证券研究报告：计算机|点评报告 发布时间：2026-03-16 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 5311.29 | | 52 | 周最高 | 6151.34 | | 52 | 周最低 | 4080.58 | 行业相对指数表现（相对值） -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2025-03 2025-05 2025-08 2025-10 2025-12 2026-03 计算机 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 近期研究报告 《OpenAI 发布 GPT 5.4 再登王者之 位，Agent 能力再上台阶》 - 2026.03.09 OpenClaw 掀起全民"龙虾热"，关注 AI Infra 投 资机遇 安全监管风险、技术与商业化 ...

证券研究报告|行业深度研究报告 OpenClaw：吹响AI Agent时代号角 华西计算机团队 2026年3月10日 分析师：刘泽晶 SAC NO：S1120520020002 邮箱：liuzj1@hx168.com.cn 请仔细阅读在本报告尾部的重要法律声明 核心观点 OpenClaw：新时代的AI员工 OpenClaw是一个开源的自主人工智能（AI）虚拟助理软件项目。其由软件工程师彼得·斯坦伯格（Peter Steinberger）开发，最初于2025年末以Clawdbot的名字在 GitHub上发布，后更名为Moltbot，最终定为现名。2026年初，该AI项目因能够根据用户指令在应用程序和在线服务中自主处理复杂任务而受到关注。OpenClaw被设 计为可代替用户执行任务的自主人工智能虚拟助理软件，而非只是对话式聊天机器人。OpenClaw在本地存储配置数据和交互历史，从而拥有较持久的记忆能力。它以自 然语言指令为驱动，在本地或私有云环境中完成文件操作、流程编排、浏览器自动化、多 IM 平台交互等任务，实现从 "对话式建议" 到 "自动化执行" 的跨越，是面 向个人与企业的自托管式 AI 数字员工。 需 ...

证券代码：300846 证券简称：首都在线 公告编号：2026-019 在使用闲置募集资金暂时补充流动资金期间，公司严格遵守《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》以及公司《募集 资金专项存储及使用管理制度》等相关法律、法规和规范性文件的规定。用于暂 时补充流动资金的闲置募集资金仅用于与主营业务相关的生产经营，资金使用安 排合理，未影响募集资金投资项目的正常进行。 北京首都在线科技股份有限公司 关于提前归还部分暂时补充流动资金的闲置募集资金的公告 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，没有虚假记载、 误导性陈述或重大遗漏。 北京首都在线科技股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日 召开第六届董事会第五次会议和第六届监事会第五次会议审议通过了《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投资项 目（以下简称"募投项目"）建设的资金需求及募投项目正常进行的前提下，使 用2022年向特定对象发行股票部分闲置募集资金3亿元人民币暂时补充公司流动 资金，使用期限为自董事会审议通过之日起不超过 12 个月，到期归还 ...

Core Viewpoint - On March 9, Capital Online experienced a significant stock price increase of 14.25%, with a trading volume of 50.01 billion yuan and a closing price of 37.61 yuan, leading to a total market capitalization of 189.14 billion yuan [1][5]. Trading Activity - The stock reached a turnover rate of 36.36% and was listed on the "Dragon and Tiger List" due to a turnover rate exceeding 30% [1][5]. - Total buying amounted to 4.58 billion yuan, while total selling reached 3.86 billion yuan, resulting in a net buying of 718.12 million yuan [1][5]. - Notable buying included 1.13 billion yuan from CITIC Securities and 1.05 billion yuan from northbound funds [1][5]. Shareholder Information - As of September 30, the number of shareholders for Capital Online was 65,700, a decrease of 25.68% from the previous period, while the average circulating shares per person increased by 34.76% to 5,961 shares [3][7]. - The top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 471.51 million shares to 8.2544 million shares [4][8]. Financial Performance - For the period from January to September 2025, Capital Online reported a revenue of 926 million yuan, a year-on-year decrease of 12.05%, while the net profit attributable to the parent company was -99.41 million yuan, reflecting a year-on-year increase of 32.11% [3][7]. - The company has not distributed dividends in the last three years, with a total payout of 20.5658 million yuan since its A-share listing [4][8]. Business Overview - Capital Online, established on July 13, 2005, and listed on July 1, 2020, specializes in high-performance IDC services and cloud services, with revenue composition of 49.89% from cloud hosting and related services, 45.83% from IDC services, and 4.28% from other income [3][7]. - The company operates within the computer IT services sector and is associated with concepts such as the Belt and Road Initiative, QFII holdings, IDC concepts, computing power leasing, and mid-cap balance [3][7].

