Investment Rating - The report suggests a "Hold" rating for the computer industry, indicating a relative performance within -5% to +5% compared to the benchmark index [44]. Core Insights - The report emphasizes the importance of three core elements for AI applications: data, models, and interfaces, which are crucial for evaluating the potential of AI applications [14][18]. - The competition for AI entry points is intensifying, with major players like OpenAI launching new products such as the ChatGPT Atlas browser, which integrates AI capabilities directly into the browsing experience [22][27]. - The demand for computing power is surging, highlighted by Anthropic's partnership with Google to deploy 1 million TPU chips, aiming for over 1GW of computing capacity by 2026 [30][28]. Summary by Sections Custom Agent Insights - The report discusses the evolution of AI agents, noting that successful applications require specialized data, enhanced model capabilities, and open interfaces for interaction with external systems [14][18]. - Examples include the integration of real-time data in travel agents like Fliggy, which improves the accuracy and timeliness of recommendations [16][17]. AI Browser Developments - OpenAI's ChatGPT Atlas browser allows users to interact with AI directly within the browser, providing personalized memory capabilities and the ability to perform tasks based on user input [22][26]. - This development signifies a strategic move to establish a core operating system for internet navigation, potentially replacing traditional browsers [27]. Computing Power Demand - The report highlights the increasing need for computing resources driven by advancements in AI, with Anthropic's collaboration with Google representing a significant investment in cloud computing [30][28]. - The introduction of the Doubao-Seed-3D-1.0 model by ByteDance is expected to further elevate computing demands by enabling high-quality 3D model generation from single images [33][31]. Companies to Watch - The report identifies several companies to monitor in the computing power sector, including Cambrian, Haiguang Information, and others, as well as AI application developers like Alibaba and Tencent [34].

公司方面，据国盛证券、上市公司互动平台表示， Agent、AI应用：泛微网络、金山办公、鼎捷数智。 华为昇腾：软通动力、常山北明。 久其软件：公司2025年年初进一步对旗下女娲GPT进行升级，快速完成与主流大模型的深度融合与适 配，推出"智能问数、智能问答、智能报告、智能审核"等一系列智能体应用。另外，公司表示其Ai蒸馏 技术与Deepseek的Ai蒸馏技术比较类似。 9月29日，DeepSeek宣布官方App、网页端、小程序均已同步更新为DeepSeek-V3.2-Exp。DeepSeek介 绍，得益于新模型服务成本的大幅降低，官方API价格也相应下调，新价格即刻生效。在新的价格政策 下，开发者调用DeepSeek API的成本将降低50%以上。 算力作为AI应用落地的核心基础设施，其供给能力与成本结构的变化直接推动AI应用的商业化进程。 近3年来，随着AI大模型的不断进化及推理侧算力芯片性能与性价比的不断提升，AI推理侧算力成本与 大模型调用成本持续下降。 硬件层面，成本每年下降约30%，而能效每年提升约40%。推理侧算力成本及模型调用成本的快速下 降，为AI应用商业化提供了底层经济性支撑。 中银证券表示 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [3] Core Insights - The emergence of ChatGPT Pulse marks a significant shift towards proactive and personalized AI interactions, transforming ChatGPT from a passive responder to an active assistant [1][18] - Alibaba Cloud is positioning itself as a full-stack AI service provider, aiming to develop a custom agent platform that supports the evolution towards Artificial Super Intelligence (ASI) [2][19] - The report highlights the potential for custom agents to serve as personal work and life assistants, particularly in the financial sector, enhancing efficiency and decision-making [6][30] Summary by Sections ChatGPT Pulse Release - ChatGPT Pulse, released on September 25, 2025, acts as a super personal assistant, providing users with tailored content based on their interactions and preferences [1][14] - Users can manage the research content and connect their Gmail and Google Calendar for more contextual updates, enhancing the personalization of the service [14][18] Alibaba Cloud's ASI Development Path - Alibaba's strategy involves three phases towards ASI: emergence of intelligence, autonomous action, and self-iteration [19][20] - The company is investing heavily in AI infrastructure, with a plan to increase global data center energy consumption by ten times by 2032 compared to 2022 [24] Custom Agent Outlook - The report outlines various applications for custom agents in the financial sector, including personal research knowledge bases, intelligent mass messaging assistants, and personalized work assistants [6][32] - The potential for users to create and monetize their custom agents through platforms like MuleRun is also discussed, indicating a shift towards AI as a tradable digital asset [43][30] Industry Trends - The report notes a significant growth trend in the computer industry, with projections indicating a 70% increase from September 2024 to September 2025 [4] - The rapid iteration of large models and their increasing reasoning and tool usage capabilities are expected to drive the adoption of custom agents [6][30]