近日，Manus 被 Meta 以惊人溢价收编，彻底撕碎了"应用无壁垒"的伪命题。在此之前，Agent 类产品 常被嘲笑为"套模工具"，因不掌握底层模型而被资本冷落。但 Manus 证明了在 AI 时代，底层算法是公 用水电，而能调动水电完成复杂工程交付的"调度力"，才是最值钱的护城河。 如果说 Manus 是通用场景下的"万能助理"，迈富时则是商业深水区的"特种兵"。它不再仅仅提供 CRM 工具，而是通过 Marketingforce 平台 构建了一个庞大的 Agent 矩阵。它的核心竞争力在于"懂行"：它利 用 Agent 调度模型，直接接管了企业的获客、营销与转化流程。对于客户而言，迈富时的价值不再是账 号订阅费，而是 "可量化的增长结果"。这种从 SaaS 向"结果驱动型 Agent"的商业模式升级，使其估值 逻辑彻底脱离了传统软件股，向高溢价的 AI 生产力服务商靠拢。 2. 金山办公 (688111.SH) —— 掌握"高频入口"的 Agent 霸主 角度切换： 场景即正义，WPS 正在成为 Agent 的"操作系统"。 Manus 的高光时刻，让金山办公的 WPS AI Agent 想象空间被无 ...

Core Viewpoint - The article highlights the successful closing of the KKR Innovation Fund III, which has reached a management scale of $1 billion, making it the largest AI-focused fund in EU history. The fund aims to drive deep applications of AI across key industries such as digital healthcare, fintech, consumer goods, and transportation and energy [1]. Investment Focus - KKR's investment strategy emphasizes the importance of AI serving specific scenarios and solving real problems, focusing on systematic solutions rather than just technological tools. The fund is particularly interested in early-stage to growth-stage projects, with individual investments ranging from $5 million to $80 million [2][5]. - The fund has not engaged in investments related to general large models or underlying infrastructure, adhering to a strategy that prioritizes practical applications and ecosystem development [5]. Globalization and Local Expertise - A significant feature of the fund is its global reach, with new limited partners (LPs) from South America, including Vale and COPEC, expanding its regional diversity while maintaining a strong industry focus. The fund has established local offices in key markets to better understand and navigate local ecosystems [1][6]. - KKR's advantages in the AI investment landscape include local offices in Asia, Europe, and the US, as well as a network of industry LPs that enhance its understanding of how AI products can be implemented in specific industry scenarios [6][7]. Long-term Vision - The fund views AI as a long-term proposition rather than a short-term profit opportunity, emphasizing the need for resilient entrepreneurs to build algorithmic capabilities, business models, and talent systems from an industry perspective [8]. - KKR aims to provide not only capital but also global vision, industry insights, and resource collaboration to help companies navigate early uncertainties and achieve scalable growth across markets [8].