AI Agent 浪潮来袭，CDN 有望开启新一轮成长周期 证券研究报告 2026 年 02 月 03 日 行业点评 | 计算机 CDN 的核心作用是加速数据传输。CDN（Content Delivery Network，内容分 发网络）是构建在现有互联网基础之上的一层智能虚拟网络，通过在网络各 处部署节点服务器，实现将源站内容分发至所有 CDN 节点，使用户可以就 近获得所需的内容。CDN 服务缩短了用户查看内容的访问延迟，提高了用户 访问网站的响应速度与网站的可用性，解决了网络带宽小、用户访问量大、 网点分布不均等问题。 我们认为 CDN 的需求跟 AI Agent 数量和使用量成正比。我们认为 Agent 在 提供实时交互服务过程中，需高频调取外部网页、图片、视频、API 等等网 络内容以支撑信息检索与响应生成，该环节或依赖于 CDN 提供的低延迟、 高并发分发能力。随着 Agent 数量持续扩张及用户使用频次提升，CDN 需求 有望高速增长。 CDN 正向边缘计算升级，CDN 节点正从单纯的传输单元演进为集计算、存 储与 AI 推理等功能于一体的分布式智能单元。2025 年 11 月，全球 CDN 龙 ...

Core Viewpoint - The CDN industry is expected to experience rapid growth due to increasing demand driven by the expansion of Agent numbers and user frequency, alongside a shift in cloud service pricing trends that may lead to a new phase of growth characterized by both volume and price increases [1][4]. Group 1: CDN Functionality and Demand - The core function of CDN is to accelerate data transmission, addressing issues such as limited bandwidth, high user traffic, and uneven distribution of network nodes [1]. - The demand for CDN is proportional to the number and usage of AI Agents, which require frequent access to external web content to support real-time interactions [2]. Group 2: Evolution of CDN Technology - CDNs are evolving towards edge computing, transforming from mere transmission units to distributed intelligent units that integrate computing, storage, and AI inference capabilities [3]. - Companies like Akamai and domestic leader Wangsu Technology are advancing their CDN nodes to include features such as storage, computation, and security, aligning with customer needs and enhancing their technology solutions [3]. Group 3: Pricing Trends in Cloud Services - Major cloud providers are raising service prices, breaking the long-standing trend of declining cloud service prices, which is expected to benefit the CDN industry by initiating a new growth phase characterized by increased volume and pricing [4]. - Google Cloud announced significant price increases for data transmission services, with North America seeing a 100% increase, Europe a 60% increase, and Asia approximately a 42% increase, reflecting the value and performance of these services [4].