[Huatai Securities: Recommend continuous attention to inference-side computing power, platform-based infrastructure, and application opportunities with scenario and ecosystem barriers] Huatai Securities pointed out that the marginal changes in the AI industry this month lie in the shift of the competitive focus from improving single-point model capabilities to gradually transitioning toward delivering complex tasks and implementing Agent systems. The accelerated release of Claw-like products is driving the rapid evolution of Agents, which in turn boosts token consumption, demand for inference computing power, and related infrastructure investments to continue rising. At the same time, the commercialization and industrialization progress in areas such as enterprise-level Agents, AI4S, and physical AI are advancing in parallel, indicating that AI is moving further from the capability verification stage to real-world scenario implementation. It is recommended to continuously focus on inference-side computing power, platform-based infrastructure, and application opportunities with scenario and ecosystem barriers.