CITIC SEC Research Reports point out that AI Trade is entering the 3.0 stage. The 1.0 stage is centered around Infrastructure computing power, represented by the NVIDIA chain. The 2.0 stage is marked by a slowdown in pre-training and the landing of some applications, represented by US SaaS companies, ByteDance chain, and AI glasses chain. The core narrative of the 3.0 stage will be the large-scale landing of Agents, with explosive growth of C-end and B-end applications, and the emergence of new Hardware platforms, making 2025 possibly the year of Agents. Large Language Models (LLM) are becoming the core of the next generation of operating systems. Agents are essentially new types of Software and APPs that grow based on the LLM OS, with the potential to reshape the application ecosystem, which will lead to changes in three underlying logics: upgrading interaction methods, reshuffling traffic entry patterns, and switching the business model from content distribution to task distribution.