[Table_Title] 万联晨会 市 场 研 究 [Table_MeetReportDate] 2026 年 03 月 25 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 1.78%，深成指收 涨 1.43%，创业板指收涨 0.5%。沪深两市成交额 20827.12 亿元。申 万行业方面，环保、纺织服饰、建筑材料领涨，石油石化、煤炭、农 林牧渔领跌；概念板块方面，兵装重组概念、生物质能发电、医疗废 物处理领涨。港股方面，恒生指数收涨 2.79%，恒生科技指数收涨 2.51%；海外方面，美国三大指数集体收跌，道指收跌 0.18%，标普 500 收跌 0.37%，纳指收跌 0.84%。 【重要新闻】 【国新办举行新闻发布会介绍第九届数字中国建设峰会有关情况】国 家数据局局长刘烈宏在现场表示，到今年 3 月，我国日均 Token 的调 用量，已经超过了 140 万亿。相比 2024 年初的 1000 亿增长了 1000 多倍，相比 2025 年底的 100 万亿，三个月时间增长了超 40%。日均 Token 调用量的大量增加，充分表明 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The online retail sector is experiencing a recovery in growth rates, with significant improvements expected in e-commerce GMV and profits due to reduced impacts from government subsidies, e-commerce taxes, and delivery price increases [4][14] - Major companies are increasing investments in AI, with a focus on integrating multiple business lines and optimizing model inference costs, which may drive performance and valuation [4][16] - The AI application landscape is evolving from Chat to Agent, leading to increased complexity in tasks and a significant rise in token consumption, which is expected to accelerate cloud computing growth [5][22] Summary by Sections Internet Sector - Online retail sales have shown a year-on-year growth of 10.3% in early 2026, indicating a structural recovery in consumption [14] - Major companies like Alibaba and Tencent are expected to leverage their ecosystem advantages to enhance their competitive positions in AI applications [4][16] - The industry is witnessing a shift towards more refined and profitable global expansion strategies [4] AI and Cloud Computing - The demand for AI is projected to drive the cloud computing industry out of low-price competition into a new phase centered around AI computing power premiums [5][22] - Alibaba Cloud announced price adjustments for AI computing and intelligent storage products, with increases ranging from 5% to 34% [17][19] - By 2031, the number of active intelligent agents in Chinese enterprises is expected to exceed 350 million, with a compound annual growth rate of over 135% [5][22] Investment Recommendations - Recommended stocks include Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [6][35] - In the computer sector, companies like Kingsoft Cloud and MiniMax are highlighted as beneficiaries of increased IT spending from state-owned enterprises [6][35] - In the automotive and autonomous driving sectors, companies such as XPeng Motors-W and Tesla are expected to benefit from advancements in high-level autonomous driving technology [6][35]

Xml [Table_Page] 投资策略周报|传媒 证券研究报告 | [Table_Title] 互联网传媒行业 | | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | --- | --- | | | | 前次评级 | 买入 | | 推出 MiniMax | M2.7，《王者荣耀：世界》官宣定档 | 报告日期 | 2026-03-22 | [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -14% -1% 12% 24% 37% 50% 03/25 06/25 08/25 10/25 01/26 03/26 传媒 沪深300 | [Table_Author] 分析师： 廖志国 | | --- | | SAC 执证号：S0260525060001 | | 021-38003665 | | liaozhiguo@gf.com.cn | | 分析师： 周喆 | | SAC 执证号：S0260523050003 | | SFC CE No. BJD408 | | 010-59136890 | | zhouzhe@gf.com.cn | | ...

3月22日，微信正式上线了名为ClawBot的官方插件，用户只需通过扫码授权或复制一行命令，即可将用户云端或本地OpenClaw（龙虾）直接连入微信对话 框。完成连接后用户就能通过微信聊天的方式实现和龙虾的交互，并远程指挥相关任务。 一向在变化上以克制著称的微信，迈出了自己的新边界。 这意味着这款最大的国民级社交应用，正式化身为一个诞生仅数月的开源Agent的遥控器。 如此动作之快，在微信乃至腾讯的发展历程上都极为罕见。 从3月12日被OpenClaw创始人公开指责"抄袭"，到3月16日火速通过GitHub Sponsors成为OpenClaw社区赞助商，再到QQ、微信相继的全面接入，短短十天 时间内，腾讯正在围绕龙虾展开了一系列高效且反常的功能上新。 种种迹象背后，可能隐藏了头部大厂对下一世代"操作系统"控制权的错失焦虑与争夺野心。 破例激进 2011年上线至今，极度克制一直是微信的文化底色。 十五年来的每次改版、功能上新，有着反复的评估与内测，怕的就是对用户的打扰。正如张小龙的反复重申，"好的产品，是用完即走的"。过去微信宁可错过 一些风口，也不愿意在核心界面上多放一个让用户感到突兀的功能，甚至此次发布前 ...

