Knowledge Atlas Technology Joint Stock Company Limited 北京智譜華章科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 之 股 份 有 限 公 司） （股 份 代 號：2513） 董事會會議通知 北 京 智 譜 華 章 科 技 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於2026年3月31日（星 期 二）舉 行，藉 以（其 中 包 括）審 議及批准本公司及其附屬公司截至2025年12月31日止年度的年度業績及 其 發 佈，以 及 考 慮 派 付 末 期 股 息（如 有）。 承董事會命 北京智譜華章科技股份有限公司 執行董事兼董事長 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不就因本公告全部或任何部分內容而產生或倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 劉德兵博士 香 港，2026年3月18日 於 本 公 告 日 期，董 事 會 成 ...

Group 1 - Zhipu AI (02513) saw a price increase of over 10% during trading, currently up 7.4%, following the announcement of its first closed-source model GLM-5-Turbo and a 20% price hike for its new model API [1] - Capital Airport (00694) dropped over 4% after JPMorgan downgraded its investment rating from "Neutral" to "Underweight" and cut the target price by 40% to HKD 1.8, citing structural challenges and potential selling pressure from being removed from the Hong Kong Stock Connect list [1] - Cloudwalk Technology (02670) rose over 7% after signing a strategic cooperation agreement with SF Express to define new standards for building delivery [1] Group 2 - Yiming Anke-B (01541) increased by over 8% after receiving approval for its II phase clinical study of IMM0306 for treating Primary Membranous Nephropathy [2] - WanGuo Data-SW (09698) surged over 12.6% after reporting a net revenue of RMB 11.4323 billion (USD 1.6348 billion) for the year, a 10.8% year-on-year increase, with adjusted EBITDA also up by 10.8% [2] - Automotive stocks collectively fell, with Li Auto-W (02015) down 6.24%, Xpeng Motors-W (09868) down 4.35%, and Great Wall Motors (02333) down 2.64%, amid warnings from multiple CEOs about rising chip costs [2] Group 3 - Smoore International (06969) opened slightly higher but fell 15.21% after reporting a revenue of approximately RMB 14.256 billion for 2025, a 20.8% increase, but a net profit decline of 18.5% [3] - China Cosco Shipping Energy Transportation (01138) rose 5.39% as reports indicated significant impacts on the tanker and energy markets due to ongoing Middle East conflicts [3] Group 4 - China Oriental Education (00667) increased by 6.57% after reporting a revenue of RMB 4.616 billion for 2025, a 12.1% year-on-year increase, with net profit up 47.5% [4] - Changfeng Pharmaceutical (02652) surged over 21%, currently up 9.99%, after announcing the acceptance of its IND application for a new inhalation powder for treating pulmonary arterial hypertension [4] Group 5 - Swarmer (SWMR.US) debuted on the US stock market with a staggering opening price increase of 315.4%, currently up 520%, focusing on AI-driven drone swarm control systems [5] - 36Kr (KRKR.US) rose 37.39% after reporting a total revenue of RMB 227 million for 2025, with a gross margin increase to 58% and a net profit of approximately RMB 11.42 million [5] - Space-related stocks saw active trading, with Rocket Lab (RKLB.US) up 10.21% and Planet Labs PBC (PL.US) up 10.08% [5] Group 6 - Solaris Energy Infrastructure (SEI.US) rose 10.88% after announcing agreements worth USD 620 million to add approximately 900 MW of gas turbine capacity between 2026 and 2029 [7] - Uber (UBER.US) increased by 4.19% following a partnership with NVIDIA to deploy autonomous taxi fleets in major US cities by 2027 [8] - Aiko Solar (CSIQ.US) rose 1.94% after announcing a supply agreement for a 500 MW energy storage project [8] - Atour (ATAT.US) saw a price increase of 5.98% after reporting a net revenue of approximately RMB 2.788 billion for Q4 2025, a 33.8% year-on-year increase [8]

证券研究报告 智谱 (2513 HK) 智谱：中国 AGI 的领先探索者 | 华泰研究 | | | 首次覆盖 | 投资评级(首评): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 16 日│中国香港 | 计算机应用 | 目标价(港币): | 737.01 | 首次覆盖智谱，给予 2029E 27x PS，目标价 737.01 港币，买入。公司致 力于通用人工智能模型的创新，持续投入通用大型模型研发，并通过本地和 云端两种形态实现商业化。目前智谱的 GLM 系列模型全球开源领先，对标 海外 OpenAI、Anthropic 等头部闭源模型，走出了 MaaS 的商业化路径， 有望成为未来全球 AGI 竞争中的重要受益者。 面向企业的 MaaS 服务是国内 PMF 的较优路径 据 Frost&Sullivan 数据，2024 年中国 LLM 市场规模 53 亿元，其中企业端 47 亿元；2030 年达到 1011 亿元、企业端约 904 亿元。智谱自 2021 年起 商业化 MaaS，依托"模型-应用-基础设施"三层平台实现标准化交付并优 ...

