而多智能体蜂群能实现多个智能体拉群组队协作，像搭积木一样，把不同专长的推理型智能体组合为人 服务。到 L4 级智能体蜂群，就像人类雇佣了一个团队在工作，甚至可以随时扩展这个团队的规模，实 现能力的无限扩展。 据悉，纳米AI全新的蜂群协作框架，多个推理型智能体可以灵活拉群、多层嵌套、组队协作完成复杂 任务。该技术主要在两大方面领先行业：第一，实现多个智能体灵活拉群、多层嵌套、组队协作完成复 杂任务，让他们像蜂群一样紧密协作。同时，多智能体蜂群灵活配置，可单蜂群作战，也可以组成蜂群 方阵。面对用户提出的各类新任务，还能随时变换阵形。 目前纳米AI中有超过5万个L3级推理智能体，单兵作战能力超强。在纳米，通过自然语言就可以设计、 搭建推理智能体，人人都能搭建自己的Manus。在蜂群框架下，我们让这些智能体组合成 L4 团队，在 一套指挥系统下，目标一致、步调一致执行任务，每个角色在团队中的作用都能发挥到极致，最终完成 超长的复杂任务，比如制作10分钟的电影级大片。 8月2日，三六零（601360）纳米 AI 完成品牌焕新，升级为"多智能体蜂群"。这标志着纳米 AI 成为全球 首个真正迈入L4级别的智能体系统，实现了 ...

Core Insights - OpenAI's CEO Sam Altman expressed fear regarding the upcoming release of GPT-5, indicating its potential impact on the industry and society [5][6][12] - GPT-5 is expected to be officially launched in early August, with significant anticipation from the developer community [2][4][6] - The release of GPT-5 is anticipated to trigger a major transformation across the AI industry, affecting everything from chip manufacturing to application development [13][14] Development and Features - Altman revealed that GPT-5's internal testing has been "shocking," showcasing its advanced capabilities, including providing perfect answers to complex queries [4][5] - The model is expected to integrate various technologies, simplifying and unifying existing models while enhancing reasoning and problem-solving abilities [10][11] - GPT-5 is projected to have improved memory and longer context windows, allowing for more coherent and extended interactions [11][12] Industry Impact - The launch of GPT-5 is likely to increase demand for high-performance GPUs and cloud computing resources, leading to significant capital investments in these areas [14] - Major software and SaaS providers, such as Microsoft, are expected to rapidly integrate GPT-5 into their products, establishing AI as a fundamental feature [15] - Various industries, including education, marketing, and finance, are predicted to experience disruptive changes due to GPT-5's advanced capabilities [17]

证券研究报告 | 2025年08月02日 金融工程日报 A 股震荡走低，AI 智能体午后走强、AI 硬件方向走低 核心观点 金融工程日报 市场表现：20250801 规模指数中中证 2000 指数表现较好，板块指数中深证 综指表现较好，风格指数中中证 500 价值指数表现较好。传媒、轻工制造、 家电、纺织服装、汽车行业表现较好，石油石化、国防军工、钢铁、通信、 非银行业表现较差。快递、PVC 地板、智慧停车、动物疫苗、K-12 教育等概 念表现较好，稀土、中船系、稳定币、磁电存储、电路板等概念表现较差。 市场情绪：20250801 收盘时有 51 只股票涨停，有 9 只股票跌停。昨日涨停 股票今日收盘收益为 1.58%，昨日跌停股票今日收盘收益为-4.00%。今日封 板率 58%，较前日下降 1%，连板率 25%，较前日提升 0%。 市场资金流向：截至 20250731 两融余额为 19848 亿元，其中融资余额 19710 亿元，融券余额 138 亿元。两融余额占流通市值比重为 2.3%，两融交易占市 场成交额比重为 10.5%。 折溢价：20250731 当日 ETF 溢价较多的是油气资源 ETF，ETF ...

