AI搜索已成为现实，而非未来概念 这一趋势不仅限于国际市场，国内同样在快速发展。例如去年推出的"纳米AI搜索"已支持文字、语音、图像和视频多种查询方式。在电商领域，AI购物助手 已能代替消费者完成比价、筛选和购买全过程。 搜索方式正在经历根本性转变 互联网用户的搜索行为正经历着深刻变革。过去那种在搜索框输入关键词、然后逐一浏览搜索结果页面的模式，正逐渐被更直接的对话式搜索所取代。如 今，用户更倾向于向AI助手提出具体问题，例如"推荐适合家庭的新能源车型"或"日本自由行攻略"，并期待获得整合好的答案与建议。 近期美国法院的一项裁决要求Google向AI竞争对手开放搜索数据，这一决定为ChatGPT等人工智能平台创造了更公平的竞争环境。与此同时，微软也在开发 新技术，优化网站内容对AI系统的可读性。这些变化标志着搜索行业已进入全新发展阶段，而"AI搜索优化(GEO)"正成为决定企业能否在AI回答中获得曝光 的关键因素。 搜索逻辑的根本性重构 传统搜索引擎优化依赖关键词排名竞争来获取点击流量，而AI搜索的运行逻辑完全不同。当用户提出问题，AI会直接提供整合后的答案，大多数用户(约 92%)在获得满意答案后不会进一步 ...

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]

Core Viewpoint - The year 2024 is recognized as the year of AI application explosion, with AI expected to become a fundamental service empowering various industries. The performance of AI-related companies in the A-share market is under scrutiny as they report their mid-year results for 2025, questioning whether their AI businesses have formed a positive commercial cycle [1]. Group 1: Company Performance - Company 360 has faced continuous revenue decline from 2019 to 2024, with a reported revenue of 3.827 billion yuan in the first half of this year, reflecting a year-on-year growth of 3.67%. However, the net profit attributable to shareholders was -282 million yuan, showing a year-on-year increase of 17.43% [1]. - Despite a slight rebound in revenue growth, the company remains in a state of continuous loss. Notably, the growth rate of sales expenses has significantly outpaced revenue growth, with sales expenses increasing nearly 35% while revenue growth was less than 4% in the first half of the year [1]. Group 2: Business Model and Market Dynamics - The company's internet advertising and service business relies on various products such as "Nano AI Search," "360 Search," and "360 Security Guard" as traffic entry points. The traditional PC product matrix has been the core of its traffic acquisition and retention [2]. - The PC security product, particularly 360 Security Guard, has maintained a leading user scale, with an average monthly active user count of 430 million. However, the mobile internet wave has captured a significant portion of advertising budgets, with mobile accounting for nearly 89% of internet advertising expenses according to QuestMobile's report [2]. - The company has acknowledged the challenges posed by the shift to mobile internet, which has led to a reduction in the traditional PC advertising market and a risk of declining revenue scale [3]. Group 3: AI Strategy and Product Development - In response to market challenges, the company has deepened its "AI+AI" strategy, focusing on reshaping its business with AI. It continues to iterate on AI-native internet products such as "Nano AI Search" and "360 AI Office" [3]. - According to the AI product rankings published in June 2025, "Nano AI Super Search" ranked first in the "AI Product List - Intelligent Agent List" with a monthly visit count exceeding 150 million. However, there has been a decline in overall monthly active users for Nano AI Search [3]. - The company has made significant R&D investments, with expenditures of 3.129 billion yuan, 3.314 billion yuan, 3.104 billion yuan, and 3.202 billion yuan from 2021 to 2024, and 1.565 billion yuan in the first half of 2025 [3].

Core Viewpoint - The company 360 is heavily investing in AI to address its commercial challenges, as traditional PC traffic sources are declining, leading to continuous revenue drops and significant losses despite substantial R&D investments exceeding 20 billion yuan [1][2][5]. Financial Performance - In the first half of 2024, the company's revenue was 3.827 billion yuan, a year-on-year increase of 3.67%, while the net profit attributable to the parent company was -282 million yuan, a year-on-year increase of 17.43% [2][4]. - The company's sales expenses grew nearly 35% in the first half of the year, significantly outpacing revenue growth of less than 4%, indicating challenges in market expansion [3][5]. Business Model and Revenue Sources - The company's internet advertising and service business relies on products like "Nano AI Search," "360 Search," and "360 Browser" to monetize traffic [5][6]. - The PC segment remains the core of the company's traffic acquisition strategy, with a high market penetration rate; however, the shift to mobile has led to a decline in advertising revenue [6][8]. AI Strategy and Product Development - The company has adopted an "AI + Security" dual strategy since 2023, focusing on developing AI-native products and enhancing existing offerings [1][10]. - The "Nano AI Search" has been upgraded to "Nano AI Super Search," and the company has launched a new general-purpose model, "360 Zhinao," which has shown strong performance in third-party evaluations [10][11]. User Engagement and Market Trends - Despite the introduction of new AI products, the monthly active users (MAU) for "Nano AI Search" have declined from 24 million in February to 12 million in August, indicating a downward trend in user engagement [11][12]. - The company faces increasing competition in the AI space, with a need to optimize advertising efficiency and user experience to maintain its market position [9][10].

