海外 投资评级：看好（维持） 行业走势图 -10% 0% 10% 20% 30% 40% 2024-12-23 2025-01-23 2025-02-23 2025-03-23 2025-04-23 2025-05-23 2025-06-23 2025-07-23 2025-08-23 2025-09-23 2025-10-23 2025-11-23 Wind 恒生指数 2025 年 12 月 21 日 数据来源：聚源 相关研究报告 《存储依然高景气，H200 有望获批对 华出口 —行业周报》-2025.12.14 《谷歌 Gemini3 增益生态，存储有望 持续高景气—行业周报》-2025.12.7 《AI 需求持续验证，提升算力需求可 预见性—行业周报》-2025.11.23 国内 L3 级准入试点许可，百融云硅基员工+ Anthropic Skill 范式发布，关注 Agent 产业机会 ——行业周报 | 初敏（分析师） | 张可（分析师） | 杨哲（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@ky ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for the sector's performance relative to the benchmark index [5]. Core Insights - The AI ecosystem is undergoing a comprehensive upgrade, with significant advancements in models such as Google's Gemini series and Anthropic's Claude 4, enhancing capabilities in coding, reasoning, and multi-modal applications [3][42]. - The demand for computational power is a critical foundation for the deployment of AI agents, driven by the need for complex task handling, external data integration, and multi-modal processing [3][42]. - The report highlights the importance of hardware and software collaboration in promoting the proliferation of AI agents, with new products like Android XR smart glasses and Google Beam enhancing user interaction [42]. Summary by Sections Google I/O Conference Highlights - Google's I/O conference showcased upgrades to the Gemini series, including the Gemini 2.5 Pro model, which achieved a leading ELO score of 1415 in coding benchmarks [11][12]. - The introduction of multi-modal models like Veo 3 and Imagen 4, along with AI tools for video production, marks a significant step in enhancing AI capabilities [20][21]. - AI features are being integrated into Google Workspace, facilitating improved user experiences across applications like Gmail and Meet [27]. Claude 4 Model Release - Anthropic's Claude 4, featuring Claude Opus 4 and Claude Sonnet 4, sets new standards in coding and reasoning capabilities, with Opus 4 excelling in complex tasks and long-duration operations [31][32]. - The models are designed for integration into various development workflows, supporting major IDEs and enhancing coding efficiency [41]. Agent Industry Development - The report emphasizes the accelerated development of the agent industry, driven by advancements in foundational models and the increasing complexity of tasks that agents can handle [3][42]. - The integration of multi-modal capabilities and the introduction of new hardware solutions are expected to expand the application scenarios for AI agents [42]. Recommended Companies to Watch - Companies in the computational power sector include Cambricon, Alibaba, and Inspur, among others, which are positioned to benefit from the growing demand for AI infrastructure [4][52]. - In the agent space, notable companies include Kingsoft Office, Kingdee International, and Yonyou Network, which are actively developing AI-driven solutions [7][52].