将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 作者丨 长风 来源丨东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 生物医药仍是绝对核心，投资向"卖水人"和平台型企业倾斜。 上周，全球三维细胞规模化智造整体 平台解决方案领域的企业华龛生物正式对外宣布，其已顺利完成规模高达数亿元人民币的B + 轮融 资。本轮融资吸引了众多头部投资机构的踊跃参与，具体包括北京市医药健康产业投资基金、北京市 新材料产业投资基金、工融顺禧基金、京国瑞基金、国新基金、远至资本、招银国际资本、重庆向新 力基金、国康基金以及中关村资本等。此外，深圳恩瑞恺诺生物技术有限公司已完成人民币逾2亿元 A轮融资。本轮融资由深创投、珠海科技产业集团旗下横琴创投、松禾资本共同领投，天士力资本、 南山战新投、南山创投、安徽万邦医药跟投，老股东重庆分享继续追加投资。 互联网赛道，百度连续出手投AI。 上周，生数科技完成新一轮数亿元人民币规模的A轮融资。该轮 融资由博华资本领投，百度战投、北京市人工智能产业投资基金、启明创投、达泰资本、卓源亚洲、 BV百度风投等老股东持续跟投，建发新兴投资等 ...

Core Insights - ChatGPT has transitioned into a more everyday product, with a significant increase in non-work-related usage, while Anthropic's Claude focuses on enhancing work productivity [1][19] - The user base for ChatGPT is vast, with over 700 million weekly active users, and message volume has increased more than fivefold from July 2024 to July 2025 [1][4] Group 1: Usage Trends - The proportion of non-work-related usage has grown rapidly, with non-work messages increasing from approximately 53% in June 2024 to about 73% by June 2025 [4][23] - The main conversation topics for ChatGPT include Practical Guidance, Seeking Information, and Writing, which together account for about 77-80% of all dialogues [2][19] - User intent has shifted, with "Doing" messages in work contexts decreasing over time, while "Asking" and "Expressing" have seen faster growth [3][20] Group 2: User Demographics - Initially, about 80% of active users were male, but by mid-2025, this ratio has nearly balanced out, with women slightly in the majority [8] - Approximately 46% of messages come from users aged 18-25, indicating a strong presence of younger users [8] - Users with higher education levels are more likely to use ChatGPT for work-related tasks, with 48% of messages from users with graduate degrees being work-related [8][21] Group 3: Claude's Focus - Anthropic's report highlights that Claude is primarily used for professional tasks, with "Computer & Mathematical" tasks making up about 37.2% of dialogues [10] - The majority of Claude's usage is for augmentation (57%), where AI collaborates with humans, rather than full automation (43%) [12][20] - AI usage is more concentrated in mid to high-salary roles, particularly in technical and knowledge-intensive jobs [14][21] Group 4: Market Opportunities - The rapid growth of non-work-related usage for ChatGPT indicates a significant market opportunity in areas like education support, personal efficiency, and leisure activities [28][29] - Claude's focus on professional tasks suggests a strong growth potential in the B2B sector, particularly in software development and technical writing [28] - The balance between automation and augmentation is crucial, as many tasks require high reliability and safety, favoring a collaborative approach [28][30]

Core Viewpoint - The article highlights the explosive growth of the AI Agent market and the corresponding demand for AI computing power, emphasizing the need for robust infrastructure to support this trend [1][31]. Group 1: AI Agent Market Growth - Lovart Beta registered over 100,000 users within five days, and Genspark surpassed $10 million ARR in just nine days, indicating a rapid adoption of AI Agents [1]. - The AI Agent market is expected to exceed $100 billion by 2032, with 30% of large enterprises already establishing dedicated AI Agent teams [30][31]. Group 2: AI Computing Power Demand - The demand for AI computing power is surging, driven by the increasing complexity of models and real-time interaction needs, despite the cooling of the "hundred model war" [1][2]. - Huawei announced significant upgrades to its CloudMatrix product, enhancing its cloud supernode specifications from 384 to 8192 cards, addressing the urgent need for computing power in high concurrency scenarios [3][5]. Group 3: Technological Infrastructure - Huawei has built a comprehensive technological foundation covering hardware, computing power, large models, and application platforms to support the scaling of AI Agents [4][31]. - The introduction of the CloudMatrix384 AI Token inference service aims to simplify AI Agent development, allowing enterprises to efficiently create Agents without deep technical expertise [24][27]. Group 4: Applications and Use Cases - The article discusses the application of AI computing power in various fields, including scientific research and intelligent vehicles, highlighting the need for advanced computing capabilities to support complex tasks [11][16]. - The CloudMatrix384 supernode has been successfully utilized by Changan for intelligent driving research, demonstrating its effectiveness in training AI models for autonomous driving [18]. Group 5: Development Challenges - High development barriers have hindered the large-scale deployment of AI Agents, prompting Huawei to launch the Versatile platform, which streamlines the development process significantly [27][29]. - The platform allows users to create AI Agents with minimal input, reducing development time from 30 person-days to just 3 [27].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪：通义首个深度研究 Agent 开源， 看好 AI Agent 迭代及其商业化落地加速 报告要点 [Table_Summary] 2025 年 9 月 17 日，通义首个深度研究 Agent 模型 DeepResearch 正式发布，以 30B-A3B 轻 量级在多个权威评测集上取得 SOTA 成绩，当前模型、框架和方案均已全面开源。当前 Agent 投资核心逻辑不断强化，伴随国内 Agent 能力加速迭代、AI 应用货币化开启，持续看好 Agent 商业化及投资机遇，建议关注：1）AI Infra；2）AI Agent 相关厂商；3）中国推理算力产业链； 4）CSP 厂商方面关注推理需求带来的推动；5）IDC，重点关注与阿里等大厂合作的 IDC。 分析师及联系人 [Table_Author] 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Tit ...