Core Insights - The report recommends a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][15][18] - The report emphasizes the resilience of the gaming sector, projecting continued industry prosperity into 2026, with specific recommendations for companies like Tencent and NetEase due to their favorable valuations [4][18] - The report identifies significant opportunities in AI and its applications across various sectors, suggesting that AI-driven innovations will lead to a new round of value reassessment in the market [4][21] E-commerce - Alibaba's MaaS business and the progress of its Qianwen model are expected to encourage a return to SOTP valuation perspectives in the market [4][15] - The report notes that Alibaba's recent performance was below expectations, but the long-term outlook remains optimistic due to its AI capabilities and integration with its commercial ecosystem [15] Social Entertainment Media - Tencent is expected to continue leveraging the commercialization potential of WeChat, while Bilibili's advertising growth is projected to outpace the overall internet advertising market, with a forecasted revenue growth rate of 27% in Q4 2025 [4][15][18] Internet Healthcare - JD Health and Alibaba Health are strengthening their partnerships with upstream pharmaceutical manufacturers, leading to robust revenue and profit growth [4][16] Short Videos - The report highlights the commercial potential of short video platforms, benefiting from technological advancements, with expectations of increased capital investment in 2026 [4][16] IP and Toy Market - Pop Mart is expected to enhance its collaboration with overseas designers and strengthen its local IP penetration into international markets, supported by store upgrades and a diverse SKU offering [4][16] Long Videos - The report indicates that the long video sector is stabilizing in terms of membership and advertising revenue, with a focus on exploring new business opportunities related to the main industry [4][17] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU, although there are concerns about competition from new players leading to valuation adjustments [4][17] Gaming Sector - The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026, recommending companies with strong product pipelines and growth potential [4][18] - The report suggests that new game launches will catalyze growth, with several major titles scheduled for release [13][18] Advertising - The report notes a significant increase in internet advertising investment, particularly in consumer categories, driven by major events like the Winter Olympics and the World Cup [4][18] AI Developments - The report highlights advancements in AI technologies, with expectations of a new wave of model iterations and commercial applications emerging in 2026 [4][21]

Core Insights - The article discusses the evolution of AI in the transportation sector, particularly focusing on Didi's AI travel assistant "Xiao Di" and its capabilities to meet personalized user demands [2][6][16] - It highlights the importance of a robust supply system to effectively execute user requests, emphasizing that understanding user needs is not enough without the necessary data and operational infrastructure [8][12][15] Group 1: AI Implementation in Transportation - Didi's AI assistant "Xiao Di" allows users to make complex requests for rides, such as specifying vehicle comfort for pregnant passengers, showcasing a shift from traditional app functionalities [7][12] - The article contrasts the capabilities of different AI agents, noting that many struggle to execute user requests effectively due to a lack of underlying data and supply systems [8][15] Group 2: Supply Chain and User Experience - The effectiveness of an AI agent is heavily dependent on the depth of its supply pool, as more specific user requests can lead to fewer available options if the platform lacks scale [9][12] - Didi's extensive operational history and driver network provide a solid foundation for its AI capabilities, allowing for a more granular approach to fulfilling user needs [12][13] Group 3: Trust and Service Reliability - The article emphasizes that user trust in AI agents is built on the reliability of service delivery, rather than just the ability to understand complex requests [13][15] - Didi's operational model allows for better control over service quality, which is crucial for meeting user expectations in real-world scenarios [13][15] Group 4: Market Differentiation - Didi's approach with "Xiao Di" is presented as a practical example of how AI can enhance existing services without overhauling established processes, focusing on reliability and user satisfaction [16][18] - The article suggests that many current AI agents lack the basic delivery capabilities, which can lead to user frustration when they fail to meet expectations [18][19] Group 5: Future Directions - Didi's AI assistant is evolving to include additional features such as location queries and automated ride requests, indicating a move towards a more comprehensive travel assistant [18][19] - The article concludes that the true value of technology lies in its ability to seamlessly integrate into daily life and enhance user experiences consistently [19]

