[CITIC Construction Investment: Meta Muse accelerates the commercialization of intelligent agents, and the Computing Conference strengthens the full-stack AI layout] On September 29, CITIC Construction Investment’s research report pointed out that Meta Muse and the Computing Conference jointly strengthened the logic of AI application implementation to drive computing power demand. Meta launched Muse, a personal AI assistant that supports email, travel reservations and transaction execution. It was downloaded 2.8 million times in the first 12 days after it was launched. Meta also promoted integration with the Shopify payment ecosystem to promote the commercialization of consumer-grade intelligence. At the Yunqi Conference, Alibaba revealed that Qwen 4 is being trained, and the subsequent model is planned to evolve to 5 trillion-10 trillion parameters; it released the Zhenwu V900 chip, proposed a goal of global data center capacity exceeding 20GW in 2032, and promoted the implementation of enterprise intelligence through Qianwen Office. We believe that the upgrade of AI from dialogue to task execution is expected to continue to increase the demand for inference, tool invocation and cloud resources, focusing on high-speed optical modules, switches, servers, liquid cooling and power supplies.