Group 1 - Apple plans to launch an AI-powered web search tool for Siri next year, aiming to compete with OpenAI and Perplexity [1] - Siri has historically struggled with complex or common-sense questions, often redirecting users to Google Search or ChatGPT, highlighting Apple's lag in the AI field [1] - The new technology, codenamed "Linwood" and "Large Language Model Siri," aims to fundamentally change Siri's performance [1] Group 2 - CITIC Securities believes that AI search will provide a more intelligent search experience and could become a new traffic entry point similar to apps like Douyin and Xiaohongshu in the medium to long term [1] - AI search is expected to evolve from a simple search tool to a comprehensive platform for information search and product/service purchases, potentially generating transaction commissions for service providers [1] Group 3 - Kunlun Wanwei is expanding its presence in multiple areas, including AI large models, AI search, AI short dramas, and AI music [2] - 360 has developed a nano AI search under its brand [3]

Core Viewpoint - Company 360 (601360.SH) has established a dual strategy of "AI + Security" since 2023, focusing on the development of AI-native products and enhancing existing products with AI capabilities [1] Group 1: AI Product Development - The company's self-developed product system includes general large models, AI applications, AI security products, and various intelligent agents, such as 360 Smart Brain Model, 360 Security Model, Nano AI Search, Nano AI Super Search Agent, Nano Agent Swarm, and 360 Security Agent [1] - The "Nano AI Search" has achieved over 330 million monthly web visits, ranking second domestically in the "AI Product List · Website List" published in July [1] Group 2: User Engagement and Market Position - In July, the monthly active users of Nano AI exceeded 12 million, placing it in the top 10 of the "AI Product List · Application List" [1] - The growth of Nano AI is a significant strategic product for the company as it transitions to mobile platforms and expands its new user base [1]

Core Viewpoint - The company has established a dual strategy of "AI + Security" since 2023, focusing on the development of AI-native products and enhancing the AI capabilities of existing products [1] Product Development - The company's self-developed product system includes general large models, AI applications, AI security products, and various intelligent agents, such as 360 Smart Brain Model, 360 Security Model, Nano AI Search, Nano AI Super Search Agent, Nano Intelligent Agent Swarm, and 360 Security Agent [1] Market Performance - In the C-end market, the "Nano AI Search" has achieved a monthly web visit volume exceeding 330 million, ranking second in the domestic market according to the "AI Product List" published in July [1] - The monthly active users of Nano AI exceeded 12 million in July, placing it in the top 10 of the domestic application rankings, which is a significant strategic product for the company's migration to mobile and expansion of new user increments [1]

Core Viewpoint - 360 is attempting to break through the development bottleneck of the AI era with its intelligent agent strategy, upgrading its generative AI search product, Nano AI, to a "multi-agent swarm" and launching the "Agent Factory" to facilitate collaborative AI capabilities [2][3]. Group 1: Strategic Developments - The transition from "single-agent operation" to "group collaboration" is a significant evolutionary step for AI, marking a key transition into the "results delivery era" [3]. - 360 has introduced the "Agent Factory," allowing enterprises to customize their own L3 intelligent agents without programming knowledge, aiming to enable every company to create its own intelligent agents [3]. - The evolution of intelligent agents is categorized into four levels: L1 (chat assistants), L2 (low-code workflow agents), L3 (reasoning agents), and L4 (multi-agent swarms) [3]. Group 2: Market Position and Performance - Nano AI is positioned as the world's first true L4 intelligent agent system, reflecting a competitive landscape where various companies are rapidly developing intelligent agents [4]. - Despite the competitive environment, Nano AI has achieved significant recognition, ranking first among intelligent agents in terms of traffic in June [6]. - 360's financial performance has been under pressure, with a projected net loss of approximately 320 million to 240 million yuan for the first half of 2025, although losses have narrowed compared to the previous year [5][6]. Group 3: Future Outlook and Challenges - The success of 360's AI business is crucial for improving its financial situation, with a focus on integrating AI with security services [6][7]. - Industry experts emphasize that 360 must leverage its dual advantages in security and traffic to create a paradigm shift in the AI landscape, rather than merely following trends [7].