丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] OpenClaw 爆火， Token 驱动需求大周期 报告要点 [Table_Summary] 近期，多家互联网与模型厂商跟进 OpenClaw，推出开箱即用的各类版本"龙虾"，多地陆续出 台 OpenClaw 相关政策，"养虾"相关概念持续升温。 分析师及联系人 [Table_Author] 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 风险提示 1、AI 技术发展不及预期； 2、下游应用需求不及预期。 丨证券研究报告丨 2026-03-12 行业研究丨点评报告 [Table_Rank] 投资评级 看好丨维持 [Table_Title2] OpenClaw 爆火， Token 驱动需求大周期 [Table_Summary2] 事件描述 近期，多家互联网与模型厂商跟进 OpenClaw，推出开箱即用的各类版本"龙虾"，多地陆续出 台 OpenClaw 相关政策，"养虾"相关 ...

以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 " 过去几个月，我们在中国新增了两个持仓 ，一个是小红书一个是 MiniMax 。 " " 今天我们的中国敞口大约在 12%左右。中国依然有很多非常创新、值得支持的企业，而且估值也很有吸 引力。 " 最近在一年一度的股东深度交流中， 苏格兰抵押信托（ SMT）两位基金经理汤姆·斯莱特（Tom Slater） 和 劳伦斯 ·伯恩斯（Lawrence Burns） 直面 最关切 的市场和持仓 问题 ，做了言无不尽的分享。 这只成立于 1909年的老牌 信托 ，因对特斯拉、亚马逊、腾讯等超级赢家的长期押注，成为全球成长投资 版图里最有辨识度的产品之一。 2015年，汤姆·斯莱特接任基金经理 ，曾与传奇基金经理 詹姆斯 ·安德森（James Anderson） 6年并肩 作战共管产品。 劳伦斯 ·伯恩斯 则是 2021年 出任副基金经理。 两人都来自柏基（ Baillie Gifford）内部长期成长投资体系，也都延续了这只产品最鲜明的风格：继续去寻 找少数真正可能改写未来的公司。 截至 2026年1月底，苏格兰抵押信托总资产约152. ...

Core Insights - The article discusses the upgrade of Meituan's AI model "Xingmou," which enhances food safety governance in the food delivery industry by expanding its application from kitchen recognition to various aspects such as merchant onboarding, store authenticity verification, and kitchen environment alerts [2][3] Group 1: Store Authenticity Verification - The upgraded "Xingmou" model strengthens the ability to verify store authenticity by comparing uploaded storefront images with real-time photos, effectively identifying inconsistencies and potential fraud [3] - The AI system has conducted over 250,000 storefront consistency checks, transitioning from a one-time manual review to a dynamic, ongoing intelligent audit process [3] - The model has intercepted over 450,000 suspected AI-generated storefront images during the onboarding process, addressing a significant challenge in food safety governance [3] Group 2: Video Verification - Meituan has implemented a "one-shot" video verification feature requiring new merchants to upload complete real-time videos with location information, enhancing the verification process [4] - The upgraded model can identify inconsistencies in the video footage, such as abnormal visuals and hygiene conditions in the kitchen [4] Group 3: Kitchen Environment Alerts - The AI model provides real-time alerts for kitchen environment issues, identifying risks such as unapproved practices, waste overflow, and pest presence, thus improving food safety [5] - The kitchen alert capability now covers 910,000 merchants on the Meituan platform, with daily inspections reaching 14 million, surpassing previous manual inspection frequencies [6] - The average accuracy rate of the "Xingmou" model in recognizing kitchen conditions is 94.6%, significantly higher than the industry average of 65% [6]

科网股多数走低，腾讯音乐跌超3%，哔哩哔哩跌逾2%，阿里巴巴跌近2%，蔚来、快手、携程集团跌逾 1%，小米集团、百度集团、腾讯控股等低开。 3月12日，香港恒生指数开盘跌0.69%，恒生科技指数跌0.60%。 | 名称 | 现价 | 涨跌 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25719.47 | -179.29 -0.69% | | 恒生科技 | 5024.53 | -30.32 -0.60% | | 恒生生物科技 | 14566.12 | 11.33 0.08% | | 恒生中国企业指数 | 8668.90 | -35.62 -0.41% | | 恒生综合指数 | 3926.40 | -25.02 -0.63% | | 名称 | 涨跌幅 ▲ | 现价 | 涨跌 | | --- | --- | --- | --- | | 腾讯音乐-SW | -3.77% | 52.300 | -2.050 | | 昨日昨日-W | -2.63% | 200.000 | -5.400 | | 阿里巴巴-W | -1.95% | 130.600 | -2.600 | | 蔚来-SW | -1.4 ...

