图片来源： Unsplash 知情人士表示，风险投资公司 Accel 正主导德国人工智能初创企业 n8n 的新一轮融资，这将使该公司估值呈指数级增长至 23 亿美元。 知情人士透露， Accel 在包括 Insight Partners 在内的多家投资机构竞争中胜出，主导了本轮对柏林人工智能初创企业 n8n 的融资。此次融资预计将为 n8n 筹集数亿欧元，公司估值达到 23 亿美元——较四个月前约 3.5 亿美元的估值大幅跃升。该人士表示，这一估值属于融资前估值，即未计入新投资的公司价 值。 包括《金融时报》在内的多家媒体近几周报道称， n8n 正以超过 15 亿美元的估值进行融资谈判。而如今这笔融资将使该公司估值远超 20 亿美元，充分证 明了市场对人工智能投资、尤其是欧洲 AI 领域的强劲需求。 仅过去两个月内：法国初创企业 Mistral AI 就曾洽谈筹集高达 10 亿美元的权益融资；德国无人机 AI 开发商 Helsing 的估值翻倍至 120 亿欧元；瑞典 AI 编程公司 Lovable 也完成了 2 亿美元融资，跻身独角兽行列。 近几个月来， n8n 实现了快速增长。据知情人士透露，其年度经常性 ...

Group 1: Cosmetics Industry Insights - The new consumption trend in cosmetics is driven by supply-demand misalignment, with content marketing accelerating product innovation and transformation [2][4] - The beauty sector is expected to lead new consumption, with a focus on product renewal and emotional value consumption [4][5] - Traditional industries such as personal care, health products, and snacks are seeing significant opportunities for product renewal [6] Group 2: Company Performance - Shijia Photon - Shijia Photon reported a significant increase in performance, with a Q2 revenue of 9.93 billion yuan, a year-on-year growth of 121.12%, and a net profit of 2.17 billion yuan, up 1712.00% [7][21] - The company has raised its profit forecast for 2025-2027, with expected net profits of 4.88 billion, 8.62 billion, and 10.63 billion yuan respectively [7][21] - The MPO business is growing rapidly, contributing significantly to revenue, with a focus on high-end chip development and new product lines [8][22] Group 3: Company Performance - Jerry Holdings - Jerry Holdings experienced accelerated performance in Q2, with a revenue of 42.14 billion yuan, a year-on-year increase of 49.12%, and a net profit of 7.75 billion yuan, up 8.78% [9][30] - The company has raised its EPS forecast for 2025-2027 to 3.06, 3.70, and 4.48 yuan respectively, reflecting strong order growth and operational improvements [9][30] - The natural gas business is emerging as a second growth curve, with significant new orders and revenue growth [11][32] Group 4: Market Trends and Opportunities - The cosmetics industry is witnessing a shift towards emotional consumption, with consumers seeking differentiated products that meet more refined needs [4][5] - New channels and media are facilitating product innovation and market penetration, particularly through social media and content-driven platforms [5] - The traditional sectors are adapting to new consumer demands, with a focus on product renewal and leveraging new distribution channels [6]

Core Viewpoint - The AI-focused ETF, Huaxia (589010), has shown strong performance with a 15.69% increase over the past 20 trading days, significantly outperforming the Shanghai Composite Index, indicating the robust elasticity of the "AI + Sci-Tech Board" sector [1][2] Group 1: ETF Performance - As of 14:20 today, Huaxia AI ETF is down 0.35%, but has demonstrated a solid upward trend recently [1] - The ETF has a turnover rate of 22.20% and a total trading volume of 16.75 million, reflecting active market participation [1] Group 2: Holdings Performance - Cambricon Technologies leads with a 2.82% increase, while Chipone Technology rises by 2.68% [1] - Lingyun Technology has the largest decline at 3.78%, with other companies like Amlogic and Daotong Technology also experiencing drops of over 2% [1] Group 3: Major News - On August 5, after market close, Jintai Holdings announced a significant AI pharmaceutical collaboration with DoveTree, securing a $51 million upfront payment and potential further payments totaling $4.9 million and milestone payments of $58.9 billion, bringing the total deal value to $59.9 billion [1] - This collaboration sets a new record in the "AI + Robotics" new drug development sector [1] Group 4: Industry Outlook - Longcheng Securities suggests that the continuous upgrade of global foundational large models, along with decreasing costs and improved effectiveness, will drive the prosperity of multimodal AI applications and the AI Agent ecosystem [1] - The report emphasizes the potential of AI-driven digital interactions to become a hot sector in the media and internet industry [1]

