CITIC Securities: Agent development is progressing rapidly, and the AI industry chain trend is expected to continue upward.

The CITIC Securities research report stated that Agent is making rapid progress, and the AI industry chain trend is expected to continue to rise. 1) AI models and technologies are continuously iterating, benefiting software companies with data, customers, and scenarios. AI products are expected to drive company ARPU growth and project prices increases, and the report continues to be optimistic about ERP and government direction leading in orders and products. 2) The demand for private models is increasing, benefiting all-in-one machines, hyper-convergence, and B-side service outsourcing companies. a) Recommended targets related to servers, all-in-one machines, hyper-convergence, etc.; b) Finance, government, energy and other sectors relying heavily on customized software; c) Computing power leasing and IDC targets are also worth attention.