Core Insights - The report maintains an "outperform" rating for the computer industry, emphasizing the rapid iteration of AI technology and the promising outlook for AI Agents and computing power leasing [2][3][7] - The global AI Agent market is projected to reach $790 million by 2025 and grow to $52.6 billion by 2030, with a compound annual growth rate (CAGR) of approximately 46% [4] Market Trends - Google has reestablished its position in the AI sector with the launch of Gemini 2.5 Pro, which has significantly increased its token processing capacity from 97 trillion to 480 trillion tokens monthly [5][14] - Alibaba's Qwen3 model has achieved a substantial performance improvement, becoming the strongest open-source model globally, with a data scale nearly double that of its predecessor [6][26] Company Developments - Google has introduced the A2A protocol to facilitate collaboration between AI Agents, aiming to create a new ecosystem for AI applications [19][20] - Alibaba's Qwen3 model supports multiple thinking modes and has enhanced capabilities for Agent development, significantly improving its performance in various applications [32][34] Investment Recommendations - The report suggests focusing on companies actively involved in AI applications and Agent development, such as Kingsoft Office, Hehe Information, and Yonyou Network [7][8] - The computing power leasing sector is highlighted as a key area for investment, with companies like Zhiwei Intelligent and others benefiting from increased demand [7][8]

Core Viewpoint - The article discusses the current trends and developments in various industries, particularly focusing on the impact of AI technology, market dynamics in the home appliance sector, and the challenges faced by companies in adapting to these changes. Industry Environment - The Japanese animation industry is increasingly adopting AI technology, which lowers creative barriers and enhances efficiency, with tools like Vidu gaining global attention. AI applications can reduce production costs by 30%-50% for 2D animations, presenting new opportunities for domestic animation development [2] - In the automotive sector, 60% of CEOs view generative AI as a competitive advantage, yet 65% are concerned about industry disruption. The shift towards smart connected vehicles is expected to exceed 80% by 2030, with generative AI helping companies reduce costs and improve competitiveness [3] - AI and large models are projected to be key for enterprise transformation by 2025, with an average return on investment realized in 13 months. By 2030, AI is expected to contribute $15.7 trillion to the global economy, with a 26.1% increase in China's GDP [5] - China has become the largest holder of AI patents globally, accounting for 60% of the total, indicating strong momentum in the AI sector and a commitment to enhancing intellectual property protections [6] Home Appliance Industry - The home appliance industry in China experienced significant growth in Q1 2025, driven by government subsidies and corporate transformations. Major companies reported double-digit growth in revenue and net profit, with a focus on high-end and efficient products. However, export challenges remain due to tariff barriers [8] - The digital transformation in light industry aims for comprehensive digitization by 2030, with significant advancements in green and intelligent upgrades. The home appliance sector is leading in smart manufacturing, with companies like Haier and Midea recognized for their innovative practices [11] Company Dynamics - Tencent showcased its "full-stack AI" capabilities at the 2025 Shanghai Auto Show, positioning itself as an enabler of automotive intelligence, while facing challenges from self-research trends among car manufacturers [14] - Midea is set to commercialize humanoid robots, with applications in factory operations and retail by the end of 2024, reflecting a significant investment in robotics and AI technology [19] - Cambricon, a leading Chinese AI chip company, reported a Q1 2024 revenue of 1.111 billion yuan, marking a 42-fold year-on-year increase, driven by demand for large models and domestic substitution opportunities [20][21] - Kunlun Wanwei's "All in AI" strategy led to a significant net loss of 1.595 billion yuan in 2024, highlighting the challenges of high R&D costs and competitive pressures in the AI commercialization landscape [25][26]

[Table_Rating] 增持（维持） able_Summary] [Table_Summary ◼ 市场回顾 ] [行业Table_Industry] : 计算机 日期: shzqdatemark [Table_Author] 分析师: 章锋 E-mail: zhangfeng@shzq.com SAC 编号: S0870525030002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： 《巨头积极拥抱 MCP，大模型仍在持续迭 代》 ——2025 年 04 月 20 日 《重视科技内需方向，看好自主可控主 线》 ——2025 年 04 月 13 日 《智谱发布"AutoGLM 沉思"，端侧 AI 催 化密集》 ——2025 年 04 月 06 日 -19% -10% 0% 10% 19% 29% 38% 48% 57% 04/24 07/24 09/24 11/24 02/25 04/25 计算机 沪深300 2025年04月27日 《AI 大模型持续更新，算力需求维持高景 气》 ——2025 年 03 月 31 日 《洲际量子 ...