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Claude Cowork 是开启这一波本地 Agent 热潮的开端。在大家还在讨论谁家「最好用」时，一部分人已经在深度使用 Cowork 自动化整个工作流程了。 前几天，Cowork 上线了新功能「Dispatch」，让这类 Agent 产品的生产力又往前迈了一大步：用手机远程指挥你电脑上的 Cowork 干活。 Dispatch 调用了 Cowork 完整的底层能力，意味着你在电脑上能用的一切本地文件、浏览器、连接的邮箱、网盘、Slack，在手机端都能指挥它去调用和处 理。 在近期接受 Latent Space 的深度访谈中，Felix 分享了 Claude Cowork 从原型到上线的完整过程、VM 背后的设计思考、Skills 的意外诞生，以及在他看 来，Agent 真正融入日常知识工作中还需要什么。 以下为访谈的精华内容。 ⬆️ 关注 Founder Park，最及时最干货的创业分享 超 22000 人的「AI 产品市集」社群！不错过每一款有价值的 AI 应用。 邀请从业者、开发人员和创业者，飞书扫码加群： 进群后，你有机会得到： Anthropic 产品负责人 Felix Rieseberg 在接 ...

2026.03. 20 作者 | 第一财经 李娜 过去一年，围绕大模型与Agent的进展，软件行业经历了一轮罕见的情绪震荡。从Anthropic推出 Claude，到资本市场对SaaS板块的重新定价，"AI会不会杀死软件"成为一个被反复追问的问题。 在刚刚结束的NVIDIA GTC大会上，黄仁勋公开反对"AI会掏空软件"的判断。他表示，Agent必须建立 在企业系统与结构化数据之上。 而在更多的一线软件从业者看来，在AI尤其是Agent体系下，软件的价值开始向更底层转移，但AI并没 有摧毁软件，而是在重塑其呈现方式。但与此同时，他们也承认，AI正在给软件行业带来焦虑。 "在多数企业里，AI代码建议的实际采纳通常处于中下等水平，更多发生在局部代码段而非完全重写， 但在增删改查、脚手架、单测样板等任务上替代效应最明显。"Forrester副总裁兼首席分析师戴鲲日前 在接受第一财经记者采访时表示，而在复杂架构权衡、需求不清与遗留系统排障等关键环节，AI仍然难 以突破。 当软件不再被"打开" 软件行业的焦虑，很大程度上来自一个直观变化：用户正在减少"打开软件"的次数。 本文字数：2725，阅读时长大约4分钟 在传统模 ...

已经有产品做出来了。 3 月 18 日，LiblibAI 旗下 AI 视频创作平台 LibTV 正式上线。 它可能是目前市面上第一个，从产品设计的第一天起，就同时为人类创作者和 Agent 设计的视频创作工具——一款产品，两扇门。 LibTV： https://www.liblib.tv/ ⬆️ 关注 Founder Park，最及时最干货的创业分享 超 22000 人的「AI 产品市集」社群！不错过每一款有价值的 AI 应用。 邀请从业者、开发人员和创业者，飞书扫码加群： 进群后，你有机会得到： 试试让你的 Agent 做一支产品宣传片。 给它一段参考视频，加一句话：「能复刻这个视频，给我的产品做一个宣传片吗？」然后你去忙别的了。十几分钟后，Agent 交回一支完整的 TVC——它 自己写了剧本，自己拆了分镜，自己选了模型生成每一个镜头，自己剪辑，自己配乐。你没有碰过任何一个按钮。 最新、最值得关注的 AI 新品资讯； 不定期赠送热门新品的邀请码、会员码； 最精准的 AI 产品曝光渠道 01 给 Agent 设计产品， 已经不是选择题了 过去一年，AI 产品领域有一件事越来越明确：你的用户里正在多出一类新物 ...