关于云赛智联股份有限公司 2025 年度非经营性资金占用及其他关联资金 往来情况汇总表的专项审核报告 上会师报字(2026)第 2573 号 i Centified Public Accountants (Special General 9 as 云赛智联股份有限公司 2025 年度非经营性资金占用及其他关联资金往来情况汇总表的 专项审核报告 上会师报字(2026)第 2573 号 上会会计师事务所(特殊普通合伙) 中国 上海 会计师事务所(特殊普通合伙) 云赛智联股份有限公司全体股东: 我们接受委托,审计了云赛智联股份有限公司(以下简称"贵公司")2025年度 的财务报表,包括 2025 年 12 月 31 日的合并及公司资产负债表, 2025 年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表及财务报表附注, 并于 2026 年 3 月 26 日出具了审计报告(报告书编号为:上会师报字(2026)第 2570 号)。 在此基础上,我们审核了后附的贵公司管理层编制的"云赛智联股份有限公司 2025 年度非经营性资金占用及其他关联资金往来情况汇总表"(以下简称"汇总表")。 贵公司管理层 ...

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

Market Overview - On March 18, A-shares saw all three major indices rise, with the Shanghai Composite Index up 0.32%, Shenzhen Component Index up 1.05%, ChiNext Index up 2.02%, and the STAR Market Index up 1.77%. Over 3,500 stocks experienced gains [3][4]. Sector Performance - The computing power leasing sector performed strongly, with companies such as Langke Technology, Pingzhi Information, Yunsai Zhili, and Zhongbei Communication hitting the daily limit [5]. - The coal sector faced adjustments, with Zhengzhou Coal Electricity dropping over 5%, and Meijin Energy, Shanxi Black Cat, and Yunmei Energy falling over 3% [7][8]. Stock Highlights - Notable gainers included: - Langke Technology (+20.00%) - Pingzhi Information (+19.99%) - Dongfang Guoxin (+16.36%) - Jingyuan Environmental Protection (+15.26%) [6]. - Conversely, significant decliners included: - Zhengzhou Coal Electricity (-5.93%) - Meijin Energy (-3.97%) - Shanxi Black Cat (-3.91%) [8]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.05 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day [8]. Capital Flow - Main capital inflows were observed in the electronics, communications, and computer sectors, while there were outflows from non-bank financials, basic chemicals, and banking sectors [10]. - Specific stocks with net inflows included: - Xinyi Sheng (+4.405 billion yuan) - Jinfeng Technology (+3.644 billion yuan) - Jinkai New Energy (+2.278 billion yuan) [11]. - Stocks with net outflows included: - Cambrian Technology (-1.495 billion yuan) - Ningde Times (-1.036 billion yuan) - Guosheng Technology (-571 million yuan) [12]. Institutional Insights - Huaxi Securities noted that the demand for AI electricity is continuously increasing, accelerating the demand for agents [14]. - CITIC Securities projected that "green fuels" and "coordinated electricity" could drive nearly 465 GW of wind turbine demand by 2030 [15]. - Huatai Securities indicated that the oil and chemical supply is continuously optimizing, with industry prosperity expected to rise in 2026 [16].

Market Overview - The A-share market saw all three major indices close in the green, with the Shanghai Composite Index ending a four-day losing streak, the Shenzhen Component Index rising over 1%, and the ChiNext Index increasing by more than 2% [1][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.05 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day [1] Sector Performance - The computing power industry chain experienced a significant surge, with the CPO concept rebounding across the board. Major players in the "Yizhongtian" optical module sector saw substantial gains, including Ruisi Kanda with four consecutive daily limits and Kewan Technology with two limits in three days [1] - The liquid cooling server concept also saw a strong performance, with companies like Dayuan Pump Industry, Jialitu, Ningbo Jingda, and Qiangrui Technology hitting the daily limit [1] - The computing power leasing concept strengthened, with Data Port, Zhongbei Communication, and Yunsai Zhiliang all reaching the daily limit [1] - The collaborative computing power concept was active, with Shaoneng Co. and Guangdong Power A both hitting the daily limit [1] - The storage chip sector rose, with Langke Technology achieving two limits in three days and Baiwei Storage increasing over 9% to set a new historical high [1] Declining Sectors - Oil and gas stocks weakened, with companies like Intercontinental Oil and Tongyuan Petroleum experiencing significant declines [2] - The chemical sector faced a downturn, with Jinniu Chemical and Lutianhua hitting the daily limit down [2]

