Investment Rating - The report maintains an "Overweight" rating for the technology and computer sectors [6]. Core Insights - The report emphasizes the ongoing evolution of AI models, particularly focusing on the advancements in Agent capabilities and the increasing differentiation between computing power and SaaS applications [1][2][3]. Summary by Sections AI Models - DeepSeek has launched DeepSeek-OCR 2, which enhances visual understanding capabilities and aims to improve the next generation of models [10][23]. - Kimi K2.5 introduces the Agent Swarm architecture, significantly improving efficiency in complex tasks through parallel agents [24][30]. - Tencent's CL-bench aims to quantify and improve the context learning capabilities of large models, revealing a need for better handling of new knowledge [32][39]. AI Computing - The report identifies Agent penetration as the next acceleration point for token usage, with significant advancements in long-chain task capabilities observed since late 2025 [2][49]. - Major cloud service providers (CSPs) have reported continuous growth in capital expenditures, indicating optimistic AI demand [50][51]. AI Applications - The performance of cloud service providers has accelerated, with AI application companies exceeding market expectations in Q4 2025, while SaaS market expectations remain pessimistic [3][57]. - The report anticipates a comprehensive acceleration in global AI applications in 2026, with potential for SaaS companies to realize product value and corporate re-evaluation [3][57]. AI for Science (AI4S) - The report highlights the commercialization potential of AI in biopharmaceuticals and materials science, predicting significant advancements in 2026 [4][17]. Monthly Focus - The report discusses the rapid iteration of Agentic Coding products and the potential restructuring of the software industry due to advancements in agent applications [5][28].

【华泰计算机】Agenticcoding的加速崛起对软件/算力的影响 12025年是Agent元年，2026年将是Agent爆发的年份，体现在两方面：一是Agentic Coding（智能体编码）的迭代速 度会大幅加快；二是国内外大厂会激烈争夺个人Agent助手的超级入口，均会成为下一轮token加速的重要推手。 这种爆发，不仅会带来算力需求数量级的提升，也会带来存储和CPU新的结构性需求。 【华泰计算机】Agenticcoding的加速崛起对软件/算力的影响 12025年是Agent元年，2026年将是Agent爆发的年份，体现在两方面：一是Agentic Coding（智能体编码）的迭代速 度会大幅加快；二是国内外大厂会激烈争夺个人Agent助手的超级入口，均会成为下一轮token加速的重要推手。 这种爆发，不仅会带来算力需求数量级的提升，也会带来存储和CPU新的结构性需求。 当前算力通胀的链条正从存储、先进封装、CPU，向云服务和数据中心传导。 2它们有两个显著特点：1）200K tokens的超长上下文；cowork要加知识库来永久性的存储用户资料，这些都指向 了存储需求的增加，且呈现出从HBM逐步外 ...