Core Insights - The emergence of AI agents with autonomous planning and task closure capabilities is reshaping the technology landscape, attracting major global tech companies to compete in this space [1][6] - The year 2025 is anticipated to be the "year of industrialization for AI agents," as these technologies transition from experimental phases to practical applications across various industries [3][12] Group 1: Industry Development - AI agents are defined as AI applications built on large models, characterized by autonomy, interactivity, responsiveness, and adaptability, enabling them to perceive environmental changes and make decisions [2][4] - Major tech companies, including Microsoft, Google, Alibaba, Tencent, and Baidu, are investing in AI agent development platforms to facilitate the creation of various agents [3][4] - The market for AI agents is projected to grow significantly, with estimates indicating an increase from $5.1 billion in 2024 to $47.1 billion by 2030, reflecting a compound annual growth rate of 44.8% [7] Group 2: Technological Advancements - The development of AI agents is supported by advancements in large model generation, coding capabilities, image and video processing, and 3D modeling, providing a solid foundation for their application [4][11] - AI agents complement large models by enabling practical execution of tasks, thus enhancing the overall functionality of AI systems [4][5] - The integration of AI agents into enterprise operations is expected to address challenges such as fragmented AI applications and low return on investment [5] Group 3: Market Challenges - Many AI agents are still in the "semi-finished" stage, struggling to achieve a complete task closure, which hinders their practical application [8][9] - The need for a unified communication framework and task allocation rules among multiple AI agents is critical for effective collaboration and maximizing their potential [9][10] - The current landscape shows a high product turnover rate for AI agents, primarily due to their inability to fully meet user needs and complete complex tasks [8][9] Group 4: Strategic Initiatives - Companies are adopting a combination of ecosystem, technology, and policy strategies to overcome challenges in the AI agent market [10][11] - Collaborations, such as that between Alibaba and Manus, exemplify how integrating specialized capabilities into existing ecosystems can enhance user retention and reduce development costs [10] - The establishment of industry standards and supportive policies is expected to accelerate the development and application of AI agents [11]

央视网消息：为期4天的2025全球数字经济大会7月2日在北京开幕。围绕人工智能融合应用、数字安全、数据要素重要领域以及数 字医疗等新兴赛道，将举办50多场论坛和特色活动，"北京数字经济体验周"同步启动。全球数字经济大会，已成为推动数字经济产 业国际合作，助力全球数字经济共创、共享、共生的重要平台。 "天枢"神经系统疾病AI大模型、天工超级智能体……大量新技术、新产品现场"首发首秀"，彰显中国数字技术发展再提速。 信息领域部分核心技术创新突破，人工智能、云计算、大数据、区块链、量子信息等新兴技术跻身全球第一梯队。2024年，全球新 公开生成式人工智能专利4.5万件，中国占比达61.5%。 构建新平台 成立全球数字经济城市联盟 大量数字新技术新产品"首发首秀" 北京携手来自欧洲、北美、亚太、中东及拉美等地区的40余个伙伴城市，成立全球数字经济城市联盟。聚焦数字基础设施建设、跨 境数据治理、智慧城市应用等关键议题，标志着数字经济合作迈向多边协同并升级为机制化运作。 中国自主创建的全球科技文献数据平台宣布上线，平台引入了"学者成果解读"和"综述自动生成"两大AI功能，相当于给每个用户配 备了"AI助手"。上线后，数据 ...

2025 年的中国 AI 行业，仿佛又回到了 2000 年中国互联网的早期阶段，不断地有新应用、新产品在冒 出。 但不同的是，当下的我们不能再用互联网的思维去理解 AI-driven 的新世界。 在 AGI 时代，创业者不再是「在旧世界里做新产品」，而是「在新世界里建新管线」。换句话说，创 业者正在重新定义「产品是如何被构建的」。 过去的一年，随着大模型把软件的边际成本逐步压低，我们迎来了 AI 应用的大爆发。眼花缭乱的市场 打法、占据有利的生态位、更繁多的交互玩法、惊人的 ARR 数据......在众多的创业公司、应用之下， Founder Park 更加关注那些在底层技术、真实落地场景上真正实现率先突破或者展现出质变潜力的公司 或新产品。 从商业价值创新、交互体验升级、技术能力突破、场景深度融合四个维度出发，Founder Park 选出了 50 家 AI 创业先锋。 这 50 家先锋中，有大公司「二次创业」推出的 AI 新产品或业务；有垂直赛道的 TOP 级公司，产品技 术持续迭代，市场表现亮眼；还有刚「冒头」的初创企业，靠用户口碑与清晰的产品定位成功突围。 沧舟 OS-百度 今年 4 月，百度文库与百 ...