当主持人追问到底是什么让他震惊时，阿尔特曼举了个例子：他收到一封自己搞不懂的邮件，结果GPT-5竟然给出了一个"完美答案"。他当时就"有点坐立 不安"，直言"它（GPT-5）让我感到恐惧。" 阿尔特曼甚至把AI的开发过程，比作二战时期造出第一颗原子弹的"曼哈顿计划"。他说："在科学史上，总有这样的时刻：一群科学家看着他们的创造物， 然后问，我们做了什么？也许它很棒，也许很糟糕。就像1945年参与曼哈顿计划的科学家们那样，他们创造了全新的事物，拥有超越人类的力量，每个人都 知道它将重塑世界。"这番话，足以说明GPT-5在他心中的分量。 "那一刻，我突然觉得自己在这一任务上毫无价值，它让我感到恐惧。" 这是OpenAI掌门人萨姆·阿尔特曼最近亲口说的话，而让他如此"害怕"的，正是他们即将推出的GPT-5。 今年6月，他在OpenAI的播客节目中首次透露，GPT-5预计将于今年夏天推出。近期，全球科技界捕捉到更强烈的信号：开发者社区频频爆出GPT-5测试版本 的细节，微软Copilot也将推出带有GPT-5标签的全新"智能"模式。 种种迹象表明，GPT-5或将于8月上旬正式亮相了。 GPT-5要来了，阿尔特曼被"吓 ...

每经记者|岳楚鹏 高涵 每经编辑|高涵 "那一刻，我突然觉得自己在这一任务上毫无价值，它让我感到恐惧。" 这是OpenAI掌门人萨姆·阿尔特曼最近亲口说的话，而让他如此"害怕"的，正是他们即将推出的GPT-5。 今年6月，他在OpenAI的播客节目中首次透露，GPT-5预计将于今年夏天推出。近期，全球科技界捕捉到更强烈的信号：开发者社区频频爆出GPT-5测试版本 的细节，微软Copilot也将推出带有GPT-5标签的全新"智能"模式。 种种迹象表明，GPT-5或将于8月上旬正式亮相了。 此外，微软Copilot的代码也悄悄做了更新，准备推出一种带有GPT-5标签的新"智能"模式。熟悉微软AI计划的知情人士透露，微软正在消费者版和商业版 Microsoft 365 Copilot上测试这个新模式。微软此前已有先例：在OpenAI正式发布GPT-4六周前，微软的AI版Bing就已经抢先用上了。 OpenAI CEO阿尔特曼 图片来源：视觉中国 尽管OpenAI尚未官宣GPT-5的发布日期，但最近一系列不寻常的信号，已经把人们的胃口吊了起来。 7月19日，阿尔特曼在X平台上发文："我们即将发布GPT-5。"没过几天 ...

"老铁们，这周行情像不像坐过山车？指数蔫了吧唧，个股却玩起高空蹦极！南新制药一周暴涨78%，市值差点掀翻房顶；可转头一看，50只票跌超10%，4 只直接摔进'骨折区'……我是帮主郑重，二十年摸爬滚打的老财经，专攻中长线。今儿咱不念数据经，就唠点实在的：大涨大跌背后，藏着中长线玩家必须 看透的三盏信号灯！ 先说这匹'疯马'南新制药——78%的涨幅够唬人吧？可仔细一扒公告，好家伙！收购药品技术的计划连个意向协议都没签，纯粹是'三无产品'：无细节、无 保障、无时间表！ 资金为啥还敢怼？赌的就是创新药赛道'政策 情绪'的双重溢价！ 最近医保局座谈会刚给创新药站台，石药集团还把GLP-1药物卖到美 国，20亿美元大单点燃行业预期——风口上的猪都能飞，但风停了呢？帮主泼盆冷水：这种靠消息催化的暴涨，没业绩背书就是空中楼阁！看看估值，恒生 生物科技指数PE才33倍，还在历史低位趴着，真看好创新药，不如盯着翰宇药业这种实打实出海变现的，或者等龙头回调到30日均线再慢慢捡筹码！ 再看涨幅榜的玄机——20只票涨超30%，医药生物独占7席！除了南新，利德曼46%、辰欣药业40%，清一色政策红利催化的主儿。但你们发现没？资金只 认' ...

Group 1 - The A-share market experienced a day of fluctuations, with the three major indices slightly declining [2] - AI intelligent agent concept stocks showed strong performance, with Dingjie Zhizhi rising over 16.06%, and several other stocks like Jinke Environment, Lifang Holdings, and Wanxing Technology increasing by more than 10% [2] - Baidu is testing an AI application entry point on its computer search homepage, allowing users to access AI applications directly from the search box [2] Group 2 - The integrated AI agents on Baidu's homepage mainly come from the Wenxin intelligent agent platform, external high-quality AI applications from the search open platform, and some self-developed applications by Baidu [2] - This feature is currently in a gray testing phase, which involves a specific group of users before a broader rollout [2] - Full access to this feature is expected to be available soon [2]

