风险提示：宏观经济下行；股市波动率上升；金融监管力度抬升超预期。 该基金属于股票型基金，预期风险收益水平较高；历史表现不代表未来。 2026 年 03 月 21 日 证券分析师 于明明 执业证书：S0600525120002 yumm@dwzq.com.cn 证券研究报告·金融工程·金工专题报告 金工专题报告 20260321 新华中证云计算 50ETF：AI 时代的算力配置 核心工具 证券分析师 孙石 执业证书：S0600526020001 suns@dwzq.com.cn 相关研究 《 市场情绪温和修复，大盘波动仍需 警惕》 2026-03-15 《华安国证石油天然气 ETF 正在发 行：一键布局油气产业链》 2026-03-12 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] 作为人工智能时代的关键基础设施，云计算是人工智能深度赋能实体行 业的必要基座，也是加快形成新质生产力，推动我国数字经济走向新发 展阶段的重要助力。 中证云计算 50 指数（指数代码：931469，以下简称"云计算 50"）选取 50 只业务涉及提供基础设施即服 ...

Core Viewpoint - The trend of "raising lobsters" is gaining momentum, driven by advancements in AI technology and the emergence of OpenClaw, which facilitates easier access to AI capabilities [1][2][3]. Group 1: Industry Dynamics - The rise of "raising lobsters" is linked to significant stock performance in related companies, with notable increases in share prices for firms like Wangshun Technology and Youke De [1]. - OpenClaw's development has transitioned from a low-profile project to a global phenomenon, with its open-source nature and execution capabilities attracting widespread attention [4][6]. - The rapid adoption of OpenClaw by major cloud providers like Tencent and Alibaba has significantly lowered the barriers to entry for users, leading to a surge in GitHub stars and user engagement [9][12]. Group 2: Power Transfer and Balance - "Raising lobsters" represents an irreversible trend of power transfer, where users relinquish control to AI agents in exchange for enhanced efficiency [14]. - The industry is motivated by the potential for substantial commercial benefits, as OpenClaw can generate significant API revenue through high token consumption [15]. - Regulatory concerns are rising as AI's ability to execute operations raises issues related to national security and financial oversight [16]. Group 3: Stakeholder Perspectives - Local governments and industries view "raising lobsters" as a means for industrial upgrading and monetizing computing power, actively supporting its development [18]. - Central regulatory bodies prioritize national security and financial stability, establishing boundaries to prevent systemic risks associated with AI operations [18]. - Ordinary users experience anxiety over relinquishing control, often driven by a fear of falling behind in technological adoption [17]. Group 4: Key Companies in the "Raising Lobsters" Trend - Youke De-W (688158) is a pioneer in cloud deployment, offering OpenClaw cloud images and lightweight application cloud hosts [22]. - Hand Information (300170) focuses on enterprise-level applications, integrating OpenClaw into its AI application aggregation platform [24]. - Tuo Wei Information (002261) has achieved deep adaptation of OpenClaw with its self-developed operating system, promoting a combination of domestic computing power and open-source intelligence [26]. - Longxin Zhongke (688047) has localized OpenClaw deployment using its domestic chip, achieving full autonomy from the instruction set to application [27]. - Ruixinwei (603893) provides chips suitable for personal deployment of OpenClaw, addressing low latency and data privacy needs [28]. - Beixin Source (300352) has adapted its security communication products to ensure safety during the "raising lobsters" process [29]. - Qingyun Technology-U (688316) has completed full version adaptation of OpenClaw on its cloud platform, facilitating one-click deployment [30]. - Shunwang Technology (300113) offers an AI cloud computer that integrates OpenClaw, simplifying user access to AI applications [31].

