Investment Rating - The industry investment rating is "Positive" [5] Core Insights - AI Agents represent the third stage of AI development, transitioning from simple Q&A and content generation to becoming true "executors" capable of completing actual work tasks independently by 2025 [1][17] - The Model Context Protocol (MCP) is redefining the paradigm for AI Agents, acting as a crucial infrastructure that enhances the interaction between AI models and external services, making it more natural and precise [2][22] - Major tech companies are actively developing AI Agent products, indicating a shift from technical competition to ecological value reconstruction in the AI Agent industry [3][36] Summary by Sections MCP Protocol Restructuring AI Agent Paradigm - AI Agents are defined as the third stage of AI development, capable of representing users in actions [10] - The MCP protocol standardizes tool interfaces, allowing for cross-platform interoperability and enhancing AI model capabilities [19][22] Acceleration of AI Agent Applications - Tech giants like ByteDance and Alibaba are focusing on AI Agent products, with rapid iterations expected from Q4 2024 to early 2025 [3][36] - The market shows a strong preference for general-purpose AI Agents, with significant funding differences between general and vertical industry AI startups [39] Investment Recommendations - The MCP protocol is likened to the "HTTP protocol" of the AI era, marking a transition to a standardized phase of AI development [46] - Recommended companies to watch include: 1) Business platform BIP: Yonyou Network; 2) Office: Kingsoft Office; 3) AIGC: iFlytek, Wanjun Technology [46][47]