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<title>秘塔AI 深度投研报告</title>
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</head>
<body class="min-h-screen p-4 sm:p-8">
<div class="max-w-7xl mx-auto space-y-8">
<!-- Header -->
<header class="text-center py-8">
<h1 class="orbitron text-5xl md:text-7xl font-bold glow-text text-indigo-300">秘塔AI</h1>
<p class="mt-4 text-xl text-slate-300">深度投研报告 | Deep Dive Report</p>
<div class="mt-6 text-xs text-slate-500">
<p>北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现</p>
<p>本报告为AI合成数据投资需谨慎</p>
</div>
</header>
<!-- Main Content Grid -->
<main class="bento-grid">
<!-- Core View Summary -->
<section class="col-span-12 md:col-span-7 glass-card p-6">
<h2 class="section-title orbitron">核心观点摘要</h2>
<p class="text-slate-300 leading-relaxed">
秘塔AI是国内AI搜索赛道凭借极致的产品体验实现爆发式增长的典型代表。其当前正处于从**“产品驱动的用户增长”**向**“商业模式验证”**过渡的关键阶段,核心驱动力在于其解决了传统搜索引擎广告冗余和信息过载的痛点。未来潜力巨大,但成功与否高度依赖其能否在维持用户体验和探索可持续商业化路径之间找到平衡,而**蚂蚁集团的入股**为其后续发展提供了重要的资本和生态资源。
</p>
</section>
<!-- Growth Chart -->
<section class="col-span-12 md:col-span-5 glass-card p-6 min-h-[300px]">
<h2 class="section-title orbitron">市场表现</h2>
<div id="growthChart" class="w-full h-64"></div>
</section>
<!-- Concept Timeline -->
<section class="col-span-12 md:col-span-4 glass-card p-6">
<h2 class="section-title orbitron">概念事件</h2>
<div class="timeline mt-4 max-h-[600px] overflow-y-auto pr-2">
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年8月19日</p>
<p class="text-sm text-slate-400">获蚂蚁集团子公司入股,顶级战略资本背书,进入发展新阶段。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年8月16日</p>
<p class="text-sm text-slate-400">与中国知网爆发版权纠纷,暴露学术数据源合规风险。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年7月</p>
<p class="text-sm text-slate-400">被行业分析与文心一言、Kimi并列行业地位获确认。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年4月</p>
<p class="text-sm text-slate-400">成为市场焦点,研报与路演密集覆盖,与紫天科技合作披露。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年3月</p>
<p class="text-sm text-slate-400">用户流量井喷访问量达721万次环比增速高达551%,引爆市场关注。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2024年初</p>
<p class="text-sm text-slate-400">正式推出秘塔AI搜索以“无广告、直达结果”体验迅速破圈。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2023年</p>
<p class="text-sm text-slate-400">自研大模型MetaLLM通过国家备案技术能力获官方认可。</p>
</div>
<div class="timeline-item">
<p class="font-bold text-indigo-300">2018 - 2021年</p>
<p class="text-sm text-slate-400">公司成立完成天使轮与Pre-A轮融资奠定发展基础。</p>
</div>
</div>
</section>
<!-- Core Logic & Market Perception -->
<section class="col-span-12 md:col-span-8 glass-card p-6 space-y-6">
<h2 class="section-title orbitron">核心逻辑与市场认知</h2>
<div class="space-y-4">
<h3 class="font-semibold text-lg text-indigo-300">核心驱动力</h3>
<ul class="list-disc list-inside text-slate-300 space-y-2 pl-2">
<li><span class="font-bold text-white">产品创新与用户体验驱动:</span>聚焦“搜索”高频场景以“无广告、直达结果”结合结构化信息呈现脑图、PPT直击传统搜索痛点。</li>
<li><span class="font-bold text-white">技术自研与垂直优化:</span>基于自研MetaLLM大模型针对中文语料训练在法律、学术等垂直领域有深厚积累。</li>
<li><span class="font-bold text-white">行业趋势红利:</span>精准卡位国内AI搜索市场被誉为“中国版Perplexity”享受AI应用落地首波红利。</li>
</ul>
</div>
<div class="space-y-4">
<h3 class="font-semibold text-lg text-indigo-300">预期差分析</h3>
<ul class="list-disc list-inside text-slate-300 space-y-2 pl-2">
<li><span class="font-bold text-white">产品能力的真实水平:</span>市场普遍认为产品力优异但路演评测揭示其“资料整合”能力强于“模型整理”能力深度理解与提炼能力或弱于Kimi等竞品。</li>
<li><span class="font-bold text-white">“学术搜索”优势的脆弱性:</span>曾被视为核心壁垒,但与知网的纠纷表明其优势建立在未经授权的数据抓取之上,基础不牢固。</li>
<li><span class="font-bold text-white">合作伙伴的真实关系:</span>目前关系最明确、深入的是语料供应商**紫天科技**。与其他公司的关系多为“潜在合作”,市场预期可能超前。</li>
</ul>
</div>
</section>
<!-- Catalysts & Future Path -->
