华龙证券：Agent商业化加速 应用场景有望多点开花

Core Insights - The report from Huolong Securities suggests that AI Agents may become the next mainstream AI product form, succeeding Chat bots, as they evolve towards more complex decision-making capabilities [1] - The transition from "process delivery" to "result delivery" is expected to enhance enterprises' willingness to pay for AI solutions, as AI applications can significantly improve productivity and reduce costs [1] - The rapid development of AI infrastructure is creating favorable conditions for the flourishing of the Agent ecosystem, with major cloud providers increasing capital expenditures on AI and cloud infrastructure [2] - Multi-Agent Collaboration is emerging as a trend, where multiple autonomous agents work together to achieve complex goals, indicating a shift towards decentralized and interactive AI solutions [3] Group 1: Transition in AI Product Forms - The evolution from Chat bots to Agents represents approximately three generations of AI product forms, leading to deeper user interactions and more complete task results [1] - AI products are expected to increasingly emphasize productivity attributes rather than merely serving as tools, with enterprises shifting from capital expenditures (Capex) to operational expenditures (Opex) for AI investments [1] Group 2: AI Infrastructure Development - Major cloud companies like Microsoft, Google, Amazon, and Meta are significantly increasing their capital expenditures on AI and cloud infrastructure, with Alibaba planning to invest more in AI and cloud computing than in the past decade combined [2] - The optimization of domestic large model architectures is enhancing inference efficiency, laying a solid foundation for the development of Agents [2] Group 3: Multi-Agent Collaboration - Multi-Agent Collaboration involves multiple autonomous agents communicating and coordinating to achieve complex objectives, characterized by decentralization, interactivity, and complementarity [3] - Current business models for Agents include subscription models (SaaS), pay-per-use based on API calls, and customized services for specific industries, with a growing trend towards payment based on results achieved (RaaS) [3]