GOLDEN SUN SECURITIES·2025-11-16 06:42Investment Rating - The report maintains an "Accumulate" rating for the computer industry [4] Core Insights - The report identifies three categories of AI applications worth mid-term investment: Custom Agent Platforms, High Barrier Vertical Applications, and AI Infrastructure [10][12][26] - OpenAI's recent developments, including the Apps SDK and AgentKit, signify a shift towards creating an AI application ecosystem, allowing developers to build interactive applications within ChatGPT [12][13] - Major companies like Tencent and Alibaba are also developing their own AI ecosystems, with Tencent planning to integrate AI capabilities into WeChat and Alibaba revamping its mobile AI application to compete with ChatGPT [14][17] Summary by Categories Custom Agent Platforms - OpenAI's Apps SDK enables developers to create interactive applications within ChatGPT, enhancing user experience and functionality [12][13] - The introduction of AgentKit allows for easy development of AI agents without extensive coding knowledge, showcasing its efficiency through a live demonstration [13] - Partnerships with various sectors, including education and real estate, highlight the broad applicability of these AI applications [12][14] High Barrier Vertical Applications - The report emphasizes that strong industry know-how, proprietary data, complex workflows, and regulatory compliance create significant barriers to entry for competitors [18][19][20][22] - Companies with deep industry expertise and unique data sources are positioned to leverage large models as tools to enhance their existing advantages rather than being threatened by them [18][19] - Examples include Palantir, which has established a strong foothold in the defense sector through its AI platform [22][23] AI Infrastructure - Infrastructure providers are positioned to gain stable returns by serving all companies involved in the AI arms race, with Snowflake and CrowdStrike highlighted as key players [26][29] - Snowflake's cloud data platform supports scalable AI deployments, while its Cortex suite allows users to run advanced AI models without data migration [28] - CrowdStrike's Falcon platform aims to secure AI operations by protecting against various cyber threats, collaborating with major tech companies to enhance AI security [29][30] Investment Recommendations - The report suggests focusing on companies in the computing sector, particularly those involved in AI infrastructure and agent development, including notable firms like Cambricon, Alibaba, Tencent, and Salesforce [7][34]