Guoxin Securities·2025-09-10 15:25Investment Rating - The report maintains an "Outperform" rating for the AI industry [1] Core Insights - AI Agents represent a significant evolution in AI technology, moving beyond simple command execution to autonomous decision-making and task execution, achieving performance levels equivalent to 90% of skilled adults [3][10] - The AI infrastructure is undergoing a transformation, with major cloud providers like Microsoft, Google, and Amazon enhancing their AI/Agent platforms to capture new market opportunities [3][51] - The global AI IT spending is projected to grow at a CAGR of 22.3% from 2023 to 2028, with Generative AI (GenAI) expected to account for 73.5% of this growth [3] Summary by Sections 01 Agent Definition, Technology, and Development - AI Agents are defined as intelligent entities with autonomy, planning, and execution capabilities, surpassing traditional automation [10] - Key features include autonomous decision-making, dynamic learning, and cross-system collaboration [10] 02 Agent Development Platform Layout - Major players in the AI Agent development space include Microsoft, Google, Amazon, Alibaba, and Tencent, each with distinct strategies and market focuses [3][51] 03 Model Layer and Tokens Usage Analysis - The report highlights the rapid increase in token usage, with Google's Gemini model projected to reach 980 trillion tokens by July 2025, a 100-fold increase from the previous year [3] - Domestic models like Byte's Doubao are also seeing significant growth, with daily token usage expected to reach 16.4 trillion by May 2025, a 137-fold increase [3] 04 C-end and B-end Agent Progress - C-end applications are heavily reliant on model capabilities, with significant growth in image and programming-related products [3] - B-end applications, such as Microsoft's Copilot, have over 100 million monthly active users, but face challenges related to data security and cost [3] Agent Market Size and Development Expectations - The AI Agent market is expected to reach $103.6 billion by 2032, growing at a CAGR of 44.9% [3] - The report anticipates that by 2035, AI Agents will become mainstream as cognitive companions for humans [3]