在业内广泛提及的智能体元年，智谱交出了一份亮眼的成绩单。不少自媒体实测之后感慨，电 影中的管家"贾维斯"真的来了。AI不仅能聊天，还能完成现实任务，帮忙点外卖、买机票、对 比价格，便捷的未来似乎正在快速逼近。 记者丨 王俊 实习记者蔡欣佁 编辑丨肖潇 在点一份外卖的过程中，AI智能体在毫秒间额外加购了一张"神抢手"券，使得这笔订单多了 7.9元。手动付完款后，用户突然在订单中看到一张奶茶的抵扣券，这时才意识到，原来是 AutoGLM2.0的"顺手"操作。 这是在8月20日，智谱推出最新智能体AutoGLM2.0后，21世纪经济报道记者的首次实测体 验。 但在这些理念攻占用户心智之前，更直接的人机信任问题必须要解决。尤其是智能体可能 在未经同意的情况下做出决定时，AI代劳和越界的界线应该划在哪里？ 智谱对此回应21世纪经济报道记者：模型目前能力还在持续优化迭代，已经将此问题反馈到算 法，针对额外添加商品券识别的准确性，会持续提升性能。并且，AutoGLM2.0通过工程策略 和权限边界来防止"超指令"行为，支付、发布等高风险步骤默认不自动执行。 从与手机厂商合作，到自造一台"云手机" 在全球范围内，智能体已成为2 ...

Group 1 - The company reported a revenue of 983 million yuan for the first half of 2025, representing a year-on-year growth of 33.83% [1] - The net profit attributable to shareholders reached 76.11 million yuan, with a year-on-year increase of 5.69% [1] - The digital goods comprehensive operation business remains a cornerstone, benefiting from supply chain integration, channel expansion, and product innovation [1] Group 2 - In the IoT sector, the company launched a multi-network integration scheduling management platform, enhancing resource integration and flexible scheduling [2] - The company is focusing on customized traffic solutions for various industries, including AI retail and finance, while increasing R&D investment in IoT hardware products [2] - The cloud terminal technology and cloud computing operations have made progress, with new products like cloud phones and cloud applications being introduced [2] Group 3 - The company has entered into a strategic partnership with Guangzhou Haolaike and Guangdong Haotaitai to establish a joint venture focused on smart home products [3] - The joint venture aims to create a digital living solution ecosystem [3] - The company plans to continue its development strategy centered on digital goods operation, IoT traffic operation, and cloud terminal technology [3]

北京市公安局刑侦总队十支队民警 吴童：嫌疑人就说自己在部队，有保密要求，平时使用QQ、微信等聊天工具，都是不合规定的。这个时候，他跟赵女士 说有一个叫云手机的功能，你在自己的微信上搜索一个名字。 北京反诈中心近日发布预警，警惕利用"云手机"实施电诈的新手段。骗子借助云手机的虚拟性、不易引起警惕等特点，针对中老年人等群体设下投资陷 阱。北京的赵女士在网络上结识心仪男友，没想到对方主动转账25万元后，实施套路，用"云手机"又骗走赵女士一大笔积蓄。 网恋男友主动转账 并称有内幕消息投资 按照对方要求，赵女士在微信搜索某云手机小程序，不需扫码也不用下载软件，直接在网上登录对方给的云手机账号。赵女士发现云手机里已经安装好了投 资软件和小众聊天软件。此后，无论是与对方聊天，还是炒股票，都在云手机中进行。 在这个过程中，为了展示自己的"诚意"，也为了让赵女士看到自己真有投资的"本事"，对方主动给赵女士转账25万余元，让赵女士取出现金买成购物卡注资 炒股，两人一起赚钱。看对方如此信任自己，再加上账户中不断增长的收益，赵女士心动了，陆续取出近20万元积蓄，购买超市购物卡，将卡密发给对方进 行注资。 后经警方调查，诈骗分子转给赵 ...