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 rapid rise of the open-source AI project OpenlClaw, which has sparked a nationwide trend in China for "shrimp farming" using AI agents, leading to significant public interest and investment opportunities in the tech sector [3][4]. Group 1: OpenlClaw and Public Response - OpenlClaw has gained over 250,000 stars on GitHub, becoming the most starred project in history, and has led to a surge in public interest in AI applications [3]. - Events promoting OpenlClaw have attracted large crowds, with over 300 people attending a shrimp farming event in Shanghai and nearly 1,000 queuing for installation services in Shenzhen [3][4]. - Despite warnings from the Ministry of Industry and Information Technology regarding security risks associated with OpenlClaw, public enthusiasm remains high [4][5]. Group 2: Industry and Government Support - Major tech companies like Tencent, Alibaba, and ByteDance have launched their own versions of AI agents, contributing to a competitive landscape dubbed the "shrimp farming war" [8][9]. - Local governments are actively promoting "shrimp farming" through supportive policies, with Shenzhen's Longgang District offering up to 4 million yuan in subsidies for demonstration projects [13][15]. - Various regions are establishing OPC (One Person Company) communities to support individual entrepreneurs using AI, with incentives such as free office space and financial subsidies [19][20]. Group 3: Market Impact - The stock market has reacted positively to the "shrimp farming" trend, with companies related to cloud services and computing experiencing significant stock price increases [9][10]. - The article notes that the concept of "shrimp farming" has polarized opinions online, with some viewing it as revolutionary while others dismiss it as hype [12]. Group 4: Future Outlook - The emergence of OpenlClaw and the OPC model is expected to reshape the entrepreneurial landscape, with predictions that 2026 will be a pivotal year for individual innovation in AI [20].

Core Viewpoint - The article highlights the rising interest and investment in OpenClaw, an open-source AI agent platform, which is driving growth in related sectors such as AI computing and cloud services, leading to significant stock price increases for several companies in these fields [5][12]. Group 1: Market Performance - On March 9, OpenClaw's concept gained traction, resulting in a surge in AI computing and cloud computing sectors, with multiple stocks hitting their daily limit up [5]. - Companies such as Qingyun Technology (688316.SH) and Youke De (688158.SH) saw their stock prices increase by 20% and 19.99%, respectively, while others like China Great Wall (000066.SZ) and Meiliyun (000815.SZ) also experienced significant gains [6][13]. Group 2: Government Support - The Longgang District of Shenzhen has released a draft for public consultation regarding measures to support OpenClaw and OPC development, including free deployment, data service support, and talent development [8]. - Wuxi High-tech Zone has also proposed 12 measures to support OpenClaw and related community projects, with individual support reaching up to 5 million yuan [10]. Group 3: Industry Implications - OpenClaw is positioned as a transformative platform that can evolve from personal efficiency tools to enterprise-level productivity units, with potential applications in key sectors like government, healthcare, and education [12]. - The platform's community engagement and contributions from developers are expected to accelerate AI technology innovation and application [12]. - Major cloud service providers, including Tencent Cloud and Alibaba Cloud, are integrating OpenClaw into their offerings, indicating a shift towards a new paradigm in AI applications [14]. Group 4: Future Outlook - The adoption of OpenClaw is anticipated to create a positive feedback loop of model upgrades, data return, and increased computing demand, which will benefit the entire domestic computing industry [14]. - The article suggests that the growth in AI applications will lead to a significant increase in demand for computing resources, impacting the entire supply chain from chips to cloud services [14].

