Minsheng Securities·2025-05-12 14:33Investment Rating - The report maintains a positive investment rating for the AI Agent sector, predicting significant growth and opportunities in the coming years [4][6]. Core Insights - AI Agents are positioned as the key to a software revolution, addressing the limitations of generative AI models and driving practical applications of AI technology [3][4]. - The market for enterprise-level digital labor powered by AI Agents is projected to reach trillions of dollars, with rapid penetration across various industries [4][6]. - The report emphasizes that 2025 will mark the beginning of the AI Agent era, catalyzing a revaluation of software value and expanding the target market for software vendors [4][6]. Summary by Sections 1. AI Agent: The Software Revolution of the AI Era - AI Agents consist of models, tools, and orchestration layers, enabling autonomous goal achievement [3][10]. - The commercial path for AI Agents is evolving, with a focus on both consumer and business applications [3][4]. - The report highlights a projected exponential growth in task length capabilities of AI Agents, akin to Moore's Law, doubling approximately every seven months [4][72]. 2. The "Infinite War" Among Internet Giants for AI Agent Super Entry Points - Major tech companies are competing to establish themselves as leaders in the AI Agent space, focusing on both consumer and business markets [3][4]. - The report outlines strategies from companies like Tencent, ByteDance, Alibaba, and Baidu to capture market share through diverse AI Agent products [4][6]. 3. AI Agents Unlocking the Trillion-Dollar Enterprise Digital Labor Market - AI Agents are rapidly increasing their penetration in the enterprise market, with potential revenue growth through upgraded packages and standalone payments [4][6]. - The report identifies various sectors, including industrial, education, finance, retail, and legal, where AI Agents are being implemented [4][6]. 4. AI Agents as the "Crown Jewel" of Industry 4.0 - The report discusses how AI Agents are integral to the advancement of Industry 4.0, enhancing operational efficiencies and driving innovation [4][6]. 5. AI Agents Transforming the Education Sector - AI Agents are positioned to revolutionize education by providing personalized learning experiences and automating administrative tasks [4][6]. 6. AI Agents Driving Efficiency in the Financial Sector - The financial industry is leveraging AI Agents to streamline operations, enhance decision-making, and improve customer service [4][6]. 7. AI Agents Enhancing Retail Efficiency - Retailers are adopting AI Agents to optimize inventory management and improve customer engagement through personalized experiences [4][6]. 8. AI Agents Making Justice More Efficient and Fair - The legal sector is utilizing AI Agents to automate document processing and enhance case management, leading to improved judicial outcomes [4][6]. 9. Investment Recommendations - The report suggests focusing on companies involved in ERP/CRM, office software, programming, and AI-driven customer service solutions as potential investment opportunities [4][6].