AI 产业持续进阶，算力与 Agent 静待催化

Investment Rating - The report maintains a positive outlook on the commercialization acceleration of AI Agents in the second half of the year and recommends focusing on the value reassessment opportunities brought by MaaS for software companies [1][2]. Core Insights - The AI industry continues to progress, with model iterations and technological advancements benefiting AI Agent applications. The recent upgrade of the DeepSeek-R1 model has exceeded market expectations, leading to increased anticipation for the upcoming DeepSeek-R2 release [2]. - The computing power industry remains highly prosperous, with significant growth in AI server orders, indicating sustainable investment from downstream clients in generative AI. Domestic AI chip capabilities are improving amid strict export controls from the U.S. on Chinese AI chips, laying a foundation for domestic breakthroughs [3]. - The report suggests focusing on the recovery of valuations and new product anticipation within the Apple supply chain, particularly in light of the upcoming WWDC 2025 event [4][7]. - The report highlights the potential regulatory framework for stablecoins in China, which could catalyze related industries [7]. Summary by Sections AI Agent Applications - Continuous model iterations and technological improvements are expected to enhance AI software applications, with a focus on the increased frequency of updates driving customer willingness to pay for services [2]. Computing Power Industry - The computing power sector is experiencing high demand, with AI server orders reaching $12.1 billion, surpassing the total sales of the previous fiscal year. This trend is expected to continue with the acceleration of AI infrastructure development in various regions [3]. Apple Supply Chain - The report emphasizes the importance of the upcoming WWDC 2025 for the Apple supply chain, suggesting that current market conditions present opportunities for valuation recovery and new product launches [4][7]. Stablecoin Regulation - The recent passage of the stablecoin regulatory framework in Hong Kong is anticipated to create a structured environment for the issuance and management of stablecoins in China, potentially benefiting related companies [7].