Zhongxin Securities: 2026 is a key window for Agent Commerce to transition from concept validation to protocolization, standardization, and scaled implementation.

CITIC Securities believes that 2026 is a critical window for Agent Commerce to move from concept verification to protocolization, standardization, and scaled implementation. Agent Commerce is not just an upgrade of local functions of traditional e-commerce, but a significant infrastructure transformation of consumer internet in the AI era. AI agents are beginning to take on functions such as understanding demands, selecting products, making price comparisons, decision-making, and completing transactions, shifting the commercial logic from "finding goods" to "demand instant delivery". From an industrial chain perspective, we believe that the payment clearing layer and basic model layer have strong investment certainty, while the platform/entrance layer and tool chain layer have broad development flexibility. Our recommended ranking is as follows: 1) platform companies with both models and ecosystems; 2) providers with large model capabilities; 3) payment and trading infrastructure; 4) companies with ecosystem capabilities, which are likely to strengthen model capabilities and improve Agent Commerce layout; 5) tool chain service providers.