<section class="col-span-12 md:col-span-6 glass-card p-6">
<h2 class="section-title orbitron">关键催化剂</h2>
<ul class="space-y-3">
<li class="flex items-start">
<svg class="w-6 h-6 text-cyan-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z"></path></svg>
<div>
<h4 class="font-bold text-white">蚂蚁集团入股后的战略协同</h4>
<p class="text-sm text-slate-400">与蚂蚁生态在技术(算力、数据)或场景(嵌入支付宝)的任何实质性合作,都将极大提升估值想象空间。</p>
</div>
</li>
<li class="flex items-start">
<svg class="w-6 h-6 text-cyan-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 8c-1.657 0-3 .895-3 2s1.343 2 3 2 3 .895 3 2-1.343 2-3 2m0-8c1.11 0 2.08.402 2.599 1M12 8V7m0 1v.01"></path></svg>
<div>
<h4 class="font-bold text-white">商业化模式的正式发布</h4>
<p class="text-sm text-slate-400">推出面向C端的Pro订阅或面向B端法律、金融的垂直解决方案是验证其价值的关键一步。</p>
</div>
</li>
<li class="flex items-start">
<svg class="w-6 h-6 text-cyan-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M9 12l2 2 4-4m5.618-4.016A11.955 11.955 0 0112 2.944a11.955 11.955 0 01-8.618 3.04A12.02 12.02 0 003 9c0 5.591 3.824 10.29 9 11.622 5.176-1.332 9-6.03 9-11.622 0-1.042-.133-2.052-.382-3.016z"></path></svg>
<div>
<h4 class="font-bold text-white">核心数据源的合规化合作</h4>
<p class="text-sm text-slate-400">与权威学术或数据机构(如万方)达成正规授权合作,将修复其数据合规性短板,建立护城河。</p>
</div>
</li>
</ul>
</section>
<!-- Risks & Challenges -->
<section class="col-span-12 md:col-span-6 glass-card p-6">
<h2 class="section-title orbitron">潜在风险与挑战</h2>
<ul class="space-y-3">
<li class="flex items-start">
<svg class="w-6 h-6 text-amber-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z"></path></svg>
<div>
<h4 class="font-bold text-white">技术风险</h4>
<p class="text-sm text-slate-400">模型“整理”能力弱于“整合”能力,处理复杂问题时可能答案冗长、不聚焦,是技术待突破瓶颈。</p>
</div>
</li>
<li class="flex items-start">
<svg class="w-6 h-6 text-amber-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z"></path></svg>
<div>
<h4 class="font-bold text-white">商业化风险</h4>
<p class="text-sm text-slate-400">当前阶段最大风险。“无广告”模式与成熟盈利模式背道而驰B/C端付费模式存在巨大不确定性。</p>
</div>
</li>
<li class="flex items-start">
<svg class="w-6 h-6 text-amber-400 mr-3 flex-shrink-0" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z"></path></svg>
<div>
<h4 class="font-bold text-white">政策与竞争风险</h4>
<p class="text-sm text-slate-400">数据版权风险与知网纠纷是冰山一角以及来自Kimi、百度等巨头的激烈竞争。</p>
</div>
</li>
</ul>
</section>
<!-- Supporting Data Accordion -->
<section class="col-span-12 glass-card p-6" x-data="{ open: '' }">
<h2 class="section-title orbitron">底层数据源</h2>
<div class="space-y-2">
<div class="collapse collapse-plus daisy-collapse">
<input type="radio" name="my-accordion-3" checked="checked" />
<div class="collapse-title text-xl font-medium text-indigo-300">
新闻数据
</div>
<div class="collapse-content">
<ul class="list-disc space-y-2 pl-5 text-slate-400">
<li><span class="font-bold text-slate-300">[2024-08-16]</span> 与中国知网版权纠纷秘塔AI宣布不再收录知网文献题录及摘要数据知网要求断开链接。</li>
<li><span class="font-bold text-slate-300">[2024-08-19]</span> 公司融资与工商变更:新增蚂蚁集团子公司上海云玡为股东,注册资本增加。</li>
<li><span class="font-bold text-slate-300">[2024-07-26]</span> 行业定位与分析在OpenAI推出searchGPT的分析中秘塔被与文心一言、Kimi并列为中国AI搜索代表。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus daisy-collapse">
<input type="radio" name="my-accordion-3" />
<div class="collapse-title text-xl font-medium text-indigo-300">
路演纪要
</div>
<div class="collapse-content">
<ul class="list-disc space-y-2 pl-5 text-slate-400">
<li><span class="font-bold text-slate-300">[产品测评]</span> 优势在于整合专业论文和垂直领域数据(学术、法律),但模型整理和提炼能力较弱,答案可能冗长不聚焦。</li>
<li><span class="font-bold text-slate-300">[商业化路径]</span> 当前免费未来趋势为短期依赖B端付费C端用户量增长但变现有限。创始人法律背景或推动在法律垂直场景深耕。</li>
<li><span class="font-bold text-slate-300">[战略合作]</span> 与紫天科技(麦粒网络)达成战略合作,由后者提供高质量视频语料用于大模型训练。</li>
