文｜深毒商业 字节下场"造"手机，为豆包寻找落地载体？ 据划重点报道，字节跳动和中兴通讯合作的AI手机即将发布。其中，字节主导豆包大模型的植入与AI 交互功能定义，中兴则主导硬件定义、产品设计和生产制造。 该手机的核心差异化在于高权限Agent能力。手机系统内嵌AI Agent，拥有比普通App更高的系统权限， 能跨应用执行复杂指令，完成复杂任务，相比目前"智能手机+大模型/AI应用"的体验大幅提升。 而这一举动，也被认作是字节对阿里推出千问、腾讯开发微信Agent等动作的最新回应，同样也是对荣 耀、华为、OPPO等硬件厂商的宣战。 那么，在AI Agent的市场上到底聚集了几路人马？他们各自在通过什么样的方式来实现AI Agent？各自 又遇到了哪些挫折呢？ 通过"赋能"方式参与市场，鸿蒙智行得以聚焦于自身擅长的ICT与智能技术领域，而无需深度介入重资 产环节——例如整车制造、生产线运营、库存管理以及复杂的售后服务体系。这种轻资产的合作模式， 有助于其更高效地配置资源，专注于核心技术的研发与迭代。 01 字节"造"手机，走鸿蒙智行的老路？ 关于字节涉足手机领域的传闻，在2025年中多次曝出，但每一次字节都予 ...

Group 1: Overseas AI Developments - Google has launched the Nano Banana Pro, showcasing its strong capabilities in the multimodal large model field, integrating Gemini 3 Pro's understanding abilities and Google's search knowledge base [1] - The Nano Banana Pro has improved text rendering capabilities compared to its predecessor and supports 2K and 4K high-definition resolutions, catering to professional production needs [1] - The understanding of the physical world has also been enhanced, with a trend of increasing multimodal capabilities and decreasing usage thresholds and costs, benefiting both ordinary users and professional creators in various fields such as marketing, film, gaming, and e-commerce [1] Group 2: Domestic AI Developments - Alibaba has released the Qianwen App, an all-in-one AI assistant that has been upgraded from the Tongyi App and Quark AI, now integrated with the Qwen3-Max large model to enhance intelligent interaction capabilities [2] - Ant Group has introduced the Lingguang App, a multimodal AI assistant supporting 3D digital models, audio, icons, animations, and maps for comprehensive information output [2] - ByteDance's Doubao has deeply integrated with Douyin's e-commerce and local life services, achieving seamless connection between AI tools and consumer scenarios [2] - Tencent aims to develop WeChat Agent as a core focus, leveraging its ecosystem in social, content, and transaction areas to create an integrated intelligent service system [2] Group 3: Industry Insights - The Game ETF (516010) tracks the Animation and Gaming Index (930901), which selects listed companies involved in game development, animation production, and related services to reflect the overall performance of the animation and gaming industry [2] - This index focuses on the core industrial chain of the animation and gaming sector, effectively representing market dynamics and development potential within the industry [2]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - Recent adjustments in consumer spending on gaming, trendy toys, and music, along with significant fluctuations in Hong Kong's cloud computing and AI applications, are attributed to crowded trading, domestic demand concerns, and product cycle volatility. However, the report suggests that overly high expectations have been digested, and the upward trend in fundamentals remains intact [2]. - The report highlights advancements in AI, particularly with the release of Google's Gemini 3, which showcases significant performance improvements. In China, applications like Alibaba's Qianwen and Ant Group's Lingguang are evolving from chatbots to consumer-facing application ecosystems [2]. - The gaming sector has seen a substantial drop in valuations, now around a PE of 15x for 2026. Despite this, there are positive developments, including a stronger willingness to pay among younger users and potential growth from overseas markets. The report emphasizes the importance of differentiated competition based on user demographics and game categories [2]. - The music industry is experiencing a shift, with a notable adjustment in the past two months. The report discusses the stratification of music consumption and the challenges faced by platforms like Tencent Music and NetEase Cloud Music in monetizing their offerings effectively [2]. Summary by Sections AI Applications - The report notes the impressive capabilities of overseas AI models like Google's Gemini 3 and highlights the competitive landscape in China, where companies are vying for market share in AI applications [2]. - Key recommendations include Tencent Holdings, Alibaba, and Baidu, with a focus on their respective AI advancements and market strategies [2]. Gaming Sector - The gaming industry is projected to recover, with new product launches expected to drive revenue growth. The report identifies several companies with strong potential, including Giant Network and Tencent Holdings, emphasizing their innovative game offerings and market positioning [2][4]. - The report also mentions the increasing number of game licenses being issued, which could benefit companies that adapt to differentiated competition strategies [2]. Music Industry - The report discusses the recent adjustments in the music sector, particularly the impact of platforms like Soda Music, and the need for increased investment in copyright to enhance advertising ROI [2]. - Companies like Tencent Music and NetEase Cloud Music are highlighted for their core user communities and membership models, which are essential for their revenue generation [2]. Other Notable Companies - The report also mentions other companies of interest, including Pop Mart, Damai Entertainment, and Alibaba Health, indicating a broader focus on the entertainment and health sectors [2].