OpenClaw 个人投研助手的进阶路径 在第一篇报告《大模型赋能投研系列之十六：OpenClaw 搭建个人投研助理（一）》中，我们学习了 OpenClaw 基础的 使用。接下来，本篇将先拆解 OpenClaw 的核心架构、运行机制，再讲清如何调用 Claude Code 命令行工具来辅助 OpenClaw 的使用，最后结合与投研场景示例，帮助实现从临时调用到稳定调用的升级，推动 OpenClaw 从临时工具走 向长期可用的个人投研助手。 OpenClaw 的核心架构及运行机制 在架构层面，OpenClaw 由多个 Workspace 组成的事件驱动执行网络构成。Workspace 是状态与规则的统一容器，集 中保存 Soul、Memory、Tool 等核心文件，用于定义行为边界、沉淀长期记忆与约束能力权限。Agent 本身不具备持 久状态，仅按角色读取 Workspace 上下文并将结果写回，从而支持多 Agent 协作。Skills 通过"说明+执行脚本"的 模块化结构实现能力复用与标准化，CronJob 提供周期性调度能力，使系统具备持续运行与自动生产能力。 在运行机制层面，系统围绕"能力匹配—执行—沉 ...

摘要 过去一周，国内主要市场指数上涨，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为-0.06%、0.39%、1.9% 和 1.91%。 微盘股指标监控：轮动策略方面，由于微盘股对茅指数的相对净值为 2.41，仍高于其 243 日均线（1.91）；但万得微 盘股 20 日收盘价斜率为正，而茅指数斜率收负。量价轮动子策略部分仓位切换回微盘股指数；而从 M1 高点轮动的角 度来看，1 月份 M1 指标的 6 个月移动平均值已经下行，M1 轮动子策略中期配置从微盘股切换至茅指数。所以综合两 个子策略来看目前轮动策略处于均衡配置。而从中期微盘股择时角度来看，目前风控信号还没触发。对于持有微盘板 块投资者建议做好风险控制，以及密切跟踪相对净值、动量及中期风险指标的动态。 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险。 敬请参阅最后一页特别声明 1 i 过去两周，国内方面，春节期间 AI 技术迎来了国民级的应用展示，多款国产人形机器人及大模型（如参与视觉定制 的 Seedance 2.0）在春晚舞台实现了深度的场景级互动。这进一步验证了国内 AI 技术 ...

春节前一周美元有所回落，中美利差"倒挂"程度继续收敛。10Y 美债名义/实际利率均回落，通胀预期同样有所回落。 离岸美元流动性边际有所收紧，国内银行间资金面均衡，期限利差(10Y-1Y)收窄。 交易热度、波动与流动性： 市场交易热度继续回落，多数指数的波动率回升。传媒、建材、轻工、通信等板块的交易热度均处于 90%分位数以上。 军工板块的波动率处于 80%分位数以上。 机构调研： 银行、电子、计算机、电新、军工等板块调研热度居前，纺服等板块的调研热度环比仍在上升。 分析师预测： 宏观流动性： 全 A 的 26/27 年净利润预测分别被下调/上调。行业上，有色、传媒、建材、化工、电子等 26/27 年净利润预测均被 上调。指数上，中证 500、创业板指、上证 50 的 26/27 年净利润预测均被上调，沪深 300 的 26/27 年净利润预测分别 被下调/上调。风格上，大盘/中盘价值 26/27 年净利润预测被上调，大盘成长、小盘价值均被下调，中盘/小盘成长 的 26/27 年净利润预测分别被下调/上调。 北上活跃度有所回落，重新小幅净买入 A 股 基于前 10 大活跃股口径，北上在通信、电子、电新等板块的买 ...