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，没有虚假记载、误 导性陈述或重大遗漏。 一、基本情况 证券代码：300846 证券简称：首都在线 公告编号：2026-018 北京首都在线科技股份有限公司 关于子公司通过高新技术企业认定的公告 公司已于 2025 年被认定为高新技术企业，这是对公司科研水平和技术实力的充分 肯定，有助于不断提升公司的创新能力及综合竞争力，对公司未来的经营发展产生积极 影响。 三、备查文件 《高新技术企业证书》（证书编号：GR202544010859） 特此公告。 北京首都在线科技股份有限公司 董事会 根据全国高新技术企业认定管理工作领导小组办公室于2026年1月9日发布的《对 广东省认定机构 2025 年认定报备的第三批高新技术企业进行备案的公告》，北京首都 在线科技股份有限公司全资子公司广州首云智算网络信息科技有限公司（以下简称"广 州首云"）被列入广东省 2025 年第三批高新技术企业名单，通过了高新技术企业认定， 近日收到由广东省科学技术厅、广东省财政厅、国家税务总局广东省税务局联合颁发的 《高新技术企业证书》，具体信息如下： | 企业名称 | 证书编号 | | 发证 ...

Core Viewpoint - The article discusses the rise of the OpenClaw AI framework, which is gaining significant attention and driving demand for computing power in the AI industry, particularly in China [1][2][3]. Group 1: OpenClaw Overview - OpenClaw, an open-source AI Agent framework, allows users to automate complex tasks by taking control of keyboard and mouse permissions, differentiating it from traditional chat-based AIs [1]. - The framework can perform various functions such as email organization, multi-platform calendar synchronization, and document conversion, enhancing productivity [1]. Group 2: Market Response and Support Policies - Shenzhen Longgang District has introduced special support policies for OpenClaw, offering subsidies up to 2 million yuan for projects that contribute to the community or develop relevant applications [2]. - The district aims to promote innovative applications of OpenClaw in sectors like smart manufacturing and healthcare, with annual selections for exemplary projects [2]. Group 3: Industry Impact and Investment Opportunities - Guosheng Securities notes that the rapid adoption of OpenClaw validates its commercial viability, leading to increased token consumption and a surge in demand for computing power [2]. - Huaxi Securities highlights that OpenClaw could usher in the "Agent era" in AI, driving up token consumption and supporting the growth of domestic large models and their international expansion [3]. Group 4: Stock Performance - The article lists several companies related to the AI and computing infrastructure sectors, noting their year-to-date stock performance, with notable gains for companies like ZTE (27.60%) and Capital Online (44.20%) [4][5].

摘要： 据仪器信息网对网络公开招投标平台的不完全统计分析，2025年ICP-MS市场总量微调，高校科研市 场需求加码。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推 ICP-MS（电感耦合等离子体质谱仪）作为无机元素分析领域的核心科学仪器，凭借其高灵敏度、宽 线性范围和多元素同时检测等显著优势，在环境监测、食品安全、地质勘探、生物医药等众多领域发 挥着不可或缺的作用。据仪器信息网对网络公开招投标平台的不完全统计分析（注：本文数据源自网 络公开渠道，仅供业界参考）， 2 0 2 5年ICP-MS相关中标信息共计3 8 1条，采购总数量达4 1 0台，中 标总金额超6亿元人民币。 送。 2 0 2 5年，中国ICP-MS市场整体呈现出高位平稳、略有回调的态势。 从采购的时间维度观察，第四 季度及7月份依然是传统的采购旺季，体现了用户单位年度预算执行与科研周期叠加的典型特征。 在 区域市场分布方面，呈现出与区域经济发展及科研实力高度吻合的特征。 华东、华北地区凭借雄厚 的科研基础与密集的高精尖产业集群，持续领跑全国市场。其中，华东地区以2 9 . ...

在使用闲置募集资金暂时补充流动资金期间，公司严格遵守《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》以及公司《募集 资金专项存储及使用管理制度》等相关法律、法规和规范性文件的规定。用于暂 时补充流动资金的闲置募集资金仅用于与主营业务相关的生产经营，资金使用安 排合理，未影响募集资金投资项目的正常进行。 证券代码：300846 证券简称：首都在线 公告编号：2026-017 北京首都在线科技股份有限公司 公司实际使用 18,029.80 万元闲置募集资金用于暂时补充流动资金，并分别于 2026 年 2 月 12 日、2026 年 2 月 13 日将用于暂时补充流动资金的部分闲置募集资 金人民币 1,000.00 万元、2,000.00 万元提前归还至公司募集资金专用账户，并将 上述募集资金的归还情况告知保荐人中信证券股份有限公司及保荐代表人。募集 资金使用期限未超过 12 个月。具体内容详见公司于 2026 年 2 月 14 日于巨潮资讯 网（www.cninfo.com.cn）披露的《关于提前归还部分暂时补充流动资金的闲置募 集资金的公告》（公告编号 2026-014）。 关于提前 ...

