炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：网联社 360已迎来扭亏为盈的机会，此时爆发"财务造假"的舆论风波，对360或许是一个考验。 文 | 崔铭格 编辑 | 张 剑 12月16日，一名自称360前高管的人士对360创始人周鸿祎的举报内容在社交媒体疯传。这位网名为"玉 红"的人士自称，帮助周鸿祎做假账至少几十亿。 对此，360集团及周鸿祎迅速发文回应称，此人的"举报"言论内容完全背离事实，将追究此人的法律责 任。 截止发稿时，"玉红"并未公布自称掌握的"详细证据"。财报数据显示，360近年来业绩不佳，连续亏损 多年，总亏损超过40亿元。2025年至今，360业绩回升，亏损显著收窄。此时爆发的涉及财务问题的舆 论风波将带来何种影响，尚需观察。 十年恩怨酿成重磅总爆发？ 3 点钟创始区块链(365) 王三源 我帮周鸿祎做假账就至少几十亿的, 我都有数据。 士三洞 你们认识他最好告诉他。 王三疯 我会全网公布 王三疯 他的游戏全部财务造假 < 铭弘道人@玉红 2025年 置顶 今天 泰国 · 9. 周鸿祎,我帮你做假账游戏收入就至 少几十亿的,我都有数据,自充值! ... · ...

近日，由联办集团、和讯共同主办、财经中国会承办的财经中国2025年会暨第23届财经风云榜在北京圆 满落幕。财经中国年会作为中国财经媒体领域的年度盛会，是中国知名高端财经品牌论坛之一。本届年 会以 "寻找中国经济破局之路"为主题，邀请了包括黄奇帆、李扬、吴晓求、姚洋、李稻葵等在内的二 十余位国内顶尖经济学者和政策智囊，围绕"十五五"规划展望、宏观经济走向、科技创新等前沿议题展 开深度对话。现场吸引了超千名政商学界精英与投资者参会，引发全行业高度关注。 值得一提的是，在人工智能（AI）引领新一轮科技革命和产业变革的当下，作为行业领军企业，公司 不断完善自身AI产品矩阵。在C端应用方面，公司推出了纳米AI搜索、360 AI办公等AI原生互联网产 品；在大模型技术迭代方面，公司进一步提升了自研千亿参数的认知型通用大模型—360智脑的底层能 力。 这种产品的前瞻性布局，也收获了市场的精准反馈。根据公众号"AI 产品榜"发布的6月榜单数据显示， 从web端看，公司推出的纳米AI 搜索位居全球总榜单第五；从移动端看，纳米AI搜索APP以1308万月活 用户(MAU)位于全球榜单第三十、国内榜单第九。 技术护城河的厚度，取决 ...

以下文章来源于AI产品榜 ，作者李榜主 AI产品榜 . AI产品榜 aicpb.com：全球影响力AI产品榜单，互联网女皇 Mary Meeker 都在引用！按月发布；AI产品榜大会：你必参的 AI 行业盛会；发起人：李榜主 wx：QBB2387 第30期AI产品榜·网站榜（Web） （2025年11月） 第30期AI产品榜·网站榜(Web)（2025年11月）由AI产品榜、36kr、硅星人联名发布。AI产品榜·网站榜2025年11月榜单，本文里包含19个AI榜单。 | Al 产品榜 · 网站榜(web) | | | --- | --- | | 全球总榜 | 全球搜索引擎 | | 国内总榜 | 全球聊天机器人 | | 出海总榜 | 全球 Al 虚拟角色 | | 全球 · 增速/降速榜 | 全球 AiPPT 工具 | | 国内 · 增速榜 | 图片生成/编辑 | | 全球视频生成/编辑 | 全球音乐/会议助理 | | Vibe Coding HOT | Al 云榜 | | Al 产品榜 · 智能体榜 HOT | | 非商用引用数据标注来源：【公众号@AI产品榜aicpb.com】 ChatGPT今年首次出现下滑 ...

