本篇内容太侠解读自《软件大革命深度：AI Agent投资宝典.pdf》，105P，文末加入星球可下载。 一、什么是AI Agent？重新定义"智能"的三要素 简单来说，AI Agent就是能自主完成任务的智能体，它有三个核心组件： 模型：相当于大脑，负责推理和决策，比如使用语言模型处理信息。 工具：像是手脚，连接外部世界，比如调用API查天气、操作数据库 | 模型 (Models) | 智能体 (Agents) | | --- | --- | | 知识仅限于他们的训练数据中可获取的内容。 | 知识通过工具与外部系统的连接得以扩展。 | | 基于用户查询进行单一推理/预测。除非模型中 | 管理会话历史(即聊天历史),以便根据用户查询 | | 明确实现,否则不会进行会话管理历史记录或连 | 和在编排层做出的决策进行多轮推理/预测。在 | | 续上下文。(即聊天记录) | 此上下文中,"一轮"被定义为交互系统与 | | | Agent 之间的交互。(即1个传入事件/查询和 1 | | | 个 Agents 响应) | | 无原生工具实现。 | 工具在 Agent 架构中是原生实现的。 | | 未实现原生逻辑层。用户 ...

Core Viewpoint - The article discusses the emergence of AI design tools, specifically Lovart and Manus, highlighting their differences in functionality and user experience, with a focus on Lovart's potential to revolutionize the design workflow [6][10][54]. Group 1: Overview of AI Tools - Lovart is a vertical agent specifically designed for creative design tasks, aiming to handle complete design projects from start to finish [14][56]. - Manus is a general-purpose agent that can perform various tasks, including file management and script writing, with image generation being a recent addition [14][54]. Group 2: User Experience Comparison - Lovart offers a straightforward interface with a chat box and an infinite canvas, allowing users to input detailed prompts for design tasks [16][18]. - Manus requires users to create a to-do list and confirm details, making the process feel more like a demonstration rather than a streamlined execution of design tasks [24][31]. Group 3: Performance and Output Quality - Lovart generates design outputs quickly, producing multiple images in a few minutes, while Manus can take significantly longer for similar tasks [53]. - Both tools demonstrate strong image generation capabilities, but Lovart's outputs are more aligned with a coherent design logic, whereas Manus appears to be assembling results from various sources [31][54]. Group 4: Conceptual and Aesthetic Abilities - Lovart excels in understanding aesthetic nuances and conceptual expressions, producing designs that reflect a deeper understanding of themes and emotions [32][40]. - Manus, while capable, tends to focus on assembling elements rather than creating a cohesive design narrative [68]. Group 5: Future Implications and Industry Impact - Lovart represents a significant advancement in AI design tools, moving beyond mere image generation to encompass a full design workflow, which could reshape the creative industry [56][74]. - The emergence of such specialized agents indicates a shift towards more focused and capable AI tools that can handle complex design tasks effectively [70][72].

天风证券（601162）研报表示，1、C端：阿里巴巴、腾讯、字节跳动凭借流量优势已成为C端Agent的 核心企业。未来关注手机端超级入口的形成如巨头与手机厂商合作，打造"衣食住行"生活助手，天风证 券最看好阿里的潜力。C端垂直场景看好金山办公、合合信息、科大讯飞（002230）、同花顺 （300033）等，具备黏性、高频应用。2、B端Agent要分为两个层面去看：1)头部客户Agent：微调需求 较高，通常会先选择具备云能力的基础模型(如阿里、字节、腾讯)，交付通常给到由基模厂商推荐的核 心伙伴，如阿里-亚信科技、阿里-信雅达（600571）、字节-汉得信息（300170）、华为-软通动力 （301236）、字节-新致软件等。2)中小客户Agent：头部企业的岗位级应用如编程、人力、法律以及中 小企业在成本等因素驱动下，或更多采用金蝶国际、北森控股、鼎捷数智（300378）、税友股份 （603171）、泛微网络（603039）、用友网络（600588）、致远互联等公司的标准产品，金融行业公司 建议关注顶点软件（603383）。 天风证券：三季度有望进入Agent密集落地期 两个维度把握AIAgent核心标的 ...

Group 1 - The core viewpoint is that the commercialization of AI technology is steadily advancing, with 2025 expected to be the year of large-scale commercial deployment of AI Agents [1] - ByteDance has upgraded multiple models and launched the all-scenario intelligent agent Data Agent, enhancing its capabilities in video and music generation [1] - The report emphasizes that AI technology iteration and the deployment of Agents are progressing across major companies, indicating ongoing development in AI commercialization [1] Group 2 - The China Securities Regulatory Commission (CSRC) has revised the Major Asset Restructuring Management Measures, aiming to deepen the reform of the mergers and acquisitions market [2] - Key changes include establishing a phased payment mechanism for restructuring shares and increasing regulatory tolerance for financial condition changes and related transactions [2] - The CSRC's actions are expected to invigorate the mergers and acquisitions market and accelerate the integration of segments driven by digital transformation in the computing sector [2] Group 3 - Google DeepMind has launched the general-purpose AI system AlphaEvolve, which autonomously generates and improves algorithmic code [3] - AlphaEvolve has successfully addressed significant challenges in mathematics and computer science, demonstrating its potential in enhancing AI chip design and optimizing global computing resource utilization [3] - The consensus among major tech companies is that the deployment of Agents is becoming a reality, with expectations for accelerated future development [3]

