(Source: Hualong Securities Research).

Summary:

Manus has once again increased the attention of AI Agent, and the industry trend has been further strengthened. Manus is a general-purpose AI agent launched by the Monica team that is able to operate a computer, make decisions, and perform tasks. Its core competencies include: autonomous task execution, web browsing and research, code development, data analysis, content creation, and task playback. AI Agent, or relay chat bot, has become the next stage of mainstream AI product form. According to the current agent product, an AI agent is an AI application that can support natural language input, automatically disassemble tasks according to user requests, and make autonomous decisions and execute them. From the perspective of the final form of AI, AI can participate in decision-making and perform actions on the basis of recognition, understanding, and reasoning, which is the only way to develop AGI. Compared with chatbots, agents are expected to further increase the demand for computing power on the inference side while expanding AI application scenarios. Input layer: The agent disassembles and believes that it needs to browse web pages and parse multi-source data such as documents, audio, and video, which greatly increases the processing requirements for input layer data. Output level: The agent needs to disassemble the task and reason step by step, and each step of reasoning is the beginning of the next step. Compared with chatbots, AI agents have increased inference complexity and inference duration. We believe that compared with chatbot products, AI agents can increase the demand for computing power on the inference side by orders of magnitude.

AI+ medical care is intensively catalyzed, and the logic of reducing costs and increasing efficiency is expected to continue to be realized. According to the Science and Technology Innovation Board Daily on March 7, 2025, Huawei officially established a medical and health corps. The medical and health corps will focus on building an AI-assisted diagnosis solution system to promote the application of large medical models in clinical scenarios. On the same day, the Third People's Hospital of Shenzhen and Tencent Health jointly launched the "Smart Physical Examination Service", which is connected to the dual model of DeepSeek and Mix, and users can freely choose to switch between DeepSeek and Tencent Mix according to their needs to get the most suitable health advice. At present, the transformation of domestic medical informatization is accelerating, and AI technology will help medical software manufacturers create differentiated advantages. According to IDC's forecast, the compound growth rate of China's medical software market from 2023 to 2028 will be 11.7%, and the total market size will reach 35.75 billion yuan by 2028. We believe that the main application scenarios of AI+ medical care include clinical assisted diagnosis, outpatient triage and pre-consultation, case management, drug research and development, and remote consultation, etc., which are in line with the trend of the medical and health system moving towards intelligence, and at the same time, based on medical big data, medical software products empowered by AI will have more differentiated advantages in reducing costs and increasing efficiency.

Investment suggestion: We believe that AI Agent is expected to become the next mainstream form of AI products after Chatbot, and manufacturers who have a forward-looking layout in the field of AI Agent and master their own industry know-how are expected to benefit first. The recent catalysis in the field of AI+ medical has continued to advance, and medical informatization continues to advance, AI technology is expected to be further integrated with medical software, and it is optimistic that AI will further sink into the hospital-end scenario. Maintain the "Recommended" rating for the computer industry. It is recommended to pay attention to AI Agent and computing power: Dingjie Digital Intelligence (300378.SZ), Yonyou Network (600588. SH), SIE Information (300687. SZ), Haiguang Information (688041. SH), Yunsai Zhilian (600602. SH）； AI+Medical: Runda Medical (603108. SH), Neusoft Group (600718. SH), Venture Huikang (300451. SZ), Jiuyuan Yinhai (002777. SZ）。

Risk warning: the risk of error in the cited data; AI investment is less than expected; Intensified competition for AI products; Focus on the company's performance not meeting expectations; Policy standards have not been introduced as quickly as expected.

1 week of market performance

From March 3 to March 7, 2025, the Shenwan Computer Index rose by 6.74%. The top five gainers in the sector are Lifang Holdings (833030. BJ), Yunding Technology (000409. SZ), Zhiyuan Internet (688369. SH), New Cape (300248. SZ), Visual and Acoustic Intelligence (870976. BJ）。

The top five stocks in the sector were CLP Xinlong (002298. SZ), Xinju Network (605398. SH), Suzhou Keda (603660. SH), UCD-W (688158.SH), Hengwei Technology (603496. SH）。

2 Industry news

On the morning of March 5, 2025, the Third Session of the 14th National People's Congress opened. Premier Li Qiang delivered a report on the work of the government (hereinafter referred to as the "Report"). The report proposes: "Continue to promote the "artificial intelligence +" action, better combine digital technology with manufacturing advantages and market advantages, support the wide application of large models, and vigorously develop a new generation of intelligent terminals and intelligent manufacturing equipment such as intelligent networked new energy vehicles, artificial intelligence mobile phones and computers, and intelligent robots." ”

3 Key company announcements

On March 6, 2025, Genvict announced that it intends to sign a fund cooperation agreement to invest in the "14+7" strategic emerging industrial clusters and future industries in Nanshan District, Shenzhen.