无需扫码下载、涉诈软件全装好，骗子又开始用"云手机"诈骗了 在很多人还不知道云手机为何物时，骗子已经"尝鲜"用云手机实施诈骗了！ 古稀之年的赵大妈在网络交友时，被骗子引导使用"云手机"进行股票投资，近20万元养老钱血本无归。 北京市反诈中心12日发布预警，本市出现利用"云手机"进行诈骗的新型手段。这一诈骗手段，免去让事 主下载注册涉诈软件的"麻烦"，不易引起警惕，特别是对不熟悉手机操作的老年人来说，更是防不胜 防。 看得见取不出的"收益" 几天前，70岁的赵大妈遭遇诈骗向北京警方报案。骗子是赵大妈在交友网站上认识的，经过长达几个月 的网聊，彻底获得了赵大妈的信任。7月底，骗子自称有内幕信息，可以炒股赚大钱，拉着赵大妈一起 进行投资。 按照对方要求，赵大妈在微信搜索某"云手机"小程序，不需扫码也不用下载软件，直接在网上登录对方 给的账号，"云手机"小程序里已经安装好了投资软件和小众聊天软件。此后，赵大妈无论是与骗子日常 聊天，还是炒股票，都在"云手机"小程序中进行。 骗子自称利用内幕信息炒股不能转账，只能购买超市购物卡，用卡密进行注资。为了展示自己的"诚 意"，也让赵大妈看到自己真有投资的"本事"，骗子主动给赵 ...

Group 1 - The core viewpoint is that companies in Guangxi are actively expanding their artificial intelligence (AI) applications in ASEAN countries, focusing on sectors like education, urban governance, and energy management [1][3][4] - Runjian Co., Ltd. has partnered with the Malaysian education department to implement an AI essay evaluation system in 2024 and has established 24 data centers across various ASEAN nations [1][3] - Maiyue Technology Co., Ltd. has developed a diversified system covering education, government services, and enterprise services, with its cloud products gaining popularity in ASEAN markets [3][4] Group 2 - The Guangxi government is promoting AI as a means to strengthen cooperation with ASEAN, aiming to build an AI innovation cooperation center and facilitate the application of AI technologies that meet the needs of various countries [4] - The China-ASEAN AI Innovation Cooperation Center has signed 16 foreign cooperation agreements and 43 domestic AI project contracts, indicating a robust framework for international collaboration [4]

Core Viewpoint - The cloud terminal market is experiencing significant growth, with a projected market size exceeding $28 billion by the end of 2024 and a compound annual growth rate (CAGR) of 18.5% [3][4]. Market Overview - By the end of 2024, the global cloud terminal market is expected to surpass $28 billion, with a CAGR of 18.5%, indicating that the market could double in less than four years [3][4]. - In China, the cloud terminal market is projected to reach a total shipment volume of 4.217 million units in 2024, representing a year-on-year growth of 40% [6]. - The Chinese market holds a 35% share of the global cloud terminal market, making it a leader in this sector [3]. Industry Players - Numerous players are entering the cloud terminal market, including major companies like Huawei, Dell, HP, ZTE, and various telecom operators such as China Mobile, China Telecom, and China Unicom, as well as tech giants like Baidu, Alibaba, and Tencent [7]. Technological Foundation - The concept of "cloud terminal" is defined as a new type of terminal that utilizes cloud computing to migrate computing, storage, applications, and AI capabilities from local devices to the cloud, providing a seamless user experience [12]. - Cloud terminals, such as cloud phones and cloud PCs, allow users to perform high-performance tasks on low-spec devices by leveraging cloud resources [14]. Challenges and Solutions - The primary challenge in the cloud terminal market is the complexity of integrating various technologies across the entire information chain, including storage, computing, network transmission, and hardware [17][18]. - Huawei is positioned as a key player capable of addressing these challenges by integrating its expertise in networking, data transmission, and cloud computing [20][22]. Product Innovations - Huawei's CloudDevice series includes a range of products such as cloud phones, cloud PCs, and cloud gaming devices, which aim to enhance user experience through multi-device collaboration and high-quality performance [9][26]. - The CloudDevice platform supports high-definition streaming and low-latency interactions, achieving performance metrics that have received industry recognition [25][34]. Market Applications - The commercial market for cloud terminals is expected to see significant growth, with a projected shipment of 3.38 million units in 2024, driven by sectors such as education, manufacturing, and finance [29]. - Huawei's collaboration with telecom operators on projects like cloud phones and cloud spaces has resulted in substantial user growth and engagement [31]. Future Outlook - The cloud terminal industry is anticipated to experience explosive growth in 2025, driven by advancements in AI, 5G, and edge computing technologies [37][39]. - The convergence of consumer, business, and government demands is expected to be a key driver of market expansion, positioning the cloud terminal sector as a significant player in the tech landscape [39].