Investment Rating - The report rates the computer industry as "Outperform" [2] Core Insights - The computer industry experienced steady revenue growth in 2024, with a significant improvement in profitability in Q1 2025, driven by advancements in robotics, AI agents, and other technologies [1][3] - In Q1 2025, the overall revenue of the industry increased by 15.90% year-on-year, with 56.14% of companies achieving positive growth and 44.15% accelerating their growth [7][13] - The net profit attributable to shareholders in Q1 2025 saw a substantial increase of 156.56% year-on-year, marking a significant recovery from a decline of 80.11% in Q1 2024 [7][20] - The industry is expected to show resilience and growth potential due to ongoing developments in key areas such as robotics and AI [1] Summary by Sections 2025 Q1 Performance Overview - Revenue growth accelerated, with the industry achieving a total revenue of 284.59 billion yuan, a 15.90% increase year-on-year [7][13] - Profitability improved significantly, with the overall net profit attributable to shareholders reaching 3.046 billion yuan, a 156.56% increase compared to the previous year [20][24] - The median gross margin slightly decreased, while the overall expense control remained effective, with a median expense ratio of 44.37% [31][36] - Cash flow showed notable improvement, with operating net cash flow at -34.707 billion yuan, reflecting a recovery in industry confidence [38][39] 2024 Performance Overview - The industry achieved a revenue of 1,260.022 billion yuan in 2024, representing a 5.22% year-on-year growth [42][44] - However, the net profit attributable to shareholders declined by 41.73%, indicating a challenging year for profitability [70][74] - The overall gross margin continued to decline, with a gross margin of 25.51% for 2024 [54][56] - Credit impairment losses increased by 13.06%, further impacting profitability [68][70] Investment Recommendations - The report suggests focusing on companies related to technology self-sufficiency, such as Softcom Power, Dameng Data, and others in the robotics sector [3] - Companies with strong fundamentals and significant growth potential, such as Hehe Information, are also recommended for investment [3]

罗永浩的AI创业项目和百度合作？知情人士：假的，只是在电商上有一个授权合作 金十数据5月19日讯，5月19日，近日有多位网友在网上晒图，称罗永浩现身百度。图片所示，罗永浩一 袭黑衣走在工作人员身后，背后墙面上挂着百度的logo，而发帖人定位则是百度（杭州）分公司。此后 有解读称，罗永浩的AI创业项目或将与百度进行合作。知情人士表示，"这是误读，这次的确有合作， 但实际上是电商相关的"。前述知情人士称，双方只是合作了一个罗永浩的数字人形象，用于直播带 货。据了解，罗永浩的AR创业项目进入了换档期，硬件相关业务已暂时搁置，同时团队已全力转向 AIAgent领域，重点做AI软件平台的突破，相关产品于今年初发布了demo版本。但由于产品能力一直不 达罗永浩预期，所以暂未大规模上线。 （凤凰网科技） ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has weakened as of May 19, 2025, with mixed performance among constituent stocks [1] - Zhongyou Technology (688648) led the gains with an increase of 7.19%, while Tianzhun Technology (688003) experienced the largest decline at 4.66% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell by 1.57%, with the latest price at 1.13 yuan, but has seen a cumulative increase of 3.52% over the past month as of May 16, 2025 [1] Group 2 - The liquidity of the Sci-Tech Innovation Board Artificial Intelligence ETF was 2.6% during intraday trading, with a transaction volume of 20.98 million yuan [1] - The average daily transaction volume of the Sci-Tech Innovation Board Artificial Intelligence ETF over the past year was 82.25 million yuan [1] - The latest share count for the Sci-Tech Innovation Board Artificial Intelligence ETF reached 713 million, marking a new high since its inception [1] Group 3 - Minsheng Securities indicates that AI Agents are key to the software revolution, addressing the application limitations of generative AI models and advancing AI technology towards practical and intelligent applications [2] - AI Agents consist of a model, tools, and an orchestration layer, enabling autonomous goal achievement [2] - The commercialization path for AI Agents emphasizes different payment models for C-end (consumer) and B-end (business) applications, focusing on generality and extensibility for C-end, and task completion and accuracy for B-end [2] Group 4 - The future outlook suggests that the task length of AI Agents may double approximately every seven months, leading to a closed-loop development cycle where Agents can develop other Agents [2]

