2026年刚开年，Agent（智能体）赛道的竞争便趋于白热化，国外Anthropic发布Claude Cowork（以下简 称Cowork），以及程序员彼得·斯坦伯格开发的OpenClaw（原Clawdbot/Moltbot）引爆AI社区。 相比OpenClaw是能深度访问用户的电脑系统、文件、应用和聊天记录的深度互动Agent，Cowork更像是 一个在安全边界内调用skills（技能）的桌面AI文员助理，在用户的许可下，能完成文件整理、数据处 理、文档生成等任务。 国产版Cowork产品也随之涌现。 阿里发布旗下首个桌面Agent工具QoderWork；阶跃星辰推出其全新升级电脑端Agent产品——"阶跃AI 桌面伙伴"；MiniMax推出MiniMax Agent 2.0；昆仑天工发布Skywork桌面版。 近日，《每日经济新闻》记者第一时间实测国产版AI办公助理QoderWork。 杭州某科技公司首席产品官周源在接受记者采访时认为，OpenClaw、Cowork等AI产品的出现，可能会 颠覆大家对电脑的操作方式，或许是新一代的操作系统。而国内企业也在跟进Cowork产品形态，意味 着后续将迎来"通用桌 ...

Core Viewpoint - The recent surge in AI Agent launches, coupled with decreasing inference costs, is expected to catalyze a new wave of AI applications, driving demand in cybersecurity, IT operations, and data governance sectors [1][5]. Group 1: AI Agent Developments - MoltBot has gained significant attention in overseas developer communities, showcasing features like 24/7 background operation and local long-term memory, with 62,400 stars and 740 clones on GitHub as of January 27, 2026 [1]. - Claude Cowork functions as an office agent that manages desktop tasks and file management, allowing users to specify target folders and tasks for autonomous execution [3]. - Domestic AI Agent products are rapidly evolving, with MiniMax Agent 2.0 integrating deeply into user workflows and Coze 2.0 introducing capabilities like skill management and long-term planning [4]. Group 2: Investment Recommendations - The trend in AI Agents is anticipated to boost demand in cybersecurity (e.g., Cloudflare, CrowdStrike, Palo Alto Networks), IT operations (e.g., Datadog), and data governance (e.g., Snowflake, MongoDB) [5]. - The first half of 2026 is expected to see accelerated advancements in domestic AI models, with a focus on companies like DeepSeek [5]. - The recent earnings season for major US companies has reinforced the narrative of global AI growth, suggesting investment in cloud giants like Google and Amazon, as well as leading internet firms such as Alibaba and Tencent [5].

