AI代理的概念及其在金融领域的发展 －应用于财富管理的潜力－ 作者：野村资本市场研究所 坂上 聖奈 要点 1. 随着大型语言模型在自然语言处理领域取得显著突破，AI代理受到了广发关注。例如，摩根 士丹利在2025年至2027年中长期经营计划中指出，AI代理的潜力是其技术战略的一个重点领域。 2. 简而言之，AI代理就是一种能够自主决策的AI模型。本文以穆迪和Coinbase为例，介绍AI代 理的应用。尽管两家公司根据其业务战略对AI代理的应用采取了不同的方式，但在增强AI自主性方 面却有着共通之处。 3. 穆迪将AI代理视为强化现有服务的工具，通过数据驱动的决策效率来提升客户体验。另一方 面，Coinbase则将AI代理定位为区块链交易的手段，旨在通过交易的自动化和自主化来提升客户体 验，甚至改变经济活动的性质。 4. 随着客户需求的多样化、依赖特定人员的业务流程优化、以及降低人力和成本等因素的驱使 下，金融机构对AI代理的需求在不断扩大。在财富管理业务中，AI代理的应用也被认为是一个重要 的候选方向。具体包括：（1）为客户提供最佳投资建议以实现特定的财务目标；（2）提升托管服 务水平；（3）扩大数字资产交易 ...

以生成式AI为代表的新技术浪潮日新月异，正带来一场深刻的技术、商业与社会变革，推动人类社会从信息社会向智能社会转变。全世界热切期待AI到 来的同时，也非常关心人工智能将带来哪些新机遇、新挑战。 为此，我们发起了一项《AI & Society 百人百问》研讨，广泛邀请AI技术大咖、AI独角兽创始人、AI投资人，以及社会学家、心理学家、国际关系专家、 科幻作家等，用多元视角，深入研讨人工智能技术引发的广泛影响，发掘AI时代的共识和非共识，共同推动人工智能始终朝着"助人发展，与人为善"的方 向可持续发展。 本期，我们非常荣幸地于4月16日邀请虞晶怡老师，为我们开启一次AI的思想远航。 精华要点： 6.感知优先的颠覆性技术路线：感知能解决的问题绝不依赖复杂认知。感知是最直接、成本最低的方案。" 7.空间智能发展的理论困境：三维表达方式千变万化，远未达成共识。如果表达不统一，采集再多数据也难奏效。 8.传感器技术的革命性突破：我认为今后的感知系统将发生巨变——能同时观测物体正反面的全新成像系统。 9.重新定义机器人设计：具身智能追求的不是精准，而是鲁棒和安全。这涉及全新的数学度量标准。 10.泡沫不可避免，OpenAI ...

作者：Alex Singla、Alexander Sukharevsky、Lareina Yee、Michael Chui、Bryce Hall 总体来看，在已部署AI的企业中，相对多数（38%）的受访者预计，未来三年生成式AI对企业员工规模 影响不大。从行业层面看，仅金融服务行业的受访者更倾向于认为，员工规模会缩减。调查还显示，无 论是C级高管、高级经理，还是中级经理，对于生成式AI对员工规模影响的预期都大致相同。然而，若 将分析型AI与生成式AI的综合影响纳入考量，C级高管相较中层管理者更倾向于预期员工数量将有所增 加。 从业务职能层面看，受访者普遍认为，生成式AI将在客户服务、现场服务等服务运营部门，以及供应 链与库存管理等领域，造成员工数量减少（见图1）。相比之下，在IT和产品开发职能中，更多受访者 认为员工数量将会因此增加。 AI使用率持续攀升 2024年，AI使用率持续增长【1】。最新调查显示，78%的受访者称所在企业已在至少一个业务职能中 部署AI，显著高于2024年初的72%以及一年前的55%（见图2）。其中，IT、市场营销和销售是使用AI 最多的职能部门，其次为服务运营。过去半年，AI使用增 ...

Core Viewpoint - CloudWalk Technology, one of the "AI Four Little Dragons," reported a significant decline in performance for 2024, with revenue dropping to 398 million yuan, a year-on-year decrease of 36.69%, marking the lowest revenue point in seven years [1][2] Financial Performance - The company recorded a net profit of -722 million yuan, with losses expanding compared to the previous year, marking eight consecutive years of losses [1][2] - Revenue projections made during the company's IPO in 2022 were significantly overestimated, with actual revenues from 2022 to 2024 being 526 million yuan, 628 million yuan, and 398 million yuan respectively, resulting in a negative compound annual growth rate [2][3] - The company's gross margin fell by 16.39 percentage points to 35.81% in 2024, while its peers like SenseTime maintained a gross margin of 42.90% [3] Workforce and R&D - CloudWalk underwent significant layoffs in 2024, reducing its workforce from 801 to 453 employees, a decrease of 43%, with R&D personnel decreasing by 51% [5][6] - The company’s R&D expenses fell by 18.27% to 472 million yuan, yet the R&D expense ratio increased to 118.72% due to declining revenue [5][6] - The departure of key technical personnel, including a core technology staff member, raises concerns about the company's ability to maintain its technological edge [5][6] Strategic Challenges - The company is facing challenges in keeping pace with technological advancements, particularly in the development of large models, which has hindered its competitive position against major players like Baidu and Alibaba [3][4] - CloudWalk's cash flow from operating activities has been negative for three consecutive years, totaling nearly 1.2 billion yuan in cash outflows [3][4] Industry Context - The struggles faced by CloudWalk are not isolated, as other members of the "AI Four Little Dragons" are also experiencing similar issues, including prolonged losses and workforce reductions [6]