Political Impact - The ruling against IEEPA undermines Trump's core political asset of tariff policy, potentially diminishing his negotiating power and influence[6] - Without alternative legal pathways to reinstate tariffs, Trump may be perceived as a "lame duck"[7] Economic Impact - Estimated cumulative tariffs collected under IEEPA could reach approximately $170 billion by February 20, 2026, with reduced tariff revenue and potential refunds likely to increase the fiscal deficit[7] - The market initially reacted positively, with the S&P 500 rising about 0.6% and the Nasdaq increasing approximately 1% following the ruling, indicating expectations of improved inflation and corporate earnings[24] Diplomatic Impact - The ruling may weaken the credibility of trade frameworks that rely on tariffs, leading trade partners to reassess their commitments until a new legal basis is established[7] - Countries with existing agreements may slow down their implementation processes, particularly those without clear execution frameworks[21] Policy Response - The Trump administration plans to utilize Section 122 tariffs as a transitional measure, imposing a 15% global tariff effective February 24, 2026, for a maximum of 150 days[8] - The USTR is expected to expedite Section 301 investigations to establish a sustainable tariff system before the expiration of the 122 tariffs[9] Market Outlook - The market is likely to experience a "marginal easing—then tightening" path, benefiting from initial tariff cancellation expectations but facing pressure as alternative tariff measures are implemented[4] - The effective tariff rate on China is projected to remain around 30%, despite a nominal decrease due to the shift from IEEPA to Section 122 tariffs[26] Risk Factors - Potential chaos if U.S. trade partners refuse to acknowledge the outcomes of interim trade negotiations[5] - The pace of tax refunds exceeding expectations could lead to a short-term spike in the fiscal deficit, impacting U.S. debt and dollar valuation[36] - If new tariff proposals are implemented more swiftly than anticipated, it could counteract the positive effects of the Supreme Court ruling[36]

Investment Rating - The report indicates a positive investment outlook for the small metals sector, with the Shenyin Wanguo Small Metals Index rising by 3.25% during the period, outperforming both the Shenwan Nonferrous Index and the CSI 300 Index by 10.21 percentage points and 4.23 percentage points respectively [2][13]. Core Insights - The report highlights that the prices of rare earth elements have reached new highs, driven by supply-side reforms and increasing demand for overseas stockpiling, particularly in the context of the upcoming supply-side documents for 2024-2025 [3][18]. - Tin prices have shown volatility due to macroeconomic factors, with Indonesia considering a ban on tin raw material exports, which could create significant replenishment demand for tin processing companies [4][28]. - Tungsten prices are expected to rise due to increased strategic stockpiling in the U.S. and domestic demand from both civilian and military sectors [4][41]. - Antimony prices are anticipated to recover as exports stabilize, supported by a steady demand in the photovoltaic glass sector [5][47]. - Molybdenum prices are stabilizing and expected to rise due to low inventory levels and increased defense spending [6][51]. Summary by Sections 1. Stock Market and Commodity Price Performance - The Shenyin Wanguo Small Metals Index closed at 39,286.62 points, reflecting a 3.25% increase [2][13]. - Key commodity prices showed varied performance, with rare earth oxides like praseodymium-neodymium oxide increasing by 13.51%, while tin ingot prices decreased by 10.74% [4][16]. 2. Main Product Fundamentals and Views Rare Earths - The price of praseodymium-neodymium oxide reached 849,800 CNY/ton, up 13.51% [3][19]. - The sector is expected to see dual growth in valuation and performance, with key companies to watch including China Rare Earth, Zhong Rare Metals, and Northern Rare Earth [3][19]. Tin - Tin ingot prices fell to 378,200 CNY/ton, down 10.74% [4][28]. - The potential export ban by Indonesia could lead to a new price cycle for tin [4][28]. Tungsten - Tungsten concentrate prices rose to 696,700 CNY/ton, up 15.99% [4][41]. - The U.S. strategic stockpiling initiative may elevate tungsten's market priority [4][41]. Antimony - Antimony ingot prices increased to 165,100 CNY/ton, up 0.62% [5][47]. - The report anticipates a recovery in exports, which could lead to price increases [5][47]. Molybdenum - Molybdenum concentrate prices reached 4,165 CNY/ton, up 2.97% [6][51]. - The report suggests that low inventory levels and increased military spending will support price growth [6][51].