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [14]. Core Insights - The acceleration of large model iterations both domestically and internationally is expected to foster a prosperous AI application ecosystem, particularly in multi-modal applications and AI Agents [2][3]. - The report highlights that 2025 is anticipated to be a pivotal year for the commercialization of AI multi-modal applications and AI Agents, with significant advancements expected in these areas [3]. Summary by Sections Domestic Developments - On July 28, Zhiyu released its flagship model GLM-4.5, achieving state-of-the-art performance in 12 benchmark tests across reasoning, programming, and agent capabilities [1]. - Alibaba launched the video generation model Tongyi Wanshang Wan2.2, which is the first in the industry to utilize a Mixture of Experts (MoE) architecture, featuring a total parameter count of 27 billion and an activation parameter count of 14 billion, resulting in approximately 50% savings in computational resources [1]. International Developments - Google DeepMind introduced Genie 3, a third-generation universal world model capable of real-time interaction and enhanced memory, which is expected to accelerate the transition of models to application layers [2]. - Anthropic released Claude Opus 4.1, achieving a score of 74.5% on the SWE-Bench Verified, indicating significant improvements in programming capabilities and efficiency in handling complex multi-step problems [2]. - OpenAI reintroduced two open-weight language models, GPT-OSS-120B and GPT-OSS-20B, supporting various reasoning intensities and designed for personal devices [2]. Application Focus - The report suggests focusing on the commercialization progress of AI multi-modal applications and AI Agents, with notable advancements in areas such as image and video generation, where companies like Meitu and Kuaishou are leading [3][6]. - The AI Agent sector is also highlighted, with companies like Kingdee International and Maifushi making strides in developing enterprise-level AI solutions [6]. Related Companies - Key companies to watch include Alibaba, Baidu, Tencent, Meitu, Kuaishou, Kingdee International, and Maifushi, among others, which are positioned to benefit from advancements in AI technologies [6].

与主要专注于提高后端运营效率的其他解决方案如人力资源管理及供应链管理相比，企业更愿意为营销 及销售SaaS解决方案付费，因为该解决方案可提高潜在客户获取并促进收入增长，效果显著可行。 营销及销售SaaS市场规模有望从2022年的206亿元增长至2027年的745亿元，复合增速达29.3%。 中国银河证券发布研报称，AI Agent的商业模式正从"提供工具"向"交付价值"转变，SAAS企业有望迎 来价值重估的机会。 智通财经APP讯，迈富时(02556)发布公告，预期截至2025年6月30日止6个月将扭亏为盈，取得本公司拥 有人应占净利润约人民币3180万元至人民币4100万元，去年同期本公司拥有人应占净亏损约人民币8.2 亿元。 企业公告称，2025年上半年AI市场需求增加，带动AI+SaaS业务收入持续增长，使本集团毛利增加；及 本集团内部应用AI工具，带来集团整体运营效率持续提升，致使销售费用、行政费用及研发费用下 降。 2025年公司迎来AI Agent产品商业化落地新阶段，AI产品的成功实践以及今年以来AI Agent产品持续推 出将提供场景验证。目前公司持续推出AI-Agentforce智能体中台、 ...

今年下半年希望 Crypto AI 的一些大融资项目能尽快抓住降息前的好时机发空投 + TGE 吧。之前从陆老师那儿了解到从决策终端解决的 AI infra 项目 Allora @AlloraNetwork 算是融资背景非常豪华，目前已经拿到了包括 Polychain、Framework、Delphi Digital 在内的 3500 万美元融资，TGE 预计在 8 月除了融资背景之外，团队背景和资源也不错，是由 Chainlink 核心成员组成的，还联合了 Coinbase、LayerZero 等项目成员，他们做的这个项目简单来说，“我们不生产模型，而是模型的指挥官”，就像 AI 版的 Chainlink。如果把 Chainlink 比作数据聚合层，Allora 就是 Agent 聚合层这就是传承吗（bu），看看具体项目机制吧👉 核心机制：Model Coordination Network（MCN）Allora 自身不生产模型，而是不断容纳市面上优质的 AI Agent 让他们协同推理、最终输出一个最优答案- 模型互评：每个模型不仅输出自己的答案，还会预测其他模型可能的表现，用来判断谁更靠谱- 动态激励： ...

