3月16日，南下资金今日净卖出港股12.5亿港元。其中：净买入腾讯控股22.87亿、阿里巴巴-W 7.06亿、比亚迪股份5.86亿、 吉利汽车4.42亿、华虹半导体（核心股）3.87亿、中国海洋石油3.47亿、长飞光纤光缆1.65亿；净卖出盈富基金35.74亿、小 米集团-W 8.44亿、中芯国际3.3亿。据统计，南下资金连续4日净买入中海油，共计33.8424亿港元。 | 名称 | 涨跌幅 | 净买入额(亿) | 成交領 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 盈高基金 | 1.6% | -35.74 | 37.05 Z | 腾讯控股 | 2.0% | 18.66 | 34.75 L | | 中国海洋石油 | -1.1% | 7.31 | 34.93 Z | 中国海洋石油 | -1.1% | -3.84 | 22.93 Z | | 腾讯控股 | 2.0% | 4.21 | 29.36 Z | 小米集团-W | 5.6% | 0.14 | 16.99亿 | | 小米集团-W | 5.6% ...

Group 1 - Southbound funds recorded a net sell of HKD 1.25 billion in Hong Kong stocks today [1] - Notable net purchases included Tencent Holdings at HKD 2.287 billion, Alibaba-W at HKD 706 million, BYD Company at HKD 586 million, Geely Automobile at HKD 442 million, Hua Hong Semiconductor at HKD 387 million, China National Offshore Oil Corporation at HKD 347 million, and Yangtze Optical Fibre and Cable at HKD 165 million [1] - Significant net sells were observed in the Tracker Fund of Hong Kong at HKD 3.574 billion, Xiaomi Group-W at HKD 844 million, and Semiconductor Manufacturing International Corporation at HKD 330 million [1] Group 2 - Southbound funds have continuously net bought China National Offshore Oil Corporation for four consecutive days, totaling HKD 3.38424 billion [2]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant paradigm shift brought by OpenClaw, transitioning from a "dialogue tool" to a "digital employee," enabling autonomous execution of tasks through a four-layer architecture [4] - OpenClaw has sparked a nationwide technological craze, with its GitHub stars surpassing 270,000, leading to widespread adaptation by domestic manufacturers [4] - The demand for AI infrastructure is expected to grow exponentially due to OpenClaw's token consumption model, which has shifted from "human-machine dialogue" to "machine self-circulation" [4] Summary by Relevant Sections Industry Overview - The closing index for the industry is 5311.29, with a 52-week high of 6151.34 and a low of 4080.58 [1] Investment Recommendations - The report suggests focusing on: 1. Large models benefiting from API call surges: MiniMax, Zhipu, etc. 2. Instant Messaging (IM) entry points: Alibaba, Tencent, etc. 3. Cloud services as direct beneficiaries of user growth: UCloud, QingCloud, Wangsu Technology, etc. 4. Computing power leasing/IDC due to rising demand: Dazhi Technology, Dongyangguang, etc. 5. Computing hardware for foundational support: Cambricon, Haiguang Information, etc. [5]

速览投资风口，掌握资本律动。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 硬科技赛道，具身智能成绝对风口。 上周，至简动力官宣，在半年不到的时间内连续完成5轮融资，总融资额达20亿人民币，一跃成为赛道内最年轻的 独角兽。2025年7月底注册成立的至简动力，迎来首次正式亮相并官宣融资。此次至简动力公开的融资阵容包括：元璟资本、蓝驰创投、红杉中国、君 联资本、中科创星、高榕创投；战略投资方则为腾讯和阿里巴巴集团。同时，根据公开信息显示，腾讯、红杉中国、蓝驰创投、君联资本等绝大多数老 股东，自其首轮投资起均连续多轮加码。 此外，灵初智能已完成天使轮及Pre-A轮20亿元融资。天使轮投资人包括国开金融、国中创投、央视融媒体 产业投资基金，和某千亿上市公司旗下战投、长飞光纤旗下基金两大核心产业龙头资本。Pre-A 轮由上海国资徐汇资本等领投，部分地方国资及市场化 基金跟投，多家老股东实现超额跟投。 大健康赛道，脑机接口仍是热点。 上周，专注于超声波脑机接口的硬科技企业格式塔科技（Gestala）宣布完成1.5 ...

行业研究 | 传媒 证券研究报告/行业研究 2026 年 03 月 13 日 "龙虾"生态爆火推动行业格局重 构，AI Agent 产业链持续受益 智能科技行业 2 月报（20260201-0228） 研报摘要 行情回顾：TMT 板块整体回调明显。近一月，游戏 ETF（516010）、云计 算 ETF（517390）、互联网龙头 ETF（159856）等品种跌幅靠前；而科创 人工智能 ETF（588760）、大数据 ETF（516000）等细分品种逆势上涨， 计算机、金融科技等核心科技赛道亦有部分品种实现正增长。 数据跟踪：1）2 月新游市场细分赛道亮点突出。心动网络端游 IP 新作 《潜水员戴夫》精准触达核心玩家群体，以 10W+下载量斩获 113W+美元 预估收入，大梦龙途《无限轮回》、莉莉丝《帕萌战斗日记》同样表现亮 眼，下载量分别达 43W+、28W+，预估收入均超百万美元；2）AI 应用数据： 春节竞争格局，豆包规模双第一，千问元宝差异化突围。从下载与日活规 模来看，豆包以 8504.2 万次总下载量、7799.7 万平均日活稳居首位，在 用户基数与活跃渗透上形成绝对领先。千问在下载与日活规模上位居 ...