Investment Rating - The industry is rated positively, with a focus on AI-related sectors, particularly in PCB and core computing hardware, semiconductor equipment, and the Apple supply chain [4][27]. Core Insights - The upcoming GTC 2026 conference is expected to showcase groundbreaking new chips from NVIDIA, which could drive significant advancements in AI infrastructure [1][4]. - The demand for storage solutions is surging due to AI applications, leading to continuous price increases in DRAM and NAND, with limited supply expected to persist throughout the year [1][4]. - Major tech companies like Amazon, Google, and Meta are projected to increase capital expenditures significantly, indicating strong demand for AI-related hardware [1][4]. - The semiconductor industry is experiencing a recovery, with expectations of rising prices and demand driven by cloud computing and consumer electronics [21][23]. Summary by Sections 1. Consumer Electronics - The expansion of AI applications is expected to drive growth in the Apple supply chain and smart glasses, with a focus on enhancing processing power and memory [5]. - AI mobile applications are anticipated to grow, with several manufacturers releasing AI smart glasses and other innovative products [5]. 2. PCB - The demand for copper-clad laminates is increasing, with a high level of industry activity expected to continue due to AI and automotive applications [6]. 3. Components - The AI data center sector is seeing growth in SOFC (Solid Oxide Fuel Cell) projects, with companies like Sanhua Group positioned to benefit from this trend [19][34]. - The demand for passive components, particularly MLCCs, is rising due to increased usage in AI mobile devices [19]. 4. IC Design - The storage sector is expected to see upward trends, with DRAM prices projected to rise due to increased demand from cloud service providers and consumer electronics [21][23]. 5. Semiconductor Equipment - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to export controls, with companies like North Huachuang and Zhongwei Company positioned to benefit [24][26]. - The demand for advanced packaging and HBM (High Bandwidth Memory) is strong, with companies in this space expected to see significant growth [24][25]. 6. Specific Companies - Victory Technology is expected to see substantial profit growth due to its leadership in PCB manufacturing and its alignment with AI infrastructure demands [28]. - North Huachuang is expanding its semiconductor equipment offerings, enhancing its competitive position in the market [29]. - Jiangfeng Electronics is focusing on domestic production of static suction cups to reduce reliance on foreign suppliers, addressing a critical supply chain issue [35].

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it can be inferred that there is a positive outlook for coal and power generation sectors based on the analysis of demand elasticity and market conditions [5]. Core Insights - The electricity reform has entered a new phase, emphasizing the establishment of a unified national electricity market, with a target for market-based trading to account for approximately 70% of total electricity consumption by 2030 [2]. - There is a focus on the demand elasticity of coal in the first half of the year, with expectations of high growth in electricity consumption due to a low base effect, particularly in energy-intensive manufacturing sectors [3]. - The report highlights the potential for coal power generation to benefit from a low base in the first half of the year, with a projected increase in coal power generation despite competition from renewable sources [3]. - The report suggests that the demand for coal may exceed expectations due to the growth of overseas data centers and industrialization, which could lead to tighter import coal supplies [3]. - There is an emphasis on the importance of value management for state-owned enterprises, particularly those with market capitalization around 60 billion, indicating a focus on capital operations and market positioning [4]. Summary by Sections Electricity Market Reform - The government aims to complete the national unified electricity market system by 2030, with a phased approach transitioning from government pricing to market-based trading [2]. - Key aspects include optimizing resource allocation, encouraging participation from all types of power sources, and improving governance to prevent market manipulation [2]. Coal and Power Generation - The first half of the year is expected to show high growth in coal power generation due to a low base from the previous year, with a significant decline in coal power generation in early 2025 [3]. - The report identifies specific companies such as Yanzhou Coal Mining Company, China Shenhua Energy, and Shaanxi Coal and Chemical Industry as key players to watch in the coal sector [3]. State-Owned Enterprises - There is a focus on enhancing the market value management of large state-owned enterprises, with specific attention to companies like Guizhou Power and Huadian International [4]. - The report suggests monitoring hydropower performance during the flood season and the impact of market fluctuations on investment strategies [4].

