金地管理：深信服科技大厦 在成本管控方面，金地管理凭借全周期管理，通过优化设计方案、统筹前期工程、实施全过程成本动态监控等举措，将成本管控要求落实到设计规划、施工建设、 竣工结算的各个环节。通过全过程 BIM 技术协同、构件预制化与装配式施工，实现安装精准化与进度可视化，大幅提升施工效率与质量控制水平。并通过精细化管 理，累计为委托方节约建安目标成本 8000余万元，获得委托方目标成本节余超额激励，切实达成"助力委托方资产价值最大化"的管理目标，凸显了金地管理在成本 管控与资源整合方面的专业能力。 在工程品质与安全文明施工领域，金地管理依托自身在云计算、大数据与物联网领域的技术积累，打造"智慧工地管理平台"，实现施工进度、人员安全、材料溯 源、环境监测等全要素的数字化管理。通过AI监控、无人机巡检、智能穿戴设备等科技手段，确保施工过程可视、可控、可追溯。 所在城市：深圳 项目类型：办公项目 委托方名称：深信服科技股份有限公司 代建类型：商业代建 深信服科技大厦坐落于深圳南山区留仙洞总部基地核心区域，总建筑面积约 7.14万平方米，建筑高度达129.2米，地上26层、地下3层，是一座集研发办公、技术展 示与智慧 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-027 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于"信服转债"赎回结果的公告 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。 特别提示： 一、可转债的基本情况 （一）可转债发行上市情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）同意注册， 公司于 2023 年 7 月 27 日向不特定对象发行 1,214.7560 万张可转换公司债券（以 下简称"可转债"或"信服转债"），每张面值 100 元，发行总额为 121,475.6000 万 元。经深圳证券交易所同意，公司可转债自 2023 年 8 月 18 日起在深圳证券交易 所挂牌交易，债券简称"信服转债"，债券代码"123210"。 （二）可转债转股期限 本次可转债转股期自可转债发行结束之日（2023 年 8 月 2 日）满六个月后 的第一个交易日（2024 ...

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-028 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 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。 特别提示： 一、可转债的基本情况 （一）可转债发行上市情况 经中国证券监督管理委员会《关于同意深信服科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023〕1428 号）同意注册， 公司于 2023 年 7 月 27 日向不特定对象发行 1,214.7560 万张可转换公司债券（以 下简称"可转债"或"信服转债"），每张面值 100 元，发行总额为 121,475.6000 万 元。经深圳证券交易所同意，公司可转债自 2023 年 8 月 18 日起在深圳证券交易 所挂牌交易，债券简称"信服转债"，债券代码"123210"。 深信服科技股份有限公司 关于"信服转债"摘牌的公告 （二）可转债转股期限 本次可转债转股期自可转债发行结束之日（2023 年 8 月 2 日）满六个月后 的第一个交易日（2024 年 ...

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]

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant paradigm shift brought by OpenClaw, transitioning from a "dialogue tool" to a "digital employee," enabling autonomous execution of tasks through a four-layer architecture [4] - OpenClaw has sparked a nationwide technological craze, with its GitHub stars surpassing 270,000, leading to widespread adaptation by domestic manufacturers [4] - The demand for AI infrastructure is expected to grow exponentially due to OpenClaw's token consumption model, which has shifted from "human-machine dialogue" to "machine self-circulation" [4] Summary by Relevant Sections Industry Overview - The closing index for the industry is 5311.29, with a 52-week high of 6151.34 and a low of 4080.58 [1] Investment Recommendations - The report suggests focusing on: 1. Large models benefiting from API call surges: MiniMax, Zhipu, etc. 2. Instant Messaging (IM) entry points: Alibaba, Tencent, etc. 3. Cloud services as direct beneficiaries of user growth: UCloud, QingCloud, Wangsu Technology, etc. 4. Computing power leasing/IDC due to rising demand: Dazhi Technology, Dongyangguang, etc. 5. Computing hardware for foundational support: Cambricon, Haiguang Information, etc. [5]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-026 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于"信服转债"即将停止转股暨赎回前 最后半个交易日的重要提示性公告 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。 特别提示： 1．可转债最后转股日：2026 年 3 月 16 日 2026 年 3 月 16 日为"信服转债"最后一个转股日，当日收市前，持有"信服转 债"的投资者仍可进行转股。2026 年 3 月 16 日收市后，未实施转股的"信服转债" 将停止转股，剩余"信服转债"将按照 100.51 元/张的价格被强制赎回。若被强制 赎回，投资者可能面临损失。 截至 2026 年 3 月 16 日上午收市后，距离"信服转债"停止转股日（2026 年 3 月 17 日）仅剩半个交易日。 2．可转债持有人若转股，需开通创业板交易权限。投资者不符合创业板股 票适当性管理要求的，不能将所持"信服转债"转换为股票，特提请投资者关注不 能转股的风险。 3．特别 ...

