中经记者 李静 北京报道 AI Agent（智能体）无疑是2025年AI领域最火的领域之一，微软、谷歌、OpenAI等国际巨头与百度、 阿里、腾讯等国内厂商均在2025年推出了重磅的AI Agent产品。此外，初创公司Monica发布的首款通用 AI Agent产品Manus在内测阶段就引发了全世界的关注。 顺福资本管理创始人、行行AI董事长李明顺在接受《中国经营报》记者采访时指出，上一轮AI创业潮 中，王小川、李开复等人聚焦大模型底层赛道，项目融资规模动辄数亿元；而当下AI应用层正迎来创 业新风口，其中AI Agent 领域成为最炙手可热的方向。"这波创业潮的显著特征是轻量化——几人到十 几人的小团队，依托大模型能力即可启动 AI 应用项目。"李明顺说。 在AI Agent创业的浪潮中，百度智能云、腾讯云、火山引擎等云计算厂商也敏锐地捕捉到了这个商机， 不约而同地在AI Agent方向布局。 6月11日，火山引擎推出最新的豆包大模型1.6，推出全栈AIAgent开发工具，更是把模型价格进一步拉 低，降低至DeepSeek的1/3。俨然希望以低价争夺更多的市场份额，或也将推动行业竞争更加白热化。 火山引擎再掀 ...

编辑丨 包永刚 落地大模型的速度和质量正成为企业在智能化浪潮中抢占产业制高点的关键胜负手。 大模型竞争下半场，全栈能力将成关键看点。 作者丨 刘伊伦 据《2024中国企业AI大模型应用现状》调研报告显示，AI大模型落地总体上仍处在探索孵化阶段，渗透率 不足1%，但在已部署大模型的企业中， 超半数企业感受到了大模型落地带来的业务价值。 割裂感充斥在这场智能化变革之中：一端是洞察价值的企业持续加码投入，另一端则是受限于技术、资金 与人才的企业，无奈将技术浪潮视为"行业泡沫"。二者间存在的认知差距与行动鸿沟，折射出大模型落地 从"试点红利"迈向"普惠深水区"的行业阵痛。 技术断层与能力失衡，则是横亘在企业智能化转型路上的双重障碍。不具备技术能力的企业面临桎梏，而 具备一定研发实力的企业，也难以规避单一能力短板引发的"木桶效应"。 某大型集团曾斥资3000万下场研发企业大模型，重金聘请技术专家，却因技术落地难、数据隐私风险及商 业模式模糊等问题，一年内耗尽预算，项目最终搁浅。 实践表明，企业大模型落地需要与拥有全栈大模型技术基因的产业专家深度协作。在大模型中标项目数、 行业覆盖数、央国企中标项目数三个维度皆"领跑"的 ...

近日，中国信息通信研究院在百度AI Day活动中揭晓了大模型推理能力的评估结果，引发业界广泛关 注。 在此次评估中，百度推出的文心大模型X1 Turbo表现尤为突出，在涵盖24项能力的严格测试中，有16项 获得了满分5分，综合评级更是达到了当前的最高级别"4+级"。这也意味着，X1 Turbo成为了国内首个 通过这一高规格测评的大模型。 具体来看，X1 Turbo在逻辑推理、代码推理以及推理效果优化等技术维度上均展现出了卓越的实力，同 时，在工具支持度、安全可靠度等应用层面也同样获得了满分评价。这些成绩的取得，无疑是对百度在 AI技术研发和应用领域深厚实力的有力证明。 在AI Day的活动现场，百度技术专家吴甜详细阐述了文心大模型最新版本的技术创新点。她提到，文心 大模型4.5作为多模态基础大模型，为文心4.5 Turbo的诞生奠定了坚实的基础。而文心4.5 Turbo在继承 4.5版本优势的基础上，进一步提升了效果并降低了成本。 基于文心4.5 Turbo的升级，文心X1也迎来了X1 Turbo版本。这一新版本不仅在性能上有了显著提升， 更配备了更为先进的思维链技术。这使得X1 Turbo在问答、创作、逻辑 ...

平安证券表示，DeepSeek系列大模型引发广泛关注，其开源、低成本和高性能特点将加速大模型在B端 和C端应用场景的落地，降低获得、部署和应用成本。DeepSeek的出圈短期内可能平抑训练算力增长， 但整体算力需求仍向上，推理和端侧算力有望更快增长。DeepSeek与国产AI芯片适配逐步成熟，将推 动国产AI芯片在训练和推理端应用，加速产业链成熟，为国产AI芯片产业带来发展机遇。计算机行业 2024年度业绩预告显示，计算机设备业绩表现优于软件开发和IT服务，但后者在扭亏和减亏方面表现更 佳，预示行业发展潜力。 华龙证券表示，AI Agent被视为继Chatbot后的下一代AI产品主流形态，前瞻布局并掌握行业Know-how 的厂商将率先受益。AI+医疗领域近期持续催化，医疗信息化不断推进，AI技术与医疗软件融合前景广 阔，预计AI将进一步下沉至院端场景。计算机行业维持"推荐"评级，建议关注AI Agent及其算力在医疗 领域的应用。随着技术融合和场景拓展，AI+医疗有望成为新的增长点。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 今日，中证全指软件开发指 ...