如果你也在这纠结： 4 月 17-18 日，由 CSDN 与奇点智能研究院举办的「 2026 奇点智能技术大会 」将在上海·环球港凯悦酒店隆重举行，在「智能体系统与工程」专题 下，特邀腾讯、美团、月之暗面、Macaron AI 等 5 位一线实战专家，公开亿级用户场景下的 Agent 稳定性保障、Computer Use Agent 自进化、经 验智能训练等硬核方法论。 "Agent 搞了好几个月，Demo 看着很好，一上业务就翻车" "看了不少开源项目，但不知道哪个适合我们，几百万的试错成本说没就没了……" "疯狂调 Prompt，完全没有一套可复用的架构……" 在这里，我们提前为你划出了本专题的硬核看点。 微信 AI 搜索 Agent 实战 演讲嘉宾：王炳宁 ｜ 腾讯微信搜索 AI 算法研究方向负责人，专家研究员 为什么值得听：中科院自动化所博士， 主导并发布如 ReCO、ComQA、ChiQA、T2Ranking 等大规模中文问答数据，以及 Baichuan 系列预训练 模型。主导发布模型在 GitHub 斩获万星，HuggingFace 下载超 2000 万次。 核心问题：实验室里跑得好好的 Agen ...

March 5, 2026 07:58 AM GMT 中国市场智见 | Asia Pacific 解析中国市场的相对滞后表现 新兴市场相对跑赢中国市场，主要驱动因素是前所未有的存 储周期，以及受到指数编制限制，中国表现更佳的行业在指 数中权重不足。在市场及地缘政治不确定性加大的背景下， 相对香港/离岸市场，我们更偏好A股，并看好以实物资产为 核心的板块。 尽管年初开局相对强劲，但中国年初至今的表现（MSCI 中国指数下跌1.2%）大幅 落后于广义新兴市场（MSCI 新兴市场指数年初至今上涨15%）。进一步分析广义 新兴市场的表现可以发现，其超额收益主要由三只股票推动⸺三星、SK海力士和 台积电⸺这得益于前所未有的强劲存储及芯片周期。 整体来看，中国年初至今的盈利预测调整好于剔除三星、SK海力士和台积电后的 新兴市场整体。这三家公司年初至今推动MSCI 新兴市场指数盈利预测上修6.5个百 分点，而其余新兴市场合计几乎没有贡献（-0.1%）。相比之下，年初至今MSCI 中 国指数2026年和2027年的盈利预测分别上修1.4%和1.9%，表现好于剔除上述三大 公司的新兴市场。 受指数编制规则影响，中国表现较优的行 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

Group 1 - Major domestic AI model manufacturers are launching Agent projects to compete for the next generation of application entry points, with various products introduced by companies like Zhiyuan AI, Tencent, MiniMax, Huawei, Xiaomi, Alibaba, ByteDance, and Kimi [1][9][10][11][12][13][15][16] - Zhiyuan AI's AutoClaw, launched on March 10, is the first local version of OpenClaw, featuring over 50 mainstream skills and integration with messaging tools [9][10] - Tencent's WorkBuddy, released on March 9, is a full-scenario AI agent that is deeply compatible with OpenClaw skills and allows remote operation without cloud deployment [10] - MiniMax's MaxClaw, launched on February 26, is a cloud-based AI assistant that supports mobile platforms and various expert skills [10] - Huawei's Xiaoyi Claw, currently in beta, is based on the HarmonyOS and supports document editing and email replies with multiple personality options [11] - Xiaomi's miclaw is in limited testing and integrates deeply with MIUI for a seamless experience across its ecosystem [12] - Alibaba's CoPaw, launched on February 14 and open-sourced on February 28, supports both local and cloud deployment and allows for secondary development [13][14] - ByteDance's ArkClaw and Coze, launched on March 9, provide a SaaS version that integrates with the Feishu ecosystem and offers a community for developers [15] - Kimi's KimiClaw, launched on February 16, is a cloud-based AI agent service with a vast skill library and personal cloud storage [16] Group 2 - The investment recommendation emphasizes the "AI+" logic catalyzing valuation optimization in Hong Kong stocks, with a focus on internet, technology, and emerging consumer sectors [2] - Beneficiaries in the internet and technology sector include Alibaba-W, Tencent Holdings, Kuaishou-W, and Meituan-W, which are embracing AI and increasing capital expenditures [2] - In the domestic consumption sector, companies like Maogeping, Mixue Group, Laopu Gold, Pop Mart, Tongcheng Travel, Ctrip Group-S, and Xiaocaiyuan are highlighted as having strong growth potential [2] Group 3 - The Hong Kong stock market saw the Hang Seng Index decline by 1.13%, while the Hang Seng Technology Index rose by 0.62% and the Chinese Enterprises Index increased by 0.50% [18][19] - The energy sector was the best-performing industry this week, with a gain of 6.25%, while the financial sector experienced the largest decline at 4.36% [19] - Among the top gainers in the Hong Kong Stock Connect, companies like Kexin Pharmaceutical-B and China Xuyang Group saw significant increases, while companies like Haotian International Investment faced substantial declines [22]

[Table_ReportDate] 2026 年 03 月 16 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] OpenClaw 政策出台与商业布局同步提速 TMT 行业周报（3 月第 2 周） [Table_S 行业观点： ummary] 请务必阅读文后重要声明及免责条款 4) 风险提示：AI Agent 等应用进展不及预期。 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业上周（3/9-3/13）涨跌幅 为：通信（-0.12%）、计算机（-0.92%）、电子（-1.23%）、 传媒（-3.23%），TMT 板块整体跑输沪深 300（0.19%）。板块 内涨幅靠前的三级子行业分别为通信线缆 ...