完整早报音频，请点击标题下方小耳机收听 【本田突发 暴雷 ：因撤回电动化战略损失 1000 亿元】 3 月 12 日，本田汽车称，其 2025 财年（ 2025.4 – 2026.3 ）预计经营亏损 2700 亿 ~5700 亿日元，此前预计收益 5500 亿日元；预计净亏损 4200 亿 ~6900 亿日 元（约合人民币 116 亿 ~247 亿元），此前预计收益 3000 亿日元。该公司同日称，取消了部分美国制造电动汽 车的研发和上市计划。预计因重新评估电气化战略产生的总费用和损失最高达 2.5 万亿日元（约合人民币 1082 亿 元）。据了解，这是本田汽车自上市以来首次年度亏损。（第一财经） 【腾讯回应 OpenClaw 之父 Peter 的 " 抄袭 " 指责：希望继续支持生态】 近日，腾讯的 SkillHub 正式上线，有 市场声音称腾讯正在抓取 Clawhub 上的技能并导入到该平台中。奥地利知名程序员、 OpenClaw 创始人 PeterSteinberger 在社交平台上评论，他曾收到一封邮件，有人抱怨他的速率限制导致他们无法快速抓取数据。 " 他们抄袭，却不以任何方式支持这个项目 " 。腾 ...

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 ...

近日，开源AI智能体OpenClaw （网友戏称为"赛博龙虾"） 迅速走红网络。 随着应用热度持续攀升，多地政府相继出台专项扶持政策，从企业到个人开发者，部署OpenClaw正成为新 的趋势。 该工具通过整合通信软件与大语言模型，能够在用户电脑上自主执行文件管理、邮件收发、数据处理等复杂 任务，展现出强大的自动化能力。与此同时，智能体能够直接调用系统资源并自主执行指令，这也带来了新 的安全挑战。 其中，提示词注入和插件供应链攻击被认为是当前最容易被忽视、却危害较大的新型攻击方式。一旦被利 用，攻击者可能诱导智能体执行非预期指令，甚至长期操控其行为。 工业和信息化部网络安全威胁和漏洞信息共享平台此前已发布相关安全预警。中国信息通信研究院副院长魏 亮提醒，即使升级到官方最新版本修复已知漏洞，也并不意味着安全风险完全消除。由于智能体具有自主决 策、调用系统资源以及技能包来源复杂等特点，如果缺乏有效防护措施，仍可能引发数据泄露或系统被控制 等安全问题。 3月10日，国家互联网应急中心发布《关于OpenClaw安全应用的风险提示》，指出该类智能体在运行过程 中通常需要被授予较高系统权限，例如访问本地文件系统、读取环境变 ...

Core Viewpoint - The government work report emphasizes the development of a "new intelligent economy" and the integration of technology and industry, highlighting the importance of artificial intelligence (AI) and its application across various sectors [4][5][6]. Group 1: Intelligent Economy - The report introduces the concept of "new intelligent economy," calling for the promotion of new intelligent terminals and AI applications in key industries [4][5]. - Industry leaders express strong support for the government's focus on AI, indicating a shift from AI as a mere technology to a driver of value creation across sectors [5][6]. - The report outlines the need for deep integration of technology innovation and industrial innovation, marking a significant trend in the economy [6]. Group 2: Technological Infrastructure - The report mentions the implementation of large-scale intelligent computing clusters and the need for coordinated power supply, suggesting a focus on enhancing the efficiency of energy and computing resources [7]. - Recommendations include establishing a unified national electricity market to support intelligent computing centers and reduce energy costs for AI development [7]. Group 3: Future Industries - The report emphasizes the cultivation of future industries such as quantum technology, embodied intelligence, and 6G, indicating a strategic focus on advancing new productive forces [12][15]. - Industry representatives highlight the importance of developing quantum communication and embodied intelligence, with a call for government support in overcoming common challenges in these fields [12][15]. Group 4: International Logistics and Trade - The report stresses the need to strengthen international logistics systems and expand digital trade, which is seen as beneficial for companies engaged in global supply chain services [16][17]. - Companies are adapting to a shift from "stocking mode" to "branding mode" in cross-border logistics, necessitating higher standards for logistics stability and compliance [16]. Group 5: AI and Data Security - The report raises concerns about data security and user authorization in AI applications, highlighting the need for regulatory frameworks to address potential issues arising from data usage [9][10]. - Experts emphasize the importance of user rights and data protection in the deployment of AI agents, advocating for clear guidelines on data handling and user consent [10].

