Guangfa Securities: The value and importance of AI memory-related upstream infrastructure will continue to increase.

Guangfa Securities research report pointed out that AI's memory is constantly evolving, becoming the underlying capability that supports continuity, personalization, and the reuse of historical information in context. Continuously expanding the boundaries of model capabilities is expected to promote the accelerated implementation of applications such as AI Agents. The value of AI memory is transitioning from a "cost item" to an "asset item", and the value and importance of related upstream infrastructure will continue to rise. It is recommended to pay attention to core beneficiaries in the industry chain.