Core Viewpoint - The article emphasizes the importance of a comprehensive community for learning and sharing knowledge about large models, particularly in the fields of embodied AI and autonomous driving, highlighting the establishment of the "Large Model Heart Tech Knowledge Planet" as a platform for collaboration and technical exchange [1][3]. Group 1: Community and Learning Resources - The "Large Model Heart Tech" community aims to provide a platform for technical exchange related to large models, inviting experts from renowned universities and leading companies in the field [3][67]. - The community offers a detailed learning roadmap for various aspects of large models, including RAG, AI Agents, and multimodal models, making it suitable for beginners and advanced learners [4][43]. - Members can access a wealth of resources, including academic progress, industrial applications, job recommendations, and networking opportunities with industry leaders [7][70]. Group 2: Technical Roadmaps - The community has outlined specific learning paths for RAG, AI Agents, and multimodal large models, detailing subfields and applications to facilitate systematic learning [9][43]. - For RAG, the community provides resources on various subfields such as Graph RAG, Knowledge-Oriented RAG, and applications in AIGC [10][23]. - The AI Agent section includes comprehensive introductions, evaluations, and advancements in areas like multi-agent systems and self-evolving agents [25][39]. Group 3: Future Plans and Engagement - The community plans to host live sessions with industry experts, allowing members to engage with leading figures in academia and industry [66]. - There is a focus on job sharing and recruitment information to empower members in their career pursuits within the large model domain [70].

Core Viewpoint - The article emphasizes the importance of utilizing open-source large language models (LLMs) and retrieval-augmented generation (RAG) for businesses, particularly for small teams, rather than fine-tuning models without sufficient original data [2][6]. Group 1: Model Utilization Strategies - For small teams, deploying open-source LLMs combined with RAG can cover 99% of needs without the necessity of fine-tuning [2]. - In cases where open-source models perform poorly in niche areas, businesses should first explore RAG and in-context learning before considering fine-tuning specialized models [3]. - The article suggests assigning more complex tasks to higher-tier models (e.g., o1 series for critical tasks and 4o series for moderately complex tasks) [3]. Group 2: Domestic and Cost-Effective Models - The article highlights the potential of domestic large models such as DeepSeek, Doubao, and Qwen as alternatives to paid models [4]. - It also encourages the consideration of open-source models or cost-effective closed-source models for general tasks [5]. Group 3: AI Agent and RAG Technologies - The article introduces the concept of Agentic AI, stating that if existing solutions do not work, training a model may not be effective [6]. - It notes the rising demand for talent skilled in RAG and AI Agent technologies, which are becoming core competencies for AI practitioners [8]. Group 4: Community and Learning Resources - The article promotes a community platform called "大模型之心Tech," which aims to provide a comprehensive space for learning and sharing knowledge about large models [10]. - It outlines various learning pathways for RAG, AI Agents, and multi-modal large model training, catering to different levels of expertise [10][14]. - The community also offers job recommendations and industry opportunities, facilitating connections between job seekers and companies [13][11].

Core Insights - Huawei has officially launched the "Tian Gong Plan" with an investment of 1 billion yuan to support the development of the HarmonyOS AI ecosystem, aiming to foster over 10,000 AI-native meta-services and 1,000 intent frameworks [1][5] - The number of HarmonyOS 5 terminal devices has surpassed 17 million, indicating significant growth in the ecosystem [1] - The competition in the AI agent space is intensifying, with major tech companies like Apple and Google accelerating their AI initiatives [1][2] Investment and Development - The "Tian Gong Plan" aims to accelerate the incubation of AI services and frameworks, enhancing the capabilities of developers to create AI agents [5][6] - Huawei's strategy includes providing a new open platform for AI agents, offering various development modes and components to facilitate the creation of intelligent capabilities [5][6] - The focus is on transforming traditional app ecosystems into AI-driven service nodes, allowing users to interact with devices through natural language and other modalities [2][3] Market Position and Competition - Huawei's HarmonyOS is positioned to leverage its unique characteristics for a higher-level AI experience across multiple devices, including smartphones, tablets, and smart home devices [2][6] - The shift from app-based ecosystems to AI-driven interactions is seen as a revolutionary change, providing opportunities for developers to reach users more effectively [6][7] - The competitive landscape includes established players like Google, which has gained an early advantage in AI technologies, and Apple, which is restructuring its mobile applications through "Apple Intelligence" [1][2] User Experience and Innovation - The integration of AI agents is expected to enhance user experiences by providing personalized services and automating complex tasks, such as travel planning and task management [3][6] - Huawei's AI capabilities aim to simplify user interactions, allowing for seamless access to services without the need to search for specific apps [6][7] - The evolution of mobile applications into AI-driven services is anticipated to create new business opportunities for developers, particularly in the context of the AI era [5][6]