Group 1 - The core viewpoint of the articles emphasizes the rapid development of China's technology sector, with significant advancements in areas such as artificial intelligence, semiconductor manufacturing, and robotics, positioning the country among global leaders in innovation [1][2][3]. - The Ministry of Science and Technology announced that by 2025, total R&D investment in China will exceed 3.92 trillion yuan, with a research intensity of 2.8%, and basic research funding reaching nearly 280 billion yuan, marking a historic high [1]. - The growth in high-tech manufacturing and equipment manufacturing sectors is notable, with value-added growth rates of 9.4% and 9.2% respectively, and production increases in industrial robots and integrated circuits by 28% and 10.9% [2]. Group 2 - Domestic chips are transitioning from being merely "usable" to "usable and effective," with significant improvements in performance and market acceptance, as evidenced by the sales of the Feiteng CPU [3][4]. - The Chinese government is focusing on breaking conventional paths in semiconductor development, emphasizing the need for a systematic approach to overcome challenges in the industry [4]. - The importance of AI in enhancing productivity across various sectors is highlighted, with a shift from technology-driven to demand-driven approaches in AI applications [5]. Group 3 - The discussions at the National People's Congress included calls for more attention to AI chip development and related industries, emphasizing the need for policy guidance to foster breakthroughs in hardware and data processing technologies [8]. - Xiaomi's founder expressed concerns over rising storage chip prices due to increased AI demand, indicating the pressure on smartphone manufacturing costs [9][10]. - Recommendations for enhancing the semiconductor industry include establishing special financing channels and improving capital market support to address technological and investment bottlenecks [10][11]. Group 4 - Suggestions for regional collaboration in the semiconductor industry focus on upgrading clusters and addressing upstream material shortages, with specific proposals for integrating resources across regions [11]. - The integration of AI and chip technology is seen as a core support for new productive forces, with recommendations for optimizing EDA tools and enhancing supply chain resilience [12]. - The role of private enterprises in driving innovation in the semiconductor sector is emphasized, with calls for better support and incentives for talent development and participation in national innovation platforms [13].

2026年全国两会，全国政协委员、360集团创始人周鸿祎重点关注四个方向：一是优化推理算力布局，夯实人工智能产业发展底座；二是"智能体技术 普惠+懂AI懂业务的人才培育"双轮驱动，加速推进"人工智能+"行动落地；三是推广安全智能体的广泛应用，筑牢新兴领域国家安全屏障；四是协同 完善数据流通安全合规体系，推动数据、网络、AI一体化安全能力提升。 周鸿祎表示，过去两年，产业焦点集中于大模型的预训练，对高端训练芯片的需求极为迫切。当前，随着基础模型能力普遍越过及格线，行业正迈入"人 工智能+"的应用时代，全国算力的需求结构发生了根本性变化。 "大语言模型聊天的算力和智能体实际干活时所需的算力，是无法相提并论的。"周鸿祎解释，当一个智能体真正开始为企业干活——撰写一部短剧，分析 一份财报，或是自动完成一笔复杂交易，其消耗的推理算力将是简单对话的几百倍甚至上千倍。他表示，一旦进入大模型应用阶段，推理算力的需求将呈 指数级增长。 "过去重视训练算力是合理的，但现在基座模型已过及格线，行业应用更应聚焦推理算力。"他解释，智能体执行任务时需反复分解步骤、试错搜索， Token消耗可达聊天场景的数百倍。周鸿祎表示，推理芯片对互 ...

Core Viewpoint - The article discusses the proposals by Zhou Hongyi, founder of 360 Group, regarding reasoning computing power, intelligent agent technology, and talent development in the context of China's upcoming National People's Congress [3]. Group 1: Reasoning Computing Power - Zhou Hongyi emphasizes the exponential growth in demand for reasoning computing power in the "hundred billion intelligent agent era" following China's "hundred model battle," which has led to the development of many "international first-class" open-source models [3]. - There is a notable gap in dedicated clusters for reasoning tasks in China's computing power centers, and the optimization of supply and demand across regions is necessary [3]. - Zhou suggests the establishment of a national guidance policy for reasoning computing power layout, creating a system that combines national coordination with regional specifics based on local scene density, computing power gaps, and energy security capabilities [4]. Group 2: Specialized Reasoning Chips - The development of specialized reasoning chips is identified as a crucial direction for China's chip industry to achieve differentiation [3]. - Encouragement for the domestic development of specialized reasoning chips is highlighted, focusing on breakthroughs in high-precision, low-latency, and multi-modal chip technologies to ensure an autonomous and controllable industrial chain [4]. - The advancement of reasoning chips is seen as strategically significant, as it can reduce cloud costs and support private deployment and edge intelligent hardware applications [4]. Group 3: Talent and Technology Empowerment - Zhou advocates for a dual empowerment strategy for technology and talent to accelerate the application of intelligent agents in the industry [4]. - In terms of intelligent agent security, there is a recommendation to promote the scenario-based application of secure intelligent agents and support the ecological innovation of security technologies [4].

