Core Insights - The number of active Agents is projected to surge from 28.6 million in 2025 to 2.216 billion by 2030, with a compound annual growth rate (CAGR) of 139% [1] - The total number of tasks executed annually is expected to explode from 44 billion in 2025 to 415 trillion by 2030, reflecting a CAGR of 524% [1] - The estimated annual Token consumption will increase dramatically from 0.0005 P in 2025 to 152,667 P by 2030, indicating a staggering CAGR of 3,418% [1] Group 1: Agent Development Trends - The trend is shifting from single LLMs to Agents, significantly boosting the demand for parallel processing [1] - Domestic and international models are accelerating Agent development, with notable advancements such as Kimi's new open-source model K2.5 and Anthropic's Claude in Excel plugin [1][2] - Agents enhance single LLMs by incorporating decision orchestration, enabling them to autonomously plan tasks and utilize external tools, thus addressing limitations in context awareness and real-time information retrieval [2] Group 2: Multi-Agent Systems (MAS) - Multi-Agent Systems are emerging as a new form of Agents, exemplified by Kimi K2.5, which can manage 100 sub-agents and execute 1,500 tool calls in parallel, reducing execution time by up to 4.5 times compared to single agents [2] Group 3: CPU as a Critical Support - CPUs are crucial for Agent performance, affecting latency, throughput, and power consumption, with CPU processing accounting for up to 90.6% of total latency [3] - In Agent operations, CPUs handle tasks that GPUs cannot, such as executing external tools and system-level task orchestration, thus becoming essential for efficient resource allocation [3] Group 4: Investment Recommendations - As the demand for Agents grows, CPUs are expected to become a key performance bottleneck, leading to increased demand for core supply chain companies such as Haiguang Information, Longxin Zhongke, Guanghe Technology, Tongfu Microelectronics, and Lanke Technology [4]

证 券 研 究 报 告 计算机行业重大事项点评 CPU：供需格局优化，国产龙头或迎价值重估机遇 事项： 行业研究 计算机 2026 年 01 月 29 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 近期 KeyBanc 数据显示，受超大规模云服务商集中采购影响，英特尔与 AMD2026 年服务器 CPU 产能已基本售罄。为应对供需失衡，两家公司计划将 服务器 CPU 价格上调 10%-15%。 行业基本数据 评论： | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 64,097.52 | 4.97 | | 流通市值(亿元) | 57,930.71 | 5.58 | 计算机行业重大事项点评 计算机组团队介绍 首席分析师、组长：吴鸣远 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 10.8% | 20.3% | 41.3% | | 相对表现 | 9.5 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：小浪快报 1月27日，龙芯中科收涨2.20%，收盘价为181.72元，发生1笔大宗交易，合计成交量35万股，成交金额 6296.5万元。 第1笔成交价格为179.90元，成交35.00万股，成交金额6,296.50万元，溢价率为-1.00%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司北京望京证券营业部。 进一步统计，近3个月内该股累计发生17笔大宗交易，合计成交金额为4.17亿元。该股近5个交易日累计 上涨22.70%，主力资金合计净流入1.36亿元。 ...

Group 1 - On January 26, Longxin Zhongke's stock fell by 7.88%, with a trading volume of 3.32 billion yuan [1] - The financing data for Longxin Zhongke on the same day showed a financing purchase amount of 413 million yuan and a financing repayment of 404 million yuan, resulting in a net financing purchase of 8.97 million yuan [1] - As of January 26, the total margin balance for Longxin Zhongke was 1.344 billion yuan, with the financing balance accounting for 1.88% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 30, Longxin Zhongke had 28,200 shareholders, an increase of 25.97% from the previous period, while the average circulating shares per person decreased by 20.62% to 14,203 shares [2] - For the period from January to September 2025, Longxin Zhongke reported an operating income of 351 million yuan, a year-on-year increase of 13.94%, but a net profit attributable to the parent company of -394 million yuan, a decrease of 14.89% year-on-year [2] - Among the top ten circulating shareholders as of September 30, 2025, Hong Kong Central Clearing Limited was the tenth largest shareholder with 6.2578 million shares, marking its entry as a new shareholder [2]

证券日报网讯1月26日，安控科技（300370）在互动平台回答投资者提问时表示，公司与龙芯中科的合 作目前不涉及排他性安排，双方基于各自优势协同推进。在工控领域，龙芯主要提供国产化CPU/平台 及生态支持，公司侧重于PLC、RTU等工控产品的系统架构、工程化设计、行业适配、可靠性验证与项 目交付，合作以技术适配与产品化落地为主，推动国产化自主可控/信创替代在行业场景中的应用。 ...

| 交易日期 | 证券简称 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 类出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-26 | 龙芯中科 | 688047 | 176.02 | 6160.7 | રૂટ | 机构专用 | Harres | る | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 6544.84 | 40.01 | 机构专用 | 空副主要高清省 | Ka | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 2944.44 | 18 | 机构专用 | 最大学面高级语 | 習 | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 1701.23 | 10.4 | 机构专用 | 2 = 2 | KI | | 2026-01-26 | 龙芯中科 | 688047 | 163.58 | 817.9 | 5 | 机构专用 | 11 2 2 | Ka | ...

