证券研究报告 计算机 报告日期：2026 年 03 月 23 日 Minimax 发布 M2.7，阿里云部分产品提价 ——计算机行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230526030001 邮箱：zhulx@hlzq.com 《政府工作报告再提"人工智能+"， 2026.03.09 AI 基建投资机会—计算机行业周报》 2026.03.02 《北美云服务局部涨价，AI 应用按下加 速键—计算机行业周报》2026.02.02 请认真阅读文后免责条款 摘要： 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 分析师：孙伯文 MiniMax 发布 M2.7，首次实现模型自我进化能力。MiniMax 于 2026 年 3 月 18 日发布了新一代 Agent 旗舰大模型 M2.7，核心的 突破在于首次实现了"模型自我进化" 。M2.7 能够通过构建复 杂 Agent Harness，深度参与自身的训练、优化与迭代流程，例如 自动执行超过 100 轮"分析-改进-验证"的闭环，最终通过优化 在内部评测集上实现约 30%的效果提升，并能够在 RL ...

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].

Investment Rating - The report assigns a "Buy" rating for the industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [49]. Core Insights - OpenClaw is an open-source autonomous AI virtual assistant software project designed to perform complex tasks autonomously based on user instructions, marking a significant advancement from traditional chatbots [4][15]. - The demand for AI agents is expected to accelerate, with the number of agents in Chinese enterprises projected to exceed 350 million by 2031, achieving a compound annual growth rate of over 135% [5][24]. - The release of GPT-5.4 enhances the capabilities of AI agents, allowing them to perform complex workflows across software applications, which is crucial for the commercial viability of OpenClaw [5][28][31]. - OpenClaw's rise is anticipated to have three major impacts on the industry: it will likely become one of the first application scenarios for AI agents, increase token consumption significantly, and boost the demand for domestic large models [6][34]. Summary by Sections 01 OpenClaw: A New Era of AI Employees - OpenClaw is an open-source AI agent project developed by Peter Steinberger, initially released as Clawdbot in late 2025 and later renamed [11]. - It is designed to autonomously execute tasks for users, offering capabilities such as file operations, process orchestration, and multi-platform interactions [15][19]. 02 Demand Side: Expansion of Agent Demand - AI agents are seen as a feasible direction for application deployment, with their proactive capabilities distinguishing them from traditional AI assistants [21]. - The growth in agent numbers and token consumption in China is expected to accelerate, driven by advancements in local models and supportive industrial policies [24]. 03 Supply Side: Continuous Iteration of Large Models and Strengthening of Underlying Technologies - The release of GPT-5.4 marks a significant advancement in AI capabilities, particularly in enhancing agent functionalities [28]. - The ongoing improvements in large model technologies are crucial for the commercial success of AI agents like OpenClaw [31]. 04 Impact of OpenClaw's Emergence on the Industry - OpenClaw is gaining rapid popularity, surpassing many established projects on GitHub, indicating its potential as a leading application scenario for AI agents [34]. - The increase in token consumption associated with OpenClaw is expected to drive demand for computing power and cloud services [40]. - The demand for domestic large models is anticipated to rise, with OpenClaw primarily utilizing Chinese models, which may accelerate their international expansion [41]. 05 Investment Recommendations - Beneficial stocks include companies involved in large models and applications, as well as those providing computing infrastructure, indicating a broad investment opportunity in the AI sector [46].

