Group 1 - The AI sector experienced a pullback on June 10, with a cooling of the recent tech revaluation narrative, but AI capital expenditures are expected to remain high, supported by policy initiatives [1] - Major cloud providers and tech companies showed a year-on-year capital expenditure growth at historical highs, unaffected by tariffs and macroeconomic factors, indicating a potential independent trend for AI [3] - The commercial prospects for AI agents and embodied intelligence, particularly humanoid robots, are promising, with significant policy support and a thriving ecosystem led by major players like Alibaba and Tencent [8] Group 2 - The "DeepSeek moment" has driven the tech revaluation narrative in China, although it has recently cooled, leading to an expanded valuation gap between Chinese and U.S. tech giants [8] - The semiconductor equipment ETF (159516), chip ETF (512760), and the entrepreneurial AI ETF (159388) are suggested as potential investment vehicles for interested investors [8]

刚刚，图灵奖得主、深度学习三巨头之一、蒙特利尔大学教授 Yoshua Bengio 官宣了非营利组织 LawZero，希望通过采取与大型科技公司根本不同的方 法，开发一种"设计安全"的人工智能（AI），以发现试图欺骗人类的"流氓"系统。 LawZero 以科幻小说作家 Isaac Asimov 的机器人第三定律命名--"机器人不得伤害人类，也不得因不作为而让人类受到伤害。" LawZero 的最初支持者包括人工智能安全机构"未来生命研究所"、Skype 创始工程师 Jaan Tallinn 和谷歌前首席执行官 Eric Schmidt 创办的研究机构 Schmidt Sciences。 Bengio 将担任 LawZero 的主席。他们在 LawZero 官网写道： 当前的前沿系统已经显示出自我保护和欺骗行为的迹象，随着其能力和代理程度的提高，这种现象只会加速。 我们认为，应将 AI 作为全球公益事业来培养，安全地开发和使用 AI，以实现人类的繁荣。每个 AI 前沿系统的基础都应基于一个核心承诺： 保护人类的快乐和努力（to protect human joy and endeavour）。 由两个主要部分组 ...

东吴证券研报指出，预计A股将开启新一轮"东升西落"交易，弱美元驱动的流动性外溢将利好非美市 场，中国资产受益，科技成长风格占优。具体配置方向包括机器人、人工智能、AI端侧设备、算力产 业链、可控核聚变、军工信息化、无人驾驶、创新药、固态电池、AI agent、低空经济、卫星互联网 等。 ...

Core Viewpoint - The financial technology sector is experiencing fluctuations, with the China Securities Financial Technology Theme Index showing a decline of 1.02% as of May 22, 2025, while specific stocks within the sector have varied performances [3]. Group 1: Financial Technology ETF Performance - The Financial Technology ETF (516860) has seen a recent decline of 1.01%, with the latest price at 1.18 yuan [3]. - The ETF's trading volume has been active, with a turnover of 3.7% and a total transaction value of 34.8452 million yuan [3]. - Over the past year, the ETF has achieved an average daily trading volume of 76.8463 million yuan [3]. - The ETF's net inflow over the past five days reached a total of 70.8255 million yuan, with a maximum single-day net inflow of 21.8676 million yuan [4]. - The ETF's total size has reached 945 million yuan, marking a recent one-month high [4]. - The ETF has recorded a one-year net value increase of 59.32%, ranking first among comparable funds [5]. - The ETF's highest monthly return since inception was 55.92%, with an average monthly return of 10.57% [5]. - The ETF's Sharpe ratio stands at 1.24 as of May 16, 2025, indicating a favorable risk-adjusted return [6]. Group 2: Index Composition and Data Quality Initiatives - The China Securities Financial Technology Theme Index includes companies involved in financial technology, reflecting the overall performance of this sector [4]. - The top ten weighted stocks in the index account for 53.28% of the total, including companies like Tonghuashun (300033) and Dongfang Caifu (300059) [8]. - The National Data Bureau has released the "Digital China Development Report (2024)" and a draft guideline for high-quality data set construction, which is expected to enhance the development of AI and large models in specific vertical industries such as healthcare, transportation, education, and finance [3].

Investment Rating - The report maintains a rating of "Increase" for the industry [5] Core Insights - The MCP (Model Context Protocol) opens new possibilities for function calls, driving the further improvement of the AI agent system [10][11] - Major internet companies are integrating MCP to develop agents, with both vertical and general agents expected to continue upgrading their functionalities [20] - The report suggests focusing on companies involved in AI agents and computing power, highlighting a range of specific companies across various sectors [41] Summary by Sections MCP and AI Agents - MCP is an open protocol that allows AI models to connect with different tools, similar to a USB-C port for AI applications, facilitating the integration of various data sources and tools [10][11] - The advantages of MCP include simplified development, flexibility, real-time response, security, and scalability [13][14] Development of Vertical and General Agents - Traditional functional apps are evolving into agents, enhancing user experiences with new functionalities [21] - Examples include: - Feizhu's AI agent "Ask Me" for personalized travel planning [22][24] - Tongcheng's AI agent "Chengxin AI" for comprehensive travel services [25][26] - DingTalk's AI assistant for office tasks [28] - Feishu's intelligent partner for personalized user assistance [29] - General agents are emerging, such as Quark, which aggregates multiple AI functionalities [30][31] and Baidu's Xinxiang, which utilizes multi-agent collaboration for complex tasks [32] Investment Recommendations - The report recommends attention to companies in the AI agent space, including Kingsoft Office, Kingdee International, and others in the computing power sector like Cambricon and Alibaba [41][42]