Group 1 - The company Longxin Technology (龙芯中科) expects to achieve an operating revenue of approximately 635 million yuan in 2025, representing a year-on-year growth of about 26% [1] - The projected net profit attributable to the parent company for 2025 is expected to be around -449 million yuan, which indicates a reduction in losses by approximately 176 million yuan compared to the previous year, a year-on-year decrease in losses of about 28% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be around -503 million yuan, which is a reduction in losses of approximately 162 million yuan compared to the previous year, reflecting a year-on-year decrease in losses of about 24% [1] Group 2 - Longxin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 24, 2022, with an issuance of 41 million shares at a price of 60.06 yuan per share [2] - The total amount raised from the initial public offering (IPO) was approximately 2.462 billion yuan, with a net amount of about 2.419 billion yuan, which is 1.091 billion yuan less than originally planned [2] - The company intended to raise approximately 3.512 billion yuan for advanced process chip research and industrialization projects, high-performance general-purpose graphics processing unit chip and system research projects, and to supplement working capital [2]

Investment Rating - The industry investment rating is "Positive" and is maintained [2][10] Core Insights - The report highlights that the deployment of Al Agent sandboxing is expected to create new demand for CPUs, driven by the need to control potential risks associated with Al Agents [6] - The report suggests that as Al Agents continue to develop, the associated sandbox technology will likely be adopted, leading to new growth opportunities for CPU manufacturers and related supply chains [6] Summary by Sections Recent Market Performance - The report notes a recent market performance with a 20% increase [3] Key Companies and Investment Ratings - The report lists key companies with their investment ratings, including: - Haiguang Information: Market Cap 641.52 billion, EPS for 2024A is 0.83, with a PE of 332.53 [5] - Longxin Zhongke: Market Cap 77.39 billion, EPS for 2024A is -1.56 [5] - Tongfu Microelectronics: Market Cap 85.50 billion, EPS for 2024A is 0.45, with a PE of 125.20 [5] Industry Trends - The report discusses the increasing adoption of Al Agent sandboxing both domestically and internationally, with significant investments such as Meta's acquisition of Manus for over 2 billion USD [6] - The report emphasizes that the functionality of Al Agents is largely dependent on the richness and reliability of the tools they can access, with function calling being a core technology [6]

Core Insights - The report from Caitong Securities highlights the potential growth in CPU demand driven by the ongoing development of AI Agents and the implementation of sandbox technology to mitigate associated risks [1][2]. Group 1: AI Agent Sandbox Development - Both domestic and international markets are gradually deploying AI Agent sandboxing technology. Notably, Meta's acquisition of Manus for over $2 billion by December 2025 is expected to accelerate the promotion and application of sandbox technology [1]. - Major domestic cloud platforms, such as Alibaba Cloud, are launching and iterating AI Agent Infra products centered around AI Agent Sandbox, indicating a gradual implementation of sandboxing in AI Agent deployment [1]. Group 2: CPU Demand and Risk Control - The sandbox isolation technology is crucial for controlling potential risks associated with AI Agents, which in turn creates additional demand for CPUs. The action module of AI Agents translates abstract instructions into specific operations, heavily relying on the richness and reliability of the tools available [2]. - The core technology enabling this tool usage is function calling, which allows large language models (LLMs) to output structured JSON objects alongside text generation. This separation of understanding and execution is vital for AI Agent functionality [2]. Group 3: Investment Recommendations - Investment focus should be on overseas CPU manufacturers such as AMD and Intel, as well as domestic CPU alternatives like Haiguang Information and Loongson Technology. Additionally, supply chains related to AMD (Tongfu Microelectronics, Aoshikang, Shiyun Circuit) and Intel (Lanke Technology, Shiyun Circuit, Xingsen Technology) are recommended for attention [3].

Core Viewpoint - The article highlights the recent institutional research activities on various stocks, emphasizing the potential growth opportunities in sectors such as offshore wind energy, mining, and medical technology. Group 1: Institutional Research Highlights - Over 190 stocks were researched by institutions in the past week, with Dajin Heavy Industry receiving the most attention from 209 institutions, including 46 fund companies and 44 securities firms [2] - Dajin Heavy Industry's focus on offshore wind energy in Europe is driven by high wind speeds and shallow waters in regions like the North Sea and the Baltic Sea, indicating significant growth potential in this sector [2] - The recent AR7 auction in the UK for offshore wind projects exceeded market expectations, with a total of 8.4GW auctioned, leading to increased developer participation due to higher fixed prices compared to previous rounds [2] Group 2: Company-Specific Developments - Nepean Mining announced a $45 million investment to acquire a 22.5% stake in the Alacran copper-gold-silver mine in Colombia, with estimated reserves valued at approximately 50 billion yuan [3] - Meihua Medical is advancing its brain-machine interface and humanoid robot businesses, leveraging its experience in cochlear implants to collaborate with innovative clients in the brain-machine interface sector [5][7] - The company has initiated product technology layouts in humanoid robotics, focusing on materials and components that enhance product performance [7] Group 3: Performance and Market Trends - Among the stocks researched, nine are expected to see net profit growth exceeding 100% in 2025, with Baiwei Storage leading with a projected increase of over five times [9] - The average increase for researched stocks in the past week was over 5%, with some stocks like Longxin Zhongke and Dike Co. rising by more than 20% [9] - Dike Co. highlighted its competitive advantages in storage technology and market collaboration, which enhance its product offerings [10] - Qixiang Tengda reported price increases in several products due to market supply-demand imbalances, with its acetone production capacity being the largest globally [10]