Huatai Securities highlights that generative AI is transitioning into a novel phase, spearheaded by AI agents. On a macro level, these agents have facilitated the coexistence of 'jobless growth' and 'super individuals', signaling the commencement of a structural shift where human resources are being replaced by 'silicon-based entities'. At the micro level, the generation of software value is now intrinsically linked to token consumption, while token production is deeply tied to the capabilities of physical infrastructures, including semiconductors, data centers, and energy sources. This interdependence suggests that the 'zero marginal cost' business model in the software industry is gradually being phased out. Huatai Securities anticipates that the agent industry will traverse a developmental trajectory, beginning with business-to-business (2B) applications, followed by business-to-consumer (2C) services, and ultimately culminating in terminal applications. The firm remains optimistic about China's substantial competitive edge in terminal domains, particularly in robotics.