Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The AI Agent sector is entering a critical phase for investment, with significant attention from top-level authorities on the development of the AI industry, highlighted by recent visits and discussions by key political figures [4][12] - Domestic large models are rapidly emerging, with notable advancements in capabilities, establishing a solid technical foundation for the flourishing AI application ecosystem [4][12] - The commercialization of AI applications is accelerating, leading to a sustained demand for AI computing power, as evidenced by substantial revenue growth from major companies in the sector [5][13] Summary by Sections Weekly Perspective - The market review for the week (April 28-30, 2025) shows the CSI 300 index decreased by 0.43%, while the computer index increased by 2.47% [11] Company Dynamics - Notable earnings reports were released by companies such as Foxit Software, with significant profit growth rates reported [15][16] Industry News - Tencent announced a restructuring of its mixed Yuan model research system to increase AI investment, focusing on core areas such as computing power, algorithms, and data [20] - Major advancements in AI models were reported, including the release of new models by Alibaba and Xiaomi, showcasing competitive capabilities against leading models [4][12] Investment Recommendations - The report suggests focusing on the rising trend of the AI Agent industry, recommending companies such as Kingsoft Office, iFlytek, and others as potential beneficiaries [6][14]

Investment Rating - The report suggests that 2025 is a crucial investment window for the Agent sector, emphasizing the need to closely monitor advancements in foundational models, reinforcement learning, and standardized protocols like MCP [2][4]. Core Insights - The report identifies 2025 as the "Agent Year," marking the evolution of AI from L2 (Reasoner) to L3 (Agent), indicating a shift from "thinking" to "acting" driven by technological maturity, product benchmarks, protocol proliferation, and market demand [2][3][39]. - The significance of Agents lies in their potential for deep automation, serving as a pathway to AGI, and reshaping internet entry points, with competition expected to intensify in the second half of 2025 [2][3][61]. - The competitive landscape is characterized by major tech giants dominating the general Agent ecosystem while vertical opportunities remain for niche players with deep domain knowledge [2][3][61]. Summary by Sections 1. Why 2025 is the Agent Year - AI is transitioning from L2 to L3, with key drivers including technological maturity, product validation by industry leaders, and market demand for complex task automation [3][39]. - The definition of an Agent requires four essential components, with the ability to call tools being the most critical differentiator [43][44]. 2. Importance of Agents - Agents enable deep automation, freeing humans from repetitive tasks and allowing focus on higher-value creative work [2][3][49]. - They are pivotal in the journey towards AGI and embodied intelligence, with the potential to redefine how users access information and complete tasks [2][3][61]. 3. Competitive Landscape - The competition in the Agent space is dominated by large tech platforms leveraging their model, data, and ecosystem advantages [2][3]. - Vertical opportunities exist for specialized Agents that integrate deep domain knowledge, although they face long-term threats from general Agents [2][3]. 4. Investment Recommendations - The report advises focusing on the Agent investment window in 2025, tracking advancements in foundational models, reinforcement learning, and the reliability of tool invocation [2][4]. - Long-term investments should be directed towards platform giants with robust foundational models and ecosystems, as they are likely to lead the development of general Agents [2][4]. - Attention should also be given to vertical leaders that have established domain knowledge and clear business models before the full maturity of general Agent capabilities [2][4].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9] Core Insights - The industry revenue for 2024 is expected to see a slight increase, with a growth rate at a historical low. The total revenue is projected to reach 699.88 billion yuan, a year-on-year increase of 0.9%, significantly lower than the compound annual growth rate of 5.8% from 2020 to 2023 [4][19] - In 2025 Q1, the industry revenue continues to grow with a recovery in growth rate, totaling 139.29 billion yuan, a year-on-year increase of 4.5% [5][55] - The profit margin is under pressure due to weak demand, with the gross margin for 2024 at 32.3%, down 1.1 percentage points year-on-year. The net profit attributable to the parent company is projected to be -140 million yuan, a year-on-year decline of 101% [4][21] - The AI sector continues to show strong demand, while the government sector (G-end) is under pressure but shows initial signs of recovery in 2025 Q1. The B-end demand remains stable [6][78] Summary by Sections 2024 Annual Report Overview - The total revenue for the computer industry in 2024 is expected to be 699.88 billion yuan, with a growth rate of 0.9% year-on-year, indicating a significant slowdown compared to previous years [4][19] - The gross margin is projected to decline to 32.3%, reflecting increased competition and pressure on pricing [21] - The net profit attributable to the parent company is expected to be -140 million yuan, indicating a severe decline in profitability [21] 2025 Q1 Report Overview - The total revenue for 2025 Q1 is projected to be 139.29 billion yuan, with a year-on-year growth of 4.5% [5][55] - The gross margin for 2025 Q1 is expected to be 31.2%, down 1.1 percentage points year-on-year, indicating ongoing pressure on profitability [59] - The net profit attributable to the parent company is expected to improve to -470 million yuan, a year-on-year improvement of 80.9% [59][61] Industry Segmentation - The AI sector continues to experience high demand, with revenue growth in IT services, data processing, and artificial intelligence expected to persist [6][78] - The government sector shows initial signs of recovery in 2025 Q1, although it faced negative growth in 2024 [6][78] - The B-end demand remains stable, with certain sectors benefiting from policy support and industrial transformation [6][78] Investment Recommendations - Focus on sectors expected to see early improvements, including cloud infrastructure, domestic computing power, AI agents, and domestic innovation [7]

