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CITIC Securities highlights that the marginal benefits of pre-trained large models have hit a bottleneck due to the Scaling Law, shifting the spotlight to Agents as the next frontier for large model vendors. The evolution of Agent technology can be traced through three pivotal stages: from workflow framework integrated with pre-trained models, to workflow framework coupled with inference models, and finally to the end-to-end Agent framework paired with inference models. The advent of third-generation Agents, epitomized by OpenAI Deep Research, marks a significant milestone, unleashing their latent potential. It is envisioned that domestic inference models will propel domestic third-generation Agents to demonstrate formidable competitiveness in the market.
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