According to Zhito Finance APP, Open Source Securities has released a Research Report stating that AI Agent, driven by large language models (LLMs), possesses the ability to understand, perceive, plan, remember, and use tools independently and can automatically execute complex tasks. Unlike traditional AI, AI Agents have the capability to achieve given goals through independent thinking and calling tools step by step. There is a Bullish outlook on AI Agent applications flourishing in multiple areas by 2025, where AI Agents are expected to be commercialized first in B-end scenarios, accelerating implementation in e-commerce, marketing, CRM, finance, and legal contexts. As major domestic and international companies continue to iterate their large models, the C-end may witness the emergence of killer applications.

KYG Securities' main points are as follows:

C-end: AI Agent is beginning to show its potential, waiting for killer applications.

In November, Zhipu AI launched three intelligent Agents that replace humans in task execution, including AutoGLM for mobile, GLM PC for computers, and GLM-Web for web applications. In October, Anthropic released an upgraded version of Claude 3.5 Sonnet that has the capability to operate computers, guiding Claude 3.5 Sonnet to use a computer like a human, including viewing screens, moving the mouse, clicking buttons, and entering text. The upgraded Claude 3.5 Sonnet scored the highest in computer usage ability among AI models in the OSWorld tests.

According to market media reports, OpenAI is preparing to launch a new AI Agent product codenamed 'Operator', which can automatically perform various complex operations such as writing code, booking travel, and automatic e-commerce shopping. OpenAI's leadership expects to release this product in January 2025. Large model vendors are making positive progress in the commercialization of AI Agent products, with a Bullish outlook for the potential emergence of killer applications afterward.

B-end: Giants are intensifying their layout, with AI Agent commercialization on the verge of happening.

AI Agents have become a battleground for technology giants. At the Ignite 2024 Tech Conference, Microsoft announced the establishment of the world's largest enterprise-level AI Agent ecosystem, with over 0.1 million companies utilizing Copilot Studio to create or edit AI agents. Google has launched the commercial AI Agent market, AI Agent Space, offering 19 solutions and planning to add 'hundreds of AI Agent' products in the coming months. Meanwhile, the profit elasticity of overseas tech companies' AI Agent products is also being gradually released, as Salesforce sold over 200 Agentforce Orders in the third quarter and plans to hire 1,400 AE sales for Agentforce in the fourth quarter. ServiceNow is experiencing rapid growth thanks to its Now Assist AI platform, with 44 customers having an ACV exceeding one million dollars.

AppLovin's AI advertising engine AXON 2.0 drives both revenue and profit growth for the software platform business. Shopify's AI tool, Shopify Magic, significantly boosts product sales. With AI support, several overseas tech companies are performing well, and their stock prices have also shown strong results, indicating a bullish outlook on the AI Agent B-end commercialization landscape under the aggressive deployment of major players.

Investment Suggestions

Continuing to maintain a bullish outlook on the industrial trend of AI Agents landing, recommending Beijing Kingsoft Office Software, Inc (688111.SH), Iflytek Co.,Ltd. (002230.SZ), Hithink RoyalFlush Information Network (300033.SZ), Richinfo Technology (688615.SH), TRS Information Technology (300229.SZ), Focus Technology (002315.SZ), TaxFriend (603171.SH), Dingjie Intelligence (300378.SZ), Shanghai Ganglian E-Commerce Holdings (300226.SZ), and Beijing Seeyon Internet Software Corp. (688369.SH), among others; benefiting targets include Hanwang Technology (002362.SZ), Han Yi Co., Ltd. (301270.SZ), 360 Security Technology Inc. (601360.SH), Wondershare Technology Group (300624.SZ), Shanghai Weaver Network (603039.SH), Shanghai Runda Medical Technology (603108.SH), Richinfo Technology (300634.SZ), Fujian Foxit Software Development Joint Stock (688590.SH), Shanghai Newtouch Software (688590.SH), Primeton Information Technologies, Inc. (688118.SH), and Hand Enterprise Solutions (300170.SZ).

In the computing power sector, recommending Beijing Tricolor Technology (603516.SH), Haiguang Information (688041.SH), Dawning Information Industry (603019.SH), and Inspur Electronic Information Industry (000977.SZ), benefiting targets include Cambrian (688256.SH), Unisplendour Corporation (000938.SZ), Foxconn Industrial Internet (601138.SH), Changsha Jingjia Microelectronics (300474.SZ), and Far East Smarter Energy (600869.SH).

Huawei's Ascend ecosystem recommends Softwin Power (301236.SZ), Digital China Group (000034.SZ), and Jiangsu Eazytec Co., Ltd. (688258.SH), benefiting targets include Chengdu Hi-Tech Development (000628.SZ), GRG Banking Equipment (002152.SZ), Fiberhome Telecommunication Technologies (600498.SH), and Talkweb Information System (002261.SZ).

Risk warning: Industry landing is below expectations; risks of intensified market competition; risks of company research and development falling short of expectations, etc.