光大证券科技行业跟踪报告之三：巨额算力租赁订单发布，Manus横空出世，机器人政策密集发布

Investment Rating - Electronic Industry: Buy (Maintain) [4] - Communication Industry: Overweight (Maintain) [4] - Computer Industry: Buy (Maintain) [4] Core Insights - The 2025 government work report highlights eight key technology keywords, including commercial aerospace, low-altitude economy, biomanufacturing, quantum technology, embodied intelligence, 6G, large model applications, and new generation smart terminals [8][9] - The launch of Manus, the world's first AI agent product by Monica.im, signifies a major breakthrough in AI agent technology, marking a milestone in the application of artificial intelligence across various industries [26][27] - The AI product rankings for February 2025 show significant growth, with domestic AI products like Doubao, DeepSeek, and Kimi leading the charts, while the emergence of WeChat AI search may disrupt the paid AI search model [11][13][20] Summary by Sections Government Work Report - The report outlines plans for large-scale application demonstrations of new technologies and products, aiming to promote the safe and healthy development of emerging industries [8] - It emphasizes the establishment of a growth mechanism for future industry investments, focusing on biomanufacturing, quantum technology, and embodied intelligence [9] AI Industry - The AI application product rankings for February 2025 show Doubao leading with 81.98 million monthly active users, followed by DeepSeek with 61.81 million [11][16] - The U.S. plans to ban the sale of Nvidia chips in China, impacting the AI industry and prompting Nvidia to adjust its product strategy [10] Robotics - Beijing, Shenzhen, and Chongqing have released action plans for embodied intelligent robots, aiming to foster innovation and development in the robotics sector [44][47] - The global first humanoid robot half marathon is set to take place in Beijing, showcasing advancements in robotics [52] Investment Recommendations - The report suggests focusing on domestic AI computing companies such as Cambricon, Hygon, and Hainan Huatie, as well as robotics firms like Qiangrui Technology and Jizhi Co., among others [54][55] - In the computer industry, the report highlights the importance of high-frequency interaction applications and multi-modal data acquisition, recommending companies like Hikvision and Dahua [57]