中泰证券：Manus通用智能体初成型开启AIAgent新时代

智通财经2025-03-10

智通财经APP获悉，中泰证券发布研报称，2025年3月6日，首款通用型AI智能体Manus问世，可将复杂任务拆解为可执行的步骤链，并在虚拟环境中灵活调用工具，最终交付完整成果，在形式上初步体现出Agent独立工作能力，或标志着AI从Reasoner走向Agent，Agent能力进入“Take Actions”阶段。Agent竞争入口为王，掌握更多用户流量的厂商有望实现“流量-数据-使用体验”的正向...

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Agent=LLM×(规划+记忆+工具+行动)，能够感知环境、自主决策并执行行动，具备了通过独立思考和调用工具逐步完成目标的能力，不仅限于对标另外一类形式的应用，而是直接对标人工劳动力。目前以TaskAgent为主流，Multi-Agent协作应用体验提升。Agent市场潜力充足，助力产业降本和价值重塑，专业服务、金融、医疗、零售场景意愿强烈，万亿级中国AI市场有望开启。奇点将至：Manus通用智能体初成型，开启AIAgent新时代大模型发展重心已朝向“后训练、推理侧、自主智能体”偏移，从“卷基座、卷模型”向“卷推理、卷AIAgent、卷应用落地”过渡。2025年3月6日，首款通用型AI智能体Manus问世，可将复杂任务拆解为可执行的步骤链，并在虚拟环境中灵活调用工具，最终交付完整成果，在形式上初步体现出Agent独立工作能力，或标志着AI从Reasoner走向Agent，Agent能力进入“Take Actions”阶段。产业展望：重视入口，AI应用+智能硬件迎来产业变革AI应用：流量为王，产品工程化能力为后续重点。Agent竞争入口为王，掌握更多用户流量的厂商有望实现“流量-数据-使用体验”的正向循环，且随着开源模型能力升级弥补大厂及中小厂技术代差，AI产品工程化能力或拉开产品使用体验差距。1)通用vs垂类：通用型Agent对泛化的能力要求更高，平台型公司研发禀赋较高，并且户基数大、产品矩阵广、数据积累足、现金流充裕，在通用型Agent竞争中具备更大优势。而垂类Agent需要加强特定领域的理解能力，相关垂类厂商有望通过客户资源、业务理解、特定数据积累做出差异化。2)ToCvsToB：C端Agent侧重于产品的使用体验，本质还是回归于流量和付费率的竞争；B端Agent则聚焦企业级任务，一方面企业的降本增效意愿强烈，另一方面企业明确的业务场景、业务逻辑以及行业数据也更适用于Agent的使用。智能硬件：Agent的端侧实现是智能体最后一公里，各类智能硬件遍地开花。随着AIAgent技术迭代与产业化进程的提速，智能硬件产品或面临产业升级机会，成为通用或垂类领域的“流量入口”。投资建议：应用端：端侧成本革命+自主智能，Agent应用有望迎来爆发。DeepSeek开源周掀起成本革命，模型能力升级推动应用落地加速，关键环节工具产品智能化升级全面爆发。建议关注：同花顺(300033.SZ)、金山办公(688111.SH)、合合信息(688615.SH)、萤石网络(688475.SH)等。算力端：应用需求爆发对应的是算力消耗增长，公有云+私有云+一体机作为三种主流部署形式，带动国产算力核心受益。1)公有云：云计算大厂加大CAPEX支出，推动算力及有效算力上调。建议关注：阿里巴巴(09988)、腾讯(00700)等。2)私有云：私有化部署系国情刚需，采购意愿提升。建议关注：海光信息(688041.SH)、中科曙光(603019.SH)、深桑达A(000032.SZ)等。3)一体机：党政及金融场景轻量化开箱即用，需求火热。建议关注：神州数码(000034.SZ)、软通动力(301236.SZ)、烽火通信(600498.SH)、拓维信息(002261.SZ)、大华股份(002236.SZ)等。风险提示：AI产品工程化能力不及预期；商业化进展不及预期；模型技术迭代进展不及预期；研究报告中使用的公开资料可能存在信息滞后或更新不及时的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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中泰证券：Manus通用智能体初成型 开启AIAgent新时代

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中泰证券：Manus通用智能体初成型开启AIAgent新时代