衡宇 发自 凹非寺 量子位 | 公众号 QbitAI 最近和几家公司的技术负责人闲聊，兜兜转转都会聊到Agent话题。 给出的反馈几乎一致：智能体确实已经嵌进了不少工作流，但实际水平，最好也就是个实习生水平。 能做些自动化处理，偶尔还能让团队眼前一亮。但很多团队还是会下意识地把它排除在主要职责之外。 用是会用，说完全放心肯定谈不上 。 更别提把它当成自己团队可信赖的数字员工了。 与此同时，行业的关注重心已经发生转移，仅依靠模型性能领先，已无法支撑AI应用的企业级落地，工程红利和场景红利开始上桌。这堪称AI 行业在2025年最大的心态变化之一。 然而整体落地情况并不顺利，真正能在生产环境稳定运行、持续产生价值的智能体项目数量，比预期少得多。 几乎每一家企业都踩过好几个共性很强的坑。 最先暴露的是效果问题 。 智能体使用起来，模型选择、提示词、检索链路、工具调用逻辑……每一个环节都有可能成为影响效果的因素。 即使一开始表现不错，随着业务更新或数据变化，效果也常常出现衰减。 在这样的背景下，无问芯穹给出了版本答案： 无问芯穹智能体服务平台 。 这个平台旨在帮助企业应对智能体落地过程中会反复遇到的一系列问题，包括从0 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - The release of Google's Gemini 3 marks the transition of generative AI into the "task agent" era, shifting the investment focus from underlying computing power to high-frequency application deployment [10][12]. - NVIDIA's strong Q3 performance highlights the explosive growth driven by AI applications, providing long-term support for AI investments [13][15]. - Wintech firmly opposes the notion that "pausing solves the problem," insisting on the complete restoration of its legal control over Nexperia Semiconductor and emphasizing its commitment to legal action [10][16]. Summary by Sections Investment Recommendations - Attention is recommended for AI application-related companies, including Wanjun Technology, Hehe Information, Kingsoft Office, iFlytek, Torus, and Hongsoft Technology [3]. Industry Developments - Google's Gemini 3, released on November 18, is the most powerful AI model to date, achieving a score of 1501 on the LMArena global leaderboard, marking a significant advancement in AI capabilities [10][11]. - NVIDIA reported Q3 revenue of $57.01 billion, exceeding market expectations, with a net profit of $31.91 billion, a 65% year-on-year increase [13][14]. - Wintech's ongoing struggle for control over Nexperia Semiconductor reflects the complexities of international corporate governance and the sensitivity surrounding foreign investments in key technology firms [16][17]. Company Dynamics - Notable company activities include the issuance of a 1 billion RMB technology innovation bond by Inspur Information and a significant share transfer agreement involving Chuangye Huikang [23][24].

Core Viewpoints - The necessity to enhance domestic demand policies to counteract the potential impacts of slowing external demand, thereby solidifying the recovery of domestic demand since the first quarter [1][4] - The market consensus on a clear mainline for policy response is still awaited, indicating that the timing for a more aggressive market approach is not yet ripe [1][7] Economic Performance - China's GDP growth in the first quarter exceeded expectations, with a year-on-year increase of 5.4% and a quarter-on-quarter increase of 1.2% [2][4] - Retail sales grew by 4.6%, and fixed asset investment (excluding rural households) increased by 4.2% [2] - The urban unemployment rate averaged 5.3%, and per capita disposable income rose to 12,179 yuan, reflecting a nominal increase of 5.5% [2] Trade and External Factors - The trade surplus contributed 2.2 percentage points to the nominal GDP growth in the first quarter, up from 1.9 percentage points in the previous quarter [4] - A decline in container bookings to the U.S. by 67% in the first week of April indicates potential headwinds for exports in the second quarter [4] Investment Strategies - Recommendations to maintain a defensive investment strategy in light of ongoing global uncertainties, with a focus on safe assets such as gold and government bonds [5][21] - Emphasis on sectors benefiting from domestic demand and those that have been undervalued due to market sentiment, particularly in the context of "China Special Valuation" and "Science and Technology Valuation" [6][10] Market Outlook - The market is expected to remain volatile, with a need for further observation of policy impacts before a clear bullish trend can be established [7][19] - The potential for a gradual decrease in funding rates as macroeconomic stimulus measures are anticipated to be implemented [17]