On March 6, 2025, Tongbao announced that the subsidiary won the bid for the 2025 Sutong Bridge Tongxi Expressway Haimen to Tongzhou Section Intelligent Improvement Project, with a bid amount of 45.5565 million yuan.

4 Views of the Week

4.1 Manus has once again increased the attention of AI Agent, and the industry trend has been further strengthened

Manus is a general-purpose AI agent launched by the Monica team that is able to operate a computer, make decisions, and perform tasks. Its core competencies include: autonomous task execution, web browsing and research, code development, data analysis, content creation, and task playback. According to the official Manusg task execution example, the window of Manus is divided into two left and right, and the left window receives natural language instructions, file input, etc., and shows the task decomposition, decision-making and execution process (in the form of natural language and code); The window on the right displays the output of the final task, where you can view the output text, download the result document (PDF), and code.

AI Agent, or relay chat bot, has become the next stage of mainstream AI product form. According to the current agent product, an AI agent is an AI application that can support natural language input, automatically disassemble tasks according to user requests, and make autonomous decisions and execute them. According to the definition of the AGI path in the paper "Position: Levels of AGI for Operationalizing Progress on the Path to AGI" by the DeepMind team, the AI agent is defined as the fifth level of automation (the highest level). From the perspective of the final form of AI, AI can participate in decision-making and perform actions on the basis of recognition, understanding, and reasoning, which is the only way to develop AGI.

Compared with chatbots, agents are expected to further increase the demand for computing power on the inference side while expanding AI application scenarios. Input layer: The agent disassembles and believes that it needs to browse web pages and parse multi-source data such as documents, audio, and video, which greatly increases the processing requirements for input layer data. Output level: The agent needs to disassemble the task and reason step by step, and each step of reasoning is the beginning of the next step. Compared with chatbots, AI agents have increased inference complexity and inference duration. We believe that compared with chatbot products, AI agents can increase the demand for computing power on the inference side by orders of magnitude.

4.2 AI+ medical care is intensively catalyzed, and the logic of cost reduction and efficiency increase is expected to continue to be realized

AI+ medical catalysis continues, and hospital scenarios will continue to expand. According to the Science and Technology Innovation Board Daily on March 7, 2025, Huawei officially established a medical and health corps. The medical and health corps will focus on building an AI-assisted diagnosis solution system to promote the application of large medical models in clinical scenarios. On the same day, the Third People's Hospital of Shenzhen and Tencent Health jointly launched the "Smart Physical Examination Service", which is connected to the dual model of DeepSeek and Mix, and users can freely choose to switch between DeepSeek and Tencent Mix according to their needs to get the most suitable health advice.

At present, the transformation of domestic medical informatization is accelerating, and AI technology will help medical software manufacturers create differentiated advantages. According to IDC's forecast, the compound growth rate of China's medical software market from 2023 to 2028 will be 11.7%, and the total market size will reach 35.75 billion yuan by 2028. We believe that the main application scenarios of AI+ medical care include clinical assisted diagnosis, outpatient triage and pre-consultation, case management, drug research and development, and remote consultation, etc., which are in line with the trend of the medical and health system moving towards intelligence, and at the same time, based on medical big data, medical software products empowered by AI will have more differentiated advantages in reducing costs and increasing efficiency.

5 investment advice

We believe that AI Agent is expected to become the next mainstream form of AI products after Chatbot, and vendors who have a forward-looking layout in the field of AI Agent and have mastered their own industry know-how are expected to benefit first. The recent catalysis in the field of AI+ medical has continued to advance, and medical informatization continues to advance, AI technology is expected to be further integrated with medical software, and it is optimistic that AI will further sink into the hospital-end scenario. Maintain the "Recommended" rating for the computer industry. It is recommended to pay attention to AI Agent and computing power: Dingjie Digital Intelligence (300378.SZ), Yonyou Network (600588. SH), SIE Information (300687. SZ), Haiguang Information (688041. SH), Yunsai Zhilian (600602. SH）； AI+Medical: Runda Medical (603108. SH), Neusoft Group (600718. SH), Venture Huikang (300451. SZ), Jiuyuan Yinhai (002777. SZ）。

6 Risk warning

(1) The risk of error in the cited data. The data in this report is based on publicly available data and may affect the results of the analysis.

(2) AI investment is less than expected. Relevant technological breakthroughs are closely related to investment intensity.

(3) The competition of AI products is intensifying. Increased competition can lead to price wars.

(4) Focus on the company's performance not meeting expectations. Focus on the company's performance will be affected by various factors, if the performance does not meet expectations, the company's stock price will be affected.

(5) The speed of policy standards is not as fast as expected. The sustainable development of AI needs policy guidance.

This article is excerpted from the report: "Computer Industry Weekly: Manus Boosts the Attention of AI Agent, AI+ Healthcare is Expected to Accelerate the Landing".

Report release date: 11.03.2025

Report issued by: Hualong Securities

Analyst: Sun Bowen Practicing Certificate Number: S0230523080004

Contact: Zhu Lingxuan Practicing Certificate Number: S0230124010005