Core Insights - The emergence of AI agents is predicted to create a new economic ecosystem, leading to a "density competition" era in global industries by 2025 [1] - ByteDance's "Coze Space" is evaluated as a potential "office digital worker," showcasing capabilities in document writing and data processing [2][3] Application in Office Scenarios - Coze Space can autonomously generate various document formats, including Markdown, Office documents, and PDFs, based on user-defined tasks [3] - It can create tables with stock data, such as the latest closing prices of the SSE 50 index components, and provide downloadable CSV files for further processing [3] Performance Evaluation - Coze Space utilizes deep learning and NLP technologies to automate the entire task process, from demand analysis to output generation [7] - It features a dual-mode mechanism: Exploration Mode for quick tasks and Planning Mode for complex scenarios, enhancing user control over task execution [7][13] Technical Innovations - The platform employs an open architecture, allowing for the integration of custom plugins and expanding the capabilities of AI agents [10] - Coze Space has a built-in expert agent system, including tools for stock analysis and user research, indicating a potential subscription model for advanced features [9] User Experience - The interface is designed to be intuitive, allowing users to input tasks easily and switch between modes for better control [14] - Users can view task breakdowns and intermediate results, enhancing transparency and user engagement in the AI process [15] Challenges and Future Directions - Coze Space faces challenges such as technical stability and the "hallucination" problem, where generated content may not always align with reality [16][17] - The platform aims to improve its performance and expand its expert agent ecosystem to meet growing user demands while exploring sustainable commercialization paths [17]

克雷西 一水 发自 凹非寺 量子位 | 公众号 QbitAI "字节版Manus"有多能打？量子位实测在此。 △ 扣子智能体生成的活动介绍网页 我们用光了一天的对话额度，考验了扣子空间（Coze Space）的信息整理、任务执行、工具调用等多项技能。 结果， 仍处在早期测试中的扣子空间整体表现已经相当惊艳，在自主任务规划和资料搜集方面表现不错，已经具备解决很多真实任务的潜 力。 不过在指令遵循方面，还是比较"有自己的想法"。 简单介绍一下，扣子空间是字节在刚刚过去的周末推出的智能体协作系统，官方主打"你和AI Agent协同办公的最佳场所"。 由于放出来的demo效果惊艳，过去几天里还出现了挤爆服务器的场面。 而第一波拿到邀请码的幸运儿，在体验后也第一时间分享了使用感受： 更适合用来分析报告，主要作用是帮助用户搭起整体框架。 当然，作为幸运儿之一，我们也赶紧进行了一波实测。 有脑有手的通用智能体 对比智能体确实是一个大飞跃。 扣子平台的通用智能体，分成了探索和规划两种模式，官方的介绍是这样的： 实际用下来的话，探索模式更注重效率，而规划模式则会对任务进行详细拆分，条理更加清晰。 自动整理搜集信息，一句话制作网 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - On April 18, ByteDance's technology team announced the internal testing of its new AI collaborative office platform "Coze Space," which aims to become the best environment for users to collaborate with AI Agents, providing comprehensive services from answering to solving problems, thereby enhancing work efficiency [2][5] - The report suggests focusing on three types of industry opportunities: (1) The maturation of AI Agents, with attention to the ongoing development of companion robots, personal assistants, and enterprise assistant scenarios; (2) Vertical vendors with both scene and technical advantages, benefiting from the gradual improvement of technology and tools; (3) Technology-advantaged vendors, represented by multi-modal capabilities, expected to deepen into more scenarios and expand business boundaries [2][12] Summary by Sections Event Description - The internal testing of "Coze Space" aims to facilitate user collaboration with AI Agents, offering a full range of services to help users complete tasks more efficiently [5] Event Commentary - The development threshold for AI applications is significantly lowered, allowing for accelerated deployment. Coze Space can automatically analyze user needs and break them down into sub-tasks, enabling users to submit requests without programming knowledge, as the platform automates the entire task process [12] - Coze Space supports the MCP protocol, allowing various Agent functions to be modularized, with developers able to integrate and call MCP directly. The platform currently supports multiple tools, including Feishu spreadsheets and voice synthesis [12] - An expert-level Agent ecosystem is built into Coze Space, which may become a key component for the commercialization of Agents. The platform offers specialized AI assistants in various fields, which can generate daily reports and answer stock analysis questions [12] - As AI technology continues to evolve, Coze Space is expected to expand its functionalities and application scenarios, facilitating the rapid deployment of AI applications [12]

