Investment Rating - The report rates the industry as "Outperforming the Market" [5] Core Insights - Continuous progress in AI, with a focus on Agent, domestic computing power, and AIDC direction. The average stock price increase of representative agent companies is 76% from September 24, 2024, to May 23, 2025, indicating a positive trend [1][15] - The domestic humanoid robot sector is expected to see significant growth, with a notable influx of capital and government support, positioning it as a key area of investment opportunity [2][36] - The introduction of DeepSeek has accelerated AI integration across various industries, with over 70 partners developing DeepSeek integrated machines to meet diverse industry needs [1][48] Summary by Sections AI and Agent Development - AI applications are steadily advancing, with the potential for a commercial breakthrough in 2025. The report highlights the significant stock performance of agent companies and anticipates a fourth wave of AI market activity [15][32] - AI agents are expected to play a crucial role in sectors such as healthcare, education, government, and industry, driven by both bottom-up demand and top-down policy support [32][42] Humanoid Robots - The domestic humanoid robot industry is characterized by a significant expectation gap compared to the T chain, with most domestic players still in the early stages of development. The report identifies Huawei as a leader in this sector, leveraging its supply chain advantages [2][36] - The report outlines a tiered ranking of domestic humanoid robot companies, with Huawei leading, followed by Xiaomi and Xiaopeng, indicating a competitive landscape with substantial investment potential [2][36] AIDC and Computing Power - The report notes that major overseas companies have significantly increased their capital expenditures, with a combined total of 77 billion in Q1 2025, reflecting a 67.5% year-on-year growth. This trend is expected to resonate with domestic computing power demand [62][63] - The AIDC sector is projected to maintain high demand, with a focus on the performance of domestic computing power ecosystems and the overall AIDC industry chain [62][63]