Group 1 - The core focus of the upcoming National People's Congress is on AI safety, application, and training, as highlighted by Zhou Hongyi, the founder and CEO of 360 [5][8] - Zhou emphasizes the importance of AI agents in enhancing security, noting that 360 has developed tens of thousands of AI security agents that can identify software vulnerabilities and provide real-time protection for over two million small and medium-sized enterprises in China [3][7] - The distinction between training and inference computing power is crucial, with Zhou suggesting that while training power has room for growth, the potential for inference power is limitless, urging local governments to prioritize the development of inference chips [3][7] Group 2 - Zhou proposes the creation of an open platform for AI agents, allowing ordinary businesses and individuals to easily establish their own agents, which can transform computing power into specialized intelligence [4][8] - He stresses the need for nationwide training programs for AI agents, as the development and management of these agents differ significantly from traditional software, requiring business experts to lead rather than AI specialists [4][8] - The strategic value of inference chips, including edge and IoT chips, is highlighted, with a call for policies that do not solely chase high-end training chips like those from Nvidia, as the future will see a vast network of computing power [3][7]

Core Insights - The commercialization of general artificial intelligence (AGI) is becoming clearer by 2026, with a focus on building intelligent agent ecosystems and enhancing reasoning capabilities [1][3] - AI is entering the cybersecurity market, reshaping the attack and defense systems, indicating a significant trend in the industry [1][3] Group 1: AGI Development - AGI is being redefined, with current AI capabilities surpassing the average human skill level, rather than requiring a "super genius" [3] - The Seedance video generation model exemplifies AGI capabilities, demonstrating significant potential in the entertainment industry [3] - Effective use of AI involves creating specialized intelligent agents that can engage in deep reasoning through role-playing and collaborative debate [3] Group 2: Intelligent Agents in Internet Economy - The rise of intelligent agents is leading to the emergence of an "agent economy," where agents will facilitate automatic price comparisons and transactions on e-commerce platforms [5] - This new business model raises questions about identity verification and accountability, particularly regarding errors made by deployed agents [5] - Intelligent agents are expected to fundamentally alter existing internet products and business models, potentially leading to parallel systems for human interaction and API access [5] Group 3: Cybersecurity Transformation - AI tools like Claude code security are revolutionizing the cybersecurity industry by efficiently scanning for vulnerabilities and generating patches, causing stock declines for traditional security firms [7] - The efficiency of AI in programming may lead to an overwhelming amount of code that humans cannot effectively manage, necessitating specialized AI tools for security [7][8] - The traditional cybersecurity model, which focuses on post-attack defense, is being challenged as AI can potentially eliminate many vulnerabilities during the coding phase [8] Group 4: Future of Cyber Attacks - Future cyber attacks are expected to evolve into "hacker agents," which will automate and scale attack methods beyond human capabilities [9] - The traditional defense strategies will likely collapse under the pressure of automated hacker agents, necessitating a shift in cybersecurity approaches [9] - Companies like 360 Group are adopting intelligent agents to enhance security operations, including vulnerability detection and automated penetration testing [9]

Group 1 - The core focus of Zhou Hongyi, founder of 360, during the National People's Congress is on AI empowerment in security, the implementation of AI in China, and how enterprises and individuals can quickly utilize AI [2][3] - Zhou emphasizes the importance of AI agents, citing examples like Anthropic, which can address security issues through AI programming and vulnerability detection [2] - The development of reasoning computing power is highlighted as having unlimited potential, while training computing power still has room for growth [2] Group 2 - Zhou advocates for a shift in national industrial policy towards reasoning chips, which are strategically important and should not solely focus on high-end training chips like those from Nvidia [2] - The necessity for private deployment of AI models and agents within companies is stressed, as local computing power is essential for affordability and practicality [2] - Zhou points out that AI assistants are currently being used broadly, but there is a need for more specialized AI agents that can deliver direct value to enterprises, encouraging them to pay for such services [3]