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].

Core Insights - The ICP-MS market in China is projected to experience a slight adjustment in 2025, with a total of 381 procurement cases and over 600 million RMB in total bid amounts [2][5]. - The demand from universities and research institutions has significantly increased, reflecting a nearly 10% growth due to the government's emphasis on technological innovation and sustained funding for research [6]. Market Overview - The ICP-MS market is expected to remain stable with slight fluctuations, particularly peaking in the fourth quarter and July, aligning with annual budget execution and research cycles [5]. - The market distribution is closely aligned with regional economic development and research capabilities, with East China leading at 29.6% of the total bid amount, followed by North China [5]. Procurement Trends - The procurement needs from universities and research institutions have rebounded, while the demand from border control, market regulation, and environmental protection sectors has decreased, indicating a rational return to industry development [6]. - The decline in procurement from regulatory bodies is attributed to previous large-scale equipment updates and adjustments in fiscal budgets [6]. Competitive Landscape - The market concentration is decreasing, with imported brands maintaining a high market share due to their long-standing technological advantages, while domestic brands are rapidly gaining ground [7][10]. - PerkinElmer, Thermo Fisher, and Agilent remain key players, with PerkinElmer showing notable performance in the university sector due to its cost-effectiveness and tailored solutions [8][10]. Domestic Brand Development - Domestic brands like Puyou, Hengsheng, and Labtech are making significant strides through continuous R&D and innovation, increasing their market share to 17.1% [10]. - In the environmental sector, Puyou continues to lead, but competition is intensifying, prompting domestic manufacturers to enhance their core competitiveness [10]. Emerging Segments - The clinical mass spectrometry segment is showing strong potential, with companies like Shandong Yingsheng and Ruilepu leveraging the technology for clinical diagnostics and drug development [11]. - The ICP-MS market in 2025 is expected to reveal new opportunities driven by rising research demands and advancements from domestic brands, illustrating a transformative phase in China's scientific instrument market [11].

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].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The demand for Tokens is rapidly increasing, driven by breakthroughs in domestic large models such as Zhipu and MiniMax, alongside China's stable and low-cost electricity infrastructure, which is expected to catalyze significant growth in the cloud computing industry [4][31]. - The performance of Chinese large models has reached international standards, with notable cost-performance advantages, positioning them favorably in the global market [14][19]. - The emergence of AI personal assistants, exemplified by products like Youdao Lobster, is expected to generate substantial demand for Tokens, as these assistants operate continuously and assist users with various tasks [25][31]. Summary by Sections Market Review - During the week of February 23-27, the CSI 300 index rose by 1.08%, the SME index increased by 2.87%, and the ChiNext index grew by 1.05%. The computer sector (CITIC) saw a 1.23% increase, with notable gainers including Hailianxun and ST Diweixun [39]. Industry News - Huawei Cloud launched the public beta of CodeArts, an intelligent coding assistant based on a vast code library, integrating code models and development tools [33][34]. - Hong Kong established an AI+ Committee focusing on life health and embodied intelligence, signaling strong policy support for AI-driven industrial transformation [33]. Company News - Huijin Group is planning a significant asset restructuring, aiming to acquire a 20% stake in Cooper New Energy, which will become a subsidiary post-transaction [3][35]. Investment Recommendations - The report suggests focusing on large model manufacturers like Zhipu and MiniMax, as well as cloud computing companies such as Alibaba, Shunwang Technology, and others, anticipating a major turning point in the cloud computing industry with simultaneous revenue and profit growth [4][31].

Group 1: Market Activity - The total trading amount for the Shanghai Stock Connect was 161.69 billion, while the Shenzhen Stock Connect reached 179.85 billion [2] - The top traded stocks on the Shanghai Stock Connect included Qihua Technology with 2.744 billion, followed by Kweichow Moutai at 2.197 billion and Industrial Fulian at 1.889 billion [3] - On the Shenzhen Stock Connect, the leading stock was Tianfu Communication with 4.960 billion, followed by CATL at 4.709 billion and Zhongji Xuchuang at 2.732 billion [3] Group 2: Sector Performance - The non-ferrous metals and power sectors showed significant gains, while the paper and semiconductor sectors experienced declines [4] - The non-ferrous metals sector had the highest net inflow of funds, while the electronics sector saw the largest net outflow [4] Group 3: Individual Stock Highlights - The stock Tuo Wei Information surged to the daily limit, receiving 1.01 billion from a single retail investor and a total of 2.55 billion from two quantitative funds [1][10] - Capital Online, another stock in the computing power leasing sector, saw four institutions buy 2.38 billion and a deep stock connect buy of 2.28 billion, but faced a sell-off of 47.64 million from one institution [1][8] - Hunan Gold experienced a 10.01% increase, with three institutions buying 2.1 billion and one institution selling 53.89 million [8] Group 4: ETF Trading - The top ETF by trading amount was the China-Korea Semiconductor ETF with 11.132 billion, showing a 27.97% increase from the previous trading day [5] - The A500 ETF fund had a trading amount of 9.8396 billion, reflecting an 8.08% decrease [5] Group 5: Futures Market - In the futures market, the main contracts for IF, IC, and IM saw both long and short positions increase, with a notable increase in short positions for the IC contract [6]

Group 1 - Lito Electronics and Chengdi Xiangjiang reached the daily limit increase [1] - Yuntian Lifey surged over 15% [1] - Shunwang Technology and Capital Online both increased by over 10% [1] - Yunsai Zhili and Wangsu Technology, along with Hongjing Technology, also experienced gains [1]

Group 1 - The core viewpoint of the article highlights that Hetzner, a major data center operator in Europe and globally, has announced a price increase for all its services, including cloud services and servers, effective from April 1. This is the second price hike this month due to significant increases in IT costs [5]. - The price increase for cloud services is substantial, with rates rising by 30% to 38% in Germany and around 30% in the United States [5]. Group 2 - The article lists several companies involved in infrastructure and hardware, cloud services, and computing operations, including Haiguang Information, Capital Online, Inspur Information, and others [6]. - It also mentions companies in the security and encryption sector, as well as software platforms and industry applications, indicating a diverse ecosystem within the industry [6].