20241023-德邦证券-计算机_迎接全终端Agent时代_推理算力需求有望大幅提升_2页_467kb

Summary

This report offers an industry commentary on Computer Technology, maintaining a "Outperform" rating, and identifies key investment propositions arising from recent advancements in Artificial Intelligence (AI) Agents and associated demand for inferencing computing power. It highlights the ongoing transition towards "democratized" software development.

Market Performance & Key Developments

• The report underscores the shift from "cloud-only" to a broader "cloud-to-end" Agent implementation. Software development giants like Microsoft and hardware providers like HONOR are integrating AI Agents into their platforms.
  • Microsoft plans 10 new Agents for its Dynamics 365 suite and the Copilot Studio platform for personalized AI Agents.
  • Anthropic released the Claude 3.5 Sonnet model with "Computer Use," enabling API-driven AI control of PC peripherals.
  • HONOR's upcoming MagicOS 90 series (Magic7 flagship) aims to redefine AI phones with "autonomous driving" capabilities via voice commands.
• The proliferation of Agents capable of environment sensing, decision-making, and task execution (composed of large models, planning, memory, and tool usage) is expected to disrupt Customer Service, Finance, HR, Sales, and Product Supply, among others.
• Agents offer enhanced personalization and operational efficiency for consumers and businesses, driving substantial demand for AI inferencing computing resources.

AI Agent Impact & Software Democratization

• The development of AI Agents necessitates significant growth in "inferencing compute," distinct from training compute. Projections indicate this demand will reach over 726% by 2027.
• AI tools as code assistants are poised to revolutionize software creation.
  • AI models can reduce coding time by up to 55%.
  • This lowers the barrier to entry, enabling non-specialists to become developers ("Everyman is a Developer"). Industries are expected to see a surge in low/no-code platform adoption (Gartner predicts ~70% by 2025), with over 80% of these apps built by non-IT personnel by then.
  • Companies providing "real-world customer scenarios" and solutions within this democratization trend are expected to thrive.

Investment Recommendations

Focus investments on companies involved in:

1. Inferencing Compute: HYGON Information, Horizon Robotics, Dawning Infotech, Inspur InfoTech, Sinovatech, FoxConn Technology Group.
2. Agents: Lenovo Group, China Software & Graphics Co.

Risk Factors

Potential underperformance due to:

• Slower technological evolution than anticipated.
• Delays in AI widespread commercial application.
• Challenges in policy implementation.

Analyst Note

This document provides performance forecasts for the stock/index within 6 months and incorporates relevant information as of the date of publication. The information and conclusions are solely based on publicly available data and represent the authors' views, presented for informational purposes only and not constituting investment advice. Market performance carries inherent risks.