Core Insights - 2025 is expected to be the year of the Agent, marking the evolution of AI from L2 (Reasoner) to L3 (Agent), indicating a shift from "thinking" to "acting" driven by technological maturity, product benchmarks, protocol standardization, and market demand [2][3][39] - The importance of Agents lies in their potential for deep automation, serving as a pathway to AGI, and reshaping internet entry points, with competition for universal Agents expected to intensify in the second half of 2025 [2][3][48] - The competitive landscape for Agents is characterized by major tech giants dominating the general Agent ecosystem while vertical opportunities remain for niche players with deep domain knowledge [2][3][61] Why 2025 is the Year of the Agent - The transition from L2 to L3 is driven by technological advancements, including powerful multimodal foundational models and mature reinforcement learning methods [6][9][17] - Key products from industry leaders like OpenAI and Google validate the feasibility of Agents, transitioning from concept to mature product stages [18][20] - Market demand is shifting from simple applications to complex task automation, with businesses seeking AI solutions that can deliver measurable results [39][40] Importance of Agents - Agents enable deep automation, allowing for the execution of complex, multi-step tasks that traditional automation cannot handle [49][55] - They represent a significant leap in efficiency, freeing human workers from repetitive tasks and allowing them to focus on higher-value activities [53][54] - The emergence of Agents is expected to challenge traditional search engines and reshape how users access information and complete tasks [61][65] Competitive Landscape - Major tech platforms are expected to lead the development of general Agents, leveraging their advantages in models, data, and ecosystems [2][3][61] - Vertical Agents that possess deep domain knowledge and clear business models are likely to see short-term growth potential before facing competition from general Agents [2][3][61] Investment Recommendations - 2025 is identified as a critical window for investing in the Agent space, with a focus on foundational models, reinforcement learning, and the reliability of tool invocation [2][4] - Long-term investments should target major tech platforms with robust foundational models and ecosystems, as they are poised to benefit most from the Agent era [2][4] - Attention should also be given to vertical leaders that have established domain expertise and customer bases before the full maturity of general Agent capabilities [2][4]

