Core Insights - The report from Caitong Securities highlights the potential growth in CPU demand driven by the ongoing development of AI Agents and the implementation of sandbox technology to mitigate associated risks [1][2]. Group 1: AI Agent Sandbox Development - Both domestic and international markets are gradually deploying AI Agent sandboxing technology. Notably, Meta's acquisition of Manus for over $2 billion by December 2025 is expected to accelerate the promotion and application of sandbox technology [1]. - Major domestic cloud platforms, such as Alibaba Cloud, are launching and iterating AI Agent Infra products centered around AI Agent Sandbox, indicating a gradual implementation of sandboxing in AI Agent deployment [1]. Group 2: CPU Demand and Risk Control - The sandbox isolation technology is crucial for controlling potential risks associated with AI Agents, which in turn creates additional demand for CPUs. The action module of AI Agents translates abstract instructions into specific operations, heavily relying on the richness and reliability of the tools available [2]. - The core technology enabling this tool usage is function calling, which allows large language models (LLMs) to output structured JSON objects alongside text generation. This separation of understanding and execution is vital for AI Agent functionality [2]. Group 3: Investment Recommendations - Investment focus should be on overseas CPU manufacturers such as AMD and Intel, as well as domestic CPU alternatives like Haiguang Information and Loongson Technology. Additionally, supply chains related to AMD (Tongfu Microelectronics, Aoshikang, Shiyun Circuit) and Intel (Lanke Technology, Shiyun Circuit, Xingsen Technology) are recommended for attention [3].