Investment Rating - The report maintains a "Recommended" rating for the industry [5] Core Insights - The computer industry index experienced a slight increase of 0.62% during the week of February 24 to February 27, 2026, continuing the upward trend from the last week before the Spring Festival. In comparison, the Shanghai Composite Index rose by 1.98%, the Shenzhen Component Index by 2.80%, and the ChiNext Index by 1.05% [1][10] - The report highlights significant performance in the AI model sector, with Chinese models such as MiniMax M2.5, DeepSeek V3.2, Kimi K2.5, and Zhipu GLM-5 ranking among the top ten globally in total token consumption. Notably, MiniMax M2.5 surpassed models like Gemini and Grok to achieve the top position, marking a significant milestone for Chinese AI models [3][20] - The report suggests that the commercialization of foundational large models is underway, driven by increased token consumption and the maturity of generative large models in various applications, including programming and video [3][20] Summary by Sections Market Review - The computer industry index rose by 0.62% during the specified week, with the sub-sectors of computer equipment, IT services II, and software development showing respective changes of +0.56%, +2.71%, and -1.12% [1][10][13] Key Announcements - Haiguang Information reported a total revenue of 14.376 billion yuan for 2025, a year-on-year increase of 56.91%, with a net profit of 2.542 billion yuan, up 31.66% [2][18] - Zhimingda announced a revenue of 709 million yuan for 2025, reflecting a 61.87% increase, and a net profit of 110 million yuan, which is a staggering 466.74% growth [2][18] - Zhuoyi Information reported a revenue of 338 million yuan, up 4.42%, and a net profit of 82 million yuan, increasing by 150.05% [2][18] - Kingsoft Office achieved a revenue of 5.929 billion yuan, a 15.78% increase, with a net profit of 1.843 billion yuan, up 12.03% [2][18] Investment Perspective - The report indicates that the computer industry index's performance was relatively weak despite the slight increase. The rapid growth in token consumption from foundational large models suggests a shift towards commercialization, with a recommendation to focus on foundational model vendors and service companies with practical applications [3][20]

Summary of Conference Call Notes Industry Focus - The conference call primarily discusses the **AI and computing power industry**, with a specific emphasis on **domestic models and their adaptation to local computing power** [1][2][3]. Core Insights and Arguments - **OpenClaw and DeepSeek**: There is a growing interest in OpenClaw, and the new DeepSeek model is expected to be released, indicating that the demand for computing power in the Agent era will continue to grow exponentially [1][2]. - **Domestic Computing Power**: The adaptation of various domestic models to local computing power is anticipated to lead to a significant increase in domestic computing power shipments. Enhanced capabilities of large models will further accelerate the implementation of AI applications [2][3]. Key Companies to Watch 1. **Computing Power & Infrastructure**: - **Haiguang Information**: The company has achieved Day0 adaptation with recently released domestic models and leads in domestic shipment market share [4]. - **Inspur Information**: With the MoE model becoming a standard, the future super-node solutions are expected to enhance market share and profits for leading server companies [4]. - **Sangfor Technologies**: The company’s leading position in cloud computing aligns with DeepSeek's demand for private deployment by government and enterprise clients, having developed mature solutions in cluster construction, model management, and application setup [4]. - **Zhiwei Intelligent**: The AI intelligent computing business is expected to expand rapidly, particularly among new users represented by the internet, with significant growth in revenue orders anticipated. The company is also actively expanding its embodied intelligence business, expecting explosive growth in product shipments by 2026 [4]. 2. **Beneficiary Applications**: - **TaxFriend Co.**: The company is implementing an AI-based financial and tax strategy, integrating AI capabilities into various aspects of financial practice, compliance, and operational empowerment, which is expected to accelerate B2B business growth [4]. - **Wondershare Technology**: As a rare core player in the multi-modal AI sector, the company has recently invested in Shenshu Technology (Vidu) to enhance its model capability matrix and is expanding its market reach through collaboration with Hangzhou Lingman in content generation [5]. - **Zhuoyi Information**: The AI + programming sector has emerged as a primary application scenario for AI. The launch of the low-code IDE product SnapDevelop for .NET developers is expected to drive the company’s return to rapid growth, with potential catalysts from the expansion of the Harmony ecosystem [5]. Additional Important Points - The overall trend indicates a robust growth trajectory for companies involved in AI and computing power, particularly those adapting to domestic needs and enhancing their technological capabilities [1][2][3][4][5].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes three main themes: Coding, Agent, and AIGC multimodal, which are expected to thrive despite market volatility [2] - Long-term investment opportunities are identified in companies like Alibaba, Tencent, Kuaishou, and Bilibili, which are expected to rebound after the current market fluctuations [2] - Short-term fluctuations in stock prices are noted, particularly influenced by external factors and market sentiment regarding AI applications [2] - The report highlights the competitive landscape in the Agent sector and the potential for growth in the AIGC multimodal space, particularly with the introduction of new models and applications [2] Summary by Sections Market Performance - The Shenwan Media Index experienced a weekly decline of 5.10%, while the Shanghai Composite Index rose by 1.98% during the same period [2] - The report notes significant volatility in the market, influenced by external factors and the "AI consumption theory" in the US stock market [2] Key Companies and Opportunities - Companies such as Kunlun Wanwei, Perfect World, and Kayi Network are highlighted as key stocks for March, with expectations of strong performance based on their upcoming projects and market positioning [2] - Kunlun Wanwei is noted for its comprehensive AI application strategy and significant revenue potential from short video content [2] - Perfect World is expected to exceed pre-launch reservation numbers for its new game, indicating strong market interest [2] - Kayi Network is anticipated to launch an AI-native social application, which could enhance its market presence [2] Industry Trends - The report discusses the robust performance of domestic AI models and their revenue elasticity, indicating a positive outlook for the sector [2] - The introduction of new multimodal models, such as Google's NanoBanana2, is expected to further advance the industry [2] - The report suggests that the competition among major domestic companies in the Agent sector is intensifying, creating new market opportunities [2]

