The 2026 World Artificial Intelligence Conference (WAIC) in Shanghai drew nearly 400,000 visitors, revealing ten core trends. Large language models retreated from center stage, with AI agents becoming the undisputed protagonist—roughly 70% of exhibitors focused on task-executing, deliverable Agent products. The foundation model competitive landscape fragmented dramatically: Kimi K3's launch triggered a 42% two-day plunge in Zhipu AI's market value. StepFun pivoted to end-user devices, Baichuan doubled down on healthcare, and 01.AI shifted to enterprise decision-making. World models saw a hundred schools of thought contend, yet no application proved decisive. Embodied intelligence robots began genuinely manipulating objects, while upstream supply chains and data infrastructure stepped into the spotlight. China's domestic computing power competition evolved into a systems engineering battle spanning super-nodes, computing networks, and ecosystem synergy. The conference shifted from technology showcase to facilitating substantive partnerships, marking China's AI transition from parameter races to commercial deployment. Moonshot AI unveiled Kimi K3, SenseTime debuted SenseNova-U1 Pro, and StepFun launched its end-user device ecosystem matrix. Baidu brought its general-purpose agent "Baidu Dazi," Tencent showcased its office agent WorkBuddy and developer agent CoderBuddy, Alibaba centered discussions around the Agentic era, and Kingsoft Office launched Lingxi Professional Edition and WPS Comate.