Core Insights - The article presents the 29th edition of the AI Product Rankings for October 2025, highlighting the most influential AI products and their web traffic data [2][3][11]. AI Product Rankings Overview - The rankings include 19 AI product categories, with a significant focus on enterprise services, developer tools, consumer applications, and vertical AI applications [5][6]. - The top products by token consumption include Canva, Indeed, Mercado Libre, and Duolingo, indicating their large user bases and extensive use of AI technologies [9][10]. Token Consumption Insights - The article emphasizes the shift from traditional economic models to a "Token economy," where token consumption is seen as a new measure of value in the AI era [8]. - Notable products like Canva and Indeed, while not fully AI-integrated, have high user engagement and token consumption due to their extensive functionalities [6][9]. Web Traffic Data - The top AI products by web traffic include ChatGPT with 6.37 billion visits, New Bing with 1.37 billion, and Gemini with 1.22 billion, showcasing their popularity and user engagement [13][14]. - The article provides detailed web traffic data for various AI products, indicating growth or decline percentages, which can inform investment decisions [12][13][14]. Domestic and Global Rankings - The domestic rankings highlight products like DeepSeek and 纳米AI搜索, with significant web traffic, reflecting the competitive landscape in the AI sector [18][19]. - The global rankings feature a mix of established and emerging AI products, indicating a dynamic market with varying user engagement levels [12][13][18]. Growth and Decline Trends - The article notes significant growth in web traffic for certain products, such as meta.ai with a 105.15% increase, while others like 纳米AI搜索 experienced declines [24][25]. - Understanding these trends is crucial for identifying potential investment opportunities and assessing market dynamics [24][25].

Group 1 - The core point of the article is that Sanliu Ling (360) has successfully turned losses into profits in Q3 2025, marking a significant structural transition from a "security software provider" to an "AI + security" integrated solution provider [1][2] - The Q3 report indicates a notable financial improvement, with revenue reaching 2.241 billion yuan, a year-on-year increase of 16.88%, and a net profit of 160 million yuan, indicating a critical turning point for the company [2] - The company maintains a high R&D investment, with R&D expenses accounting for nearly 40% of revenue, significantly above the industry average, supporting its dual strategy of "AI + security" [2] Group 2 - In October 2025, the company secured over 300 million yuan in AI-related project contracts, demonstrating its commercial capabilities and marking a business turning point [3][4] - The company has developed a complete ecosystem for AI, including foundational models, applications, AI hardware, and security products, with its "360zhinao2-o1.5" model ranking fourth in a national evaluation [4][5] - The user base for "Nano AI" is rapidly growing, with monthly web visits exceeding 450 million, and the company has achieved significant cost advantages in its AI solutions [5] Group 3 - The external policy environment is providing strong momentum for the company's transformation, with new cybersecurity laws supporting AI development and integration [6][7] - The company's strategy aligns with national initiatives outlined in the 15th Five-Year Plan, emphasizing the integration of AI with various sectors and enhancing cybersecurity [7] - The combination of policy benefits, technological advancements, and accelerated order fulfillment is shaping the company's growth logic in the coming years [8]

Core Insights - 360 Digital Security Technology Group Co., Ltd. successfully won the bid for the Wuhan AI Innovation Application Demonstration Base Project (Phase I) with a total bid price of 132 million yuan, marking a significant achievement in the AI sector [2][3] - The company has secured multiple large orders in the AI field recently, with a cumulative amount exceeding 300 million yuan in October alone [2][3] - The shift towards B-end AI market is a strategic move for 360, as it aims to leverage its strengths in network security and enterprise-level customer resources [4][5] Project Details - The Wuhan project includes five major components focused on AI, such as AI security cloud construction, AI application workshops, AI government service centers, and computing power support [3] - Other recent projects include a 160 million yuan contract for the Hohhot AI and Digital Security Industry Demonstration Base and a 22.68 million yuan project for the Ningbo Digital Security Industry Base [3] Market Strategy - 360 is transitioning from a focus on C-end AI products to B-end markets, aiming to regain its position in the enterprise security sector after previously splitting with Qi Anxin [5] - The company’s B-end business currently represents a small portion of its total revenue, with only 6.73% coming from security business as of the 2025 mid-year report [5] Brand and Technology Development - The company has not yet developed a blockbuster application in the C-end AI space, but its ongoing operations in short video generation and smart hardware have enhanced its AI brand recognition [6] - The large C-end user base generates valuable data feedback, which can improve the precision of multi-modal algorithms and enhance the maturity of industry solutions [6] Future Challenges - Key challenges for 360 include balancing open-source ecosystem development with code controllability, facing potential price wars from larger competitors, and managing increased compliance costs due to new regulations [6] - The company's ability to continuously launch innovative products with gross margins exceeding 40% will be crucial for its long-term competitiveness [6]

