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]

华泰联合证券有限责任公司 关于中科创达软件股份有限公司 使用自有资金支付募投项目部分款项 并以募集资金等额置换的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券""保荐机构"）作 为中科创达软件股份有限公司（以下简称"中科创达""公司"）2022 年向特 定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》及《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等相关法律、法规和规范性 文件的规定，对中科创达使用自有资金支付募投项目部分款项并以募集资金等额 置换事项进行了审慎核查，发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会"证监许可〔2022〕1745号"文《关于同意中科 创达软件股份有限公司向特定对象发行股票注册的批复》注册，同意公司向特定 对象发行股票的注册申请。截至2022年9月14日止，公司实际已向特定投资者发 行股票数量为30,097,087股，发行价格103元/股，募集资金总额为人民币 3,099,999 ...

会议由董事长赵鸿飞主持，公司高管列席。会议召开符合有关法律、法规、 规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 审议通过《关于使用自有资金支付募投项目部分款项并以募集资金等额置 换的议案》 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《关于 使用自有资金支付募投项目部分款项并以募集资金等额置换的公告》。 证券代码：300496 证券简称：中科创达 公告编号：2026-005 中科创达软件股份有限公司 第五届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 中科创达软件股份有限公司（以下简称"公司"）第五届董事会第十二次会 议于 2026 年 3 月 13 日（星期五）在公司会议室以现场结合通讯的方式召开。会 议通知已于 2026 年 3 月 10 日通过邮件的方式送达各位董事。本次会议应出席董 事 9 人，实际出席董事 9 人。 1、第五届董事会第十二次会议决议； 2、华泰联合证券有限责任公司关于中科创达软件股份有限公司使 ...

中科创达软件股份有限公司 关于使用自有资金支付募投项目部分款项并以募集资金等额置 换的公告 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。 中科创达软件股份有限公司（以下简称"公司"）于 2026 年 3 月 13 日召开 了第五届董事会第十二次会议，审议通过了《关于使用自有资金支付募投项目部 分款项并以募集资金等额置换的议案》，同意公司在不影响募投项目正常实施的 前提下，使用募集资金等额置换不超六个月的已使用自有资金支付募投项目的未 置换款项。上述事项在董事会审批权限范围内，无需提交公司股东会审议。现将 有关事项公告如下： 证券代码：300496 证券简称：中科创达 公告编号：2026-006 一、募集资金基本情况 经中国证券监督管理委员会"证监许可〔2022〕1745 号"文《关于同意中科 创达软件股份有限公司向特定对象发行股票注册的批复》注册，同意公司向特定 对象发行股票的注册申请。截至 2022 年 9 月 14 日止，公司实际已向特定投资者 发行股票数量为 30,097,087 股，发行价格 103 元/股，募集资金总额为人民币 3,099,999, ...

Investment Rating - The report assigns an "Outperform" rating for the industry, with specific stock recommendations including "Buy" for Zhongke Chuangda, Desay SV, Xiaoma Zhixing, and others, and "Hold" for Siwei Tuxin [2]. Core Insights - The report highlights that high-level intelligent driving (AD) is expected to create an independent growth track in 2026, unaffected by the pressures on the automotive industry's sales. The technology is entering a stable mass production phase, supported by favorable policies, leading to a gradual improvement in the industry chain [3][6]. - The penetration rate of high-level intelligent driving is expected to increase significantly, with L2+ level solutions projected to reach a market size of over 150 billion yuan by 2029, growing at a CAGR of 33.7% from 2024 to 2029 [6][8]. - The report emphasizes the emergence of a "driving equality" era, where third-party intelligent driving system companies and those focusing on cost-effective solutions are likely to benefit [3][6]. Summary by Sections Industry Overview - The automotive industry is expected to face challenges in 2026, with a weak outlook due to reduced subsidies, increased competition, and rising costs. However, high-level intelligent driving is becoming a crucial growth point, transitioning from an "add-on" to a "must-have" feature [6][25]. - The penetration rate of L2 level driving assistance features is projected to exceed 70% in 2026, with the first licenses for L3 level vehicles issued, paving the way for further advancements [26]. Market Dynamics - The report notes that the intelligent driving market is evolving independently from traditional vehicle sales, with significant growth in commercial vehicles and specialized scenarios such as logistics and delivery [30][33]. - The global market for autonomous trucks is expected to grow from approximately 39.46 billion USD in 2024 to 86.78 billion USD by 2032, with a CAGR of 10.6% [32][35]. Technological Advancements - High-level intelligent driving is driving demand for core hardware, including lidar and high-performance chips, leading to a positive cycle of cost reduction and increased demand [38]. - The software monetization model for intelligent driving is evolving, allowing for ongoing revenue generation beyond initial vehicle sales, enhancing resilience against industry cycles [38]. Investment Recommendations - The report suggests that companies focusing on third-party intelligent driving solutions and those offering cost-effective strategies for mainstream vehicles are well-positioned to benefit from the ongoing trends in the industry [3][6].

