导语：2024年被业内公认为AI应用爆发元年，AI将像水电一样成为基础服务赋能各行各业。随着2025 年半年报的收官，A股那些AI应用标的业绩表现如何？相关AI业务有没有形成商业正向循环？相关AI业 务含金量究竟如何？ 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：三六零为何梭哈AI，这背后或折射出其商业困境。随着移动端及AI浪潮席卷，传统PC端流 量入口面临商业瓶颈，其营收持续下滑或侧面验证这一点。公司累计研发投入超200亿元，如今仍然还 陷在亏损泥潭。三六零梭哈AI能否助其解困？值得注意的是，纳米AI搜索月活数量出现腰斩。 三六零曾对外表示，自2023年确立"AI+安全"双主线战略以来，持续推进AI原生产品研发与提升既有产 品的"AI"含量。当前公司自研产品体系涵盖通用大模型、AI应用、AI安全产品和各类智能体等，包括 360智脑大模型、360安全大模型、纳米AI搜索、纳米AI超级搜索智能体、纳米智能体蜂群、360安全智 能体等。这成为公司向移动端迁移、拓展新用户增量的重要战略产品。 为何公司如此强调AI，这背后有何玄机？ 三六零亟需新的流量入口？ 2019年至2024年，三六零营业收入持续下滑 ...

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]

Group 1 - The core viewpoint is that Changsha is positioned to become a global hub for technological innovation, supported by a favorable business environment and a concentration of innovation resources [2] - 360 Group has made significant advancements in digital security technology, helping the nation fend off over 4,000 attacks from 51 foreign hacker organizations, accounting for 98% of the domestic industry [2] - 360 Group aims to contribute to Changsha's development by establishing a digital security system and public service platform, which includes a security cloud, a city digital security brain, and various service centers [3] Group 2 - 360 Group plans to build a large model training center in Changsha, enhancing its capabilities in deep learning and AI, with its "360 Smart Brain" model already ranking among the top in the country [3][4] - The company intends to localize data, talent, research, taxation, operations, and services in Changsha, investing in a professional team of over a thousand people to foster an industrial ecosystem [4] - 360 Group will integrate its general-purpose model with local scenarios to create customized vertical models that empower various sectors such as office writing, decision analysis, and citizen services [4]