According to a research report from Huayuan Securities, The Information reports that Anthropic has raised its revenue forecasts for 2026 and 2027 to $18 billion and $55 billion, respectively. Agents in the enterprise sector have moved beyond their initial role of cost reduction and efficiency improvement and are now entering a phase of driving business growth. The increasing penetration rate of Agents is expected to be a key lever driving the upward revision of Anthropic's revenue. Native AI products are likely to emerge continuously, amplifying short-term industry fluctuations while validating long-term industry trends. Returning to the ROI analysis framework, 2026 is anticipated to see a significant upward revision in the "Token-to-ARR" conversion for Agents. It is recommended to invest in sectors with clear industry trends and high growth certainty, focusing on companies with high barriers to entry. Huayuan Securities' main views are as follows:
Regarding industry changes for Agents, The Information reports that Anthropic has raised its 2026 and 2027 revenue expectations to $18 billion and $55 billion, respectively. According to the XinZhiYuan WeChat public account, Anthropic's products are centered on B2B and offer API interface services. According to the ShuZhiQianXian WeChat public account, Agent token consumption is dozens of times higher than that of traditional chatbots. Per the China Entrepreneur WeChat public account, Agents in the enterprise sector have surpassed their superficial cost-saving role and are now driving business growth. Therefore, increased Agent penetration is expected to be a critical lever for Anthropic's revenue upgrade.
According to The Information, as of November 2025, Claude Code's Annual Recurring Revenue (ARR) has exceeded $1 billion. Recently, Anthropic launched Claude Cowork, and Alibaba released Qoder Work, with the core strategy being the expansion from Coding Agents to general-purpose scenarios. Major tech companies are embedding Agents to compete for traffic. Google Chrome has integrated Agent tools like Gemini and Nano Banana. According to the e company WeChat public account, Tencent launched a Spring Festival campaign, "Shang Yuan Bao, Share 1 Billion," attempting to replicate the path of WeChat Pay's rise through春晚 red envelope promotions. According to Similar Web, ChatGPT's global desktop traffic share fell to 64.5% in January 2026, a drop of approximately 20 percentage points compared to January 2025. Following the traffic decline of ChatGPT, OpenAI's growth narrative is also shifting towards hybrid revenue streams.
OpenClaw has recently gained popularity, driving a buying frenzy for Mac minis. Due to end-users' low sensitivity to model performance and high sensitivity to interaction, OpenClaw, through high permissions and local gateways, helps users experience the productivity boundaries of large models on the consumer side. This is essentially a manifestation of FOMO (Fear Of Missing Out) under current industry trends.
Moltbook has broken into the mainstream as an early form of collective intelligence. It is essentially an Agent version of Reddit, developed based on OpenClaw. Agents autonomously perform login and interactive behaviors, while human users can only adopt and observe them. The underlying mechanism involves OpenClaw plus Skills. Agents can seamlessly integrate into the platform by reading just one Skill.md configuration file and periodically pull instructions for execution via a heartbeat mechanism. Collective intelligence among Agents has not yet "emerged." Initially, Agents appeared to spontaneously form organizations like the "Lobster Cult" and "Claw Republic." However, according to the XinZhiYuan WeChat public account, while there are over 1.5 million Agents on the platform, only a few thousand are actually operational. According to the DeepTech WeChat public account, social interactions between Agents are more akin to imitation games rather than sustained, reciprocal emotional exchanges.
Following the OpenClaw trend, there is recognition of the primitive and disordered nature of early Agent social forms, accompanied by another wave of FOMO driven by Moltbook. However, after each FOMO cycle, new scenarios, products, and commercial rules emerge, potentially bringing Agents closer to a commercial inflection point.
For investment targets, it is recommended to focus on domestic large models (MINIMAX-WP (00100), KNOWLEDGE ATLAS (02513)), Agents (合合信息 (688615.SH), 鼎捷数智 (300378.SZ)), infrastructure (深信服 (300454.SZ)), domestic computing power (芯原股份 (688521.SH), 寒武纪 (688256.SH), 海光信息 (688041.SH)), CPUs (澜起科技 (688008.SH), 兴森科技 (002436.SZ)), and AIDC (麦格米特 (002851.SZ), 中恒电气 (002364.SZ), 东阳光 (600673.SH), 潍柴重机 (000880.SZ), among others).
Risk提示 include the S-curve penetration of new technologies, where markets tend to become overly optimistic during catalysts and pessimistic during lulls, leading to significant stock price volatility; slower-than-expected performance growth of domestic large models; and slower-than-expected commercialization of AI products.