Summary of Conference Call Notes Industry Overview - The focus is on the **China Software** industry, particularly companies involved in software development and AI applications. Key Companies Discussed - **Kingsoft Office** - **Meitu** - **Sensetime** Core Insights and Arguments Valuation Methodology - The valuation approach for the China Software sector has been reset to **Discounted Cash Flow (DCF)** to better reflect free cash flow (FCF) generation and long-term growth prospects in the Gen-AI era [1][2] - Seven stocks were reassessed, including Kingsoft Office, Sensetime, and Meitu, transitioning from near-term P/E to DCF valuation [1] Kingsoft Office (688111.SS) - **Product Launches**: Introduced AI agent Lingxi (WPS AI 3.0) and upgraded WPS 365 for enterprise users, enhancing user adoption through features like real-time collaboration and smart document systems [3] - **Valuation**: Target price set at **Rmb346**, down from **Rmb365**, with a projected 2026 P/S of **21x** and revenue growth of **29% YoY** in 2027-28E [4][8] - **Financial Projections**: - Revenue expected to grow from **Rmb4,556 million** in 2023 to **Rmb12,321 million** by 2028, reflecting a **26% YoY** growth rate [9] - Operating income projected to reach **Rmb4,332 million** by 2028, with a net income of **Rmb4,630 million** [9] Meitu (1357.HK) - **Growth Drivers**: Strong revenue growth in core business areas (photo/video/design) and expansion into overseas markets, with a projected **60%-66% YoY** growth in adjusted net income for 2025 [19] - **Valuation**: Target price remains at **HK$16.0**, with a projected 2026 P/S of **12x** and revenue growth of **31% YoY** in 2027-28E [20][22] - **Financial Projections**: - Revenue expected to grow from **Rmb2,696 million** in 2023 to **Rmb9,050 million** by 2028, with a **31% YoY** growth rate [22] Sensetime (0020.HK) - **Product Offerings**: Launched multiple Generative AI products, including AI Drama generation platform and AI Office assistant, with subscription fees ranging from **Rmb29.9 to Rmb1,599/month** [27] - **Valuation**: Target price set at **HK$3.52**, with a projected 2026 P/S of **18x** and revenue growth of **21% YoY** in 2027-28E [28] Additional Important Insights - The report emphasizes the importance of companies with **strong revenue visibility** and **recurring revenues**, particularly those benefiting from the Gen-AI trend [2] - Scenario analyses for both Kingsoft Office and Meitu were conducted, indicating potential revenue impacts based on changes in Average Revenue Per User (ARPU) [16][24] - The overall sentiment remains positive for software suppliers with accumulated data and industry know-how, despite the early-stage monetization of native-AI applications [1][2] This summary encapsulates the key points from the conference call, focusing on the valuation methodologies, financial projections, and growth strategies of the discussed companies within the China Software industry.

