通信行业：Manus AI创新引领，算力应用共振超预期

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3]. Core Insights - The launch of the AI Agent product Manus signifies a new era for AI applications, showcasing unprecedented versatility and execution capabilities across various scenarios, including education, stock analysis, and game development [5]. - The demand for high-end computing power remains essential, with AI-driven applications expected to create a virtuous cycle of investment and returns in the industry [5]. - The report emphasizes that the integration of AI applications and hardware is likely to accelerate, leading to a prosperous environment for domestic AI hardware development and a reduction in the gap with competitors [5]. Summary by Sections Industry Overview - The AI Agent Manus has achieved state-of-the-art results in task planning and execution, indicating significant advancements in AI capabilities [5]. - The report highlights the exponential growth in computing power demand due to the increased reliance on large models for AI applications [5]. Investment Recommendations - The report suggests focusing on key players in the industry, including major operators like China Mobile, China Unicom, and China Telecom, as well as equipment manufacturers and domestic AI hardware developers [2]. - It anticipates that the rapid development of inference computing power will catalyze the widespread adoption of domestic devices, enhancing the overall market landscape for AI applications [5].