Core Viewpoint - The launch of the GLM-5-Turbo model by Zhipu significantly enhances the capabilities for the OpenClaw lobster scenario, leading to a notable increase in the company's stock price, which rose over 10% on the day of the announcement [1][4]. Group 1: Model Features and Enhancements - GLM-5-Turbo is specifically optimized for lobster tasks, improving core capabilities such as tool invocation, instruction adherence, timing and continuity of tasks, and high-throughput long-chain execution [4]. - The model enhances four key abilities: 1. Tool invocation for external tools and various skills 2. Accurate understanding and breakdown of complex multi-layered instructions 3. Optimization for timed and continuous tasks 4. Improved execution efficiency and stability for long-chain tasks [4][5]. Group 2: Market Response and Pricing Strategy - Following the launch of GLM-5-Turbo, Zhipu raised the API price by 20%, reflecting the increased demand and usage of the model [9]. - The company introduced "Lobster Packages" with different pricing tiers, including a monthly card for 39 yuan with 35 million tokens and an advanced card for 99 yuan with 100 million tokens [9]. - This pricing strategy indicates a shift in the industry towards a "value war," where leading technology firms leverage their advancements to enhance profit margins and cash flow [11]. Group 3: Industry Trends and Future Outlook - The rise of OpenClaw signifies a transition in the AI industry from model capabilities to task completion capabilities, emphasizing the importance of continuous and multi-step reasoning in AI applications [12]. - The increasing token consumption due to complex workloads presents systemic investment opportunities in communication infrastructure across the industry [12].

中国 证券研究 2026 年 3 月 12 日 智谱 增持 AutoClaw 会谈纪要：智能体的价值真实存在，变现和 采用取决于模型、工作流和管控 我们与 AutoClaw 的项目经理进行了交流，对这一新兴智能体类别有 了更细致的看法。我们认为，AutoClaw 和 OpenClaw 等产品之所以重 要，并不是因为它们如今突然使自主 AI 在商业上变得成熟，而是因 为它们大大降低了非技术用户体验智能体工作流的门槛。对投资者的 主要影响在于：随着时间的推移，智能体的采用可能会扩大模型使用 量和基础设施需求，但短期变现仍应被视为处于早期阶段。实际部署 更有可能首先出现在相对结构化的工作流中，而不是通过广泛、完全 自主的人工替代来实现。 为什么 OpenClaw 类产品越来越受欢迎？ 受访者的发言表明，近期 OpenClaw 类产品流行反映的是产品设计与 可用性的改进，而不是模型智能的突变。他特别强调了三个因素：与 现有通信工具的集成、允许智能体随着时间的推移构建用户画像的持 久记忆，以及扩宽智能体实际工作范围的更广泛的系统权限。 我们认为，这样做出区分很重要。最近引发的热潮似乎是由更优的产 品化和可及性推动，而不 ...

Investment Rating - The report maintains a "Buy" rating for the computer industry [2]. Core Insights - OpenClaw is an open-source AI Agent framework that enhances large language models (LLMs) from mere conversational tools to autonomous execution systems, enabling deep automation of tasks on personal devices [7][14]. - The report highlights that OpenClaw can significantly improve work efficiency, with a clear growth potential as performance and security measures continue to evolve [64]. - The industry is currently focused on enhancing product usability and strengthening security measures, leading to increased competition in standard-setting and ecosystem development [64]. Summary by Sections OpenClaw Features and Applications - OpenClaw integrates with multiple messaging platforms and supports over 600 practical skills across various scenarios, allowing users to automate tasks like file management and scheduling [14][21]. - It features a persistent memory system that retains knowledge and context, enhancing the agent's ability to perform tasks over time [25][26]. - The framework supports both full-access and sandbox modes for system operations, balancing functionality and security [30]. OpenClaw Capability Boundaries and Future Outlook - OpenClaw has room for improvement in security, cost management, and engineering optimization, but it is already positioned to significantly enhance work efficiency [64]. - The report identifies key investment opportunities in AI hardware, model development, software consulting, and data center operations, suggesting companies like Cambricon, Inspur, and Alibaba as potential investments [7][64]. Investment Recommendations - The report suggests focusing on companies in various sectors: - AI hardware: Cambricon, Inspur, Unisoc - Model development: Zhiyuan, MiniMax, Alibaba, Tencent - Software consulting: Hand Information - AI foundational software: Star Ring Technology, Zhuoyi Information, Paradigm Intelligence - Data center operations: Wangsu Technology, Baoxin Software, YunSai Zhilian [7][8].

