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 Insights - The emergence of desktop AI agents is becoming a competitive battleground for AI giants by 2026, driven by the launch of Anthropic's Claude Cowork, which redefines the potential of AI assistants [1][2] - Major Chinese AI players are responding to this trend with their own desktop agent tools, indicating a significant shift in the AI landscape [1][4] Group 1: Product Developments - Anthropic's Claude Cowork allows users to organize desktops and perform tasks like document creation and data analysis with a single command, disrupting traditional office software markets [2][3] - Chinese companies like Alibaba and MiniMax are launching similar desktop agents, such as QoderWork and MiniMax Agent, which can operate local files and software without complex setups [1][4] - The evolution of desktop agents is marked by different approaches, with Claude Cowork focusing on collaborative tasks and OpenClaw emphasizing local control and self-evolution capabilities [3][4] Group 2: Market Reactions - The introduction of Claude Cowork has led to panic selling in the software stock market, with a reported 11% decline in a basket of software service stocks tracked by Morgan Stanley [2] - OpenClaw, an open-source project, has gained popularity by demonstrating the feasibility of agents replacing repetitive tasks, further fueling interest in desktop agents [10] Group 3: User Experience and Functionality - MiniMax's desktop agent can perform various tasks such as chatting, coding, and document processing, showcasing its ability to handle complex workflows [5][6] - The desktop agents are designed to overcome limitations of web-based AI, particularly in managing large files and executing automated tasks seamlessly [5][6] Group 4: Security and Compliance Concerns - The increased capabilities of desktop agents raise concerns about data privacy and system security, as they require higher permissions to access and modify local files [2][11] - Companies are implementing strict isolation strategies and permission management to mitigate risks associated with desktop agents, ensuring user data remains secure [11][12] Group 5: Business Models and Future Directions - The business models for desktop agents are becoming clearer, with subscription-based services and defined pricing structures emerging [13] - The future of AI assistants is expected to integrate deeper into local applications, combining cloud intelligence with local execution capabilities, reflecting evolving user demands [7][9]

Core Insights - The emergence of desktop AI agents is becoming a competitive battleground for AI giants by 2026, driven by the launch of Anthropic's Claude Cowork, which redefines the potential of AI assistants and ignites global market interest in "desktop agents" [1][3][22] Group 1: Market Developments - Anthropic's Claude Cowork, launched in January 2026, can organize desktops and create documents based on user instructions, significantly impacting the traditional office software market [3][4] - Following Claude Cowork's release, major Chinese AI players like Alibaba and MiniMax have announced similar desktop agent tools, such as QoderWork and MiniMax Agent, respectively [1][9] - The market reaction to these developments has been notable, with a reported 11% decline in a basket of software service stocks tracked by Morgan Stanley after the launch of Claude Cowork [5] Group 2: Product Features and Comparisons - Claude Cowork focuses on collaborative office tasks and workflow understanding, while OpenClaw emphasizes local control and self-evolution capabilities [8][15] - MiniMax's desktop agent aims to evolve AI from a mere conversationalist to an active executor of tasks, capable of handling complex workflows and long-term memory accumulation [10][17] - The desktop agents differ from traditional AI assistants, which rely heavily on cloud-based operations and have limited system permissions [15][22] Group 3: User Experience and Security - MiniMax's desktop agent has been tested for its ability to perform tasks such as organizing files and executing commands, showcasing its practical application in real-world scenarios [11][14] - Security concerns arise with desktop agents having direct access to local files and applications, prompting discussions on data privacy and system security [3][19] - Companies are implementing strict isolation strategies and user confirmation mechanisms to mitigate risks associated with desktop agents [19][22] Group 4: Future Outlook - The rapid development of desktop agents is expected to continue, with predictions that AI assistants will increasingly integrate into local applications, forming a "cloud brain + local hands" model [15][22] - The balance between functionality, user experience, and security will be crucial as desktop agents evolve and become more embedded in workflows [22]

Group 1 - The software development sector is experiencing fluctuations, with the CSI Software Service Index down by 0.81% as of 10:21 on February 2, 2026, and individual stocks showing mixed performance [1] - Alibaba has launched a localized intelligent Agent tool, QoderWork, designed for desktop office use, which operates entirely on user terminals without uploading data to the cloud, indicating a shift towards an "end-edge-cloud" collaborative AI software paradigm [1] - The introduction of QoderWork is expected to reshape the competitive landscape of office software and user interaction habits in China [1] Group 2 - AI Agents are transitioning from concept to large-scale implementation, with modern Agents requiring the ability to run hundreds to thousands of independent environment instances, increasing the operational pressure on CPU and memory bandwidth [2] - The DeepSeek Engram architecture and Anthropic Claude Cowork's introduction of a permanent knowledge base highlight the evolution of CPUs from traditional computing units to central hubs in the AI era [2] - As of January 30, 2026, the top ten weighted stocks in the CSI Software Service Index account for 60.27% of the index, including companies like iFlytek, Kingsoft Office, and 360 [2] Group 3 - The Software ETF (159852) tracks the CSI Software Service Index, providing a convenient tool for investing in the computer software industry [3] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [4]

