金吾财讯 | 中国银河证券发研报指，AI Agent领域当下呈现的“雷声大雨点小”本质是技术成熟度与商业化节奏的阶段性错配，2026年加速落地趋势不变。从供给端看，MMC调研显示，当前90%的AI Agent准确率达70%以上，但自主性达标率仅66%，核心瓶颈在于大模型的场景泛化能力与复杂任务拆解效率；成本端，企业级Agent的Token单位消耗成本较通用大模型高数倍，部分场景ROI不足，制约规模化落地。需求端，责任归属模糊的治理问题与跨部门数据孤岛的协同难题，导致大部分企业选择“小步试点”策略。但结构性机会已现：企业级Agent正从“L2普及级”向“L3融合级”过渡，金融风控、客服质检等场景的Agent落地率已超40%，垂直领域Agent对传统SaaS的替代效应初显，长期将重构行业价值链。
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