海外科技行业2026年第9期：腾讯小米发力Agent布局，关注下周英伟达GTC

Investment Rating - The report maintains an "Overweight" rating for the industry, recommending focus on AI computing, cloud vendors, AI applications, and AI social directions [4][25]. Core Insights - Tencent and Xiaomi have launched the "Lobster" application, entering the Agent layout from software and hardware ecosystems respectively. The report highlights the potential of companies that combine entry points and ecosystems in Agent applications [2][7]. - Tencent's QClaw, a local AI assistant based on OpenClaw, is currently in internal testing and supports one-click installation on Windows/Mac, allowing remote control via WeChat. Tencent has also introduced SkillHub, a community platform aggregating over 13,000 skills from the official ecosystem [7][9]. - Xiaomi's Miclaw, based on its self-developed Mimo model, is in closed testing and encapsulates over 50 system capabilities and ecosystem services, providing both MCP and open SDK for third-party access. Xiaomi's unique advantage lies in its system-level permissions and vast hardware entry points [7][9]. - The report expresses optimism about the potential of Tencent and Xiaomi in the Agent application space due to their extensive user bases and application scenarios [7]. Summary by Sections Industry Overview - The report discusses the upcoming NVIDIA GTC event from March 16 to 19, where new chip architectures and technological innovations are expected to be unveiled, including the NVL 576 cluster and advancements in LPU integration [8]. - Oracle's FY26Q3 results show a 44% year-on-year growth in cloud business revenue, with IaaS revenue up 84% and AI IaaS revenue soaring 243%. The report notes a significant increase in remaining performance obligations (RPO) to $553 billion, alleviating concerns about uncontrolled capital expenditure [9]. Market Performance - The report reviews market performance from March 8 to March 14, noting a 1.13% decline in the Hang Seng Index and a 0.62% increase in the Hang Seng Tech Index. Key stocks like Tencent, JD.com, and Alibaba showed positive weekly performance [10][15]. Investment Recommendations - The report recommends specific companies for investment based on their potential in various sectors: NVIDIA, TSMC, ASML, and Broadcom in computing; Microsoft, Amazon, and Google in cloud services; Apple, Qualcomm, Lenovo, and Xiaomi in AI applications; and Tencent, Meta, and Google in AI social networks [25].