请阅读最后评级说明和重要声明 l 证券研究报告 l 联合研究丨行业深度 从海外科技大厂供需超预期看国内 AI 投资机会 丨证券研究报告丨 报告要点 [Table_Summary] 在关税冲击宏观经济和且硬件成本上升背景下，北美云商 25Q1 Capex 力度依旧强劲，建议关 注相关环节投资机会。 核心环节：云及 IDC、AI Agent、AI+算力等； 配套环节：柴发机组、燃气轮机、服务器电源、AIDC 电气设备等。 分析师及联系人 [Table_Author] 邬博华 赵智勇 杨洋 SAC：S0490514040001 SAC：S0490517110001 SAC：S0490517070012 SFC：BQK482 SFC：BRP550 SFC：BUW100 宗建树 于海宁 高超 SAC：S0490520030004 SAC：S0490517110002 SAC：S0490516080001 SFC：BUX668 SFC：BUX641 SFC：BUX177 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2025-05-04 [Table_Titl ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report highlights a significant increase in the total market value of heavy positions in the computer sector, reaching approximately 41.29 billion, up from 32.62 billion in the previous quarter, indicating a strong recovery in heavy allocation [2][4] - The report suggests focusing on sectors expected to see early improvements in fundamentals, including cloud infrastructure, domestic computing power, AI agents, and domestic innovation [7][26] Summary by Sections Fund Holdings Analysis - As of Q1 2025, the total market value of heavy holdings in the computer sector is approximately 41.29 billion, a quarter-on-quarter increase of about 8.68 billion, with a holding ratio of 3.1%, up 0.6 percentage points from Q4 2024 [2][4] - The heavy allocation ratio for the computer sector has shown a steady increase over the past year, reaching 3.1% in Q1 2025, which is at the 42nd percentile since 2010 [2][18] Sector Performance - The report indicates that the computer sector's heavy allocation ratio has reversed its downward trend, with a notable increase in the past quarter [4][18] - The top five sub-sectors by heavy holdings as a percentage of free float market value are domestic innovation (3.6%), industrial software (3.6%), cybersecurity (3.2%), artificial intelligence (3.1%), and IT infrastructure (2.9%) [5][31] Valuation Insights - As of April 21, 2025, the latest PE-TTM for the computer sector is 62.7 times, placing it in the 81st percentile since 2016, compared to the PE-TTM of 11.7 times for the CSI 300, which is in the 44th percentile [6][45] - The concentration of holdings in the computer sector has slightly decreased but remains at a relatively high level, with the CR5/CR10 concentration ratios showing a decline from the previous quarter [6][36] Investment Recommendations - The report recommends focusing on sectors likely to see early improvements, such as cloud infrastructure, domestic computing power, AI agents, and domestic innovation, driven by increasing demand and supportive policies [7][26] - The report emphasizes that the AI narrative continues to support high valuations in the sector, with a strong preference for leading companies in specific sub-sectors [6][36]

在互动交流环节，针对备受关注的MCP和AI Agent机遇等焦点话题，吴太兵表示，从PGC、UGC、 AIGC到AI Agent，人人都是创作者正成为现实，AIGC正重构整个软件应用生态。AI Agent有望进一步 降低创作门槛，推动创作者经济发展和创意平权时代到来，蕴藏巨大机会。万兴科技正在加速推动自身 积累的垂直领域能力MCP化，作为服务方为更多互联网用户开放技术能力。同时，公司希望建立用户 与公司多模态原子能力之间的顺畅通路，推动公司现有产品向平台级产品发展，构筑赋能内容创作的产 品力护城河。 此外，公司管理层回应了投资者关心的AI进展、产品创新等问题。目前，公司产品AI功能渗透率稳步 提升，商业化落地加速，业务潜力持续释放，未来也将紧跟AI趋势，提升产品质量和智能化水平，赋 能用户更好地进行内容创作。同时，万兴科技将继续以产品为核心，快速迭代新功能、新体验、新技 术、新资源，增强产品核心竞争力。 展望未来，吴太兵表示，公司坚定看好数字创意软件从"工具集成"向"智能协同"跃迁，以及多模态AI应 用的发展。公司将在传统"应用工作流"中深度集成AI能力，多端联动深耕音视频垂类创作场景，加速构 建Agent创 ...

