Guotai Haitong: Maintain "overweight" rating on the computer sector, computing power supply evolving in sync with underlying architecture.

Guotai Haitong released a research report stating that it maintains a "hold" rating on the computer sector. Xiaomi and MiniMax's latest models have entered the era of executable Agents, with domestic large models accelerating towards task execution and self-evolution upgrades; Anthropic and Tencent QClaw have entered platforms such as Telegram, Discord, and WeChat mini-programs, promoting the extension of Agents to instant messaging scenarios; NVIDIA has restarted the production of the H200 in China and launched a new generation Kyber rack, with computing power supply and underlying architecture evolving synchronously. Guotai Haitong's main points are as follows: Recently, Xiaomi and MiniMax have focused on strengthening Agent capabilities, with large models entering the era of strong execution, collaboration, and self-evolution. Hunter Alpha and Healer Alpha have been confirmed as early versions of MiMo-V2, with MiMo-V2-Pro supporting 1 million contexts, entering the top tier in dimensions such as Coding Agent and Tool Use, with API prices only 1/5 of the competition; MiMo-V2-Omni and TTS further enhance multimodal perception, office generation, and voice interaction capabilities, driving MiMo towards an "ecosystem for people, vehicles, and homes" intelligent central system. MiniMax has released M2.7, continuing to upgrade to multi-agent collaboration, complex engineering troubleshooting, and office automation scenarios, with an instruction compliance rate of 97% in complex skill environments, and beginning to have the ability to autonomously build and optimize Agent Harness, showing that domestic large models are accelerating towards stronger execution and self-evolution capabilities. Anthropic and Tencent QClaw have recently entered the instant messaging scene through overseas chat software and the WeChat ecosystem, further extending the entrance of Agents. Regarding Anthropic, Claude Code has added Channels function, which can connect to communication tools such as Telegram and Discord, allowing users to directly send messages on their phones, remotely call AI to execute code, run tests, and receive results feedback; its underlying infrastructure relies on the MCP protocol, and through long-term resident sessions, plug-in bridging, and local test interfaces, it further reduces the threshold for using continuous running-type Agents. Tencent QClaw has officially started public testing, upgrading its WeChat entrance to mini-programs, supporting the upload or receipt of files from the computer end, and launching the "Inspiration Square" with pre-set common tasks and skills, achieving one-touch call without the need to write instructions; according to reports, QClaw is also the first "lobster" to achieve WeChat interconnection, showing that domestic Agent products are accelerating integration with high-frequency social entrances. NVIDIA has restarted production of the H200 in China, and the new generation rack solution upgrades to a "combination of optical and copper". On March 17, NVIDIA announced that it has resumed production of the H200 artificial intelligence processor for the Chinese market. Huang Renxun stated that with the strengthening of demand signals from Chinese customers in recent weeks, the company has obtained relevant export permits and received purchase orders, and the supply chain is restarting; although the company had been granted permission to ship small quantities of H200 to China earlier, related revenue has not yet been generated. At the same time, NVIDIA will also launch the new MGX NVL rack NVIDIA Kyber, doubling the NVLink capacity of each rack to accommodate 144 GPUs, and expanding with CPO and copper interconnects, the Rubin architecture is also expected to adopt copper interconnects on a large scale, demonstrating that the company is simultaneously advancing the repair of supply in the Chinese market and the evolution of next-generation computing infrastructure. Risk warning: Technological development and business expansion do not meet expectations.