According to the UBS research report, artificial intelligence agents are anticipated to see widespread adoption by 2026, with China and the United States displaying divergent trends in their application scenarios. The U.S. tends to prioritize enterprise-level applications, whereas China places a greater emphasis on consumer-oriented ones. It is predicted that by 2026, the world's foremost AI labs will increasingly focus on enterprise-side development and revenue generation. Concurrently, China's proportion of AI models in emerging agent products is expected to surge notably, and UBS remains optimistic about its sustained growth in the global enterprise API market share over the long term. During the Spring Festival, major Chinese internet firms successfully attracted traffic to their AI products through red packet promotions, thereby expediting AI adoption among users in lower-tier cities. Furthermore, the flurry of model releases during the Spring Festival has narrowed the performance gap between relevant models and those from globally leading labs. UBS notes that the groundbreaking narrative surrounding AI has bolstered investment enthusiasm among model providers, yet it has also instilled caution among investors towards vertical platforms and application-focused companies. Apart from assigning an investment rating to MiniMax for the first time, UBS also expresses optimism regarding Alibaba's and Baidu's comprehensive AI capabilities, as well as the AI application prospects of Tencent and Kuaishou.