Hygon Information Technology (SH:688041) GUOTAI HAITONG SECURITIES·2026-01-23 00:25Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential upside of over 15% relative to the CSI 300 index [2][13]. Core Insights - The official release of Claude Cowork is expected to significantly lower the programming barrier for ordinary users, accelerating the adoption of general-purpose agents. This development is projected to drive an increase in CPU demand as these agents require more processing power [4][6]. - According to the report, the CPU will bear a heavier workload in agent tasks, with CPU processing time accounting for up to 90.6% of total latency during agent tool processing. This shift is anticipated to lead to a rapid growth in CPU demand as the deployment of agents accelerates [6][8]. Summary by Sections - Investment Recommendations: The report highlights Claude Cowork's launch as a catalyst for increased CPU demand, recommending stocks such as Haiguang Information and mentioning related companies like Loongson Technology and China Great Wall [6][8]. - Market Context: The report notes that the general-purpose agent era is likely to drive a significant increase in CPU orders from cloud vendors, reflecting a positive outlook for the CPU market [6][8]. - Valuation Table: The report includes a valuation table for recommended stocks, with Haiguang Information (688041.SH) having a closing price of 288.11 yuan and projected EPS of 1.34 yuan for 2025, with a PE ratio of 215.01 for 2025E [7].