行业周报：国内L3级准入试点许可，百融云硅基员工+Anthropic Skill范式发布，关注Agent产业机会

开源证券

2025/12/22

（以下内容从开源证券《行业周报：国内L3级准入试点许可，百融云硅基员工+Anthropic Skill范式发布，关注Agent产业机会》研报附件原文摘录）互联网：豆包日均Tokens使用量突破50万亿，平台规范完善短期电商同期存在国补高基数影响，本地生活竞争仍激烈，多条业务线整合协同+AI赋能或成为业绩及估值驱动因素，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验证，...

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Skill范式发布，关注Agent产业机会》研报附件原文摘录）互联网：豆包日均Tokens使用量突破50万亿，平台规范完善短期电商同期存在国补高基数影响，本地生活竞争仍激烈，多条业务线整合协同+AI赋能或成为业绩及估值驱动因素，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验证，国产AI芯片增长迅速，据腾讯新闻，昆仑芯筹备中国香港上市，推荐阿里巴巴-W、拼多多，百度集团-SW，受益标的腾讯控股。智能驾驶：国内L3级准入试点许可，Robotaxi蓄势待发，关注产业链机会2025年12月15日，工信部正式公布首批获准L3级自动驾驶车型准入许可的两款车型，标志着我国L3级自动驾驶迈出从测试阶段到商业化应用的关键一步。随着技术成熟、成本下降与政策驱动，Robotaxi有望加速落地。AI：Google TPU商业化潜力进一步确认，百融云硅基员工+Anthropic Skill范式发布，关注Agent产业机会Google：本周博通2025财年Q4业绩说明会披露此前备受关注的100亿美元ASIC订单背后的买家为Anthropic，同时Anthropic在Q4追加了110亿美元的订单，总金额累计达到210亿美元。该笔订单涉及谷歌TPU v7机架系统，预计于2026年底前完成交付。Agent：（1）12月18日，百融云召开硅基生产力大会，明确提出硅基员工及RaaS战略，我们认为公司优势在于：足够宽广的市场空间，专属模型性能及成本领先OpenAI、DeepSeek等，公司多年的2B基因构筑了相对于大厂的差异化发展；（2）Anthropic提出基于Skill的模块化Agent范式，旨在通过模块化技能封装显著提升大模型智能体的专业能力。Agent Skills复制了同样的路径——发布即开源，同时配合MCP，我们认为，该范式的推出有望进一步降低复杂Agent的开发门槛，加快AI应用从“实验性对话”进入“工程化交付”的新阶段。投资建议：互联网：关注AI商业化及应用场景拓展，推荐阿里巴巴-W、拼多多、百度集团-SW，受益标的腾讯控股。计算机：AI需求可预见性提升，软件侧亦孕育机会，重点推荐受益于央国企IT支出的浪潮数字企业，受益标的有金蝶国际、百融云、北森控股、第四范式等；汽车&自动驾驶：国内L3级获得准入试点许可，高阶智驾商业化有望迎来拐点；随技术成熟、成本下降与政策驱动，Robotaxi有望加速落地，Waymo估值扩张。受益标的：整车小鹏汽车-W、小米集团-W、特斯拉；自动驾驶解决方案百度集团-SW、小马智行-W、文远知行-W；零部件地平线机器人-W、速腾聚创、禾赛-W。风险提示：软件及产品推出不及预期，产能及供应链风险，监管政策变动，宏观经济增长放缓，地缘政治风险。","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"}}}