消息面上，阿里旗下的AI助手千问App公测一周，下载量已突破1000万次，超越ChatGPT、Sora、 DeepSeek成为史上增长最快的AI应用。此外，近日谷歌发布多模态AI模型、第二代Nano Banana （Gemini 3.0 Pro Image）正式更新，其超预期的输出表现也令市场对AI应用的关注度进一步强化。 国泰海通证券认为，金融是AI应用落地的绝佳"试验田"，AI+金融拐点已至！金融行业作为典型的数 据、信息、决策密集型产业，其数智化转型需求与大模型技术特性高度契合。目前，AI应用已在各类 金融机构的核心业务领域以及中后台场景中加速渗透，未来AI有望重构金融业务流程和组织架构，为 金融数智化打开新纪元。 周一（11月24日），AI应用点燃金融科技板块，中证金融科技主题指数止跌反弹，成份股普遍收红， 累计51股涨幅超1%！热门个股方面，恒银科技涨停，拓尔思、恒生电子、中科金财等多股涨超4%，大 智慧、指南针、同花顺等互联网券商均涨超1%。 热门ETF方面，同类规模最大的金融科技ETF（159851）早盘一度再探调整新低，午后反弹走高，场内 价格收涨2%，单日成交3.67亿元。技术面上，年线失而 ...

Core Insights - Goldman Sachs highlights the strong growth momentum of AI-native applications in China's software market, transitioning from foundational integration to higher-level LLMs for specific use cases by Q2 2025 [1] Group 1: AI Agents and Multi-modal Models - AI agents are evolving from concepts discussed internally to commercially viable products, serving as new user interfaces for enterprises and knowledge workers [1] - Private company Manus launched a general-purpose AI agent in March 2025, capable of complex tasks like resume screening and property searches, priced at $39 per month [1] - Software vendors are accelerating the integration of AI agents into their platforms, with Kingdee launching five specialized AI agents in May 2025 [1] Group 2: Enterprise Demand and Consumer Challenges - Strong demand for AI applications in enterprises is evident, particularly from state-owned enterprises, schools, and government clients, with significant project wins reported [2][3] - The deployment of private AI models, exemplified by DeepSeek R1, is driving demand for AI model deployment projects, which often include integrated hardware solutions, increasing contract values [2] - Despite robust enterprise demand, consumer-facing AI tools face significant monetization challenges, with low conversion rates typically ranging from 3% to 13% [3][4] Group 3: Domestic Software Development and EDA - The acceleration of domestic EDA (Electronic Design Automation) software development is a clear growth area, with local suppliers rapidly releasing new products to capture the increasing demand from domestic clients [2][3] - Companies like Huada Jiutian and Jiutongfang are launching upgraded tools for mixed-signal SoCs and digital simulation, respectively, indicating a focus on enhancing local capabilities [3] Group 4: Cost and Quality Improvements - AI firms are making significant strides in multi-modal models, focusing on lower costs, higher quality, and longer context capabilities, with recent upgrades from companies like Stepfun and ModelBest [2][4] - The pursuit of professional-grade content generation is evident, with advancements in image, video, audio, and 3D content creation, showcasing the broad potential of multi-modal technologies [4] - Companies are working to reduce model parameters and computational costs, exemplified by Stepfun's Step1X-Edit model, which maintains high efficiency and quality with only 19 billion parameters [4]