8月5日，AIGC软件A股上市公司万兴科技（300624.SZ）加速Agent布局，打造全链路音视频AI智能 体，正式上线旗下首款AI Agent产品万兴超媒Agent，其大模型原生应用矩阵再添成员。该产品依托万 兴天幕音视频多媒体大模型2.0强大技术底座及高度智能化的技术架构，实现用一个Agent全面包办从分 镜规划到作品发布一系列创作任务，专为解决传统模式下多软件切换、操作复杂等音视频创作痛点而推 出，支持智能脚本策划、智能分镜拆解、智能画面提示、智能分镜生成、视频配音与配乐等AI功能， 可轻松创作具有大片质感的音视频爆款，助力创意平权及普惠时代的加速到来。 （万兴科技旗下万兴天幕AI APP已上线） 万兴超媒Agent的推出，是万兴科技结合其20余年音视频领域深耕经验及在AI领域深度探索的又一重要 成果，也是万兴科技赋能全球新生代创作者，致力推进人人皆是创作者时代到来的重要举措。在AI时 代，万兴科技以AI等前沿技术深入融入产品创新体系，持续为全球15亿用户带来更加智能、易用的AI 软件产品及数字创意解决方案。 公开信息显示，推出万兴超媒Agent的万兴科技是中国数字创意软件领域中全球化程度最高、产品线 ...

证 券 研 究 报 告 计算机行业深度研究报告 Kimi：K2 模型，跻身全球开源 SOTA 队列 ❑ 投资建议及相关标的：建议关注 AI 应用方向： 行业研究 计算机 2025 年 08 月 05 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 47,787.54 | 4.40 | | 流通市值(亿元) | 41,316.64 | 4.83 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.1% | 15.6% | 61.1% | | 相对表现 | 5.0% | 7.1% | 43.9% | -6% 26% 57% 88% 24/08 24/10 24/12 25/03 25/05 25/07 2024-08-05 ...

日前，中国信通院在2025数据智能大会正式发布了《AI Agent智能体产业图谱1.0》。该图谱围绕基础底 座、智能体平台、通用智能体和行业智能体四大领域进行编制，全面梳理智能体产业的关键环节和代表 企业。宇信科技同华为、腾讯云、阿里云、蚂蚁等科技企业，一同入选「行业智能体·金融行业智能 体」核心板块，标志着企业在AI Agent领域获得了国家级研究机构及市场的广泛认可。 2025年上半年，宇信科技星辰ChatBI产品已成功落地几家城商行和某大行分行，此外公司AI营销产品也 成功落地某大型商业银行分行。公司已构建AI大模型全栈服务体系，覆蓋从算力层、基础大模型层、 应用基础能力层到业务场景能力层的全链条关键环节，为客户提供全方位、多层次的产品支持。 宇信科技近日在互动平台回答投资者提问时表示，作为中国金融科技服务领军企业之一，公司积极把握 生成式AI技术发展，明确聚焦AI应用领域，成功开发了多款AI Agent产品。其中，数据AI产品星辰 ChatBI，能够支持企业构建专属的「数字决策智库」，让每个业务提问都能获得思考缜密的答案，实现 问数、看数、析数、提数、管数的场景化融合，为终端用户提供「穿透式」的用数体 ...

2025年，大模型落地了，但好像又没全落。 硬币的一面是"Agent元年"，随着Manus的出圈，公众视线进入了Agent时间。就连今年世界人工智能大 会（WAIC 2025）上，Agent也是当之无愧的主角，To C类型Agent样式繁多，To B类型Agent则离钱更 近、离真实需求也更近。AI Agent的火热，某种意义上代表大模型应用的繁荣。 硬币的另一面，许多企业仍困在大模型落地难的泥潭中——算力成本高企、数据孤岛难破、场景价值模 糊，展会上的炫酷Demo与实际业务的真实痛点之间，仿佛隔着一层"毛玻璃"，那些曾被寄予厚望的颠 覆性应用，不少正尴尬地卡在概念验证阶段，等待一场更务实的进化。 没有企业想抛个硬币，指望正好能落在自己需要的那一面。企业需要的是确定性，是将已有的行业 know-how借由大模型转化为真正的生产力。 据不完全统计数据显示，2024全年，智能体构建平台相关共有570个中标项目，372个项目公开金额，总 金额达23.52亿元。而2025上半年，智能体构建平台相关中标项目数量已达371个，是去年同期的3.5倍， 甚至接近去年全年总量的三分之二，待到下半年订单需求集中释放，今年全年的项 ...