Core Insights - The large model industry is entering the "Agent Year," with significant transformations occurring in the enterprise market, led by Volcano Engine's HiAgent intelligent platform, which has achieved the highest rankings in both contract amounts and numbers [2] - Industry data indicates that by the first half of 2025, the number of projects awarded for intelligent agent construction platforms reached 371, representing a 250% year-on-year increase, nearing two-thirds of the total from the previous year [2] - Volcano Engine has maintained its position as the leader in the number of contracts since the second half of 2024, with a strong growth momentum reflected in its dual championship in contract amounts and numbers in the first half of this year [2] Company Strategy - Volcano Engine's Vice President, Zhang Xin, emphasized that enterprises require definitive solutions that transform industry know-how into productivity rather than random technological attempts [2] - The HiAgent 2.0 platform features four core upgrades: the innovative Agent DevOps system for integrated development and operations, an industry template library that reduces customization cycles by 80%, a unified model application system for fine-tuning exclusive models, and the Canvas interactive portal for centralized management of hundreds of dispersed agents [2] Industry Trends - The business model in the industry is undergoing a fundamental shift, moving from pay-per-use and token-based pricing to a subscription model based on usage, with the ultimate goal being a revenue-sharing model focused on "marketing revenue and cost savings" [3] - Addressing concerns that agents do not enhance cloud vendor stickiness, Zhang Xin argued that the long-term memory and knowledge base of agents create natural barriers, with Volcano Engine building a cost-effective moat through its Doubao large model and Volcano Ark inference optimization [3] - A case was cited where replacing HiAgent allowed for a breakthrough in concurrent capabilities, exceeding the previous platform's limit of 200, thus meeting real production demands [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes a strong outlook for the global AI computing power industry chain, driven by advancements in AI applications and infrastructure [13][16] - The report highlights the increasing demand for computing power, particularly in the context of AI applications and the education sector, as evidenced by the surge in usage of the Quark system during the college entrance examination period [6][14] Summary by Sections 1. Investment Insights - The report discusses the launch of HiAgent 2.0 by Volcano Engine, which integrates development, operations, and testing processes for AI applications, enhancing efficiency and delivery [13] - The Quark system has generated over 3 million volunteer reports, indicating a significant spike in demand for computing resources, with Alibaba allocating 100 times more computing power than in 2024 to support this surge [6][14] - The report suggests that the acceleration of AI model iterations and improvements in inference performance will drive demand for AI computing resources across various sectors [15] 2. Investment Recommendations - The report identifies seven key industry directions for investment: AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [16][18] - Recommended stocks include New Idea Network Group, ZTE Corporation, and Unisplendour for AIDC data center construction and IT equipment [18][19] 3. Market Review - The communication index rose by 4.53% during the week of June 23-27, 2025, ranking second among TMT sectors [26] 4. Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations compared to the end of 2024 [27] - The number of 5G mobile phone users reached 1.081 billion, reflecting a year-on-year growth of 21.6% [27] - The report notes a slight decrease in the shipment of 5G mobile phones, with 19.889 million units shipped in April 2025, a year-on-year decrease of 1.7% [27]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of stablecoins and AI as two major industry trends, with global regulatory policies accelerating the development of stablecoins [5][12] - The ongoing competition in large model development is expected to accelerate the prosperity of AI applications, with significant advancements from major companies like Tencent and Alibaba [6][13] Summary by Sections Market Review - During the week of June 23-27, 2025, the CSI 300 index rose by 1.95%, while the computer index increased by 8.09% [4][11] Weekly Viewpoint - The report highlights the rapid introduction of stablecoin policies globally, including initiatives from South Korea, Hong Kong, and the EU, which are expected to foster a healthy development of the stablecoin industry [5][12] - The competition among major companies in AI model development is intensifying, with new models being released that enhance performance and efficiency [6][13] Investment Recommendations - For stablecoins and RWA, recommended companies include Langxin Group and Zhuoyi Information, with beneficiaries such as Anheng Information and Sifang Chuangxin [14] - For AI applications, recommended companies include Kingsoft Office and Keda Xunfei, with beneficiaries like Meitu and Hanbang High-Tech [14] - In the computing power sector, recommended companies include Zhongke Shuguang and Chunzhi Technology, with beneficiaries such as Cambrian and Unisplendour [14] Company Dynamics - Information Development announced a plan for its chairman to increase shareholding, with a minimum investment of 10 million RMB over the next six months [15] - Jinli Technology plans to establish a fund in partnership with professional investment institutions, with a total investment of 100 million RMB [21] Industry News - Huoshan Engine launched the enterprise AI platform HiAgent 2.0, enhancing capabilities for intelligent agent development and management [22] - Tesla has begun trial operations of its Robotaxi service in Austin, Texas, marking a significant step towards paid operations [26]

Core Viewpoint - The launch of HiAgent 2.0 by Volcano Engine introduces the Agent DevOps concept, enhancing the integration of development, operations, and testing for efficient delivery of AI agents [1][2] Group 1: Product Features - HiAgent 2.0 expands functionality across four dimensions: more industry scenario templates and a rich plugin market, multi-model management and post-training tools, full lifecycle management of AI agents, and a unified human-machine interaction portal [1] - The platform supports a one-stop model training and inference capability, allowing enterprises to access various models and switch as needed, addressing the issue of "general models not fitting" [2] - HiAgent 2.0 offers a low-code and high-code mixed development mode, facilitating seamless collaboration between business personnel and professional developers [2] Group 2: User Interaction and Optimization - The introduction of the Canvas interactive portal provides a unified entry point for AI agents, enabling efficient collaboration through dynamic card operations and accumulating user data for continuous optimization [2] - The system promotes a positive feedback loop of "use-iteration-smarter," ensuring that digital employees are effectively integrated into business operations [2] Group 3: Industry Applications - HiAgent has already seen successful implementations across various sectors, including education, government, finance, manufacturing, and retail [2]