本次活动紧扣三八妇女节与"3・15"消保宣传双重主题，针对女骑手日常工作节奏快、户外奔波多、金 融消费场景集中且易遭遇各类金融陷阱的特点，消保宣传小队提前精心筹备，将专业的金融知识转化为 通俗易懂、实用性强的内容，让女骑手们在碎片化的时间里快速掌握消保技巧，筑牢金融安全防线。活 动现场，消保专员结合骑手群体高频接触的金融消费场景，用真实案例、通俗讲解的方式，重点普及非 法代理退保、银行卡盗刷、互联网贷款乱象、过度索取个人信息、电信网络诈骗、非法集资及洗钱等高 频风险的识别与防范技巧，针对女骑手们关心的移动支付安全、个人信息保护、保单权益维护等问题进 行一对一解答，特别提醒大家在日常工作和生活中妥善保管身份证、银行卡、手机验证码等敏感信息， 警惕陌生链接、陌生来电，拒绝 "低息网贷""全额退保" 等虚假宣传，通过正规渠道维护自身金融消费 合法权益。 值此 2026 年三八国际妇女节来临之际，恰逢"3・15"金融消费者权益保护教育宣传活动，为切实保障新 就业形态劳动者的金融消费权益，聚焦女性骑手群体的金融服务需求，恒安标准人寿大连分公司消保宣 传小队走进中山区美团合作中心，开展 "情暖三八 守护同行" 专属消保教 ...

Group 1 - Meituan has upgraded its "Xingmou" multimodal large model and integrated service system, set to launch in April 2025, aiming to enhance food safety through AI technology [1] - The upgrade will address industry challenges such as high costs, latency, and privacy concerns, shifting risk management from retrospective to real-time intervention [1] - This move signifies a practical direction for leading platforms to integrate large model technology with core business, demonstrating a commitment to digital governance in local services [1] Group 2 - Tmall announced a comprehensive upgrade to its new merchant support policy for 2026, including waiving annual fees and increasing operational incentives [2] - New merchants will benefit from 20 inclusive rights, such as 30 days of interest-free loans and free business consulting, significantly lowering entry barriers [2] - The strategy indicates a shift from "traffic competition" to a focus on deepening the merchant ecosystem within the e-commerce platform [2] Group 3 - The search volume for "OpenClaw" related products on Xianyu surged by 1850% from March 5 to March 10, reflecting a growing interest in AI tools [3] - Transaction volumes for OpenClaw services have also increased significantly, with a wide range of offerings available on the platform [3] - This trend highlights the emergence of a new secondary market and service transactions driven by the practical demand for AI tools and the accompanying technological anxiety [3]

Core Insights - The article highlights the upgrade of Meituan's AI model "Xingmou," which enhances food safety governance in the food delivery sector by expanding its application from kitchen recognition to various aspects such as merchant onboarding verification and kitchen environment alerts Group 1: AI Model Upgrade and Applications - The "Xingmou" model was launched in April 2025, initially focusing on food safety governance, and has now expanded to cover multiple areas including merchant verification and kitchen environment monitoring [1] - The upgraded model can verify the authenticity of storefront images and videos uploaded by merchants, conducting over 14 million daily inspections of kitchen environments and addressing more than 50,000 common issues [1][5] Group 2: Merchant Verification Process - The AI model enhances the verification of storefront authenticity by comparing uploaded images with real-time photos, effectively identifying discrepancies and preventing the use of AI-generated fake storefront images [2][3] - As of February, over 450,000 AI-generated storefront images have been intercepted during the onboarding process, showcasing the model's capability to filter out fraudulent submissions [3] Group 3: Kitchen Environment Monitoring - The AI model's kitchen environment alert system covers 910,000 merchants, conducting daily inspections that exceed the total number of manual inspections conducted in the previous year [5] - The model can identify various potential food safety risks, such as improper hygiene practices and pest issues, and sends real-time alerts for corrective actions [4][6] Group 4: Overall Impact on Food Safety Governance - The cumulative inspections by the "Xingmou" model have reached 1.96 billion, with over 2.4 million alerts issued, leading to significant improvements in food safety practices among merchants [8] - The shift from reactive to proactive food safety governance is emphasized, with the model aiming to create a transparent, intelligent, and continuously operating governance system [8]