Group 1 - The core viewpoint emphasizes the rapid growth of the HarmonyOS ecosystem as a collective innovation effort within China's technology industry, with a call for more partners and developers to embrace HarmonyOS and AI [2] - HarmonyOS is built on the OpenHarmony framework, which has seen over 130 million lines of code contributed by more than 9,200 community contributors, resulting in over 1,300 hardware and software products across various industries [4] - Huawei's terminal products have fully adopted HarmonyOS 5, enhancing user experience with features like real-time interaction and AI integration across devices such as smartphones, computers, and smart screens [5] Group 2 - AI is becoming a crucial direction for the evolution of the Harmony ecosystem, with the "Tiangong Plan" supporting developers in creating more AI services and frameworks [7] - The "Xiao Yi" task space feature can autonomously manage over 120 tools and third-party AI agents, significantly improving efficiency in various high-frequency scenarios like office writing and travel planning [9] - Huawei has launched a new Xiao Yi AI agent open platform, providing developers with various tools and components to facilitate the creation of AI capabilities, aiming to accelerate the development of over 10,000 AI-native services [10]

Core Insights - Nvidia and Intel have formed a strategic partnership, with Nvidia investing $5 billion to acquire a 5% stake in Intel, leading to a 22% surge in Intel's stock price. The collaboration focuses on developing customized products for data centers and PCs, marking a significant shift in their competitive relationship [3][6][21]. Group 1: Technological Breakthroughs - DeepSeek's R1 model has been published in Nature, showcasing a training cost of approximately $294,000 and emphasizing the use of reinforcement learning instead of extensive manual data, setting a new standard for scientific transparency in AI [4][5]. - World Labs, founded by Fei-Fei Li, has released the Marble model, capable of generating persistent 3D worlds from a single image or text prompt, offering significant advancements in environmental modeling for various industries [9][10]. - Math's AI agent, Gauss, has achieved a formal proof of a complex mathematical theorem in just three weeks, a task that took a renowned mathematician 18 months, indicating a major leap in AI's capabilities in research [15][17]. Group 2: Industry Trends - The AI talent gap in China has exceeded 5 million, with a supply-demand ratio of 1:10, prompting a shift towards vertical AI competitions as a means to identify and cultivate practical talent [7][24]. - OpenAI's report reveals that ChatGPT has over 700 million weekly active users, primarily using the platform for practical guidance, information search, and writing, indicating its growing global reach and application [12][13][22]. - The 2025 Smart Expo highlighted five key sectors: intelligent robotics, low-altitude economy, smart homes, intelligent driving, and digital cities, showcasing the competitive landscape among major tech companies [14][16]. Group 3: Product Developments - The launch of the "ZhiYue Agent All-in-One Machine" aims to address information management challenges for CEOs, providing a localized solution that integrates with existing enterprise systems [10][23]. - Meituan has introduced its first life service agent, "Xiao Mei," which simplifies user interactions across various services, indicating a shift towards more personalized AI applications in local services [17][18]. - ByteDance has released Seedream 4.0, a powerful image model integrated into its AI creative agent, revolutionizing e-commerce marketing content production [19][20]. Group 4: Strategic Movements - The departure of prominent AI researcher Yao Shunyu from OpenAI signifies a shift in focus from enhancing model capabilities to creating valuable real-world applications, suggesting new opportunities for startups [19][22]. - The collaboration between Nvidia and Intel is seen as a restructuring of the core value network in the chip industry, indicating a move towards ecosystem collaboration rather than zero-sum competition [21][24].

Core Viewpoint - YS Digital (3773.HK) has launched its first AI Agent product, "Shuhui Assistant," marking a significant advancement in the domestic digital rights consumption scene, which is expected to enhance its market position and competitive edge [1] Company Summary - YS Digital's stock surged by 11% to HKD 1.71, marking its second consecutive day of gains [1] - The company has over ten years of experience in the digital rights sector and has established deep partnerships with multiple banks and nearly a hundred well-known domestic platforms [1] - YS Digital has served over a thousand corporate clients and reached more than 400 million end consumers, providing a solid foundation for the development of its AI Agent [1] Industry Summary - The local lifestyle service market is experiencing heightened interest, with "Shuhui Assistant" benefiting from first-mover advantage and differentiated capabilities [1] - The AI Agent is designed to integrate cross-platform discounts and bank promotional activities, offering users optimal savings solutions by aggregating information across the entire network [1]