Core Viewpoint - OpenClaw, an open-source AI Agent framework, has rapidly gained popularity, reaching over 270,000 stars on GitHub, marking a significant shift from conversational tools to task-executing intelligent agents. This surge has led to a dramatic increase in single-user token consumption, driving demand for cloud computing power, IDC, and domestic AI chip inference, resulting in a reevaluation of market valuations for related sectors [2][4]. Group 1: Market Dynamics - The launch of OpenClaw has resulted in a 20-50 times increase in single-user token consumption, leading to an exponential growth in inference-side computing power demand [4]. - The AI cloud IaaS market has transitioned into a "seller's market," with leading cloud providers announcing price increases of 20-30% [4]. - The entire industry chain is experiencing a positive feedback loop, where user growth drives computing power demand, which in turn enhances the value across the supply chain [5]. Group 2: A-Share OpenClaw Concept Stocks - A detailed list of OpenClaw concept stocks includes companies like 优惠得 (stock code: 688158.SH) with a market cap of 207.07 billion, which was the first to launch OpenClaw cloud deployment services [6]. - 中科创 (stock code: 300496.SZ) has completed OpenClaw integration on its platforms, with a market cap of 325.35 billion [6]. - ECLERS (stock code: 300352.8Z) has developed products compatible with OpenClaw, holding a market cap of 109.9 billion [6]. - Other notable companies include 300017.SZ and 300738.8Z, both benefiting from increased demand for computing power due to OpenClaw [7][8]. Group 3: Investment Recommendations - Various securities firms have highlighted the potential of AI infrastructure, with predictions of a 25% increase in new computing power within two years [10]. - The consensus among institutions is to focus on the AI infrastructure supply chain, indicating a strong belief in the growth potential of this sector [10].

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 article discusses the surge in interest and investment in AI-related stocks following the rise of the OpenClaw AI framework, which has become a significant player in the AI agent market, leading to a rapid influx of capital into related sectors such as cloud computing, computing power leasing, and AI applications [3][4]. Group 1: OpenClaw Framework - OpenClaw has become the most downloaded open-source AI framework, capable of executing complex tasks and providing a complete loop of "cognition, execution, and memory" [4][5]. - The framework allows for local deployment on personal computers, making it accessible for users to install and utilize [5]. - The technology has led to a significant market response, with related stocks experiencing substantial gains, including a 20% limit up for companies like 优刻得 (688158.SH) and others [4][5]. Group 2: Investment Trends - The investment focus is primarily on four key areas: cloud deployment, computing infrastructure, domestic AI chips, and AI applications [6]. - Companies like 优刻得 and 青云科技 are positioned as key beneficiaries in the cloud deployment sector, with major cloud providers like Tencent Cloud and Alibaba Cloud supporting OpenClaw [6]. - The demand for computing power is expected to rise due to increased token consumption driven by the complexity of AI agents, benefiting domestic computing infrastructure providers [6]. Group 3: Market Reactions - Following the announcement of OpenClaw, there was a notable increase in investor inquiries on platforms like 互动易, with over 50 questions focusing on deployment status and business impacts [9][10]. - Some companies have confirmed their deployment of OpenClaw, with 优刻得 stating it was among the first to offer cloud deployment solutions [10]. - Other companies, such as 中科创达, have reported successful integration of OpenClaw into their platforms, enhancing their product offerings [10]. Group 4: Security Concerns - The deployment of OpenClaw raises potential security risks due to its ambiguous trust boundaries, which could lead to information leaks and system control issues [11]. - Companies like 北信源 have indicated their capability to provide solutions to mitigate these risks, while others are still assessing their involvement with OpenClaw [11].

证券代码：300496 证券简称：中科创达 公告编号：2026-004 中科创达软件股份有限公司 关于回购公司股份的进展公告 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。 中科创达软件股份有限公司（以下简称"公司"）于2025年4月7日召开第五届 董事会第七次会议审议通过《关于回购公司股份方案的议案》，公司拟以集中竞 价交易方式回购公司股份，本次用于回购的资金总额为不低于人民币5,000万元 （含），不超过人民币10,000万元（含），回购价格不超过96元/股。具体回购资 金总额以公司公告回购方案实施完毕之日实际使用的资金总额为准。本次公司回 购股份的资金来源为公司自有或自筹资金。回购的股份将用于员工持股计划或股 权激励。本次回购股份的实施期限为自公司董事会审议通过本次回购股份方案之 日起12个月内。具体内容详见公司披露于巨潮资讯网的相关公告。 根据《深圳证券交易所上市公司自律监管指引第9号—回购股份》等相关规 定，回购期间，公司应在每个月的前3个交易日内披露截至上月末的回购进展情 况。现将公司截至2026年2月28日的回购进展情况公告如下： 一、 股份回购 ...