国泰海通｜海外科技：AI社交网络，人类的远大前程——海外科技行业2026年春季策略报告

Core Viewpoint - The integration of AI into social networks is expected to enhance their value, leading to greater social value and network utility for humanity. The certainty of demand and business models in the social sector makes it a promising area for investment in the AI era [1]. Group 1: AI Evolution and Social Networks - The evolution of AI capabilities will transform social networks into a hybrid structure, enhancing network effects. The essence of AI is the replication of human abilities, and social networks will evolve based on the paths of division of labor and exchange [1]. - Future social networks will consist of interactions among real people, robots, and AI agents, categorized into four types: real-to-real, AI agent-to-real, real-to-AI agent, and AI agent-to-AI agent [1]. Group 2: Investment Recommendations - Global social network leaders are recommended for investment due to their advantages in user base, ecosystem, model capabilities, and data. According to Metcalfe's Law, if each user has their own AI agent, the number of network nodes will double, leading to a threefold increase in network effects [2]. - Social giants will benefit significantly from the penetration of agents and robots, resulting in an increase in user numbers and a super-linear enhancement in value [2].