Core Viewpoint - The AI toy industry is facing significant challenges, including high return rates and a lack of product-market fit, leading to skepticism about its future viability [5][7][22]. Group 1: Market Feedback and Challenges - The current return rate for AI plush toys is between 30% and 40%, indicating consumer dissatisfaction with the products [5][12]. - Many AI toys are priced between 300-400 yuan, but their production costs are generally under 100 yuan, leading to high consumer expectations that are often unmet [19][20]. - Common issues reported by consumers include heavy AI characteristics, response delays, complex interactions, and connectivity problems, which detract from the intended experience of having an emotional and engaging companion [6][15]. Group 2: Product Development and Market Dynamics - Most AI toys on the market are simple in design, typically consisting of a plush toy and a voice interaction box, which has led to a crowded and competitive market [9][11]. - The reliance on e-commerce platforms and their return policies can be detrimental to companies that fail to deliver satisfactory product experiences [12][22]. - Many companies in the AI toy sector are still operating at a loss and depend on financing to sustain their operations, highlighting the financial strain within the industry [7][18]. Group 3: Future Directions and Innovations - New entrants in the AI toy market are exploring differentiated products that incorporate multi-modal interactions and emotional value, targeting a broader audience beyond just children [27][28]. - Companies are beginning to recognize the limitations of current AI toys and are adjusting their designs to improve user experience, such as integrating voice boxes into the toys themselves and enhancing interaction capabilities [25][26]. - The ultimate goal for many AI toy companies is to create personalized AI companions, which requires sustained user engagement and interaction to refine the AI's capabilities [23][24].

Market Performance - On August 1, A-shares' three major indices collectively closed lower, with the Shanghai Composite Index down 0.37% at 3559.95 points, the Shenzhen Component Index down 0.17% at 10991.32 points, and the ChiNext Index down 0.24% at 2322.63 points [1] Fund Manager Changes - In the past 30 days (July 2 - August 1), a total of 424 fund managers have left their positions, with 18 announcements made on August 1 alone. The reasons for these changes include 4 managers leaving due to job changes and 1 due to personal reasons [3][4] - Notable fund managers who left include Wu Yi from multiple funds due to job changes, and Shi Xingtao who left for personal reasons [4][6] Fund Manager Performance - Current fund manager of Yongying Fund, Chu Kefa, manages assets totaling 7.271 billion yuan, with the highest return of 104.27% from the fund Yongying Medical Innovation Selected Mixed Fund A during his tenure [4] - New fund manager Wan Qiong from Bosera Fund manages assets totaling 52.773 billion yuan, with the highest return of 283.18% from the Bosera S&P 500 ETF over nearly 10 years [5] Fund Research Activity - In the past month, the most active fund company in conducting company research was Fuguo Fund, which researched 48 listed companies, followed by Bosera Fund and Huaxia Fund with 45 and 44 companies respectively [6][7] - The most researched industry was communication equipment, with 193 research instances, followed by the chemical pharmaceutical industry with 158 instances [6][7] Recent Stock Research - The most researched stock in the past month was Defu Technology, with 79 fund management companies participating in the research, followed by Zhongji Xuchuang and Xinyi Sheng with 75 and 66 companies respectively [7][8] - In the last week (July 25 - August 1), Defu Technology remained the most researched stock, with 79 fund institutions involved, while other notable stocks included Haida Group and Shenghong Technology [8][9]

收评：三大指数小幅下跌 两市成交额缩量超3000亿 涨停表现 智通财经8月1日电，市场全天震荡调整，三大指数小幅收跌。沪深两市全天成交额1.60万亿，较上个交易日缩量3377亿。盘面上市场热点快速轮动，个股涨 多跌少，全市场超3300家个股上涨。从板块来看，医药板块全线逆势走强，创新药概念延续强势，昂利康涨停；中药股展开补涨，维康药业涨停；光伏概念 反弹，捷佳伟创涨停；午后AI应用端活跃，智能体方向领涨，鼎捷数智涨超10%；数据要素概念走强，深桑达A涨停。下跌方面，体育概念集体调整，共创 草坪跌停。板块方面，中药、电力设备、AI智能体、造纸等板块涨幅居前，中船系、民爆、PCB、CPO等板块跌幅居前。截至收盘，沪指跌0.37%，深成指 跌0.17%，创业板指跌0.24%。 | 上证指数 | | 深证成指 | | 创业板指 | | | --- | --- | --- | --- | --- | --- | | -3559.95 | | -10991.32 | | ·2322.63 | | | -13.26 | -0.37% | -18.45 | -0.17% | -5.69 | -0.2 | | TAL | | ...