Core Insights - Quark has launched China's first AI model specifically designed for college entrance examination (Gaokao) application scenarios, featuring three core functions: deep search, application report, and intelligent application selection [3] - The model was fine-tuned by benchmarking against industry experts, ensuring that it meets the unique requirements of Gaokao application, which demands high accuracy and logical coherence [3][4] - The fine-tuning process involved creating a structured knowledge base covering over 2,900 universities and nearly 1,600 undergraduate programs, with a focus on data verification and cross-referencing [4] Model Fine-Tuning - The fine-tuning of the model is critical, involving targeted instruction adjustments and the collaboration of hundreds of experts to create a unique generation mechanism [4] - The team distilled thousands of past decisions from human experts to develop a reasoning chain that informs the model's decision-making process [4] - The model's design includes a mechanism to prevent "hallucinations," ensuring that the final recommendations are based on real data and historical validation [4] Agent Product Development - Quark's team served over 30 million users, with 50% being students from third-tier cities or below, indicating a significant market reach [6] - The introduction of the Agent format represents a shift in the industry, with a focus on providing expert-level advice rather than just public information [6] - The year is seen as a pivotal moment for Agent products, with major tech companies rapidly advancing their offerings in this space [6][7] Market Trends - The global AIGC technology penetration is projected to exceed 40% by 2025, with the AI Agent market expected to grow from $5.1 billion in 2024 to $47.1 billion by 2030, reflecting a compound annual growth rate of 44.8% [7]

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, highlighting the continuous evolution of domestic agents and the promotion of universal protocols for systematic applications [2]. Core Insights - The AI agent field is experiencing rapid advancements, with capabilities doubling approximately every seven months since the release of ChatGPT in 2022, leading to an exponential increase in the tasks that AI agents can complete [5]. - Major internet companies are competing to capture the AI internet era's new interaction entry point, with AI agents inheriting the core attributes of the app era and showing advantages in service delivery, network effects, and developer ecosystems [9]. Summary by Sections Section 1: Domestic Intelligent Agent Technology Innovation - The report discusses the launch of ByteDance's Coze Space, a universal agent product designed to facilitate efficient collaboration between users and AI agents, enabling the completion of complex tasks [13][14]. - Coze Space features two collaboration modes: an exploration mode for lightweight tasks and a planning mode for complex needs, allowing for real-time user input during task execution [17]. Section 2: MCP Open Protocol Continues to Expand - The introduction of the Agent2Agent (A2A) open protocol by Google aims to enable communication and secure information exchange between different AI agents, enhancing collaborative task execution across platforms [69]. - A2A facilitates interactions between client and remote agents, allowing for capability discovery, task management, and secure collaboration, thereby increasing operational efficiency [72]. - Microsoft announced plans to leverage the MCP to create an open "agentic web," where AI agents can autonomously initiate tasks and collaborate with minimal human oversight [80]. Section 3: Related Targets - The report identifies several companies involved in AI agent development, including Zhuoyi Information, which is focused on low-code integrated development environments (IDEs) that incorporate AI capabilities to enhance coding efficiency [84]. - Puyuan Information is integrating advanced large model capabilities into its low-code development platform, enhancing developer productivity through intelligent assistance [89]. - Hehe Information has launched an MCP server service for document processing, significantly improving the efficiency of intelligent document handling tasks [90].

计算机行业 投资评级 推荐 维持 国产Agent不断演进，通用协议推进系统性应用 ——AI行业专题报告 证券研究报告 2025年6月9日 分析师：王朗 邮箱：wanglang2@gyzq.com.cn SAC执业资格证书编码：S0020525020001 目录 • 第一部分：国产智能体技术创新，C端产品百花齐放 请务必阅读正文之后的免责条款部分 2 • 第二部分：MCP开放协议持续扩圈，跨平台协作提升Agent商业价值 • 第三部分：相关标的 • 风险提示 1 国产智能体技术创新，C端产品百花齐放 AI Agent领域的新摩尔定律，显示智能 体的能力急剧快速提升。 2022年ChatGPT发布以来，大模型的能 力持续快速提升，带动AI智能体的能力 提升，进而促进人们竞逐研发更强大的 AI模型。 根据AI研究网站AI Digest发布的研究， AI智能体能够完成的任务时长呈现指数 增长的趋势，其中，任务长度指的是专 业人士完成这些任务需要的时间，从不 到30秒到超过8小时不等。目前，智能体 可以自主完成人类需要一小时才能完成 的编程任务，顶尖的AI系统可以完成的 任务长度正在呈指数级增长——每7个月 翻一番。 ...