Investment Rating - The industry investment rating is "Strongly Outperform the Market" with an expected industry index increase of over 5% in the next six months [29] Core Insights - The Hong Kong stock market showed a positive trend with the Hang Seng Index closing at 21,980.74 points, up approximately 2.74% during the week of April 21 to April 25, 2025 [11] - Significant net buying from southbound funds was observed, with Alibaba, Meituan, and Tencent being the top three stocks attracting investment [20] - The report highlights the low valuation of internet companies, with projected P/E ratios for 2025 indicating potential upside for stocks like Tencent, Pinduoduo, and Alibaba [4][19] Summary by Sections Internet Sector - Tencent's 2025 projected P/E is 16X, with strong fundamentals and new product launches expected [4] - Pinduoduo is recommended for attention after a recent pullback, currently valued at 8X P/E [4] - Alibaba's valuation is at 12X P/E for FY26, with expectations of continued growth in cloud services and e-commerce market stabilization [4] AI Sector - Baidu's AI Developer Conference introduced the Wenxin model 4.5Turbo, with input costs reduced by 80% compared to its predecessor [2][8] - The report anticipates continued growth in the intelligent driving sector, driven by major manufacturers and advancements in technology [2] New Consumption - Pop Mart reported a total revenue increase of 165%-170% year-on-year for Q1 2025, exceeding market expectations [5] - The introduction of new products is expected to maintain strong demand and upward trends for Pop Mart [5] New Listings - New companies like Hu Shang A Yi and Green Tea Restaurant are under observation following their approval for listing on the Hong Kong Stock Exchange [3]

[Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] MCP 协议有望加速 Agent 产品落地 TMT 行业周报（4 月第 4 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（4/21-4/25）涨跌 幅为：通信（1.32%）、计算机（0.99%）、电子（0.83%）、 传媒（-0.11%）。板块内涨幅靠前的三级子行业分别为通信网 络设备及器件（5.62%）、消费电子零部件及组装（4.06%）、 通信线缆及配套（3.82%），跌幅靠前的三级子 ...

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][3]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the 4.5 Turbo model is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [1]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is estimated at 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10]. - The company’s sales revenue for FY23A was 134,598 million RMB, with a year-on-year growth of 8.8%. However, FY24A is projected to see a decline of 1.1% in sales revenue [11]. - The adjusted net profit margin is expected to stabilize around 19.6% by FY27E, with a return on equity projected at 7.6% [12].

Investment Rating - The report maintains a "Buy" rating for Baidu with a target price of $146.70, representing a potential upside of 61.7% from the current price of $90.74 [2][9]. Core Insights - Baidu is actively promoting its business transformation by integrating more generative AI-related search results to enhance user experience and engagement. Although the monetization of these search results has not yet begun, it is expected to start by the end of Q2, which should help boost advertising revenue growth and operating profit margins [9]. - The company has introduced several AI applications, including the Wenxin large model 4.5 Turbo and X1 Turbo, which feature multi-modal capabilities, strong reasoning, and reduced costs. The input price for the Wenxin 4.5 Turbo is only 0.8 RMB per million tokens, and the output price is 3.2 RMB, marking an 80% price reduction compared to its predecessor [9]. - Baidu's cloud business is anticipated to maintain strong revenue growth driven by increasing demand for digitalization and AI solutions, supporting overall revenue growth for the group [9]. Financial Summary - The financial forecast for Baidu shows expected sales revenue of 137,622 million RMB in FY25, with a projected growth rate of 3.4%. The adjusted net profit is expected to be 26,943.5 million RMB, reflecting a slight decrease of 0.2% [10][11]. - The company’s operating profit is projected to be 21,430 million RMB in FY25, with a slight increase in operating margin to 15.6% [11]. - Baidu's total assets are expected to grow from 427,780 million RMB in FY24 to 457,698 million RMB in FY25, indicating a healthy balance sheet [11].

[Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] MCP 协议有望加速 Agent 产品落地 TMT 行业周报（4 月第 4 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（4/21-4/25）涨跌 幅为：通信（1.32%）、计算机（0.99%）、电子（0.83%）、 传媒（-0.11%）。板块内涨幅靠前的三级子行业分别为通信网 络设备及器件（5.62%）、消费电子零部件及组装（4.06%）、 通信线缆及配套（3.82%），跌幅靠前的三级子 ...

过去一年，大模型世界风云变幻。大模型厂商之间的竞争，令开发者不敢放心大胆做应用。李彦宏对开 发者说，"只要找对场景，选对基础模型，有时候还要学一点调模型的方法，在此基础上做出来的应用 是不会过时的"。他强调，"没有应用，芯片、模型都没有价值。模型会有很多，但应用才是王者。" 超出市场预期的是，百度在Create开发者大会上连发两大模型：文心大模型4.5 Turbo和文心大模型X1 Turbo，具备多模态、强推理、低成本三大特性。具体而言，文心4.5 Turbo，相比文心4.5，价格下降 80%；文心X1 Turbo，相比文心X1，在性能提升的同时价格再降50%。 李彦宏认为，当前开发者做AI应用的一大阻碍，就是大模型成本高、用不起。成本降低后，开发者和 创业者们才可以放心大胆地做开发，企业才能够低成本地部署大模型，最终推动各行各业应用的爆发。 文心X1 Turbo是基于4.5 Turbo的深度思考模型，在性能提升的同时，具备更先进的思维链，问答、创 作、逻辑推理、工具调用和多模态能力进一步增强。"有了这样超级能干的基础模型，我们就可以打造 出超级有用、超级有趣的AI应用来。"李彦宏表示。 一年一度的Creat ...