Summary of Conference Call Company and Industry Overview - The conference call involved **Shoudu Online**, a company transitioning towards AI-driven computing (AIDC) and GPU-based services, amidst a growing demand in the IDC (Internet Data Center) market. The discussion highlighted the company's strategic adjustments and market dynamics in the AI and computing sectors. Key Points and Arguments Financial Performance and Strategic Adjustments - In 2025, the company anticipates a decline in overall revenue, aligning with its strategic adjustments, while expecting a significant reduction in losses, which is in line with projections [2][3] - The GPU segment has shown an impressive growth rate of over **60%**, surpassing initial expectations of **40-60%** growth [2] - New client acquisitions, such as Minimax, have contributed to revenue generation in the latter part of the year, with deployments of **500 NVIDIA cards** in Gansu and **126 cards** in the U.S. [2][3] Market Dynamics and Demand - The demand for computing power is surging, driven by the success of model companies like Zhiyu and Minimax, which have gained recognition both domestically and internationally [3][4] - The company has observed a notable increase in demand from mid-tier companies seeking to leverage AI capabilities, particularly after the IPOs of key players in the market [7][8] Pricing Trends in the IDC Market - The IDC market is experiencing upward pricing pressure due to increased demand and rising costs. The company expects price increases of **15-20%** for new contracts upon renewal [7][8] - The pricing dynamics are influenced by both demand surges and cost increases, with current price hikes potentially leading to further increases in the future [26][28] Infrastructure and Capacity Expansion - The company is transitioning from a light asset model to a more asset-heavy approach, with significant investments in data centers, including a **20 MW** supercomputing center in Hainan and another **20 MW** facility in Dallas [10][11] - Future expansions include a **50 MW** data center in Hebei and a **100 MW** facility in Anhui, with plans for additional capacity in Gansu [11][12] Strategic Partnerships and Collaborations - The company is actively collaborating with model manufacturers to enhance its service offerings and meet the growing demand for computing power [16][17] - There is a focus on establishing strategic centers to provide timely support to domestic model manufacturers, with ongoing efforts to improve the supply of high-end computing cards [17][24] Future Outlook - The company anticipates that the demand for computing power will continue to grow, necessitating effective management of card supply and pricing strategies [19][20] - The potential for further price increases in the IDC market is expected, with the company positioned to capitalize on these trends through its established infrastructure and partnerships [28][33] Additional Important Insights - The company has been proactive in managing its card inventory, transitioning to newer models to meet demand [19][20] - The strategic focus on international expansion and the establishment of a global network for computing services is seen as a significant opportunity for growth [4][33] - The ongoing transformation towards AIDC is viewed positively, with expectations of substantial growth in the coming years [31][33]

Summary of Conference Call for Capital Online Company Overview - The company is expanding its data center operations in the Beijing and Shanghai regions, with new nodes in Huailai and Wuhu set to begin operations in June and October 2025, respectively. The planned capacities are 50 megawatts (MW) for Huailai and 100 MW for Wuhu, with deliveries expected to start in mid-2026 and completion by the end of 2026 [2][3]. Key Points and Arguments - **Capacity Expansion Plans**: The company aims to add 150 MW of capacity in Gansu Qinyang by the end of 2026, targeting a total capacity of 200 MW by that time [2][3]. - **Increased Capital Expenditure**: The capital expenditure for purchasing cards in 2026 has been significantly increased from an initial target of 300-500 million yuan to approximately 1 billion yuan, reflecting optimistic expectations for computing power demand [2][4]. - **Funding Strategies**: To support heavy asset investments in data center construction and card purchases, the company plans to utilize multiple funding sources, including refinancing through the public company platform, innovative financial tools, low-interest funding support, and partnerships with local governments to establish or introduce industrial funds [2][5]. - **Commercial Aerospace and Overseas Computing Power**: The company is positioning itself in the commercial aerospace sector and overseas computing power services, with a supercomputing center in Wenchang, Hainan, expected to serve international markets. This center is strategically located to leverage multiple submarine cables post-Hainan's customs closure, with plans to initiate operations in 2026 [2][5]. - **Local Government Collaboration**: The Wenchang supercomputing center is aligned with local government strategies to process data close to aerospace launches, enhancing the operational efficiency of the commercial aerospace industry [2][6]. Additional Important Information - **Strategic Shift**: Since 2022-2023, the company has shifted its strategic focus from light asset operations to heavy asset investments, emphasizing the construction and expansion of data center nodes [3]. - **Future Developments**: In addition to Hainan, the company is also developing computing resources in Gansu Qinyang and plans to expand operations around the Jiuquan launch base, creating a multi-location collaborative development strategy [3][6].