TF Securities(SH:601162) Zhong Guo Neng Yuan Wang·2025-09-23 01:04Group 1: Computer Industry Insights - The rise of Agent applications in the US highlights the importance of low error rates and quick validation for successful implementation, with C-end applications like search and programming leading the way, while B-end focuses on verticals such as legal and finance [1] - Chinese enterprises are increasingly willing to pay for Agent applications that can significantly reduce costs, indicating a shift in software business models towards SaaS subscriptions and potentially performance-based payments in the future [1] - A pivotal moment for Chinese Agent applications is anticipated in H1 2026, with domestic models expected to close the gap with overseas counterparts by Q4 2024, alongside a surge in product launches across various sectors [1] Group 2: Construction and Building Materials - The recent 25 basis point interest rate cut by the Federal Reserve is expected to benefit undervalued building materials sectors, leading to potential valuation recovery [2] - The Xinjiang region is highlighted for its strong economic growth, with fixed asset investment increasing by 9.1% year-on-year from January to August, significantly outpacing national averages [2] - Major infrastructure projects in Xinjiang, such as the new railway constructions, are projected to drive substantial cement demand, estimated between 462,000 to 694,000 tons [2] Group 3: Company Developments - The company has developed an Anti-Resonant Hollow Core Fiber (AR-HCF) that has shown excellent performance in laboratory tests, with plans to increase R&D investment for further advancements in multi-band and multi-application scenarios [3]