Core Viewpoint - The article discusses the explosive growth of OpenClaw, referred to as "lobster," in the capital market, highlighting the rapid increase in market capitalization of related companies and the emergence of a competitive landscape among major tech firms in the AI sector [1][4]. Group 1: Market Dynamics - OpenClaw has led to a significant surge in the market value of companies like Minimax, with its founder's holdings reaching nearly 90 billion HKD [1]. - The "lobster three brothers" in the Hong Kong stock market, including Zhizhu Technology and Minimax, have seen their market values soar, with Minimax's market cap hitting approximately 406.8 billion [2]. - Major tech companies such as ByteDance, Alibaba, and Tencent have launched cloud services for OpenClaw, intensifying competition in the market [5][7][10]. Group 2: Technological Developments - ByteDance introduced a plugin for Weibo based on OpenClaw, while Tencent and Alibaba have also rolled out various versions of OpenClaw, including mobile applications [5][7][10]. - Other companies like iFlytek and Huawei are also entering the fray, showcasing a diverse range of applications and services built on the OpenClaw framework [11][13]. Group 3: Government Support and Policy - Local governments are actively supporting the OpenClaw ecosystem by providing incentives such as office space discounts and special funds for startups, indicating a strong interest in fostering innovation [15]. - Policies aimed at reducing entrepreneurial costs and enhancing the business environment are being implemented to attract innovative companies [15]. Group 4: Challenges and Risks - Despite the excitement surrounding OpenClaw, there are concerns regarding token consumption costs, with reports of users incurring significant expenses during deployment [18]. - Security risks associated with OpenClaw have been highlighted, with warnings from the National Internet Emergency Center regarding potential vulnerabilities [19]. - The actual productivity and commercial viability of OpenClaw applications remain uncertain, as many use cases are still in exploratory stages [19]. Group 5: Industry Regulation - The article notes a trend towards stricter platform governance and external regulation, with major platforms taking steps to curb the misuse of AI technologies [20]. - This regulatory environment aims to ensure a sustainable and secure development of the OpenClaw ecosystem, balancing innovation with safety [20]. Group 6: Future Outlook - The article concludes that while the "lobster craze" presents short-term wealth opportunities, long-term value creation and a balanced approach to innovation, policy support, and risk management are essential for the industry's progress [23].

Group 1 - The "lobster" concept in the A-share and Hong Kong markets has seen significant declines, with Kunlun Wanwei dropping over 3% and MINIMAX-WP falling over 9% [1][4] - The recent popularity of "raising lobsters" has been accompanied by various issues, including content deletion, privacy leaks, and excessive spending, leading to discussions about uninstalling related applications [3][4] - OpenClaw, an AI tool referred to as "lobster," has raised concerns regarding security risks and high costs associated with its use, prompting many users to seek uninstallation services [4][5] Group 2 - Experts have highlighted that OpenClaw's default configuration is highly vulnerable, exposing users' computers to potential hacking and unauthorized access [4][5] - The tool allows the installation of various plugins, which can introduce security risks, as malicious developers may embed harmful software within these plugins [5][6] - OpenClaw is deemed suitable primarily for technical developers, freelancers, and professionals with specific needs, as it can automate various tasks and improve efficiency in certain workflows [6]

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - OpenClaw marks a significant shift in AI applications from dialogue interaction to autonomous execution, representing a milestone in the AI industry entering the Agent era. It has rapidly gained popularity, becoming the fastest-growing open-source project in history, with 260,000 stars and nearly 48,000 forks on GitHub as of March 8 [9] - The demand for computing power is transitioning from intermittent "dialogue" needs to continuous "execution" needs, leading to an accelerated increase in computing consumption. OpenClaw's framework requires frequent use of underlying models for complex task processing, which will significantly increase token consumption compared to traditional single-task models. This structural change in demand is expected to enhance overall computing needs, benefiting cloud and domestic chip manufacturers [9] - Domestic large model manufacturers are seizing new opportunities within the Agent ecosystem, with companies like Zhizhu and Minimax quickly adapting to OpenClaw, transforming into the foundation for "AI execution demand." This trend is expected to create a high-frequency usage scenario for domestic large models, with vast amounts of Agent interaction data potentially enhancing their competitiveness [9] Summary by Sections Investment Recommendations and Targets - The report suggests that the computing power chain, particularly domestic large models, is likely to benefit from the development of OpenClaw. Relevant targets include Cambrian-U (688256, not rated), Haiguang Information (688041, Buy), Zhizhu (02513, not rated), MINIMAX-WP (00100, not rated), Ugreen Technology (301606, not rated), Wangsu Technology (300017, not rated), and Youkede-W (688158, not rated) [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京智譜華章科技股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02513 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 215,701,705 | RMB | | 0.1 RMB | | 21,570,170.5 | | 增加 / 減少 (-) | | | 5,612,900 | | | RMB | | 561,290 | | 本月底結存 | | | 221,314,605 | RMB | | 0.1 RMB | | 22,131,460.5 | | 2. 股份 ...