Core Viewpoint - OpenClaw has gained significant attention in the tech and capital markets, with its latest version introducing advanced features and becoming a leading open-source project on GitHub, while the "lobster farming" concept related to AI is gaining traction in the A-share market despite most companies not yet seeing substantial business growth from it [4][5][8]. Group 1: OpenClaw's Features and Innovations - OpenClaw has five core breakthroughs compared to previous AI products like AutoGPT and GPT-4o, including a layered architecture that positions it as a self-hosted AI gateway and a file-driven design for managing AI behavior [6]. - The execution capability of OpenClaw has evolved from passive response to proactive execution, allowing it to run autonomously 24/7 without human intervention [6]. - OpenClaw features a dual-mode memory architecture that combines short-term and long-term memory, enhancing its intelligence over time while ensuring data privacy through local storage [7]. Group 2: Market Impact and Trends - The rise of OpenClaw is creating a "lobster farming" trend in the A-share market, with companies in the cloud deployment and ecosystem services sectors being the most direct beneficiaries [8]. - A surge in demand for local computing power is expected as OpenClaw promotes the shift of AI applications from cloud to edge and terminal devices, benefiting hardware manufacturers like personal computers and private servers [8]. - The A-share market has seen a notable increase in stocks related to AI and computing power, with several companies experiencing significant stock price surges [9]. Group 3: Cloud Service Providers and Business Adaptation - Cloud service providers are positioned as the primary beneficiaries of the OpenClaw trend, with many companies already disclosing their business layouts and technological adaptations related to OpenClaw [10]. - Companies like UCloud have quickly implemented OpenClaw-related services, enabling users to deploy AI assistants efficiently through cloud solutions [10][11]. - Other cloud service providers, such as QingCloud and Wangsu Technology, are also adapting their platforms to support OpenClaw, indicating a rapid industry response [11]. Group 4: Enterprise Applications and Future Prospects - The enterprise application landscape is crucial for scaling revenue and building long-term competitiveness, with companies focusing on integrating OpenClaw into their AI solutions [13]. - Han's Information has launched an AI application aggregation platform that incorporates OpenClaw, aiming to provide a comprehensive enterprise-level AI solution [13]. - The demand for AI applications in various sectors, including finance and automation, is expected to grow as companies leverage OpenClaw's capabilities [14]. Group 5: Hardware Adaptation and Challenges - Domestic hardware manufacturers are actively working on full-stack adaptations for OpenClaw, which is essential for achieving autonomous and secure AI operations [15]. - Companies like Loongson and Rockchip have successfully adapted their hardware to run OpenClaw, although the immediate business impact remains to be seen [15][16]. - The overall market for AI-related hardware is evolving, with companies like Inspur launching AI servers optimized for OpenClaw, indicating a growing demand for high-performance computing solutions [16].

Group 1 - The main stocks with significant capital inflow include BYD (9.08 billion), Sungrow Power (6.85 billion), and YunSai ZhiLian (6.18 billion) [1] - The top performing stocks by percentage increase are Baofeng Energy (9.99%), YK Technology-W (19.99%), and YunSai ZhiLian (9.98%) [2][3] - The sectors represented in the top inflow stocks include automotive, power equipment, computer, and coal [2][3] Group 2 - BYD leads with a capital inflow of 9.08 billion and a price increase of 2.89% [2] - Sungrow Power has a capital inflow of 6.85 billion with a price increase of 2.56% [2] - The total capital inflow for the top 20 stocks reflects strong investor interest across various sectors [1]

Group 1 - Lito Electronics and Chengdi Xiangjiang reached the daily limit increase [1] - Yuntian Lifey surged over 15% [1] - Shunwang Technology and Capital Online both increased by over 10% [1] - Yunsai Zhili and Wangsu Technology, along with Hongjing Technology, also experienced gains [1]