Investment Rating - The report does not explicitly state an investment rating for the cloud computing industry or the specific ETFs mentioned. Core Insights - The AI technology innovation cycle is divided into two halves: the first half focuses on model and method innovation, while the second half emphasizes problem definition and the integration of AI into real-world applications, with a focus on application value [4][7]. - The CSI Cloud Computing 50 Index comprehensively covers the entire cloud computing industry chain, balancing hardware and software, and aims to capture both AI computing infrastructure benefits and software growth opportunities [4][9]. - The report highlights that the cloud is a core component in the second half of the AI technology cycle, where the focus shifts from training to inference, making cloud computing essential for AI applications [7][79]. Summary by Sections Cloud Computing Overview - Cloud computing is defined as the centralized management and dynamic allocation of resources via the internet, likened to utilities like water and electricity [18]. - The global cloud computing market reached a size of 586.4 billion yuan in 2023, with a growth rate of 19.4%, and is expected to exceed one trillion dollars by 2027 [20]. AI's Impact on Cloud Computing - AI is creating new demands in the IaaS and MaaS layers, particularly for large model calls and custom model needs, leading to a shift in cloud service architectures [8][82]. - The business model for cloud computing is anticipated to transition from resource pricing to value pricing, which could enhance gross margins for cloud resources in the long term [8][85]. CSI Cloud Computing 50 Index - The index includes companies providing IaaS, PaaS, and SaaS, selected based on liquidity, growth potential, and market capitalization, ensuring a balanced representation of the cloud computing sector [9][10]. - The index has shown strong performance compared to mainstream indices, indicating its long-term investment value [9]. New Investment Opportunities - The report emphasizes the growth potential in the AI large model solutions market and the MaaS market, both expected to experience rapid growth in the coming years [87][88]. - The integration of GPU, cloud, and AI is seen as a significant growth driver, allowing cloud providers to differentiate their services and enhance their competitive edge [8][94].

拓维信息系统股份有限公司 拓维信息系统股份有限公司（以下简称"公司"）原计划于 2026 年 3 月 19 日披露《2025 年年度报告》，经统筹安排，公司《2025 年年度报告》拟与《2026 年第一季度报告》同期披露，经向深圳证券交易所申请，公司 2025 年年度报告 将延期至 2026 年 4 月 28 日披露。 目前，公司生产经营一切正常，不存在《深圳证券交易所股票上市规则》等 相关法规所规定的应予以披露而未披露的事项。 公司董事会对此次调整 2025 年年度报告披露时间给投资者带来的不便深表 歉意，敬请谅解。公司所有信息均以在指定信息披露媒体和巨潮资讯网 （http://www.cninfo.com.cn）刊登的正式公告为准，敬请广大投资者谨慎决 策，注意防范投资风险。 特此公告。 拓维信息系统股份有限公司董事会 2026年 3 月 18 日 证券代码：002261 证券简称：拓维信息 公告编号：2026-006 拓维信息系统股份有限公司 关于延期披露 2025 年年度报告的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告 中的虚假记载、误导性陈述或重大遗漏承担责任。 ...

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].

Core Viewpoint - The appointment of Mojtaba Khamenei as Iran's new Supreme Leader is expected to strengthen the hardline faction's control over the country, leading to a surge in oil prices, which have already exceeded $100 per barrel [1][3]. Oil and Gas Industry - The new Supreme Leader, Mojtaba Khamenei, is closely associated with the Islamic Revolutionary Guard Corps, which plays a significant role in Iran's political, security, and economic systems [1]. - Analysts believe that the ongoing geopolitical tensions, particularly in the Middle East, will keep international oil prices at three-digit levels for an extended period [22]. - Reports indicate that Saudi Arabia has begun to cut oil production due to saturated storage facilities, which may further impact global oil supply [22]. - The G7 is considering a coordinated release of emergency oil reserves, with support from the U.S. and other nations, potentially releasing 300 to 400 million barrels of oil [3][15]. Economic Indicators - February's CPI in China rose to 1.3%, the highest in nearly three years, while the core CPI increased by 1.8%, marking the highest since March 2019 [12]. - The PPI decreased by 0.9% year-on-year but showed signs of recovery, with expectations that it may turn positive in March due to rising oil prices [12]. - Citigroup noted that a 10% increase in global oil prices contributes 1.15 percentage points to PPI and 0.23 percentage points to CPI, indicating the significant impact of oil prices on inflation metrics [12]. Stock Market Performance - A-shares showed resilience compared to other Asian markets, with the Nikkei 225 index down 5.2% and the Seoul Composite Index down 6% [7]. - The A-share market experienced a collective decline, with major indices falling, influenced by ongoing Middle Eastern conflicts and oil price fluctuations [15]. - The energy sector, particularly oil services and natural gas stocks, saw significant gains in early trading due to rising oil prices [15]. OpenClaw and Technology Sector - The OpenClaw service has gained traction, with various models being integrated into popular communication platforms, indicating a growing interest in AI applications [23]. - The "养龙虾" (raising lobsters) trend related to OpenClaw has attracted considerable public interest, with many inquiries for policy support from local authorities [23].