Core Viewpoint - The article discusses the rapid growth of the global cloud terminal market, driven by advancements in technology and supportive government policies, with a focus on Huawei Cloud's CloudDevice as a key player in this transformation [1][2][4]. Market Growth and Trends - The global cloud terminal market is expanding at a compound annual growth rate (CAGR) of 16.8%, with China emerging as a critical battleground due to policy and technological support [1][2]. - By 2030, the market for cloud-enabled terminals is expected to reach a valuation of hundreds of billions, with nearly one billion cloud terminals anticipated [2][8]. Technological Drivers - The demand for cloud terminals is fueled by the need for powerful computing capabilities to support high-load tasks such as large model inference and 3D rendering, which traditional local hardware struggles to handle [2][4]. - The integration of generative AI and edge computing is transforming terminals from mere tools into intelligent entities capable of real-time AI decision-making [4][8]. Policy Support - The Chinese government has issued plans to promote the high-quality development of computing infrastructure, emphasizing the need for cloud-edge-end computing technology collaboration [4][7]. - The "East Data West Computing" project aims to establish cloud-edge collaborative computing centers in key regions, providing a strong policy foundation for the industry [4][7]. Huawei Cloud's Strategy - Huawei Cloud's CloudDevice aims to build an ecosystem through collaboration, focusing on seamless integration of cloud, network, edge, and core technologies [5][9]. - The CloudDevice ecosystem strategy emphasizes enabling intelligent applications across various sectors, including personal AI computing and industry-specific solutions [9][10]. Product Development - The CloudDevice product line includes cloud phones, cloud PCs, cloud pads, and more, representing a shift from the 1.0 era of cloud terminals to a more integrated 2.0 era that emphasizes intelligent collaboration [1][8]. - The unified cloud operating system architecture of CloudDevice allows for low-latency interactions across devices, significantly improving user experience [11]. Industry Collaboration - The success of the cloud terminal industry relies on deep collaboration between government and enterprises, with clear roles and responsibilities for each [15][16]. - Companies are encouraged to participate actively in building the cloud terminal ecosystem, focusing on developing diverse and high-performance terminal devices and innovative applications [16][17]. Future Outlook - The cloud terminal industry is entering a golden development period, driven by increasing digital transformation demands, supportive policies, and technological advancements [17]. - Huawei Cloud's CloudDevice is positioned to leverage these opportunities, aiming to capture significant market share in the burgeoning cloud terminal market [17].