Core Insights - MiniMax, an AI company founded in 2022, has quickly established itself as a leader in the multimodal AI technology space, achieving the fastest IPO in the AI sector within four years of its inception [1][11] - The company emphasizes a unique organizational structure that fosters innovation by breaking down barriers between algorithms, development, and product management, allowing a team of around 400 to produce results equivalent to a team of over 1,000 [3][13] - MiniMax's approach focuses on developing foundational technologies rather than just applications, with a commitment to user service, internationalization, and being technology-driven [4][13] Company Overview - The name "MiniMax" is derived from the minimax algorithm in game theory, symbolizing the pursuit of optimal solutions within conflicting conditions [2] - The average age of the MiniMax team is 29, with 73.8% of the workforce in research and development, reflecting a youthful and dynamic workforce [12] - The company has successfully served over 212 million users across more than 200 countries, positioning itself as a global player in the AI market [6][18] Market Position and Strategy - MiniMax competes directly with major players like OpenAI, offering a lightweight model with 230 billion parameters at a cost that is one-tenth of its competitors, which has garnered significant attention from global developers [6][18] - The company believes that the key to overcoming challenges in AI development lies in innovative solutions to data quality and computational efficiency, rather than being constrained by existing limitations [5][14] - MiniMax's strategy includes a focus on enhancing the capabilities of its models, particularly in coding and autonomous agent functionalities, with expectations of significant advancements by 2025 and 2026 [19] Future Outlook - The company anticipates that by 2027, there will be disruptive developments in AI, particularly in the ability to create AI that can conduct its own research [9] - MiniMax aims to maintain its focus on exploring cutting-edge technology indicators and ensuring that its models align with trends in productivity transformation [9][19] - Despite concerns about potential market bubbles in the AI sector, MiniMax's growth trajectory, evidenced by its user base and ongoing demand for AI solutions, suggests a solid foundation for continued expansion [10][20]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights the transformative impact of AI agents on human-computer interaction and workflows, indicating a significant shift in user mindset [1][6] - The emergence of various AI agents, such as MoltBot and Claude Cowork, is reshaping productivity tools and enhancing operational efficiency across different sectors [10][31] - The report anticipates a new wave of AI application catalysis, driven by decreasing inference costs and increasing demand for AI solutions in cybersecurity, IT operations, and data governance [54][55] Summary by Sections MoltBot: AI Agent for Developers - MoltBot has gained significant traction among developers, with over 62,400 stars on GitHub and a tenfold increase in search volume from January 25 to 27, 2026 [14][17] - It operates as a multi-terminal automation hub, integrating various tools and allowing users to interact through popular messaging platforms [17][18] - Despite its flexibility, MoltBot faces challenges such as high deployment barriers for non-technical users and potential security vulnerabilities [23][28] Claude Cowork: Office Agent Integration - Claude Cowork is designed for non-technical users, facilitating local workflow automation and task execution [31] - It can manage files and generate complex documents, significantly improving efficiency in various roles, including administrative, marketing, and project management [32][36] - The tool's ability to integrate deeply with local file systems addresses previous limitations of cloud-based models [31][32] Rapid Development of Domestic Agent Products - MiniMax Agent 2.0 has emerged as a comprehensive productivity tool, enhancing user workflows by actively sensing and processing information from local environments [45][49] - Coze 2.0 introduces new capabilities, including skill functions and long-term planning, improving task execution and project management [50][51] - The report emphasizes the growing trend of AI agents in the market, suggesting a shift towards more integrated and user-friendly solutions [54][55] Investment Recommendations - The report suggests focusing on companies in cybersecurity, IT operations, and data governance, with specific mentions of Cloudflare, CrowdStrike, and Datadog as potential investment opportunities [54][55] - It also highlights the importance of established tech giants like Alibaba and Tencent, as well as emerging players in the AI space, indicating a robust growth trajectory for the sector [54][55]

Group 1 - The software sector is experiencing a significant rebound, with the China Software Service Index rising by 0.5%, and notable stocks like Deepin Technology and Dameng Data increasing by over 4% [1] - The Agent industry is on the verge of a breakthrough, transitioning from simple chatbot functionalities to more complex task execution capabilities, marking a shift from "talking" to "doing" [1] - Products like Anthropic's Claude Cowork and domestic offerings such as MiniMax and Jietiao Xingchen are enhancing local PC-based terminal agents, indicating a progression from the initial development phase to a more advanced stage [1] Group 2 - The China Software Service Index comprises 30 stocks involved in software development and services, covering various AI applications across sectors like office, finance, and education [2] - The top ten weighted stocks in the index, including iFlytek and Kingsoft Office, account for over 60% of the index's total weight, providing a concentrated investment opportunity [2] - The E Fund Software ETF (562930) tracks this index, enabling investors to efficiently allocate resources within the AI application sector [2]

Group 1 - The China Securities Software Service Index fell by 1.31% on January 27, 2026, with mixed performance among constituent stocks, led by Hehe Information up 1.07%, and followed by Shenxinfu up 0.86% and Hengsheng Electronics up 0.84%, while Guanghuan Xinwang led the decline [1] - The release of the 2.0 version of the KOUZI tool on January 19 is seen as a significant enhancement in capabilities such as Agent Skills, Agent Plan, and Agent Coding, addressing key pain points of general AI tools being business-ignorant and customized tools being costly and time-consuming, thus facilitating the transition of AI applications in enterprises from pilot projects to large-scale penetration [1] - CITIC Construction Investment Securities noted that the Agent industry is accelerating its evolution from single intelligence to multi-agent systems (MAS), with products like Anthropic CoWork and MiniMax Agent 2.0 deeply integrating local development and office workflows, upgrading AI roles from conversational assistants to digital employees with long-term planning and autonomous execution capabilities [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Software Service Index include iFLYTEK, Kingsoft Office, Tonghuashun, Zhinancun, Hengsheng Electronics, Tuo Wei Information, Runhe Software, 360, Softcom Power, and Shenxinfu, collectively accounting for 60.89% of the index [2] - The Software ETF (159852) tracks the China Securities Software Service Index, serving as a convenient tool for capitalizing on opportunities in the computer software industry [2] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [2]