Core Insights - The Asia-Pacific private equity (PE) market is showing signs of recovery after a period of adjustment and downturn, with increased transaction activity and confidence among investors regarding the medium to long-term outlook [1][2] Group 1: Market Trends - The Bain report projects an 11% growth in the Asia-Pacific PE market transaction volume to $176 billion in 2024, with the average deal size increasing by 22% to $13.3 million [1] - The number of active PE firms in India and Japan is expected to rise by 29% and 14% respectively in 2024 compared to 2023 [1] - The Greater China region remains the largest market in the Asia-Pacific for PE transactions, with a 7% increase in total investment volume to $47 billion in 2024 [1] Group 2: Strategic Shifts - The Chinese private equity market is transitioning from traditional growth-oriented investments to controlling investments due to economic slowdown, increased number of portfolio companies, and founders' preference for professional management [2] - Domestic funds are increasingly exploring cross-border and platform investments, leveraging local market understanding and supply chain advantages [3] Group 3: Investment Opportunities - The rise of the Chinese M&A market is expected to revitalize the PE/VC industry by unlocking existing assets and providing exit channels [5] - New large funds are being established, such as CVC's sixth Asia-Pacific fund, which raised $6.8 billion, a 50% increase from the previous fund, focusing on high-quality companies in core consumer and service sectors [4] Group 4: Operational Enhancements - Investment firms are enhancing their operational capabilities to drive value creation in portfolio companies, adapting to a shift from growth-oriented to operationally-focused investment strategies [5][7] - The integration of digital capabilities and AI tools is accelerating within the private equity sector, with firms aiming to improve post-investment management efficiency and overall operational capabilities [6] Group 5: Regulatory and Compliance Developments - The regulatory environment is evolving, with increased focus on compliance management among financial institutions, which is expected to support the healthy development of the Chinese private equity market [6][7]

小天才和小镇做题家，在AI赛道都有光明的未来。 撰文｜ 张晶 编辑｜ 薇薇子 封面来源｜ IC photo 上桌！留给00后的红利 双非院校，文科，即便是硕士学历，在如今的就业市场上也很难找到一份合适的工作。 好在毕业前，00后毕业生雪柳已经有三段大厂AI业务的实习经历——深度参与了大厂头部AI产品从0 到1 的过程，其中有一款AI产品上线时的用户手册都是她亲自撰写的。 投出的600多份简历，大多连初筛都过不了，但这三段实习经历犹如决定性筹码，让她收到了跟AI相 关岗位的面试机会。 最终，雪柳拿到了2家AI公司的offer。 即将从复旦大学金融系硕士毕业的博誉在这波AI热潮下，也顺利拿到了上海一家大厂AI业务线的 offer，年薪数十万，这个年包在同期毕业生里极具竞争力。 尽管在他刚入学的2022年，学校还流传着毕业即年薪百万的传说。当然，2年过去了，这样的就业神 话早已破灭。 "作为金融系的学生，我们都很焦虑。"这两年，金融业进入下坡阶段，招聘机会越来越少，找工作的 时候，博誉尝试从金融学转型，寻找一些前景明朗、起薪稍高一些的行业。 一次偶然的机会，他进入一家AI＋金融的创业公司实习，从此开始搭上AI这条线 ...

出席研究院开幕礼的主礼嘉宾包括香港特别行政区财政司司长陈茂波、匈牙利驻香港总领事柯泰安 (Dr. Pál Kertész) 及香港投资管理有限公司(港投公司)行政总裁陈家齐，以及科大校董会主席沈向洋教授、校 长叶玉如教授及首席副校长郭毅可教授等。其中，贾教授团队研发的AI机械人Vonnex更参与揭幕仪 式，展现了其流畅的操作及多模态感知系统，更能同时处理视觉、触觉及声音等信息，彰显机械人技术 的潜能。 为响应香港特别行政区政府全力发展人工智能(AI)为关键产业的策略，香港科技大学(科大)今日正式成 立冯诺依曼研究院(Von Neumann Institute)，整合具身智能、生成式AI及先进超级运算等技术，推动跨学 科协作，促进新质生产力，以迎接AI世代。 冯诺依曼研究院由计算机视觉与AI领域知名专家、科大计算机科学及工程学系讲座教授兼独角兽企业 思谋集团创始人贾佳亚教授领导，并以「计算机之父」约翰·冯·诺依曼命名。约翰·冯·诺依曼为著名的计 算机科学家，其开创的「冯诺依曼架构」对当今的AI算法影响深远。凭借科大在AI领域的坚实基础及 贾教授广泛的产业网络，研究院将致力于构建完整的AI生态系统，加强产学研合作 ...

