CAITONG SECURITIES·2026-01-26 05:45Investment Rating - The industry investment rating is "Positive" and is maintained [2][10] Core Insights - The report highlights that the deployment of Al Agent sandboxing is expected to create new demand for CPUs, driven by the need to control potential risks associated with Al Agents [6] - The report suggests that as Al Agents continue to develop, the associated sandbox technology will likely be adopted, leading to new growth opportunities for CPU manufacturers and related supply chains [6] Summary by Sections Recent Market Performance - The report notes a recent market performance with a 20% increase [3] Key Companies and Investment Ratings - The report lists key companies with their investment ratings, including: - Haiguang Information: Market Cap 641.52 billion, EPS for 2024A is 0.83, with a PE of 332.53 [5] - Longxin Zhongke: Market Cap 77.39 billion, EPS for 2024A is -1.56 [5] - Tongfu Microelectronics: Market Cap 85.50 billion, EPS for 2024A is 0.45, with a PE of 125.20 [5] Industry Trends - The report discusses the increasing adoption of Al Agent sandboxing both domestically and internationally, with significant investments such as Meta's acquisition of Manus for over 2 billion USD [6] - The report emphasizes that the functionality of Al Agents is largely dependent on the richness and reliability of the tools they can access, with function calling being a core technology [6]