一则消息突然引爆。 今日，小米系集体爆发，小米集团一度大涨超5%，金山云一度大涨超18%。消息面上，小米大模型微信公众号称，小米开源首个为推理 （Reasoning）而生的大模型"Xiaomi MiMo"，联动预训练到后训练，全面提升推理能力。 当前，AI大模型竞争再度进入白热化。4月29日，阿里巴巴通义千问发布了新版Qwen 3系列模型。同一天，世界首富马斯克也宣布，下周Grok 3.5早 期测试版将向SuperGrok订阅者发布。 券商机构分析认为，国内外大模型能力差距缩小，国产算力芯片持续进化，国内头部互联网厂商加大Capex投入，为国内AI突围之路奠定了基石。伴 随国内外巨头大模型持续迭代，C端或有望迎来杀手级应用。 全线大涨 4月30日，小米系全线拉升，小米集团盘中一度大涨超5%，金山云一度大涨超18%，金山软件最高涨超6%。 与此同时，港股云计算板块持续拉升，截至午间收盘，金蝶国际涨4.7%，中国软件国际涨2.72%，阿里巴巴-W涨1.48% 据"小米大模型"公众号消息，今日，小米开源首个为推理（Reasoning）而生的大模型"Xiaomi MiMo"，联动预训练到后训练，全面提升推理能力。 据 ...

Group 1 - The Zhongzheng All-Index Software Development Index showed active performance with an intraday increase of 2.75% [1] - The Software ETF Fund experienced a strong performance, with an intraday increase of 3.23%, and several component stocks, including Creative Software, reached the daily limit, while Xinghuan Technology-U and Zhongke Star Map rose over 6% [1] - The 2024 annual performance briefing for the AI and software industry on the Sci-Tech Innovation Board will be held on April 29, with 23 companies participating, indicating positive developments in order situations driven by AI [1] Group 2 - Ping An Securities noted that the DeepSeek series of large models has gained widespread attention due to its open-source, low-cost, and high-performance characteristics, which will accelerate the application of large models in B-end and C-end scenarios [2] - The overall demand for computing power is expected to continue to rise, with inference and edge computing power anticipated to grow faster, driven by the adaptation of DeepSeek with domestic AI chips [2] - The computer industry’s 2024 performance forecast indicates that computer equipment will outperform software development and IT services, while the latter shows better performance in turning losses into profits, suggesting growth potential in the industry [2]

Group 1: Financial Performance - The company's AI comprehensive service revenue increased to 208 million in 2024, with a significant growth of 86% in Q4 of the previous year, achieving profitability [1][4] - In Q1 2025, the AI comprehensive service revenue showed a year-on-year increase, although the company experienced a loss [4][8] - The gross margin for AI comprehensive services in 2024 was 20.70% [4] Group 2: AI Business Development - The company aims to enhance its AI Agent capabilities, focusing on multi-task and complex task agents, with existing orders already in place [2] - The AI Agent product line includes various applications such as intelligent customer service agents and intelligent credit agents, enhancing operational efficiency in banking [2] - The company has developed a global distribution platform for AI content, including micro-short films, although these products currently contribute a small percentage to overall revenue [3] Group 3: Research and Development - R&D expenses for Q1 2025 were 46.47 million, a 22.77% increase from 37.85 million in the same period last year [8] - The primary focus of R&D investments includes multi-modal applications, AI Agents, and large language models [8] - The company has established a comprehensive AI service framework, covering computational infrastructure, algorithms, and multi-modal applications [7] Group 4: Strategic Partnerships - The company collaborates with Alibaba Cloud as a partner and service provider for AI large model frameworks, enhancing its capabilities in the financial sector [6] - It has formed extensive partnerships with leading enterprises in the AI field, promoting the application of AI technologies across various industries [7]