特朗普的关税政策推动了iPhone升级 凤凰网科技讯 北京时间5月9日，据《商业内幕》报道，华尔街分析师原本预计苹果的生成式AI会催生 一波iPhone换机潮，然而事实证明，推动老用户升级的并不是苹果问题百出的AI，而似乎是特朗普的关 税政策。 消费者情报研究伙伴公司(CIRP)对于苹果的研究已有十多年，每个季度都会对500名近期购买苹果硬件 的用户进行调查，并从中分析出新的趋势。 老用户加快升级 CIRP指出，对于关税引发iPhone涨价的担忧可能促使老用户升级他们的手机。2025年第一季度，这一担 忧推动了iPhone购买量的大幅增长。 有趣的是，这场关税恐慌并没有激发所有用户群体的全面换机潮。根据CIRP的研究，那些原本就每隔 一到两年就换机的用户，并未明显改变他们的购机模式。真正做出改变的是所谓的"拖延型用户"，也就 是那些一直坚持使用老旧设备的消费者。对他们来说，此次iPhone的更换与其说是为了追赶AI创新，不 如说是出于现实考虑：在价格进一步上涨前，及时更换一部快撑不住的旧手机。 实用就行 对大多数人来说，iPhone现在已经是一种"实用性工具"。他们并不在乎那些花哨的新功能，只希望它尽 可能地 ...

Core Insights - The AI industry is experiencing rapid technological iterations, with significant developments in generative AI and data becoming a core asset for AI application companies [1][5][7] - The investment focus of Guofang Innovation has shifted towards digital intelligence, particularly in AI and data elements, with a clear strategy to identify and invest in core nodes within the AI industry chain [3][9] Investment Strategy - Guofang Innovation has been investing in AI since 2017, transitioning from a mother fund to direct investments in companies like SenseTime and Suiyuan Technology, recognizing the shift from traditional AI to generative AI [3][4] - The company emphasizes the importance of computing power, algorithms, and data as the three pillars of AI, actively seeking core nodes in the AI industry chain for investment opportunities [3][4] Market Trends - The emergence of DeepSeek highlights the need to focus on young, organized R&D teams capable of achieving disruptive innovation [4][7] - The business model for B-end clients is expected to evolve from selling software to providing end-to-end services, indicating a significant shift in how AI applications are delivered [4][7] Future Outlook - The AI industry is still in its early stages, with ongoing iterations and explorations of generative AI technology, suggesting that there is substantial room for growth and innovation [6][8] - Guofang Innovation anticipates that data will become a critical asset, with unique and deeply accumulated data sets serving as a competitive barrier for entrepreneurs [7][8] Ecosystem Development - The company is focused on building an AI ecosystem, linking entrepreneurs with upstream and downstream enterprises to expand the market [4][9] - Guofang Innovation's investment methodology involves identifying clear trends, selecting key nodes in the industry chain, and building a comprehensive ecosystem around these nodes [9]

苹果浏览器搜索量20年来首次出现下降，引发"AI挤压传统搜索"的担忧，谷歌隔夜大跌超7%，而大摩认为"危机亦是良机"。 据追风交易台消息，摩根士丹利在5月8日的最新报告中指出，当前恐慌情绪为长期投资者创造了绝佳的买入机会，谷歌凭借其在AI领域的持续创新和庞大 用户基础，有望在未来继续巩固其市场领导地位。 大摩在报告中表示，尽管市场对谷歌面临的搜索业务份额下滑担忧加剧，但目前GOOGL的估值已触及低点，是具有吸引力的买入机会。重申对Alphabet (GOOGL) 的"增持"评级，目标价为185美元，较当前股价有22%的上涨空间。 该报告认为，Safari搜索查询下滑不是威胁，而是浏览器时代的终结信号，谷歌付费点击下滑不等于市场份额丧失，同时强调了谷歌在GAI领域的技术领先 地位及其未来增长潜力。投资者应关注5月和6月的关键催化剂，包括谷歌I/O开发者大会、谷歌营销Live大会以及苹果全球开发者大会 (WWDC)。 搜索市场传言被夸大：付费点击下滑不等于市场份额丧失 关于谷歌搜索市场份额受到ChatGPT等生成式AI工具侵蚀的担忧被高估了。摩根士丹利分析师Brian Nowak表示，尽管付费点击增长放缓至1季度 ...