China Galaxy Securities pointed out that the current domestic AI investment is mismatched in terms of long and short term, and the second half of the year is a good time to make arrangements. From a macro perspective, in the process of China's economic momentum transformation, unlike the traditional supply-side reform that relies on the "subtraction logic" (de-capacity and de-stocking), the multiplication effect of the current "new supply-side reform" is essentially from "factor substitution" to "system reconstruction", and the AI Agent economy is promoting the improvement of total factor productivity and the reconstruction of the ecosystem through the three-dimensional path of "consumption creation (scenario innovation × demand activation), investment quality improvement (energy computing collaboration × spatial intelligence connection), and export upgrade (quality premium × cross-border service AI). In the medium and long term, the multiplication effect of the "new supply-side reform" will bring more than ten times the investment opportunities.