Core Insights - The search behavior of internet users is undergoing a fundamental transformation, shifting from traditional keyword-based searches to direct conversational queries with AI assistants [1] - A recent court ruling in the U.S. requires Google to open its search data to AI competitors, creating a more equitable competitive environment for platforms like ChatGPT [1] - The concept of "AI Search Optimization (GEO)" is emerging as a critical factor for businesses to gain visibility in AI-generated responses [1][2] Group 1: Changes in Search Behavior - Users are increasingly favoring direct questions to AI, such as "recommend family-friendly new energy vehicles" or "Japan travel guide," expecting consolidated answers [1] - Approximately 92% of users do not click on source websites after receiving satisfactory answers from AI [2] - This shift necessitates a reevaluation of digital presence strategies for businesses, focusing on how AI systems capture and reference brand content [2] Group 2: The Rise of AI Search - AI search is not just a future concept; it is rapidly developing in both international and domestic markets, with innovations like "Nano AI Search" supporting various query methods [3] - E-commerce AI shopping assistants are now capable of completing the entire comparison, selection, and purchasing process for consumers [3] - Businesses face significant challenges if their website content is not "AI-friendly," potentially leading to exclusion from AI search ecosystems [3] Group 3: Strategies for Adapting to GEO - Companies must upgrade from traditional SEO to GEO, focusing on optimizing content readability for AI systems [3] - Content should be structured clearly and logically, with FAQs to help AI extract key information quickly [3] - Establishing content credibility is essential, with platforms like Google emphasizing the "E-E-A-T" standards—Experience, Expertise, Authoritativeness, and Trustworthiness [4] Group 4: The Importance of GEO - Major tech companies, including Google and Microsoft, are adjusting their strategies to incorporate GEO, indicating a growing ecosystem [5] - Younger generations are more accustomed to directly asking AI questions rather than using traditional keyword searches [7] - The global media is beginning to recognize the strategic significance of GEO as a new competitive field for businesses [7] Group 5: Implementation Framework for GEO - Conducting content audits to assess website structure and clarity, including the presence of FAQs and professional qualifications [7] - Standardizing data through tagging, knowledge graphs, and dialogue templates to enhance content readability for AI systems [9] - Shifting focus from click metrics to monitoring brand appearance frequency in AI responses and recommendation rates [9] - Utilizing specialized GEO tools or third-party services for real-time tracking of brand performance in AI responses [9] - Continuously optimizing content strategies based on feedback from AI systems [9] Conclusion - In the next five years, the search entry point will transition from a "keyword + link" model to a "question + answer" model [9] - If businesses fail to enter AI knowledge bases, they risk marginalization, making GEO an essential strategy for survival in the AI era [9]