Group 1: Hotel Industry Insights - The hotel industry is entering a new phase characterized by non-linear growth among leading players, driven by expectations of cyclical turning points and capital consolidation, with a long-term focus on scale and efficiency [17][18] - The valuation of hotels follows a three-dimensional framework: macro supply-demand mismatches determine valuation turning points, structural upgrades amplify volatility, and individual company cycles provide alpha opportunities [17] - The current cycle's bottom is marked by increased differentiation within the industry, with leading hotels expected to see RevPAR (Revenue per Available Room) recover as supply stabilizes and demand rebounds, particularly in leisure travel [17][18] Group 2: Social Services Sector - The social services sector has seen a 1.52% increase during the reporting period, outperforming the broader market by 2.71 percentage points, with notable stocks including Tongdao Liepin and Keri International [19][20] - The sector is actively responding to the silver economy, with policies promoting the development of elderly care services and companies like New Oriental launching local interest courses for retirees [21] - The Spring Festival is expected to drive significant travel demand, with predictions of approximately 95 million air passengers during the holiday period, indicating a strong recovery in travel-related services [21] Group 3: Food and Beverage Sector - The food and beverage sector has experienced a decline of 1.37%, with A-share food and beverage indices falling by 1.57%, while H-share indices showed a slight increase [26] - The sector is characterized by differentiated performance, with alcoholic beverages, particularly baijiu, showing stable prices and a focus on demand recovery during the Spring Festival [27] - Recommendations include leading companies in various categories, such as Moutai for baijiu, Yili for dairy, and Nongfu Spring for beverages, highlighting their strong growth potential and market positioning [27][28] Group 4: Pharmaceutical Industry - The pharmaceutical industry is witnessing a robust outflow of innovative drugs and a recovery in the CXO sector, driven by favorable clinical data and supportive policies [33][34] - The domestic supply-demand landscape remains stable, with a focus on innovative drug forms and technologies such as AI in healthcare and brain-machine interfaces, which are expected to see significant growth [35] - Investment recommendations include companies with strong competitive advantages in innovation and cost control, such as Mindray Medical and WuXi AppTec [35][36]