证券研究报告 | 行业定期报告 2026 年 02 月 01 日 AI 入口大战开启，商业航天产业催化持续 计算机周观察 20260201 TMT 及中小盘/计算机 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4533.1 | 4.0 | | 流通市值（十亿元） | 4028.0 | 3.9 | 行业指数 本周，国内百度、腾讯等陆续开启红包派发活动，大模型入口之争逐步加强。 海内外商业航天产业催化密集，国际太空之争愈演愈烈。 推荐（维持） % 1m 6m 12m 绝对表现 10.9 14.0 38.2 相对表现 9.7 0.6 14.9 资料来源：公司数据、招商证券 -20 0 20 40 60 Feb/25 May/25 Sep/25 Jan/26 (%) 计算机 沪深300 相关报告 1、《星河大航海・火箭篇：跨越卡门 线的运力之争———海外巨头启示录 系列（十八）》2026-01-26 敬请阅读末页的重要说明 ❑ 阿里千问 App 或加入春节红包大战。据《科创板日报》报道，在腾讯元宝、 百度文心宣布春 ...

Investment Rating - The report indicates a neutral investment rating for the industry, expecting a fluctuation range of -5% to 5% relative to the market over the next 3-6 months [50]. Core Insights - The coffee and tea industry remains in a high-growth phase, with brands actively opening new stores despite seasonal fluctuations. Price competition is expected to ease following the end of promotional pricing by Kudi [3][11]. - The e-commerce sector is under pressure, with a projected online retail sales growth of 5.2% by 2025, reaching 13,092.3 billion yuan, accounting for 26.1% of total retail sales. The overall performance is subdued due to domestic consumption conditions, although AI is expected to enhance advertising efficiency [3][12]. - Music streaming platforms are highlighted as valuable internet assets driven by domestic demand, with a recommendation to focus on subscription platforms due to their profitability potential [3]. - The virtual assets and trading platforms are facing macroeconomic uncertainties and limited policy catalysts, with cryptocurrency prices experiencing volatility [3][25]. - The automotive service sector is seeing new developments, such as JD's entry into the modification market with its first modification center in Wuhan [3][39]. - The AI and cloud sectors are witnessing advancements in foundational model capabilities, with a focus on AI applications. Major tech companies continue to invest heavily in AI infrastructure, indicating a positive outlook for the industry [3][44]. Summary by Sections 1.1 Consumer & Internet - The Hang Seng non-essential consumer index showed a cumulative decline of 0.53%, outperforming the Hang Seng index by 2.92 percentage points. Notable stock performances include Yum China (+1.57%) and Luckin Coffee (-0.15%) [8][10]. 1.1.1 Coffee and Tea - The coffee sector is experiencing sustained high demand, with brands continuing to expand despite seasonal challenges. Kudi's promotional pricing has ended, and coffee bean prices are rising, leading to a potential slowdown in price competition [3][11]. 1.1.2 E-commerce & Internet - The Hang Seng internet technology index fell by 1.16%, with a notable performance gap compared to the Hang Seng technology index. Luckin Coffee opened 200 new stores, with a significant portion in first and second-tier cities [12][13]. 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index decreased by 0.98%, with Tencent Music (+3.07%) and iQIYI (+1.96%) showing positive movements [19][20]. 1.2.2 Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization dropped to 29,604 billion USD, with Bitcoin and Ethereum prices falling by 5.9% and 8.4%, respectively [25][27]. 1.2.3 Automotive Services - The automotive service sector is active, with JD's new modification center opening and a notable increase in vehicle transfer registrations, indicating a vibrant used car market [33][39]. 1.2.4 O2O - The Hang Seng internet technology index saw a decline of 1.16%, with notable stock performances from Beike-W (+5.48%) and Didi Global (-5.04%) [38][42]. 1.2.5 AI & Cloud - The Nasdaq internet index fell by 1.45%, with significant stock movements from Meta (+8.77%) and Google A (+3.07%) [44][46].