GF SEC: Full-stack capabilities are expected to become the key to victory for AI agents. We emphasize investment opportunities in the domestic computing power industry chain construction.

GF SEC released a research report stating that deep integration is expected to solve the most difficult problems of "decision trust" and "payment breakpoint" in the landing of AIAgent. In addition, the full-stack advantage is expected to bring a broad space for Agent development. The bank values investment opportunities in the domestic computing power industry chain construction, and believes that the growing demand for computing power will continue to drive domestic computing power investments, remaining optimistic about investments in infrastructure. The bank believes that BABA-W (09988), TENCENT (00700), ByteDance, and other cloud vendors' super node penetration rate is expected to continue to exceed expectations. It is recommended to focus on exchange equipment, NPO, DAC/AEC, and other races. The main views of GF SEC are as follows: Event According to Xinhuanet Co., Ltd. and Securities Times, Ali Qianwen officially released an Agent update on January 15. The most important advantage of Qianwen Agent is the comprehensive access to Ali's ecological business, where Qianwen can directly call the grassroots data of Ali's apps such as Taobao, Alipay, Taobao Special Purchase, Fliggy, and Amap. The bank believes that full-stack capability is a key variable for whether Agents can stand out in the Agent era. Comparative examples: (1) Google announced on January 11 that Gemini will empower Walmart supermarkets to upgrade the shopping experience for Walmart users, essentially connecting external retailers through the UCP protocol in an "open alliance" mode; (2) Douyin's AI phone encountered difficulties with payment APIs, limiting the use of financial apps like Alipay in subsequent updates, the bank believes that this is due to the inadequate ecosystem leading to the inability to fully utilize AI capabilities; (3) Ali itself has a complete online and offline shopping ecosystem, combined with the Qwen large model, directly accesses Taobao's product library, Alipay payment system, and local life service system. This deep integration is expected to solve the most difficult problems of "decision trust" and "payment breakpoint" in the landing of AIAgent. In addition, the full-stack advantage is expected to bring a broad space for Agent development. Qianwen's "task assistant" function has started targeted testing on the App and Web ends, with the ability to cover multiple-step planning in a human-like manner, covering core scenarios such as application development, office work, consultation surveys, and life affairs, supporting one-click processing of report organization, report writing, and small tool generation, with a gradual clarity in commercialization pathways. Valuing investment opportunities in the domestic computing power industry chain construction (1) Alibaba stated at its FY26Q2 earnings call that its target of 380 billion yuan in AICapEx for the next 3 years may currently be conservative, expected to be revised upward in the future; (2) ByteDance stated at its original power conference in December 2025 that Douyin tokens consumption reached 500 trillion daily, an increase of 60% compared to September 2025 and a 1150% increase compared to December 2024, the bank believes that the growing demand for computing power will continue to drive domestic computing power investment; (3) Wanguo Data announced on January 13 that it will sell its DayOne shares for $385 million to be used for domestic AI/DC investments, the bank believes that this move indicates that investments in domestic computing power infrastructure remain optimistic. Domestic super node acceleration, focusing on scale-up changes (1) Alibaba announced the Panju AIInfra 2.0 AL128 super node server at the 2025 Yunqi Conference. The Panju AL128 core solves GPU interconnection, with a 50% improvement in inference performance under equivalent AI computing power; (2) Tencent's ETH-X super node project proposed the "ETH-X" architecture, focusing on optimizing the "execution sequence" issue between GPU and memory; at the same time, it is researching the "ETH-XUltra" solution to explore the application of all-optical interconnection for scale-up connections; (3) Huawei announced the Ascend 950/960/970 series at the 2025 full connection conference in September, with the 9508192 card super node expected to be officially launched in Q4 of 26Q4. The bank believes that Alibaba, Tencent, ByteDance, and other cloud vendors' super node penetration rates are expected to continue to exceed expectations. Risk factors Risks of AI infrastructure construction falling short of expectations; risks of AI application development falling short of expectations; risks of changes in import and export policies in the AI sector; risks of reduced international cooperation.