Agent初具技术雏形，重点关注三大演化方向

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6]. Core Insights - The report highlights that AGI is progressing towards a stage of autonomous action, focusing on two main directions: Agent and embodied intelligence. The technology has evolved past the "perception-thought" application threshold and is moving towards "autonomous action" [16][18]. - The rapid iteration of models since 2023 has significantly enhanced the capabilities of Agent products in perception, planning, and memory. Key advancements include the transition of models from single text to multimodal capabilities, improved reasoning abilities, and a substantial reduction in model usage costs [23][29]. Summary by Sections 1. Technology Layer: Significant Evolution of Models and Tools - AGI is moving towards autonomous action, indicating a shift towards Agent and embodied intelligence [16]. - The key technologies have evolved, with a focus on enhancing reliability and standardization [19]. - The current phase is characterized as a transition from workflow to Agent, analogous to the rule-driven phase of autonomous driving [3][50]. 2. Industry Chain: Early Commercialization Models - The report identifies three main lines of evolution in the industry chain: the open-source vs. closed-source model debate, the competition among tech giants for potential value points, and the entry of small and medium enterprises into the tool layer [56]. - The competition between open-source and closed-source models is crucial for the commercialization capabilities of major model vendors [56][58]. - Major tech companies are actively entering the AI Agent space, focusing on leading reasoning models and various tool integrations [61]. 3. Investment Recommendations - The report suggests that the evolution of AI technology will benefit infrastructure for computing power, particularly in training vertical long-tail models and inference computing [11]. - It emphasizes the importance of hardware support for local deployment of Agents on devices like smartphones and PCs, which may lead to a replacement cycle [11]. - The report also highlights the need for personalized solutions in private deployment services, indicating a gap in current offerings [11].