Core Viewpoint - The report emphasizes that computing networks, as a new type of infrastructure combining "computing + connectivity," are crucial for the digital transformation of the industrial internet, aiming to achieve ubiquitous computing, symbiotic networks, intelligent orchestration, and integrated services [1][19]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [20]. - Computing networks represent a fusion of new infrastructure demands, integrating 5G, industrial internet, AI, cloud/edge computing, and blockchain technologies [21]. - The development of computing networks is driven by the convergence of 5G and edge computing technologies, enhancing service reliability and reducing latency [21][22]. Group 2: Current Status of Computing Networks - Computing networks have become a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively participating in research and establishing a development roadmap and architecture [22][23]. - Initial achievements have been made in core technology areas such as computing modeling, perception, routing, and trading, with various standards being developed [23][24]. Group 3: Application Scenarios of Computing Networks - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [27]. - Specific applications include: - **Cloud VR Video Services**: Utilizing multi-layered computing power to meet the increasing demand for immersive experiences [28][29]. - **V2X Vehicle Networking**: Integrating AI and IoT to enhance data processing and transmission capabilities for smart transportation [30][34]. - **Green and Low-Carbon Initiatives**: Addressing energy consumption issues in data centers by optimizing resource utilization and supporting carbon neutrality goals [33][36]. Group 4: Key Technologies in Computing Networks - Key technologies include unified resource description frameworks, IT/OT data boundary integration, multi-factor routing based on SRv6/IPv6, and digital twin networks for optimizing industrial operations [2][19]. - The focus is on overcoming technical bottlenecks related to heterogeneous hardware abstraction and generalization of computing primitives to support deep integration in industrial scenarios [2]. Group 5: Vision and Future Outlook - The vision for computing networks is to achieve a state where computing power is as accessible as utilities like water and electricity, enabling seamless integration of services across various sectors [21][22]. - Future developments will focus on enhancing industry collaboration and deepening the integration of computing networks in industrial applications, positioning them as a core engine for digital economic growth [2].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the AI industry, particularly focusing on the developments in North America and China, highlighting the significant growth potential in AI computing power demand by 2026, which is expected to double or more, benefiting the related supply chain [1][3][6]. Core Insights and Arguments - **AI Demand Growth**: Major North American companies (Microsoft, MaaS, Amazon) have clarified their AI computing power needs, with an expectation of 800 units, potentially doubling in the future [6][8]. - **Strong Q2 Performance**: Domestic AI-related companies are showing significant acceleration in performance, with expectations that some companies, such as Jinzheng Co. and four photon computing companies, may exceed earnings forecasts [1][9]. - **Investment in AI**: Domestic enterprises and the government are actively investing in AI, particularly in GPU, optical modules, and liquid cooling technologies, with companies like Cambrian, Haiguang Information, and Huagong Technology showing strong growth potential [1][9]. - **NVIDIA's Strong Performance**: NVIDIA's robust earnings indicate strong control over the market, with significant investments in computing power from companies like Alibaba and Tencent, making Industrial Fulian a noteworthy defensive and offensive investment choice [1][13]. - **Focus on Optical Communication**: The optical communication sector is performing well, with a focus on sub-sectors such as optical modules, optical chips, and fiber connectors, which are expected to see good growth in Q2 [1][22]. Important but Overlooked Content - **Emerging Technologies**: The development of edge AI products, such as AI smartphones and cloud computing technologies, is crucial for market impact in the coming months [1][10]. - **Market Dynamics**: The upcoming Q2 earnings reports will significantly influence order fulfillment and pricing in the domestic market, with a need to monitor the impact of new technologies and applications [1][10]. - **Cross-Border Payment Innovations**: The potential for stablecoins to replace traditional payment systems in cross-border transactions is highlighted, with companies like Newland and Lakala positioned to benefit from this shift [2][19]. - **Long-Term Investment Directions**: The focus on stablecoins and RWA (Real World Assets) as important mid-to-long-term investment directions, particularly in sectors with stable cash flows like new energy and charging stations [2][16][17]. Conclusion - The AI industry is poised for significant growth, driven by strong demand from major players and substantial domestic investments. Companies in the optical communication sector and those involved in stablecoin innovations are particularly well-positioned for future opportunities. Monitoring upcoming earnings reports and technological advancements will be critical for assessing market dynamics and investment strategies moving forward [1][3][9][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company has transitioned from being a virtual goods agent for telecom operators to a builder of cloud terminal platforms, with a projected revenue CAGR of 32% from 2020 to 2024, and a 45% revenue growth in Q1 2025 [1][2]. - The digital goods operation serves as a stable cash flow business, while the cloud terminal and IoT operations are expected to drive rapid growth in the second and third curves of the business [3][4]. Summary by Sections Company Overview - The company, established in 2012, has expanded its business from digital goods operations to IoT traffic operations and AI + computing operations, becoming a core technology service provider for Huawei Cloud [10][12]. - Digital goods services account for over 80% of revenue, with IoT and cloud terminal operations poised for significant growth [12][38]. Digital Goods Operations - The company integrates various digital goods and fragmented channel resources, establishing stable partnerships with telecom operators and video service providers [1][25]. - The business model is highly replicable across regions and customer segments, with a focus on online and rights-based services [47][30]. Cloud Terminal Operations - The company collaborates with Huawei and China Mobile to develop cloud phones, enhancing user experience through cloud-based computing [2][48]. - The cloud phone user base is rapidly growing, with a target of over 100 million users in three years, leading to increased revenue from shared income [2][56]. IoT Scene Operations - The company has developed IoT traffic operations and solutions, targeting various sectors with a focus on traffic operation as the core business model [3][73]. - It has established partnerships with over 500 industry clients, leveraging its technology to provide comprehensive IoT solutions [73][84]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 134 million, 193 million, 280 million, and 406 million yuan from 2024 to 2027, with corresponding PE ratios of 68x, 47x, 32x, and 22x [4][3]. - The report emphasizes the potential for rapid development in the second and third business curves, recommending investment based on strong growth prospects [3][4].