Open Source Securities: The Turning Point of AI Agents has Arrived, Flying High on Both the 2B and 2C Sides.

Open Source Securities released a research report stating that the AI Agent, driven by large language models (LLM), has the ability to autonomously understand, perceive, plan, memorize, and use tools, and can automatically perform complex tasks. Unlike traditional artificial intelligence, AI Agents have the ability to gradually achieve given goals through independent thinking and tool invocation. It is expected that the application of AI Agents will blossom in multiple areas by 2025, with AI Agents likely to be commercialized first in the B-end, accelerating their landing in scenarios such as e-commerce, marketing, CRM, finance, and law. With the continuous iteration of large models by domestic and foreign giants, killer applications may also emerge in the C-end. Open Source Securities' main points are as follows: C-end: AI Agents are showing initial promise, awaiting killer applications In November, Zhipu AI released three intelligent bodies, AutoGLM for phones, GLM PC for computers, and GLM-Web for web pages, which can replace humans in performing tasks. In October, Anthropic released an upgraded version, Claude 3.5 Sonnet, with the ability for computers, capable of guiding Claude 3.5 Sonnet to use the computer like a human, such as viewing the screen, moving the mouse, clicking buttons, typing text, etc. The upgraded version of Claude 3.5 Sonnet scored first in computer use ability among AI models in OSWorld testing. According to market media reports, OpenAI is preparing to launch a brand new AI Agent product called "Operator", which can automatically execute complex operations such as writing code, booking travel, and shopping online. The OpenAI leadership team is expected to release this product in January 2025. The commercialization progress of large model manufacturers' AI Agent products is positive, and it is expected that killer applications will emerge in the future. B-end: Giants intensify their layout, commercialization of AI Agents poised to explode AI Agents have become a battleground for technology giants. Microsoft announced at the 2024 Ignite conference the establishment of the world's largest enterprise AI Agent ecosystem, with over 100,000 companies using Copilot Studio to create or edit AI agents. Google launched the commercial AI Agent market AI Agent Space, offering 19 solutions and planning to add "hundreds of AI agents" in the coming months. At the same time, the profit elasticity of overseas technology companies' AI Agent products is also beginning to show, with Salesforce selling over 200 Agentforce orders in the third quarter and planning to recruit 1400 AE sales Agentforce in the fourth quarter. ServiceNow's performance has grown rapidly with the help of the Now Assist AI platform, with 44 customers having an ACV exceeding one million US dollars. AppLovin's AI ad engine AXON 2.0 has driven revenue and profit growth in its software platform business. Shopify's AI tool, Shopify Magic, significantly boosts product sales. With AI backing, the performance and stock price performance of many overseas technology companies are impressive, and optimism is high for commercializing AI Agents in the B-end under the intensifying layout of giants. Investment recommendations We continue to be optimistic about the trend of AI Agents landing in the industry, and recommend investments in companies such as Beijing Kingsoft Office Software, Inc. (688111.SH), Iflytek Co., Ltd. (002230.SZ), Hithink RoyalFlush Information Network (300033.SZ), Intsig Information (688615.SH), TRS Information Technology (300229.SZ), Focus Technology (002315.SZ), Servyou Software Group (603171.SH), Digiwin Co., Ltd. (300378.SZ), Shanghai Ganglian E-Commerce Holdings (300226.SZ), Beijing Seeyon Internet Software Corp. (688369.SH), etc. Beneficial targets include Hanwang Technology (002362.SZ), Beijing Hanyi Innovation Technology (301270.SZ), 360 Security Technology Inc. (601360.SH), Wondershare Technology Group (300624.SZ), Weaver Network Technology (603039.SH), Shanghai Runda Medical Technology (603108.SH), Richinfo Technology (300634.SZ), Fujian Foxit Software Development Joint Stock (688590.SH), Shanghai Newtouch Software (688590.SH), Primeton Information Technologies, Inc. (688118.SH), Hand Enterprise Solutions (300170.SZ), and others. In the field of computing power, we recommend Beijing Tricolor.Technology(603516.SH), Hygon Information Technology(688041.SH), Dawning Information Industry(603019.SH), Inspur Electronic Information Industry(000977.SZ), and other beneficiaries include Cambrian(688256.SH), Unisplendour Corporation(000938.SZ), Foxconn Industrial Internet(601138.SH), Changsha Jingjia Microelectronics(300474.SZ), Far East Smarter Energy(600869.SH), etc.Huawei's Ascend ecosystem recommends iSoftStone Information Technology (301236.SZ), Digital China Group (000034.SZ), Jiangsu Eazytec Co., Ltd. (688258.SH), etc. Benefiting targets include Chengdu Hi-Tech Development (000628.SZ), GRG Banking Equipment (002152.SZ), Fiberhome Telecommunication Technologies (600498.SH), Talkweb Information System (002261.SZ), etc. Risk Warning: Industry implementation falls short of expectations; intensified market competition risks; company R&D falls short of expectations risks, etc.