The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. • Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

2025 年 12 月 18 日，火山引擎在 2025 冬季 FORCE 原动力大会上发布了面向多模态 Agent 场景优化的豆包大模型在 2025 FORCE 原动力大会开发者日（上海）上，火山引擎围绕智能体（Agent）规模化生产与应用落地的关键路径，对其开发者生态进行了系统化升级与集中发布。具体而言，在大模型服务平台火山方舟方面，公司推出新一代 Responses API、上线 Serverless RL（强化学习）平台，并增强了 VikingDB 向量数据库及 Viking 记忆库的功能；面向企业级应用，发布并升级了 AgentKit 企业级 AI Agent 平台底座能力，同时在开发工具侧推出扣子编程与 TRAE CN 企 业版。此外，公司亦将原有开发者社区升级为专注 Agent 的开发者社区，并同步上线动手实验室、核心开发者计划及城市社区等系列生态支持举措。

2025 年 12 月 18 日，火山引擎在 2025 冬季 FORCE 原动力大会上发布了面向多模态 Agent 场景优化的豆包大模型 1.8 及音视频创作模型 Seedance 1.5 Pro，并同步更新了企业 Agent 落地支持体系与阶梯式成本方案。截至 12 月，豆包日均 token 使用量突破 50 万亿，同比增长超 10 倍，服务超百家万亿级企业客户，表明模型已在生产环境中实现规模化验证。Seedance 1.5 Pro 通过原生音视频联合生成架构实现毫秒级音画同步与多语言口型适配，其“Draft 样片”机制可提升约 65%创作效率。企业端，火山引擎推出 AgentKit/HiAgent 平台及“AI 节省计划”，以平台化工具与用量阶梯折扣推动 Agent 从试点走向规模化部署，构建“模型-平台-定价”一体化的竞争壁垒。

The global AI-ready cloud solutions market encompasses a specialized segment of the cloud computing industry, providing infrastructure, platforms, and services explicitly designed to support and scale artificial intelligence and machine learning workloads. These solutions are characterized by their high-performance computing capabilities, including access to specialized processors like GPUs and TPUs, and scalable storage and networking to handle massive datasets. AI-ready cloud solutions also feature integrated AI and machine learning frameworks, MLOps platforms for automating the machine learning lifecycle, and APIs for seamless integration of AI capabilities into existing applications. This market caters to the increasing demand from enterprises for agile, cost-effective, and powerful environments to develop, deploy, and manage AI-driven applications, thereby enabling innovations such as predictive analytics, natural language processing, and intelligent automation without the need for substantial upfront infrastructure investments.

The global AI-powered radio access network market encompasses the integration of artificial intelligence and machine learning technologies within the cellular network infrastructure that connects end user devices to the core network. This technology functions by employing sophisticated algorithms to continuously analyze real time network data, enabling the autonomous optimization of RAN operations. Key applications include predictive analytics for network maintenance, intelligent traffic steering, dynamic energy consumption management, and automated resource allocation for 5G network slicing.

The global agentic AI for financial services market encompasses intelligent systems and platforms capable of autonomous action to achieve complex, predefined objectives within the financial industry.

The market by value in this report is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

观察海外 AI 产业的发展路径，我们发现从大厂密集投入 Capex（2023 年）到 Token 的爆发 （2025 年）并非一蹴而就，中间存在两年左右的滞后期。海外的时间线看，2023→2024→2025 分别经历了 Capex 高投入→模型密集迭代+云商收入回归高增→Token 高增的三个阶段。这背后的逻辑是因为 Capex 的高投入会先用于模型的训练中，大模型的训练十分昂贵对资金要求 较高。一直到 2025 年尤其是下半年开始，需求侧的核心指标 Token 数才开始高速增长。我们认为这背后的原因是随着持续两年的投入，许多场景如搜广推、Coding、多模态等逐步跑通。

科技VS历史：动态PE：不及2021年，远不及2000年科网；ERP：甚至不及1998牛市中段 科技VS其他板块：标普/DAX、美股成长/价值已回落至中位水平，没有过高科技龙头VS科技整体：M7/科技整体，估值比已至中低位 结合基本面看：PB-ROE视角，科技泡沫显著低于科网水平AH科技VS美股科技：A股科技已修复，港股科技仍有性价比

10 月 31 日，阿里官宣：淘宝闪购支持医保支付购药的城市已经超 40 个、覆盖近 300 个区县，近 1 万家定点零售药店 5 万多个医保品，累计服务用户已超过 800 万人次。淘宝闪购已提供常态化的 24 小时全天候送药上门服务，在使用医保支付后，可以大大降低市民买药的个人现金支出，很多常用药到手仅需自付包装费和物流费。