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 ...

证券代码：300170 证券简称：汉得信息 公告编号：2026-004 上海汉得信息技术股份有限公司 关于发行境外上市股份（H 股）备案申请材料 获中国证监会接收的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 上海汉得信息技术股份有限公司（以下简称"公司"）已于 2025 年 12 月 29 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市股 份（H 股）并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请， 并于同日在香港联交所网站刊登了本次发行上市的申请资料。具体内容详见公司 于 2025 年 12 月 30 日在巨潮资讯网（www.cninfo.com.cn）披露的《上海汉得信 息技术股份有限公司关于向香港联交所递交境外上市股份（H 股）发行上市申请 并刊发申请资料的公告》（公告编号：2025-070）。 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了本次发行上市的备案申请材料并于近日获中国证监会接收。 公司本次发行上市尚需满足多项条件（包括但不限于取得中国证监会的备案、 香港证券及期货 ...

证券日报网3月22日讯，汉得信息（300170）在接受调研者提问时表示，公司与英伟达的合作体现了底 层算力与行业场景的深度协同。双方在推进企业级AI落地过程中，形成了一种高度互补的合作模式。 英伟达拥有强大的算力底座与原子技术能力，而公司凭借深耕多年的行业积累和对业务逻辑的深刻理 解，拥有将复杂的技术架构精准对接企业"研产供销服财"等具体场景的能力，双方积极协作，把前沿技 术转化为业务经营的实际增量以满足客户的核心诉求，这种协作不仅降低了AI在企业端的落地门槛， 也加速了尖端方案在业务深水区的实效性产出，实现技术向价值的平滑转化。在合作关系中，公司主要 承担应用端方案的集成与交付工作，提供咨询规划的同时通过企业级PaaS平台、大圣AI中台、融合数 据平台等自研的技术底座赋能体系，将英伟达的AI加速能力与汉得成熟的应用产品进行深度融合。在 海外，这种合作模式英伟达已有先例，而公司相较其他传统咨询公司，优势在于拥有更多自主可控的成 型应用产品和诸多各行各业的优秀客户。同时，公司会专注于把英伟达的架构与能力融入到自有产品 中，通过自有产品的智能化升级，努力提升业务的增长潜力。 ...

证券日报网3月22日讯，汉得信息（300170）在接受调研者提问时表示，目前公司与英伟达的协同仍处 于商业模式的样本积累阶段，但发展路径已清晰，公司会持续将国际上的现有成功案例经验复制到更多 的客户中去，持续扮演各方能力的"融合方"。 ...

文/梧桐兄弟 近 日 ，证监会公布了境外发行上市备案补充材料要求（2026年3月16日—2026年3月20日） 、 （2026年3月3日—2026年3月13日），对众安信科 、杭州嘉因、迦智科技、钱大妈、沃客非凡、景 旺电子、华沿机器人、傅里叶半导体、 倍通数据 、迪哲医药、泽璟生物、米奥会展、汉得信息、聚和 材料、科大智能、普祺医药 这 16 家企业出具补充材料要求。 就 倍通数据 ，补充材料要求关注到： 关于股权架构搭建及返程并购的合规性。 请说明（1）持股5% 以上的股东是否履行《关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通 知》（37号文）的外汇登记，以及境内机构股东是否履行对外投资等境内监管程序； （ 2）红筹架构 搭建过程中，涉及收购境内主体的，请提供被收购境内主体收购前后股权架构及穿透情况，说明交易对 价、定价依据、税费缴纳、及倍通医药科技于2024年6月及2025年9月评估值等情况， 是否符合《关 于外国投资者并购境内企业的规定》，外商投资企业收购倍通医药科技相关股权转让价格低于2024年6 月评估值的原因， 是否存在低价将境内资产转移至境外的情况； （3）股权架构搭建 ...

