AI系列#48：Agent-to-Agent合作；模型扩展用例场景

China (PRC) | Internet AI Series #48: Agent-to-Agent Partnerships;Models Expand Use-Case Scenario Highlights (1)Tencent: partnerships across different sectors in Agent-to-Agent (A2A); (2)BABA: Qwen app opens up to third-party Agents andSkill and provides one-stop personalized service to users; (3)MeituandWPSforms partnerships with former AI design available to WPS users; ;(4)OpenAIis ramping finance and legal agents in Codex afterAnthropicinMay. (5)OpenRouter: Token consumption was up 13.5% vs prior week In this report, we provide investors with over 50 data points on token consumption in OpenRouter,pricing for different models, model intelligence in Artificial Analysis,user trends by sub-sectorand other industry data for analysis. Tencent:Building up Agent-to-Agent ecosystem.These include(1)partnership withMeituan’s AI assistant Xiaomei and AI Assistant Yuanbao. There will be Agent-to-Agent (A2A)communication when users submit local service requests in Yuanbao; (2) partner with anumber of smartphone brands such as OPPO, Xiaomi, Huawei, Vivo and Honor in A2A (Agentto Agent) capabilities. Users can speak with smartphone’s built-in AI voice assistant which willhelp sending Weixin messages or starting Weixin’s audio/video calls (vs open Weixin app). PerTencent Cloud AI Industry Applications Summit (link), Product is one of key areas in AI otherthan models and frontier tech exploration. Diversified offerings and data insights can furtherunlock model intelligence in different used cases. BABA: Qwen app opens up to third-party Agents and Skill with participation of retail brandsand airline; Release of Qwen3.7-Plus on 1 Jun.On Agents and Skill, the first batch includesKFC, Luckin, Mixue and China Eastern. We view Qwen app is building agent ecosystem andprovides comprehensive personalized services to users. On the other hand, BABA releasesQwen3.7-Plus on 1 Jun post release of Qwen3.7-Max on Alibaba Cloud Summit in May (link).It is a multimodal interactive hybrid agent with unified GUI (Graphical User Interface) / CLI(Command-Line Interface) across visual and text tasks with comprehensive coding agent andproductivity offerings with full-modality input. In addition, it has cross-harness generalizationunder diverse agent frameworks. Meitu and WPS forms co-operations in office + design.WPS users benefit from using Meitufeatures in AI posters via text to image/image to image generation, in particular marketingmaterials for e-commerce merchants. On the other hand, WPS users can also use Meitu inshort video generation for live streaming ecommerce. Kling exceeds 100m global users in Jun-26.This represents a 67% increase from 60m byend of 2025. Number of enterprise customers increased from 30K in 2025 to 50K in Jun-26.It covers 224 countries and regions globally. Kimi launches AI desktop Kimi Work.Highlights (1) The local agent can run round the clockautonomously; (2) WebBridge enables it to access browsers and complete multi-step tasks;(3) Swarm Intelligence can complete complex problems by using multiple specialized agentsand breaking down the tasks into multi-layered tasks simultaneously; (4) it builds for financesector and pre-integrated with deep data sources across different markets. OpenAI launches AI tools for finance and legal sectors after Anthropic in May.OpenAIlaunched 6 new plugins for Codex with specialized skills in finance sector. Plugins for legalsector is under development. This comes after Anthropic launched 10 financial services agenttemplates in May in areas such as research and client coverage as well as finance andoperations Thomas Chong * | Equity Analyst852 3743 8016 | thomas.chong@jefferies.com Zoey Zong * | Equity Analyst852 3743 8163 | zoey.zong@jefferies.com OpenRouter: Token consumption was up 13.5% vs prior week.Based on analysis of Continued overleaf ... the week of 1 Jun (vs the week of 25 May) (Exhibit 1), the number of weekly tokens consumedincreased by 13.5% to 36.1tn. In terms of ranking, DeepSeek V4 Flash ranked no 1, followed byTencent's Hy3 preview and MiniMax M3. BAT, KC, AI labs and Kling are Beneficiaries.We expect surge in token consumption on risingdemand for AI models and agents to benefit CSPs likeBaidu, Alibaba, Tencent (BAT), KingsoftCloud (KC), AI labs and Kling.According to analysis from Artificial Analysis, (1) there is a narrowingintelligence gap between US and China models; (2) API cost is just a fraction vs US benefiting fromMoE, linear attention, and MFU; (3) Coding, Workspace scenario and mid- to long-form contentshould see significant opportunities ahead (Exhibit 69-73). China vs US comparison AI Models According to OpenRouter, rising adoptionofCoding/Agents and release ofhigh-performance and cost-efficient Chinamodels are driving token consumption According to OpenRouter, token consumption went up significantly in Feb-26 due to (a) asurge inadoption of coding / agents, which allows people using AI from "to chat" to "to work". It connectswith large