Investment Rating - The report maintains a "Buy" rating for the computer industry [4] Core Insights - The "14th Five-Year Plan" emphasizes the core strategic position of artificial intelligence (AI) in national development, with the term "artificial intelligence" appearing 30 times, compared to only 6 times in the previous plan [6][8] - The next five years will see AI Agents as the driving force for economic transformation, with a focus on high-value AI Agent growth leading to significant value creation [6][10] - The demand for intelligent computing power is expected to rise significantly, with projections indicating that by 2028, intelligent computing power will account for over 95% of total computing power in China [6][12] - The report highlights the emergence of "Token inflation" due to the rapid growth in AI model usage, with a projected annual Token consumption increase from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a CAGR of 3418% [6][24] - Investment opportunities are identified in AI-native application companies, edge AI technologies, domestic computing power chain replacements, and collaborative infrastructure for computing and electricity [6][38] Summary by Sections Section 1: The "14th Five-Year Plan" as a Key Period for Intelligent Economy - The plan introduces the concept of "intelligent native," suggesting AI may become a new production factor [11] - The intelligent economy will drive the reconstruction of AI factor value [13] Section 2: Outlook for the "14th Five-Year Plan" - The intelligent economy is set to initiate a rapid explosion in Token usage, with AI Agents transitioning from cost centers to profit centers [17][38] - The report anticipates a significant increase in the number of active AI Agents, from approximately 28.6 million in 2025 to 2.216 billion by 2030, with a compound annual growth rate (CAGR) of 139% [24] Section 3: Comprehensive Upgrade of AI Factors During the "14th Five-Year Plan" - The report emphasizes the importance of high-quality data sets as a core barrier for building irreplaceable AI Agents [16] - The demand for high-quality, proprietary data sets is expected to surge, with a focus on transforming data resources into valuable assets [16] Section 4: Investment Recommendations - The report suggests focusing on AI-native application companies capable of generating scalable revenue, as well as companies that integrate AI Agents with vertical industry know-how [6][38] - Specific companies to watch include Horizon Robotics, JingTai Holdings, Meitu, and others [6]

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-025 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于"信服转债"即将停止转股暨赎回前 最后一个交易日的重要提示性公告 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。 特别提示： 1．可转债最后转股日：2026 年 3 月 16 日 2026 年 3 月 16 日为"信服转债"最后一个转股日，当日收市前，持有"信服转 债"的投资者仍可进行转股。2026 年 3 月 16 日收市后，未实施转股的"信服转债" 将停止转股，剩余"信服转债"将按照 100.51 元/张的价格被强制赎回。若被强制 赎回，投资者可能面临损失。 截至 2026 年 3 月 13 日收市后，距离"信服转债"停止转股日（2026 年 3 月 17 日）仅剩 1 个交易日。 3．特别提醒"信服转债"持有人注意在期限内转股。 重要提示： 1．"信服转债"赎回价格：100.51 元/张（含息税） 2．可转债停止交易日：2026 年 3 月 1 ...

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].

| 证券代码：300454 | 证券简称：深信服 | 公告编号：2026-024 | | --- | --- | --- | | 债券代码：123210 | 债券简称：信服转债 | | 深信服科技股份有限公司 关于提前赎回"信服转债"暨即将 停止转股的重要提示性公告 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。 特别提示： 1．可转债最后转股日：2026 年 3 月 16 日 2026 年 3 月 16 日为"信服转债"最后一个转股日，当日收市前，持有"信服转 债"的投资者仍可进行转股。2026 年 3 月 16 日收市后，未实施转股的"信服转债" 将停止转股，剩余"信服转债"将按照 100.51 元/张的价格被强制赎回。若被强制 赎回，投资者可能面临损失。 截至 2026 年 3 月 12 日收市后，距离"信服转债"停止转股日（2026 年 3 月 17 日）仅剩 2 个交易日。 2．可转债持有人若转股，需开通创业板交易权限。投资者不符合创业板股 票适当性管理要求的，不能将所持"信服转债"转换为股票，特提请投资者关注不 能转股的风险。 3．特别提醒"信服转 ...