Group 1: Event Overview - The 2026 Han's Information User Conference was held on March 20, 2026, at the Wuhan International Expo Center, focusing on enterprise-level AI applications and digital transformation [2][3]. - The conference theme was "Renewing Core Competencies for Agile Success," addressing key issues in enterprise digital transformation [3]. Group 2: AI Integration in Business - Companies are shifting from merely considering whether to adopt AI to integrating it into business processes, emphasizing the need for sustainable value creation [4]. - The investment logic in AI is evolving from traditional IT expenses to strategic capital expenditures, with significant investments in production restructuring and product empowerment [5]. Group 3: Investment Trends - Leading companies are increasing their AI budgets, with some budgets approaching tens of millions or even billions, reflecting a trend towards substantial financial commitment to AI [5]. - The construction of private computing centers is becoming a critical consideration for large clients in their AI strategies [5]. Group 4: Collaboration and Ecosystem - Han's Information collaborates with ecosystem partners to define clear boundaries in AI application, leveraging its deep customer base and industry understanding [6]. - The company aims to explore high-value business opportunities in partnership with ecosystem players, ensuring mutual benefit [6]. Group 5: Future Outlook and Positioning - Han's Information positions itself as a bridge between technology and management, evolving from implementing mature software to providing AI-driven products and solutions [7]. - The company is focusing on expanding its overseas market presence, leveraging successful domestic practices to attract new clients globally [7]. Group 6: AI Application Evolution - The nature of AI applications in enterprises has shifted from knowledge bases and BI to more complex agents, indicating a deeper integration of AI into business processes [8]. - The company anticipates that successful implementation of AI in one scenario will lead to demand for multiple related applications, driving growth in AI-related business [8]. Group 7: Human-AI Collaboration - The relationship between humans and AI is expected to evolve into a state of "extreme division of labor," where AI handles rule-based tasks while humans manage qualitative judgments [9]. - AI is currently playing a supportive role in the company, enhancing productivity in coding and other areas, but human oversight remains essential for critical functions [10]. Group 8: Partnership with NVIDIA - The collaboration with NVIDIA focuses on integrating powerful computing capabilities with industry-specific applications, enhancing the deployment of enterprise-level AI [11]. - Han's Information is responsible for integrating and delivering application solutions, leveraging its industry expertise to facilitate the practical application of advanced technologies [11].

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 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].

每经AI快讯，有投资者在投资者互动平台提问：随着AI产业快速发展，英伟达等算力厂商推动企业级 大模型应用加速落地，越来越多企业开始建设AI驱动的数字化系统。请问公司在企业AI应用（如AI驱 动的ERP、智能供应链、智能财务等）方面是否已与英伟达生态或相关算力平台展开合作？公司如何把 握AI算力基础设施升级带来的企业数字化新机会？ （记者 张明双） 汉得信息（300170.SZ）3月11日在投资者互动平台表示，公司始终秉持开放合作的理念，与多方生态合 作伙伴共同携手推进企业端AI智能化升级进程。公司已经和英伟达AI Factory完成测试及适配工作并形 成联合解决方案，在AI智能化升级领域共同开拓全球市场。同时，公司和英伟达基于AI Factory共同构 建企业智能化大脑，赋能全球客户企业级应用的智能化升级，积极把握AI算力基础设施升级的机遇。 ...

Core Viewpoint - The company has completed testing and adaptation work with NVIDIA AI Factory, resulting in a joint solution aimed at advancing AI intelligence upgrades for enterprises [1] Group 1: Company Developments - The company adheres to an open cooperation philosophy, collaborating with various ecosystem partners to promote AI intelligence upgrades in enterprises [1] - A joint solution has been formed with NVIDIA AI Factory to explore global markets in the field of AI intelligence upgrades [1] Group 2: Strategic Initiatives - The company and NVIDIA are jointly building an enterprise intelligent brain based on AI Factory, empowering global clients with intelligent upgrades for enterprise applications [1] - The company is actively seizing opportunities related to the upgrade of AI computing infrastructure [1]