• 国内 MCP（多通道平台）发展滞后于国外，主要体现在多任务规划能力和 生态系统建设方面，国外超级 AI agent 如 Manners 和 CodeBot 已能独 立完成复杂任务调用，而国内尚无类似应用，阿里正通过钉钉、夸克及百 炼平台引入三方生态加速布局。 • Manas 超级代理入口在处理复杂任务时 TOKEN 消耗显著增加，每次约 15 万至 30 万 TOKEN，但企业用户对其接受度高，通过 MCP 接入的开发 者已达上千家，日 TOKEN 调用量达 3,500 亿至 4,500 亿，显示出强劲的 市场需求。 • Zinus 产品定价较高，每月 199 美金或 299 美金，但市场反应积极，开发 者数量众多，日 TOKEN 调用量同样在 3,500 亿至 4,500 亿之间，技术溢 价性强，但未来可能面临价格竞争。 • 钉钉和夸克在阿里生态中分别定位为 ToB 和 ToC 的 AI 入口级应用，钉钉 侧重商业化落地与营收，夸克则关注 DAU 增长和 TOKEN 消耗，两者将在 各自领域推动阿里生态发展。 • 预计 2025 年阿里千问模型费用将下调 30%至 50%，旨在降低企业使用 成本，提高市 ...

编译：haozhen, Cookie AI agent 并不是一个新概念，但从 2024 年到今天，agent 的行动能力和交互方式发生了质变，头部模型厂商也正在将 agentic 能力融入模型，agentic 能 力会成为今年模型竞赛的重点之一， tool use 作为 agent 最重要的能力，一直是头部 AI labs 非常关注的方向。上周，OpenAI 发布了新一代模型 o3， o3 有最丰富的 tool use 方式。 本文是对 OpenAI agent 团队访谈的编译，OpenAI agent 产品和工程负责人分享了 OpenAI 在 agent 开发与工具生态方面的技术细节，以及他们对开发 者实践的观察与见解。他们认为，受益于 CoT 与 tool use 的结合，agent 获取信息的方式已经发生了巨变，agent 的下一步是能够接入数百个工具，并 能够自主判断调用哪个工具并确定如何使用。此外，multi agent 系统的工作效率会更高，且具有更高的可控性和优化潜力。 我们判断， multi agent 系统会在今年有大的突破，vertical agent 会因此直接受益，在 compute ...

资深 Agent 专家看 B 端 Agent 进展 20250415 摘要 • 钉钉通过与生态伙伴及企业场景合作，落地智能问答、超级工单和舆情监 控等标准化 agent，其中智能问答使用量最大。阿里云侧重技术积累和底 层模型，通过解决方案和百炼平台服务中大型企业，在质检、银行风险监 控等领域取得案例。 • MCP 协议是 AI agent 与外部应用服务高效交互的核心技术，阿里百炼平 台和钉钉魔法棒已运用该协议提升工作流能力。MCP 协议可连接数据库并 调取外部应用服务，但受生态互通性限制，主要在内部生态体系内实现。 • 使用 MCP 协议的技术制约在于 AI 对实时动态感知的准确度不足，且通过 接口调取外部应用导致推理笨拙。解决这些问题需提升 AI agent 自身能力 并与外部应用适配，涉及产业投入和企业配合。 • 阿里在 agent 领域的技术平台打造和垂类场景切入方面取得进展，单一场 景如问答已较成熟，但复杂任务闭环仍有技术难度。Agent 概念已验证， 但商业化规模化仍是挑战，如钉钉去年完成 1,700 万任务指标，营收占比 仍小。 Q&A 阿里在 B 端 agent 的布局方面有哪些主要抓手和进展 ...

Investment Rating - Industry investment rating: Overweight [1] Core Views - The report highlights the upcoming release of OpenAI's GPT-5 and the launch of AI agents, indicating a focus on opportunities in autonomous driving and AI agents [3][4] - The report notes a decline in major indices, with the Nasdaq index dropping by 10.02% during the week [2][24] - The report emphasizes the resilience of performance in the AI sector, suggesting potential for valuation recovery [2] Summary by Sections Market Review - From March 31 to April 3, 2025, the Shanghai Composite Index decreased by 0.28%, the ChiNext Index fell by 2.95%, and the CSI 300 Index dropped by 1.37% [2][24] - The Hang Seng Technology Index declined by 3.51%, while the Nasdaq Index saw a significant drop of 10.02% [2][24] AI Sector Developments - OpenAI plans to release o3 and o4-mini in the coming weeks, followed by GPT-5 in a few months [3][46] - The launch of AutoGLM, an AI agent with deep research and operational capabilities, was announced by Zhizhu on March 31 [4][44] - Microsoft introduced a customizable AI assistant feature called "Copilot Avatar" during its 50th-anniversary event [4][43] Semiconductor Industry - UMC's new Singapore Fab 12i expansion is set to enhance production capacity to over 1 million 12-inch wafers annually starting in 2026 [7][48] - GUC announced the successful tape-out of the world's first HBM4 IP, achieving significant improvements in bandwidth and power efficiency [7][48] Computer and AI-Related Companies - Companies such as Meta, Adobe, Microsoft, and Nvidia are highlighted for their advancements in AI technologies and products [4][5] - The report mentions ByteDance's AI image generation platform "Jidream" launching its 3.0 version for grayscale testing [5][44] Autonomous Driving - Tesla plans to launch its electric vehicles in Saudi Arabia and showcase AI and robotics technology at an upcoming event [3][9] - WeRide announced a strategic partnership with Uber to introduce Robotaxi services in Dubai [9]