计算机行业深度报告：AI代理崛起：产业链重塑与投资新视角

Industry Investment Rating - The report maintains a "Recommend" rating for the computer industry [8] Core Views - AI Agent is seen as the inevitable path to the era of Artificial General Intelligence (AGI), driven by the rapid iteration and upgrade of large models [5] - The rise of AI Agents is reshaping the AI industry chain and bringing new investment opportunities, with the Chinese AI Agent market expected to surge to 852 billion yuan by 2028, with a CAGR of 72.7% [5][6] - AI Agent technology is transitioning from training-focused to inference-focused, leading to a shift in corporate capital expenditure from R&D to operational [5] Market Space and Growth - The AI Agent market is projected to exceed 100 billion yuan by 2025 and reach 852 billion yuan by 2028, with a CAGR of 72.7% [6] - The AI Agent market is divided into upstream infrastructure and technology providers, midstream AI Agent developers and integrators, and downstream application and service end-users [6] Industry Chain Analysis - The AI Agent industry chain is a diversified and highly collaborative ecosystem, with continuous innovation and optimization across all segments [6] - Upstream includes infrastructure and technology providers, midstream includes AI Agent developers and integrators, and downstream includes application and service end-users [6] Technological Trends - AI Agent is driving the transformation from the APP ecosystem to the model ecosystem or terminal device ecosystem, with AI Agent models expected to replace APP status and compete with hardware for traffic entry [7] - AI Agent models are solving the pain points of edge AI by enabling natural language interaction with hardware, leading to a shift in ICT development trends [90] Investment Recommendations - Investors are advised to focus on companies with core technical advantages in edge AI and those with vertical domain positioning advantages in AI application software [7] - Key companies to watch include Kingsoft Office, Tonghuashun, Kingdee International, iFlytek, Thundersoft, Caixin Media, Wondershare, Torsion, Zhiyuan Interconnect, and 360 Security [7][119] Future Trends - AI Agent is expected to become a new trend in AI applications by 2025, with global leading companies such as OpenAI, Google, Salesforce, ServiceNow, and Hubspot launching new products [113] - The future of AI Agent includes advancements in multi-modal integration, autonomous learning, and lightweight technology applications, driving the development of edge AI [70][113]