计算机：AI Agent：外创新企业的再次自我革命

Industry Investment Rating - The industry investment rating for the computer sector is Outperform (Maintained) [1] Core Viewpoints - AI Agent Development: AI Agents, which can perceive environments, make decisions, and execute actions, are becoming more viable due to advancements in AI models and reduced inference costs [2] - Technological Breakthroughs: OpenAI's o1 model has revolutionized the scaling law by enabling performance improvements through increased inference resources, marking a new era in AI model development [2][19] - Cost Reduction in Computing Power: The cost of AI computing power has decreased significantly, with H100 rental prices dropping from $8/hour to under$2/hour, facilitating the industrial promotion of AI Agents [2][24] Industry Progress - Global Tech Companies' Shift: Major tech companies like OpenAI, Google, and Anthropic are shifting focus from model development to AI Agent tools, with significant progress in vertical applications such as marketing, data analysis, CRM, and education [3][30][31] - Domestic Advancements: Chinese companies like Zhipu, Baidu, Tencent, and DingTalk are also making strides in AI Agent development, with applications ranging from web browsing to legal services [34][35][36] Commercial Success - User Engagement: AI Agents are enhancing user engagement and creating significant enterprise value, with global AI applications potentially generating $3.8 trillion in value by 2030 [4][76] - Market Performance: AI applications in advertising, data analysis, and CRM have shown strong commercial performance, with companies like AppLovin, Palantir, and Salesforce experiencing significant stock price increases [4][80] Investment Recommendations - Focus Areas: The report recommends focusing on companies involved in toB and toC AI Agents, as well as those in AI multimodal applications, such as Kingsoft Office, Wanxing Technology, and iFlytek [85] Technological Advancements - Inference Capabilities: AI Agent performance heavily relies on reasoning capabilities, with techniques like Chain-of-Thought (CoT) prompting enhancing complex task performance [14][15] - Cost Efficiency: The reduction in computing power costs and the improvement in domestic chip supply are expected to further lower the cost of AI Agent deployment, making it more accessible for industrial applications [23][24] Market Trends - Software Development Democratization: AI is reducing the time required for coding by 55%, and by 2025, 70% of applications are expected to be built using low-code or no-code platforms, leading to a surge in AI Agent applications across various industries [47][48] - Vertical Applications: AI Agents are becoming increasingly specialized, with applications in retail, education, real estate, and customer support, among others, showing significant potential for growth [38][39][42][45]