<li><span class="font-bold text-slate-300">[市场流量]</span> 2024年3月访问量约700万次同比增长400%-500%,增长迅猛。</li>
</ul>
</div>
</div>
<div class="collapse collapse-plus daisy-collapse">
<input type="radio" name="my-accordion-3" />
<div class="collapse-title text-xl font-medium text-indigo-300">
研报精粹
</div>
<div class="collapse-content">
<ul class="list-disc space-y-2 pl-5 text-slate-400">
<li><span class="font-bold text-slate-300">[产品定位]</span> 被誉为“中国版Perplexity”核心特点是“没有广告直达结果”提供简洁、深度、研究三种搜索强度及学术模式。</li>
<li><span class="font-bold text-slate-300">[技术优势]</span> 基于自研大语言模型MetaLLM已通过备案采用混合专家模型(MoEs)架构,通过实时全网搜索提供最新信息。</li>
<li><span class="font-bold text-slate-300">[市场表现]</span> 2024年3月访问量721万环比增长551%增速超越Kimi位列第一。</li>
<li><span class="font-bold text-slate-300">[风险提示]</span> 商业化后表现不及预期、用户付费意愿低、行业技术迭代快是主要风险。</li>
</ul>
</div>
</div>
</div>
</section>
<!-- Stock Table -->
<section class="col-span-12 glass-card p-6">
<h2 class="section-title orbitron">产业链与核心公司</h2>
<div class="overflow-x-auto">
<table class="table daisy-table">
<thead>
<tr>
<th>股票名称</th>
<th>股票代码</th>
<th>关联原因</th>
<th>其他标签</th>
</tr>
</thead>
<tbody>
<tr><td>浙文互联</td><td><a href="https://valuefrontier.cn/company?scode=600986" target="_blank" class="link link-hover text-indigo-400">600986</a></td><td>公司与秘塔AI达成合作秘塔官网公示了为公司团队赋能。</td><td></td></tr>
<tr><td>数码视讯</td><td><a href="https://valuefrontier.cn/company?scode=300079" target="_blank" class="link link-hover text-indigo-400">300079</a></td><td>公司通过AMINO Capital丰元资本间接参股秘塔。</td><td></td></tr>
<tr><td>华宇软件</td><td><a href="https://valuefrontier.cn/company?scode=300271" target="_blank" class="link link-hover text-indigo-400">300271</a></td><td>公司和北大联合成立了北大英华科技,为秘塔战略合作伙伴。</td><td></td></tr>
<tr><td>汇鸿集团</td><td></td><td>公司间接参股秘塔科技。</td><td></td></tr>
<tr><td>中际联合</td><td><a href="https://valuefrontier.cn/company?scode=605305" target="_blank" class="link link-hover text-indigo-400">605305</a></td><td>公司间接参股秘塔科技。</td><td></td></tr>
<tr><td>上海临港</td><td><a href="https://valuefrontier.cn/company?scode=600848" target="_blank" class="link link-hover text-indigo-400">600848</a></td><td>公司间接参股秘塔科技。</td><td></td></tr>
<tr><td>中国科传</td><td><a href="https://valuefrontier.cn/company?scode=601858" target="_blank" class="link link-hover text-indigo-400">601858</a></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>读客文化</td><td><a href="https://valuefrontier.cn/company?scode=301025" target="_blank" class="link link-hover text-indigo-400">301025</a></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>华策影视</td><td><a href="https://valuefrontier.cn/company?scode=300133" target="_blank" class="link link-hover text-indigo-400">300133</a></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>中原传媒</td><td><a href="https://valuefrontier.cn/company?scode=000719" target="_blank" class="link link-hover text-indigo-400">000719</a></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>新华传媒</td><td><a href="https://valuefrontier.cn/company?scode=600825" target="_blank" class="link link-hover text-indigo-400">600825</a></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>中广天择</td><td></td><td>属于AI语料概念股</td><td>AI语料</td></tr>
<tr><td>昆仑万维</td><td><a href="https://valuefrontier.cn/company?scode=300418" target="_blank" class="link link-hover text-indigo-400">300418</a></td><td>属于AI搜索概念股</td><td>AI搜索</td></tr>
<tr><td>三六零</td><td><a href="https://valuefrontier.cn/company?scode=601360" target="_blank" class="link link-hover text-indigo-400">601360</a></td><td>属于AI搜索概念股</td><td>AI搜索</td></tr>
</tbody>
</table>
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