Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - The industry is witnessing a threefold evolution in overseas large models, focusing on reasoning foundation, action implementation, and ecological reconstruction, with major players like Anthropic, OpenAI, Google, and OpenClaw leading the charge [7] - Domestic large model companies are breaking through through open-source foundations, efficiency optimization, and collaborative agent ecosystems, with firms like Z.ai, MiniMax, Kimi, Alibaba, and ByteDance showcasing diverse strategies [7] - The industry trend indicates a shift from generation to action, with competition centering on supply efficiency and ecological reconstruction, emphasizing task complexity and ROI as key growth drivers [7] Summary by Sections Overseas Large Model Evolution - Anthropic has completed a dual-version model iteration, focusing on enterprise workflows and enhancing coding and long-range agent capabilities [11] - OpenAI is concentrating on long-range task closure and tool execution, evolving its models to become collaborative productivity assistants [25] - Google has released Gemini 3.1 Pro to enhance reasoning capabilities and Lyria 3 to expand into audio creation, reinforcing its competitive edge [32][40] - OpenClaw is positioned as a self-hosted gateway, integrating multiple communication channels and supporting tool-based agents [43] Domestic Large Model Breakthroughs - Z.ai's GLM-5 aims to extend open-source model capabilities to complex systems and long-range agent tasks, with a focus on engineering deployment [48] - MiniMax's M2.5 emphasizes real-world productivity, optimizing costs and throughput to facilitate agent scalability [53] - Kimi's K2.5 leverages a multi-modal MoE architecture to enhance visual understanding and parallel agent execution [65] - Alibaba's Qwen3.5-Plus focuses on open-source upgrades and multi-modal transitions to drive agent scalability [73] - ByteDance's recent model releases aim to transition AI capabilities from dialogue to actual task execution [81] Industry Trends - The industry is transitioning from generation to action, with a focus on supply efficiency and ecological reconstruction, as evidenced by the increase in token processing volumes and the emergence of efficiency-friendly models [89]

As PM of the team, I don't code that often, so I like rarely understand the code that's being edited, like and the code around the code that's being edited. So I kind of want to read up on that before I look stupid in front of the team. I actually want to be kind of careful, like when you decide to tag any engineer or even when you want to file a ticket.In this case, I saw, you know, there was this button and it was kind of confusing as to what it did. So my gut, my immediate thing is to say, okay, what doe ...

As of recently, especially with the introduction of the worktrees within the app, I've kind of started delegating a lot more work than I did before and working on multiple tasks in parallel, which has kind of taken a little bit of a shift of mindset. Can you show me like an example of what that looks like of working in parallel or what your workflow overall in the app looks like. So one of the features I actually wanted to add was the ability to sort my pin tasks. So in the worktree, we do have the ability ...