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has achieved significant revenue growth, with a projected revenue of RMB 3.38 billion in 2025, reflecting a year-on-year increase of 4.4%. The net profit attributable to shareholders is expected to reach RMB 821.2 million, a substantial increase of 150% [8][10] - The commercialization of AI Coding is accelerating, with the EazyDevelop product orders exceeding RMB 42 million as of February 21, 2026, indicating a doubling of order amounts in January and February 2026 compared to the previous period [8][10] - The company maintains a competitive edge in the IDE market, leveraging partnerships with major AI model providers, which enhances its product offerings and user base [9][10] Financial Forecast - Revenue projections for 2025-2027 are RMB 3.4 billion, RMB 5.7 billion, and RMB 8.3 billion, with growth rates of 4.4%, 69.2%, and 45.0% respectively [10] - The net profit attributable to shareholders is forecasted to be RMB 0.8 billion, RMB 1.9 billion, and RMB 3.0 billion for the same period [10] - The earnings per share (EPS) is expected to be RMB 0.68, RMB 1.56, and RMB 2.47 for 2025, 2026, and 2027 respectively [10] Valuation - The reasonable value of the company's stock is maintained at RMB 155.96 per share, corresponding to a price-to-earnings (P/E) ratio of 100 times for 2026 [10] - The company is compared with peers in the software industry, such as Kingsoft Office and Tax Friend, which have similar business models and market dynamics [10][12]

Financial Performance Summary - In 2025, the company achieved operating revenue of 337.70 million yuan, an increase of 4.42% compared to the previous year [2] - The net profit attributable to the parent company was 82.12 million yuan, reflecting a significant increase of 150.05% year-on-year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was 44.24 million yuan, up by 197.07% compared to the previous year [2] - Total assets at the end of the reporting period were 1.49 billion yuan, a decrease of 3.76% from the beginning of the period [2] - Equity attributable to the parent company increased by 6.60% to 900.83 million yuan [2] Factors Influencing Performance - The company successfully optimized its asset structure and human resource allocation, leading to strategic adjustments that included the divestment of non-core and underperforming businesses [3] - The company focused on AI+IDE product development, launching core products EazyDevelop and SnapDevelop, which are expected to drive future growth [3] - The core firmware business for computing devices also maintained steady growth, contributing to overall profitability [3] - Management implemented cost control measures, resulting in a significant decrease in management expenses during the reporting period [3] - Returns from early-stage industrial investments provided additional income, positively impacting the company's financial performance [3] Significant Changes in Financial Metrics - Operating profit reached 91.34 million yuan, an increase of 143.33% year-on-year [4] - Total profit amounted to 90.90 million yuan, reflecting a growth of 140.78% compared to the previous year [4] - Basic earnings per share were 0.68 yuan, up by 151.85% year-on-year [4] - Investment returns from indirect investments in the industrial investment fund, particularly from the listing of Hengkun New Materials, contributed approximately 30 million yuan to pre-tax profit [4]

（文章来源：证券日报） 证券日报网讯 2月27日，卓易信息发布公告称，公司2025年实现营业总收入337697636.38元，同比增长 4.42%；归属于母公司所有者的净利润82121613.88元，同比增长150.05%。 ...