华泰证券：看好中国在机器人等终端上显著比较优势

Core Insights - Generative AI is entering a new development stage dominated by AI agents, leading to a coexistence of "no job growth" and "super individuals" [1] - The structural replacement of human labor by "silicon-based life" has already begun [1] - The value creation of software is linked to Token consumption, with Token production deeply tied to physical infrastructure capacities such as semiconductors, data centers, and energy [1] - The software business model characterized by "zero marginal cost" is gradually coming to an end [1] - The development trajectory of AI agents is expected to follow a path from B2B to B2C, ultimately reaching end-users [1] - There is a significant comparative advantage for China in terminal applications such as robotics [1]