period [3]. - Research and development expenses were 1.111 billion yuan, 1.123 billion yuan, and 980 million yuan from 2022 to 2024 [3]. Client and Supplier Relationships - SAIC Group has been Zhibo Zhixing's largest customer from 2022 to 2024, contributing 54.7%, 47.4%, and 38.8% of the company's revenue [3]. - Alibaba has been the primary supplier for Zhibo Zhixing, with procurement amounts accounting for 53.5%, 58.4%, and 50.5% of total purchases during the same period [3]. Strategic Implications - The IPO is expected to enhance Zhibo Zhixing's independent image among clients, suppliers, and potential strategic partners, facilitating better business negotiations [4]. - The spin-off will also improve Zhibo Zhixing's ability to secure bank financing and broaden its external funding channels [4]. Use of IPO Proceeds - The IPO proceeds will be allocated to research and development, market expansion, capital operations, and working capital supplementation [5]. - Specific plans include strengthening technological leadership in the smart cockpit solutions market and expanding market share both domestically and globally [5]. Market Outlook - The smart cockpit solutions market is at a pivotal development stage, supported by government policies, rapid growth in the passenger vehicle market, and advancements in chip performance and AI technologies [6]. - Global smart vehicle sales are projected to grow from 58 million units in 2024 to 86.5 million units by 2030, with a compound annual growth rate of 6.9% [6]. - The market size for smart cockpit solutions in China is expected to increase from 129 billion yuan to 327.4 billion yuan, with a compound annual growth rate of 16.8% [6].

Group 1 - On August 20, 2023, the joint venture between SAIC and Alibaba, Zhibo Network, officially submitted its IPO application to the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [2] - The IPO proceeds will be used to enhance R&D investment, increase market share in China, expand globally, support business acquisitions and expansion plans, and supplement working capital [2] Group 2 - On August 21, 2023, Alibaba announced that Zhibo would no longer be consolidated into its financial statements starting December 27, 2024, following a proposed spin-off plan submitted to the Hong Kong Stock Exchange [4] - As of the announcement date, Alibaba held approximately 44.72% of Zhibo's shares, and after the proposed adjustments and spin-off, it will continue to hold over 30% of Zhibo, which will remain an equity method investment [4] Group 3 - Zhibo Network, established in November 2015, primarily provides intelligent vehicle operating systems, smart vehicle solutions, and digital transportation solutions for the automotive and transportation industries [5] - According to ZhiShi Consulting, Zhibo is the largest software-centric intelligent cockpit solution provider in China based on projected 2024 revenue and ranks first in terms of solution deployment volume [5] - Zhibo is one of only two third-party suppliers in China with a fully self-developed automotive operating system and uniquely integrates three core pillars of smart vehicle experience: system-level operating system solutions, AI end-to-end solutions, and automotive platform services [5] - Zhibo's large language model capabilities rank first among nine top Chinese automotive AI companies in the intelligent cockpit field, excelling in various real-world scenarios such as vehicle control, driving, entertainment, mobility, business, lifestyle, and social interaction [5]