拓维信息系统股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告 中的虚假记载、误导性陈述或重大遗漏承担责任。 一、股票交易异常波动的情况介绍 拓维信息系统股份有限公司（以下简称"本公司"或"公司"）股票（证券 简称：拓维信息，证券代码：002261）交易价格连续 2 个交易日（2026 年 3 月 6 日、2026 年 3 月 9 日）收盘价格涨幅偏离值累计超过 20%，根据《深圳证券 交易所交易规则》的有关规定，属于股票交易异常波动情况。 二、公司关注及核实相关情况说明 针对公司股票交易异常波动情况，公司董事会就相关事项进行了必要核实， 现对有关核实情况说明如下： 1、公司未发现前期披露的信息存在需要更正、补充之处； 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 证券代码：002261 证券简称：拓维信息 公告编号：2026-005 拓维信息系统股份有限公司 关于股价异常波动的公告 3、公司近期生产经营情况正常，内外部经营环境未发生重大变化； 4、经核查，公司控股股东和实际控制人不存在关于公司的应披露而未披露 的重大事项，或处于筹划 ...

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks, sector performances, and significant fund flows, indicating potential investment opportunities and market trends. Group 1: Trading Activities - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 361.197 billion, with Zijin Mining and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The top traded stocks in the Shanghai market included Zijin Mining (25.92 billion), Industrial Fulian (20.14 billion), and Baiwei Storage (16.47 billion) [2][3] - In the Shenzhen market, CATL topped the list with a trading volume of 43.17 billion, followed by Xinyi Technology (31.14 billion) and Zhongji Xuchuang (27.07 billion) [4] Group 2: Sector Performance - The computer sector saw the highest net inflow of funds, amounting to 77.11 billion, with a net inflow rate of 3.14% [6] - Other sectors with notable net inflows included the electric new industry (10.42 billion) and automotive (9.09 billion) [6] - Conversely, the electronics sector experienced the largest net outflow of funds, totaling -155.98 billion, with a net outflow rate of -4.06% [7][8] Group 3: ETF Trading - The A500 ETF Fund (512050) recorded the highest trading volume among ETFs at 117.432 billion, with a week-on-week increase of 24.83% [13] - The 300 Dividend Low Volatility ETF (515300) saw a remarkable increase in trading volume by 621.84%, indicating strong investor interest [14] - The top ETFs by volume also included the Gold ETF (518880) and the Hang Seng Technology ETF (513130), with significant trading activities [13] Group 4: Institutional and Retail Investor Activities - Institutional investors showed varied activity, with Dongyangguang seeing a 5.82% increase and receiving significant buying from three institutions totaling 8.95 billion [17][18] - Retail investors were active in stocks like Tuo Wei Information, which achieved a two-day consecutive rise, while also witnessing significant selling from major retail investors [19] - Quantitative funds were notably active, with China Great Wall receiving a substantial buy of 2.96 billion from a quantitative fund [20]

Core Viewpoint - The article discusses the recent market trends in the A-share and Hong Kong stock markets, highlighting the surge in the computing power concept and the strong performance of the electric power sector, while also noting the volatility in the oil sector due to geopolitical tensions and market reactions. Group 1: A-share Market Trends - The A-share market opened lower and saw a decline, with the Shanghai Composite Index dropping over 1% at one point but later narrowing its losses to close down 0.67% at 4096.6 points [3] - Major sectors such as military, semiconductor, insurance, and brokerage saw declines, while the smart grid concept remained active, with stocks like Zeyu Intelligent hitting a 20% limit up [3] - The computing power concept experienced a significant surge, with multiple stocks including Yuke Technology and Hongjing Technology reaching their daily limit up of 20% [6][3] Group 2: Hong Kong Market Trends - In the Hong Kong market, stocks like Xun Ce surged over 50%, with a peak increase of over 70%, while MINIMAX-WP and Kingsoft Cloud also saw notable gains [4] Group 3: Computing Power Concept - The computing power concept saw a strong rally, with stocks like Yuke Technology and Hongjing Technology hitting their daily limit up of 20% [6] - The OpenClaw AI service has gained traction, with major cloud providers like Tencent Cloud and Alibaba Cloud announcing support, indicating a growing demand for AI-related computing power [9] Group 4: Electric Power Sector - The electric power sector showed strong performance, with stocks like Jinkai New Energy and Yinxing Energy hitting their daily limit up [11] - Recent approvals for $75 billion in transmission expansion projects in the U.S. are expected to significantly boost electric power demand, particularly driven by AI needs starting in 2026 [13] Group 5: Oil Sector Volatility - The oil sector initially saw strong gains, with companies like CNOOC and PetroChina approaching their daily limit up, but later experienced a pullback [15] - International oil prices have been highly volatile, with Brent and WTI crude oil prices experiencing significant fluctuations, influenced by geopolitical tensions in the Middle East [15][16]