在大模型驱动的 Agentic Search 日益常态化的背景下，真实环境中智能体 "如何发查询、如何改写、是否真正用上检索信息" 一直缺乏系统刻画与分析。 CMU 团队基于可重复检索平台 DeepResearchGym，从统一后端的半年真实流量中整理出 1400 万余条搜索请求、约 400 万个会话，在严格匿名化与清洗后，构建并 于 Hugging Face 开源了首个 Agentic Search 行为日志数据集。 在此基础上，工作提出 "会话意图（Declarative / Procedural / Reasoning）→轨迹动作（专化 / 泛化 / 探索 / 重复）→检索信息采纳率（CTAR）" 三层分析框架，利用 LLM 进行会话切分与标签推断，刻画出智能体搜索中普遍存在的下钻偏好、事实型任务中的重试循环，以及不同改写模式对历史检索信息依赖程度的显著差异。 总体而言，该研究既为观察与评估 Agentic Search 行为提供了首个大规模开源日志，也为后续在智能体训练与系统设计中显式建模 "会不会搜" 提供了可复现的数据 基础与可量化的行为信号。 论文标题： Agentic Search in th ...

Summary of Etsy (ETSY) FY Conference Call - May 13, 2025 Company Overview - Etsy is a leading two-sided marketplace with approximately 95 million active buyers and over 100 million listings from more than 8 million active sellers, primarily focused on unique, creative, and handmade goods [2][2] - Estimated to generate $12 billion in Gross Merchandise Sales (GMS) for the year, with 26% adjusted EBITDA margins and $600 million in free cash flow [2][2] Macro Environment and Consumer Trends - The macro environment remains volatile, but Etsy has not observed significant changes in consumer spending despite market fluctuations [6][6] - Etsy experienced substantial growth during the pandemic, with GMS increasing from $4.9 billion pre-pandemic to nearly $11 billion in 2024 [5][5] - The company has shown resilience against supply shocks and inflation, with sellers not passing on price increases as seen in other markets [7][8] Competitive Landscape - The e-commerce market is highly competitive, with major players like Amazon and Walmart actively participating [11][11] - Etsy is focusing on local sellers to mitigate tariff impacts, with over 90% of supplies sourced domestically [16][16][20][20] - The advertising market remains strong, and Etsy is enhancing its marketing technology to improve performance [12][12] Growth Strategies - Etsy is recalibrating its strategy to balance near-term conversions with long-term initiatives, particularly focusing on app development and personalized experiences [24][24][41][41] - The company has shifted resources to improve the app experience, with 44.5% of GMS now coming from app purchases [38][38] - Emphasis on quality and personalization through a new search engine architecture that prioritizes customer experience [30][30] Advertising and Revenue Growth - Etsy has seen growth in revenue despite GMS declines, primarily through Etsy Payments and Etsy Ads, which enhance seller profitability [57][57][58][58] - The company is exploring off-site ads as a cooperative advertising program to further drive sales for sellers [62][62] Financial Performance and Profitability - Etsy has maintained a strong take rate and gross margins, with expectations for continued profitability in 2025 [65][65][76][76] - The divestiture of Reverb is expected to improve overall profit margins for Etsy [71][71][73][73] Future Outlook - Etsy's unique marketplace model positions it as a valuable alternative in a consolidating e-commerce landscape [78][78] - The company is optimistic about its growth potential, leveraging its distinct offerings to attract consumers seeking alternatives to traditional e-commerce [78][78]