Guosen: Focus on how internet manufacturers' products are compatible with Agent products, choose leading large model manufacturers and computing power supply chains.

Guosen released a research report stating that with the overseas ClaudeOpus4.5 crossing the turning point of AgenticCoding and the popularity of OpenClaw products, the 26th year of AI development has officially entered the Agent era. It is expected that Agents will change the interaction between users and the digital ecosystem. In the past few years, the main characters of the digital ecosystem have been real users, but in the Agent era, digital products (including various types of internet applications) may face the risk of restructuring, requiring close observation of how major internet companies adapt to Agent products. It is expected that in 26th year, internet giants will increase their investment in AI, mainly reflected in an increase in Capex, AI talent recruitment, and AI marketing expenses. Therefore, the bank recommends keeping an eye on internet giants, and prioritizing investments in leading companies with large models and the AI computing power industry chain. Guosen's main points are as follows: February Market Review The Hang Seng Tech Index fell by 10.15% in February. During the same period, the Nasdaq Internet Index recorded a decrease in February, with a monthly decline of 7.87%. In terms of individual stocks, most internet stocks showed consistent declines. In the Hong Kong stock market, JD.com, JD Health, and China Literature were the top three performing stocks this month, with monthly gains of -7.1%, -10.3%, and -11.7%, respectively. Of these, JD.com outperformed the Hang Seng Tech Index by 3.05%, while JD Health and China Literature underperformed the Hang Seng Tech Index by 0.65% and 1.55%, respectively. In the US stock market, Pinduoduo, Vipshop, and Weibo were the top three performing stocks this month, with monthly gains of 2.7%, 1.8%, and -6.1%, respectively, outperforming the Nasdaq Index by 6.08%, 5.18%, and -2.72%, respectively. In terms of P/E ratios, the valuation of the Hang Seng Tech Index has slightly decreased: as of February 27, 2026, the Hang Seng Tech Index PE-TTM was 21.20x, at the 17.18th percentile since the inception of the Hang Seng Tech Index. Artificial Intelligence Dynamics 1) Google: Launched AI shopping and music generation model Lyria3; 2) OpenAI: Released GPT-5.3-Codex; 3) Meta: Testing independent apps for Vibes; 4) Anthropic: Released ClaudeOpus4.6, and AI code scanning tools; 5) Alibaba: Released the Qianwen3.5 model; 6) ByteDance: Launched the Daobao large model 2.0 series; 7) MiniMax: Released MiniMaxM2.5, and launched MaxClaw; 8) Baidu: Intelligent Cloud launched the OpenClaw one-click deployment service. Internet Industry Dynamics 1) Gaming: Game approvals issued in February, including Tencent's "Sword Unsheathing in the Snow Palace" among others; 2) FinTech: In January 2026, payment institution reserves increased by 2% compared to the previous month; 3) E-commerce: JD Hardware City construction season begins, with promotions and new regulations from Tmall, JD, WeChat, Pinduoduo; 4) Local Life: Taoslash invests 2 billion in subsidies for Chinese New Year delivery riders, while Kuaishou strengthens local life efforts; 5) Short Videos: ByteDance's Seedance2.0 and Kuaishou's Kelin3.0 launched.