3月11日，三星新款旗舰手机Galaxy S26系列正式开售。因其搭载了世界首个"隐私屏"的防窥功能，以 及与Gemini合作的Galaxy AI，S26系列在预售期间表现出极高热度。有报道称，在韩国本土，Galaxy S26创下了该系列的最高预售记录，定位最高的Galaxy S26 Ultra最受消费者欢迎。 在中国市场，以即时零售为代表的新兴渠道异军突起，成为三星新机的突出销售趋势变化。记者了解 到，三星今年首次选择在美团闪购同步首发旗舰新品，美团闪购1200余家三星授权体验店同步开展了预 售和首销，提供最快30分钟现货送达服务。在今日三星大中华区与美团闪购独家举行的首销直播中，三 星大中华区移动通讯零售市场部总经理安楠表示，在S26系列预售中，美团闪购成为预售销量最高的平 台之一，"在销售上，即时零售是个惊喜"。 ▲三星通过即时零售平台首发新品。图为三星大中华区与美团闪购举行首销直播。 去年以来，即时零售在中国市场热度持续攀升，除了购买日用百货、生鲜食品，越来越多消费者开始选 择即时零售平台购买数码家电等商品，数码家电品牌加码即时零售成为鲜明趋势。针对这一趋势，平台 持续推出相应支持举措。公开报道显示， ...

新浪科技讯 3月11日下午消息，近日，美团宣布全面升级"星眸"垂域多模态大模型（以下简称"星眸"大 模型）及软硬一体化服务体系。据悉，该体系由美团核心本地商业-智能硬件团队自主研发，并在2025 年4月上线，同年12月的第六届上海食品安全论坛上首次对外公开展示。 新浪科技讯 3月11日下午消息，近日，美团宣布全面升级"星眸"垂域多模态大模型（以下简称"星眸"大 模型）及软硬一体化服务体系。据悉，该体系由美团核心本地商业-智能硬件团队自主研发，并在2025 年4月上线，同年12月的第六届上海食品安全论坛上首次对外公开展示。 此次升级后，美团"星眸"体系会通过全新"端云协同"与Agent技术架构，显著改善食安场景中AI技术落 地所面临的高成本、高延迟、隐私保护差等行业难题，助力平台风险监管实现从"事后追溯"向"实时阻 断"的转变。目前，该体系已率先在平台餐饮食品安全监控领域进行试点，以科技创新守护消费者"舌尖 上的安全"。 截至目前，"星眸"对美团餐饮商家后厨环境累计巡检19.6亿次，预警超240万次，推动商家整改常见共 性问题超5万个，为餐饮安全提供了规模化的AI能力支撑。 按照规划，美团还将在 2026 年持 ...

Group 1 - The core viewpoint of the articles highlights the significant increase in domestic travel driven by the newly announced "spring break" arrangements across various provinces, allowing citizens to combine leave days for extended vacations of 6 to 8 days [1][2] - Data from Meituan Travel indicates a remarkable growth in flight bookings, with some regions experiencing increases as high as 254%, particularly from cities like Hangzhou and Chengdu [2][3] - The spring travel market is witnessing a shift in consumer preferences, with family-oriented travel becoming more prominent, as evidenced by the increased popularity of theme parks as primary destinations [3][4] Group 2 - The top ten most booked attractions during the spring break include major theme parks and cultural sites, with theme parks occupying a significant portion of the list, indicating a trend towards family-friendly destinations [4] - The demand for family-oriented accommodations, such as parent-child homestays, has surged, with booking volumes increasing over tenfold in some areas, reflecting the growing impact of family travel on holiday consumption [4]