公司旗下Opera 持续强化AI 功能，于5 月28 日推出全球首个AI Agent 浏览器Opera Neon，该产品包含三 大核心功能：1）Neon Chat 提供智能问答、图像生成和文章摘要等AI 服务；2）Neon Do 模拟用户交 互，完成诸如挪威徒步旅行规划、火车查询、背包容量计算等复杂任务；3）Neon Make作为跨模态创 作工具，支持文本、图像、代码和数据的综合创作。我们认为，未来随着广告系统的持续优化和AI 功 能的迭代升级，Opera 有望在浏览器市场获得更大份额，成为公司重要的技术输出平台并带来全新增长 动能。 盈利预测与估值 天工超级智能体推出，助力AI 办公效率提升 公司于5 月22 日面向全球发布天工超级智能体（Skywork Super Agents），核心优势在于：1）垂直化办 公场景能力，在专业级文档生成与数据溯源验证上表现突出；2）交互范式创新，通过框架性选项简化 用户输入，提升效率；3）开源Deep Research 框架，吸引开发者生态扩展应用场景。我们认为， Skywork 在专业级AI 办公领域建立了核心竞争优势，随着用户规模扩大和生态建设完善，有望积极贡 献收入 ...

计算机行业 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 6 月 6 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 计算机行业双周报（2025/5/23-2025/6/5） 行 业 海内外 AI 领域催化不断，关注 AI 应用及 AI 算力投资机遇 投资要点： | 1、计算机行业行情回顾 | | 3 | | --- | --- | --- | | 2、板块估值情况 | | 5 | | 3、产业新闻 | | 5 | | 4、公司公告 | | 6 | | 5、本周观点 | | 7 | | 6、风险提示 | | 8 | 资料来源：iFinD， ...

报告导读： AI 应用随着技术的不断提升而持续改进，目前已有部分赛道在用户规模、用 户留存、乃至最终变现上取得成果，可持续关注重点赛道、头部产品的发展趋势。 投资建议： AI 应用发展，可长期关注优势赛道与优质产品的趋势。 2024 年以来，随着 AI 技术完善和趋 于稳定，在应用端的效果也开始有所体现，部分赛道和产品已经有初步成绩，维持传播文化业"增持"评 级，建议关注具备优秀产品布局和潜力的公司。 技术持续迭代， AI 应用赛道随之丰富。 AI 应用发展经历了"纯文字 - 静态图像 / 声音 - 动态视频"的过 程，赛道也相继发展；另一方面 AI 技术的发展也驱动了 AI 赛道从"单一模态 / 单一任务"到"多模态综合 / 复杂任务"的演变。 赛道对比：综合助手覆盖广泛，社交、教育、办公类使用渗透更深。 1 ）用户规模方面，成熟产品能聚集 用户流量， AI 助手与图片编辑类靠前，这些品类大多是相对成熟的赛道，效果稳定有长期积累，而如 deepseek 为代表的产品凭借优秀效果，亦可带来突破式增长； 2 ）用户粘性方面，社交互动产品功能相 对完善，已经有用户形成交互粘性； 3 ）用户付费：教育赛道付费习惯较 ...

Core Insights - The report from Guotai Junan highlights the continuous improvement of AI applications driven by technological advancements, with certain sectors already achieving user growth, retention, and monetization, suggesting a focus on key sectors and leading products [1][2] Group 1: AI Application Development - The evolution of AI applications has transitioned from "pure text" to "static images/sounds" and now to "dynamic videos," reflecting a richening of application sectors [2] - AI technology is evolving from "single modality/single task" to "multi-modal comprehensive/complex tasks," indicating a broader scope for AI applications [2] Group 2: Sector Comparison - Comprehensive assistants have a wide coverage, with deeper penetration in social, educational, and office-related uses; mature products attract user traffic, while products like DeepSeek show potential for breakthrough growth [3] - Social interaction products exhibit strong user engagement due to well-developed functionalities, leading to increased user stickiness [3] - The education sector shows a strong willingness to pay for quality products, with content production tools able to command high prices due to high computational demands [3] Group 3: Key Product Analysis - Attention is drawn to leading products shaping industry trends; for instance, Doubao has introduced a "video call" feature, signaling a shift in AI interaction methods [4] - Domestic AI video products like Keling, Yimeng, and Hailuo have demonstrated strong user demand, while Google's VEO3 has initiated a new phase in "audio-visual synchronized generation" [4] - AIAgent, following the success of Manus, is gaining attention, with Kunlun Wanwei's Tiangong Super Intelligent Agent achieving high test scores, indicating potential for more opportunities in complex task completion [4] - AI companionship products show notable user stickiness, although monetization under UGC models remains a challenge; products like "EVE" may offer new insights for the industry [4]