CITIC Securities: The payment clearing layer and the foundational model layer have strong investment certainty

Mars Finance News, CITIC Securities research report points out that 2026 is a critical window for Agent Commerce to move from concept validation to protocolization, standardization, and large-scale implementation. Agent Commerce is not just a partial upgrade of traditional e-commerce functions, but an important infrastructure transformation for consumer internet in the AI era. AI Agents are beginning to undertake full-chain transaction functions such as demand understanding, product screening, price comparison, order placement, and payment, with the business operation logic accelerating from “people searching for goods” to “demand equals delivery.” From an industry chain perspective, the payment and clearing layer and the foundational model layer have strong investment certainty, while the platform/entry layer and toolchain layer have broad development flexibility.