Huatai Securities: It is recommended to continue to focus on opportunities in the areas of computational power for inference, platform-based infrastructure, and applications with scenarios and ecological barriers.

Huatai Securities pointed out that the marginal change in the AI industry this month is that the focus of competition is shifting from improving single-point model capabilities to gradually moving towards the delivery of complex tasks and the landing of Agent systems. The accelerated release of Claw-like products is driving the rapid evolution of Agents, as well as driving the continued increase in token consumption, reasoning power demand, and related infrastructure investment. At the same time, the commercialization and industrialization progress of enterprise-level Agents, AI4S, and physical AI are advancing in sync, indicating that AI is moving further from the validation stage of capabilities towards real-world implementation. It is recommended to continue to focus on reasoning-side computing power, platform-based infrastructure, and application opportunities with scene and ecological barriers.