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The importance of aerospace and satellite technology is increasingly recognized, with the acceleration of space infrastructure construction benefiting the related industry chain in the long term [2][12] - The report highlights significant recent developments in the commercial aerospace and satellite industry, including the launch of new satellite networks and rockets, which are expected to enhance the application potential of satellite infrastructure [1][11] - The report suggests focusing on incremental directions in space infrastructure, such as space computing power, 3D printing, terminal direct connection, and inter-satellite connectivity, as well as value-enhancing segments in low Earth orbit satellites [2][12] Summary by Sections Industry Performance - The report indicates that the industry has shown a relative return of 14.7% over the past month, 9.2% over three months, and 23.8% over twelve months, with absolute returns of 16.5%, 11.2%, and 47.4% respectively [6][13] Recent Developments - The report details various recent events, including the launch of the "TeraWave" satellite communication network by Blue Origin, which will consist of 5,408 low Earth orbit satellites, and the successful launch of multiple satellites by different companies [1][11] - It also mentions the approval of policies in Beijing to support the development of commercial satellite remote sensing data resources from 2026 to 2030, indicating a favorable regulatory environment for the industry [1][11] Investment Focus - The report recommends paying attention to companies involved in satellite and space asset management, safety, and applications, as well as those engaged in testing and simulation services [2][12]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [3][28]. Core Insights - The report highlights that 2026 is expected to see a surge in mature AI agent products due to advancements in large models, particularly in multi-modal capabilities, long text processing, and reasoning abilities. This increase in demand for reasoning will drive revenue growth for upstream cloud computing vendors [2][25]. - It notes that domestic internet giants are approximately one year behind their overseas counterparts in AI capital expenditures. As the capabilities of large models improve and supply builds up, AI will increasingly empower the core businesses of these giants [2][25]. - The report anticipates that the third quarter will mark a peak in spending for the internet giants' food delivery competition, with a projected narrowing of losses for Alibaba, Meituan, and JD.com in the fourth quarter [2][25]. - The report recommends focusing on AI-related stock selection, specifically highlighting Alibaba and Tencent Holdings as key investment opportunities [2][25]. Company Summaries - Tencent Holdings (0700.HK) is rated "Outperform" with an adjusted EPS forecast of 27.60 in 2025 and 32.63 in 2026, with PE ratios of 20.3 and 17.1 respectively [3]. - Alibaba Group (9988.HK) is also rated "Outperform," with an adjusted EPS of 6.66 for 2025 and 8.77 for 2026, and PE ratios of 23.8 and 18.1 [3]. - Meituan (3690.HK) is rated "Outperform," with a forecasted adjusted EPS of -1.26 in 2025 and 5.20 in 2026, reflecting a significant improvement in its financial outlook [3]. - Baidu Group (9888.HK) is rated "Outperform," with an adjusted EPS of 7.64 for 2025 and 8.87 for 2026, and PE ratios of 19.7 and 17.0 [3]. - Kuaishou (1024.HK) is rated "Outperform," with an adjusted EPS forecast of 4.68 in 2025 and 5.51 in 2026, with PE ratios of 16.3 and 13.9 [3]. - Tencent Music (TME.N) is rated "Outperform," with an adjusted EPS of 5.64 for 2025 and 6.50 for 2026, and PE ratios of 21.1 and 18.4 [3]. - NetEase Cloud Music (9899.HK) is rated "Outperform," with an adjusted EPS of 14.54 for 2025 and 12.09 for 2026, with PE ratios of 11.5 and 13.8 [3]. - Meitu (1357.HK) is rated "Outperform," with an adjusted EPS of 0.16 for 2025 and 0.27 for 2026, with PE ratios of 48.6 and 28.8 [3].

Investment Rating - The report suggests that the general Agent will continue to be a competitive focus for major model manufacturers in 2026, indicating a positive investment outlook for Agent-related applications and ecosystem opportunities [5]. Core Insights - The competition in the general Agent field is intensifying among leading model manufacturers, with new iterations of Agent applications being released by companies like Anthropic, ByteDance, and Alibaba [3][4]. - The transition from ChatBot to Agent as the primary entry point for general model applications is underway, driven by advancements in core capabilities such as coding and Agentic functions [23]. - The report highlights that the next generation of Agent products will likely follow the aggressive path set by Anthropic's Claude Cowork, which integrates user file permissions for more direct interaction [12][13]. Summary by Sections Industry Dynamics - In early 2026, major players like Anthropic, ByteDance, and Alibaba have launched new iterations of general Agent applications, focusing on desktop environments as the new product definition [3]. - Anthropic's Claude Cowork, released on January 12, 2026, is designed as a desktop work Agent for non-programmers, allowing for direct file operations on users' computers [4][8]. Product Developments - Claude Cowork enhances user interaction by allowing direct access to local files, enabling tasks such as reading, writing, and organizing files without manual uploads [9]. - Domestic companies are also iterating their Agent products, with Alibaba's Qianwen and ByteDance's Coze 2.0 updates enhancing their respective ecosystems and productivity platforms [13]. Valuation and Recommendations - The report emphasizes the importance of monitoring the evolution of Agent products and the related application ecosystem, as well as the increasing computational demands associated with these advancements [5][25]. - The anticipated growth in the Agent sector is expected to create significant investment opportunities, particularly in vertical industries with accumulated data and customer bases [25].