Group 1 - The report highlights a continuous rebound in social financing (社融) in April, with an increase of 1.16 trillion yuan, which is 12.25 billion yuan more than the same period last year, and a year-on-year growth rate of 8.7% [2][26][27] - The M2 growth is seen as a foundation for the rebound in social financing, with the central bank emphasizing the importance of revitalizing existing financial resources and preventing idle capital [2][26] - The report indicates that while there are signs of improvement in data, further support is needed, particularly in the real estate sector, where the proportion of domestic loans for real estate development has risen to 14%, nearing levels seen in 2019-2020 [2][26] Group 2 - The financial data for April shows a significant year-on-year decrease in new RMB loans, with an addition of 280 billion yuan, which is 450 billion yuan less than the previous year, and a notable decline in new social financing [6] - The report notes that government bonds have been a major driver of social financing growth, with April's social financing growth rate potentially being the peak for the year [6] - The M2 growth acceleration is attributed to a low base effect, while M1 growth has slightly declined, indicating a need to monitor the effectiveness of monetary policy [6] Group 3 - The report on the computer industry emphasizes the potential of AI agents, particularly in the consumer (C-end) and business (B-end) sectors, with major companies like Alibaba and Tencent leading the C-end market [11] - The B-end market is segmented into head clients and small to medium clients, with different strategies for adopting AI solutions based on their needs and capabilities [11] - The report anticipates a significant growth in AI infrastructure, with the market for intelligent computing centers expected to exceed 288.6 billion yuan by 2028, growing at a compound annual growth rate of 26.8% from 2023 to 2028 [11][12] Group 4 - The report on the electric new energy sector highlights Jinlei Co., which achieved a total operating income of 505 million yuan in Q1 2025, a year-on-year increase of 97.5%, driven by increased shipment volumes [13] - The company’s dual business model of forging and casting is expected to enhance its market share, with significant growth in its wind power casting business [13] - The report also mentions an employee stock ownership plan that could stimulate operational vitality, involving up to 2.805 million shares at a grant price of 11.53 yuan per share [13]

5月16日，中国证监会正式对外公布实施修订后的《上市公司重大资产重组管理办法》，在简化审核程 序、创新交易工具、提升监管包容度等方面作出优化。修订后的重组办法创多个"首次"：首次建立简易 审核程序；首次调整发行股份购买资产的监管要求；首次建立分期支付机制；首次引入私募基金"反向 挂钩"安排。 【并购简易审核程序来了，明确两类适用情形】 并购重组迎来重磅政策。5月16日，沪深北三地交易所共同发布新修订后的上市公司重大资产重组审核 规则。新设重组简易审核程序，并明确两类适用情形：一是符合条件的上市公司之间的吸收合并；二是 运作规范、市值超过100亿元且信息披露质量评价连续两年为A的优质公司发行股份购买资产且不构成 重大资产重组的交易。 【工信部：加速推进5G-A、6G技术研发、产业培育和应用发展】 要闻速递 【潘功胜：将持续推动强大的中央银行与国家金融管理中心建设互促共进支持完善首都金融功能布局】 北京市委书记尹力5月16日上午围绕"服务国家金融管理中心建设，推动首都金融高质量发展"调查研 究，并召开金融工作座谈会。中央金融办分管日常工作的副主任王江，中国人民银行行长潘功胜，国家 金融监督管理总局局长李云泽，中国 ...

Investment Rating - The report maintains a positive investment rating for the AI sector, emphasizing that 2025 will be a pivotal year for AI Agents and a starting point for a software revolution [3][38]. Core Insights - The report asserts that AI Agents are expected to catalyze a significant revaluation of software, with potential market expansion into trillions of dollars in the labor market. This could enhance the consumption attributes of software and further elevate the valuation ceilings for software companies [3][38]. - Major companies like Tencent, ByteDance, and Alibaba are actively developing and monetizing AI capabilities, indicating a robust growth trajectory for AI applications [8][21][43]. Summary by Sections Market Review - During the week of May 12-16, the CSI 300 Index rose by 2%, while the small and medium-sized board index increased by 0.68%, and the ChiNext Index rose by 1.38%. The computer sector (CITIC) saw a decline of 1.40% [1][47]. Industry News - Tencent's Q1 2025 financial report highlighted significant contributions from AI, particularly in enhancing advertising precision and user engagement in games. The company is set to unveil its AI industry map at an upcoming summit [8][11][43]. - ByteDance introduced new video generation and visual reasoning models, showcasing advancements in AI capabilities that can be applied across various industries [16][20]. - Alibaba's AI products have seen triple-digit growth for seven consecutive quarters, with applications across multiple sectors [21][23]. Company News - Green Alliance Technology announced a planned share reduction by a major shareholder, while Sorchin Information is set to acquire a 51% stake in a target company [2][44][45]. - The report also notes various companies' strategic moves, including share buybacks and capital restructuring, indicating active management responses to market conditions [44][45]. Investment Recommendations - The report suggests focusing on various sectors within the AI landscape, including office software, programming, legal tech, terminal AI, ERP/CRM, and more, with specific companies highlighted for potential investment [3][38].