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 from the Monica team that is capable of operating computers, making decisions, and performing 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 chatbot 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 operations 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, etc., which greatly increases the processing requirements for data at the input layer. 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 Agent's demand for computing power on the inference side can be increased by an order 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 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 Hyming, allowing users to freely choose to switch between DeepSeek and Tencent Hybrid according to their needs to obtain 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 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 AI technology is expected to be further integrated with medical software, and it is optimistic that AI will further sink into hospital scenarios. 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 not as strong as expected; Increased competition for AI products; Focus on the company's performance not meeting expectations; Policy standards have not been introduced as quickly as expected.