Core Viewpoint - Company has developed a general-purpose large model "360智脑1.0" with 100 billion parameters in 2023 and plans to release "360zhinao2-o1.5" in 2025, showcasing strong competitive capabilities in the AI sector [1] Group 1: Model Development and Performance - The "360zhinao2-o1.5" model ranked fourth in the evaluation by SuperCLUE, placing it in the first tier of domestic large models, particularly excelling in mathematical reasoning [1] - The company launched the first domestic "super search intelligent agent" called Nano AI Super Search Intelligent Agent in the first half of 2025, marking a transition to the AI search 3.0 era [1] Group 2: User Engagement and Growth - In August 2025, the company introduced the "multi-agent swarm," elevating Nano AI to an L4 level intelligent system, which has led to a steady increase in user scale due to ongoing technological innovation and product experience optimization [1] - According to the "AI Product List" published in July, the combined monthly web visits for "Nano AI Search" and "Nano AI Intelligent Agent" exceeded 450 million, ranking second and third domestically; the monthly active users for Nano AI surpassed 12 million, placing it in the top 10 [1] Group 3: Future Vision - The company aims to become the safest AI innovator and will continue to explore the AI industry deeply [1]

Investment Rating - The report does not explicitly provide an investment rating for the AI search industry Core Insights - The rapid development of AI technology has led to the emergence of AI search products, which utilize natural language processing to generate precise answers, offering a more efficient information retrieval experience compared to traditional search engines [3] - The report aims to analyze the market status, user preferences, and core pain points of AI search products in China for the year 2025 [3] User Research on AI Search Products - "Doubao" has the highest recognition among AI search products, significantly leading in actual usage with an 82.5% mention rate among respondents, compared to ChatGPT and Wenxin Yiyan [6][19] - Despite a high daily usage frequency of 83.92% for AI search products, 76.6% of users still prefer to combine traditional search engines, indicating that AI search is currently viewed as an auxiliary tool rather than a complete replacement [23][28] - Users prefer structured, detailed, and context-rich queries when using AI search, indicating a trend towards more vertical and long-tail search needs [30][32] - Trust in AI-generated content is generally low, with 90% of users verifying AI search answers and 87.4% concerned about the source of information, highlighting the importance of authority and quality in information sourcing [10][39][42] AI Search Product Recommendations - The report highlights several AI search products, including: - **Mita AI Search**: An ad-free search engine focused on professional productivity, offering various search modes and precise content sourcing [46][49] - **Nano AI Search**: Launched by 360, it integrates multiple mainstream models and supports features like PPT and video generation, achieving over 300 million monthly visits [51][54] - **Baidu AI Search**: Combines traditional search capabilities with intelligent search and creative services [10] - **Tencent Yuanbao**: Focuses on conversational search deeply integrated with the WeChat ecosystem [10]

Core Viewpoint - The company has made significant progress in the "AI + Security" sector, showcasing its strategic layout and innovative achievements during the investor meeting on September 11, 2025 [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.827 billion yuan, a year-on-year increase of 3.67% [1] - The net profit attributable to shareholders was -282 million yuan, a reduction in loss by 59 million yuan compared to the previous year, indicating an improving operational trend [1] - Research and development expenses reached 1.565 billion yuan, accounting for 40.89% of operating revenue, reflecting a strong commitment to technological innovation [1] AI Developments - The company has made breakthroughs in artificial intelligence, with monthly web visits for its Nano AI products exceeding 450 million, ranking second in domestic search and third in intelligent agents [1] - Active users of Nano AI surpassed 12 million, placing the company among the top 10 in the domestic market [1][2] Technological Advancements - The latest model "360zhinao2-o1.5" was released in 2025, showing significant improvements in mathematical and scientific reasoning capabilities, ranking among the top tier of domestic large models [2] - The company launched the "360 Security Intelligent Agent," reconstructing the digital security defense system with over 100 expert-level intelligent agents deployed in various security scenarios [2] - The company has identified 58 APT organizations, accounting for 98% of all APTs discovered in the country, demonstrating its strong capabilities in cybersecurity [2] Shareholder Returns - Since its restructuring and listing in 2018, the company has distributed a total of approximately 4.334 billion yuan in cash dividends, with a planned distribution of 1 yuan per 10 shares for the 2024 fiscal year, totaling around 700 million yuan [2] Future Outlook - The company aims to continue its vision of becoming the safest AI innovator, focusing on the "AI + Security" field through technological innovation and business upgrades to create greater value for investors [2]