According to a research report by CITIC Securities, major manufacturers have recently updated their Agent products intensively. Among overseas manufacturers, Microsoft strives to build an Agent network through local + cloud collaboration; Google builds a 2C Agent 3P strategy based on the existing ecosystem; Athropic releases the Claude 4 model to assist Agent construction. Domestic manufacturers also follow up simultaneously. Kingdee International has built the Sky Agent Platform 2 and five intelligent entities to assist enterprises in AI management; Kunlun Wanwei brings efficient office experience through the Tiangong Super Intelligent Entity. With the accelerated implementation of Agent products, the AI industry continues to move upward, and the pace of commercialization is expected to accelerate. Investment advice: Agent products are intensively updated, 1) It is good for software companies with data, customers, and scenarios. AI products are expected to drive the company's ARPU to increase and the unit price of projects to rise; 2) The demand for model privatization has increased, which is good for all-in-one machines, hyper-convergence, and B-side service outsourcing companies.