Group 1 - The core viewpoint is that Agent technology is achieving human-like replacement, moving beyond traditional software assistance, with Chinese enterprises showing a higher willingness to pay for Agent applications that can quickly reduce costs and have a return on investment (ROI) greater than 1 [1] - The software business model is shifting towards SaaS subscriptions, with traditional software focusing on efficiency but having ambiguous ROI calculations, while Agent technology reduces hallucinations and improves delivery quality, accelerating commercialization [1] - The total target market for Agent technology is approximately 3.61 trillion yuan, which is expected to reshape the trillion-yuan white-collar labor market, with IT and finance being core breakthrough areas [1] Group 2 - Domestic large models are lagging behind overseas counterparts by about six months, but companies like DeepSeek and Alibaba are rapidly iterating, with expectations to break through by the first half of 2026 [1] - The CS Computer Index, which the Computer ETF (512720) tracks, selects listed companies involved in software development, IT services, and hardware manufacturing to reflect the overall performance of computer-related securities [1] - The CS Computer Index focuses on the computer industry, emphasizing balanced allocation within the sector and comprehensively tracking the development of computer technology and market changes [1]

Group 1 - The core index, the CSI Digital Economy Theme Index (931582), has shown a slight increase of 0.02% as of June 12, 2025, with notable gains in constituent stocks such as Runze Technology (300442) up by 1.91% and Dongfang Wealth (300059) up by 1.44% [1][2] - The Digital Economy ETF (560800) has experienced a decline of 0.27%, with the latest price at 0.74 yuan, and a trading volume of 6.3783 million yuan [1][2] - The top ten weighted stocks in the CSI Digital Economy Theme Index account for 50.98% of the index, with Dongfang Wealth (300059) holding the highest weight at 8.12% [2][4] Group 2 - Tianfeng Securities predicts that by 2025, foundational large models represented by DS will rapidly enhance capabilities in reinforcement learning and reasoning, leading to a shift from prompt-based agents to expert-type agents, with commercialization expected between 2025 and 2026 [1] - The anticipated implementation of agents is expected to bring significant changes to the digital workforce, return on investment (ROI), and business models, potentially reshaping the trillion-dollar white-collar labor market [1]