Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [2]. Core Insights - The large-scale application of AI agents is expected to drive the demand for CPUs and foundational software tools, as AI agents require substantial computational resources for their operations [6][19]. - The report highlights that the demand for CPUs is anticipated to grow due to the CPU-intensive nature of tasks performed by AI agents, which cannot be easily replaced by GPUs [19][22]. - The report suggests that the current tight capacity in wafer fabs is leading to an increase in CPU prices, with Intel's LGA1700 products experiencing a price rise of 23% from October 2025 to January 2026 [22]. - The report emphasizes the potential for a dual trend of quantity expansion and performance upgrades in CPUs driven by the penetration of AI agents across various industries [19][22]. - Key companies to watch include domestic CPU leaders and IT firms such as StarRing Technology and Deepin Technology, which are expected to benefit from this trend [26][29]. Summary by Sections AI Agent and Infrastructure Demand - AI agents rely on runtime environments that provide the necessary tools and resources for their operations, which include task planning, data processing, and tool invocation [9]. - Virtual machines play a crucial role in determining the hardware resources available to AI agents, as they manage the allocation and scheduling of CPU and memory resources [11][16]. CPU Market Dynamics - The report notes that the configuration of server CPUs is evolving from traditional 8-16 cores to 32-64 cores and higher, indicating a shift towards more powerful processing capabilities [19]. - The report also mentions that the growth in storage demand is impacting CPU production capacity, further tightening the supply of CPUs [22]. Investment Recommendations - The report recommends focusing on key players in the software and hardware infrastructure related to AI, including: 1. AI foundational software tools: StarRing Technology, Paradigm Intelligence 2. Virtual machines: Deepin Technology, UCloud 3. CPUs: China Great Wall [26][29].

里昂发表研报指，中国软件国际长期发展趋势未变，预期华为鸿蒙个人计算机的推出，将推动虚拟机业 务成为今年发展重心，但新增长动力需时体现，预期虚拟机业务需时更久才能贡献收入。受惠于高利润 业务增速较快，里昂预期中软今年毛利率可轻微改善，目前预测上半年收入及净利润分别按年增长 10.5%及10.1%。 考虑到中软现价估值并不便宜，里昂将其评级从"高度确信跑赢大市"下调至"跑赢大市"，目标价从6.5 港元上调至7.1港元，预期政府和国企对华为新PC的大规模采购订单要到今年底至明年才会出现，因此 将2025年收入增长预测从10%下调至按年增长7.6%，反映其虚拟机产品的收入贡献延迟。 ...

Core Viewpoint - The evolution and popularity of the no-inventory business model attract more merchants, but they face challenges such as automatic order cancellations by platforms, which disrupt supply chains and compress profit margins [1] Group 1: Technical Foundation - Establishing a reliable technical support system is crucial for ensuring the stability and compliance of the procurement process [3] - Hardware independence is essential; ideally, each account should have its own physical device to avoid hardware association risks [4] - If independent devices are not feasible, cloud servers can provide virtual hardware environments for each account [4] - Optimizing the network environment by assigning dedicated overseas residential IPs can reduce the risk of accounts being flagged as abnormal [5] - Using anti-association browsers and privacy protection tools can help maintain account independence by preventing the linking of multiple accounts [6] Group 2: Account Management and Credibility - Providing real and reliable registration information, such as valid foreign phone numbers and addresses, enhances account credibility [7] - Gradually nurturing accounts through simulated user behavior and small purchases can build trust with the platform [8] - Regularly updating account information, including passwords and addresses, is necessary for maintaining security and credibility [8] Group 3: Procurement and Order Placement Techniques - Simulating real user purchasing behavior during order placement helps avoid detection as abnormal activity [10] - Using legitimate overseas payment tools that match registration information is critical to prevent payment failures or account bans [11][12] - Regularly checking account status and staying updated on platform policy changes can help mitigate risks [13] Group 4: Comprehensive Safeguards - Registering accounts through multiple channels can reduce the likelihood of being flagged as risky [14] - Implementing two-factor authentication and using password management tools can enhance account security [14] - Continuous monitoring of platform policy changes and industry dynamics is essential for adapting account management strategies [14] Conclusion - Improving account independence and credibility, optimizing procurement and order processes requires time and effort from merchants, and while these methods can effectively reduce risks, they cannot eliminate all potential issues [16]