Group 1: Stock Market Activity - 27 stocks were listed on the institutional trading leaderboard today, with 17 stocks experiencing net buying and 10 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were: Xiaocheng Technology (¥203 million), Hainengda (¥107 million), and Liao Co., Ltd. (¥64.38 million) [1][2] - Xiaocheng Technology saw a price increase of 19.98%, with 4 buyers and 3 sellers [2] Group 2: Gold Market Insights - Goldman Sachs believes the current rise in gold prices has structural support and is unlikely to face selling risks in the short term, with a year-end target price of $3,700 per ounce [3] - Shenwan Hongyuan indicates that the trend of de-globalization is reshaping the global credit landscape, with central bank gold purchases leading gold prices, and current central bank gold reserves remaining low [3] Group 3: AI and Technology Developments - Hengfeng Information integrates community cameras and IoT sensors through MCP Server, allowing AI agents to automatically identify key personnel and facility damages [4] - ByteDance's new AI collaborative office platform "Coze Space" aims to enhance user efficiency by providing comprehensive services from answering to problem-solving [4] - The MCP extension integration allows agents to access various external tools and services, enriching their functionality and enabling them to perform more complex tasks [5] Group 4: Pharmaceutical Sector - Shutaishen is recognized as a leading domestic small nucleic acid drug developer [6] - Kexing Pharmaceutical has established a complete biopharmaceutical R&D innovation system, with multiple leading technology platforms including prokaryotic and eukaryotic cell systems [6]

Market Overview - The market showed strength with a decrease in trading volume, with various concept stocks experiencing significant movements, particularly in the large aircraft and cross-border payment sectors [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed up by 0.45%, 1.27%, and 1.59% respectively, with over 4,300 stocks rising and around 800 declining [3] Robotics Sector - The first humanoid robot marathon took place, featuring 20 teams competing over a half marathon distance, with the winning robot developed by Beijing Humanoid Robot Innovation Center and UBTECH Technology [6][7] - The performance of Yushutech's G1 humanoid robot, which fell during the race, sparked discussions about its capabilities, despite the company clarifying that it did not participate directly [8][9] - The humanoid robot sector saw a 3.5% increase overall, with stocks like Tian工 and Songyan Power experiencing significant gains [9] MCP Concept - The MCP (Multi-Context Protocol) concept, set to launch in November 2024, aims to standardize applications for large language models, simplifying AI integration and reducing development barriers [11] - The announcement of ByteDance's new AI collaborative platform, "Coze Space," which supports MCP integration, acted as a catalyst for the surge in related stocks [12] - Stocks such as Dongfang Materials and Hengfeng Information saw significant increases, with some reaching their daily limit [12] Cross-Border Payment (CIPS) - The CIPS concept saw a resurgence, with stocks like Hailian Jinhui and Xinyada hitting their daily limits after the People's Bank of China announced plans to enhance the CIPS system and expand its global network [14] - The CIPS sector closed up by 3.41%, reversing an earlier decline [14] Paper Industry - The paper sector experienced a surge following news related to "intellectual property construction," with stocks like Annie Co. and Huatai Co. hitting their daily limits [16][17] - The increase in paper stocks was linked to rising raw material costs, particularly for specialty paper pulp, which has seen price fluctuations of nearly 50% due to supply chain issues [20]