Investment Rating - The industry investment rating is positive, with recommendations to buy or hold based on expected performance exceeding market averages [49]. Core Insights - The report highlights the introduction of a package of refinancing optimization measures by the Shanghai, Shenzhen, and Beijing stock exchanges aimed at improving market efficiency and supporting technology innovation companies [38]. - It emphasizes the importance of quality companies and technology firms in attracting liquidity and enhancing capital market structure, aligning with a healthy market trend [2][38]. - The report suggests focusing on three main investment lines: undervalued quality brokerages, companies benefiting from technology sector listings, and firms with strong performance in diversified finance [3]. Summary by Sections Market Review - The A-share market showed a slight increase with the CSI 300 index up by 0.4%, while the non-bank financial sector underperformed, declining by 1.6% [11]. Data Tracking - Brokerage firms reported a decrease in average daily trading volume to 21,111 billion yuan, down 12.3% week-on-week [19]. - The report notes significant growth in new equity fund issuance, with a total of 812 million shares issued in January 2026, up 186.9% year-on-year [19]. - The total asset management scale for public non-monetary funds reached 22.2 trillion yuan, with a slight decrease of 1.9% from the previous month [19]. Industry Dynamics - The report discusses the refinancing measures aimed at supporting quality listed companies and enhancing the efficiency of the refinancing process [38]. - It also mentions the ongoing trend of insurance funds increasing their stakes in various companies, with a total of 52 companies being targeted for increased holdings in 2024 [33].

Global Assets: Rebalancing Continues - The current market rebalancing is based on internal and external recovery, with AI trading entering its second phase, leading to a focus on the actual impact of AI on various industries [3][13] - From February 16 to February 20, 2026, global risk assets showed an overall upward trend, but internal performance was mixed, with industrial, financial, and energy sectors gaining favor [3][13] - The focus has shifted from whether AI is a bubble to identifying the real industrial impacts and critical supply-demand issues as AI transitions from a thematic to a macro factor [3][13] Manufacturing Cycle Further Rising - The U.S. GDP data for Q4 2025 showed slower growth primarily due to government spending disruptions, while AI-related investments remained strong [4][25] - Non-AI and residential investment growth is showing signs of bottoming out, indicating a broader recovery in investment activities beyond just AI [4][25] - The February manufacturing PMI data indicated a recovery in global manufacturing, with Europe exceeding expectations and the U.S. maintaining expansion, suggesting a positive trend in manufacturing cycles [4][25][34] Commodities: Transitioning from Financial Overtrading to Industrial Pricing - Recent fluctuations in industrial and precious metals prices are attributed to macro and industrial events, with a return to real supply-demand signals expected [5][44] - Geopolitical risks continue to support industrial metal prices, while demand from tech giants for AI investments remains robust, indicating a potential new support for demand [5][44] - Historical data suggests that current copper and aluminum price ratios are low compared to historical manufacturing PMI levels, indicating potential for price recovery [5][44][45] Focus on Global Physical Assets vs. Chinese Assets - The core of market rebalancing is not about the existence of an AI bubble but rather the macro impacts of AI combined with monetary and major country policy choices [6][56] - The relative smooth path for future U.S. interest rate cuts is expected to support the recovery of the global manufacturing cycle, which may lead to a revaluation of Chinese asset capacity [6][56] - Specific investment recommendations include physical assets like copper, aluminum, and oil, as well as sectors benefiting from capital inflows and consumption recovery in China [6][56]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a price surge, with lithium carbonate prices rising to 170,000 CNY/ton, a 42% increase from the previous month, and lithium hydroxide prices increasing by 62% to 165,000 CNY/ton [1] - In December, the wholesale sales of domestic new energy passenger vehicles reached 1.42 million units, with a year-on-year increase of 26% for the entire year [1] - The report highlights a reversal in the lithium carbonate cycle, driven by domestic energy storage capacity subsidy policies and the explosive growth of global new energy demand [3][32] Summary by Sections Section 1: Research Insights - The lithium carbonate market is at a cyclical turning point, with prices expected to rise significantly, impacting the entire lithium battery supply chain [14][15] - Sodium batteries are emerging as a cost-effective alternative, with a clear long-term cost advantage over lithium iron phosphate batteries [26][30] Section 2: Industry Tracking and Review - The global new energy vehicle market showed strong growth in December, particularly in China and Europe, while the U.S. market faced challenges [34][36] - In December, domestic energy storage installations reached 63 GWh, a 95% year-on-year increase, indicating a shift towards market-driven growth [40] Section 3: Investment Recommendations - The report recommends focusing on companies involved in lithium carbonate, separators, and solid-state battery technologies, including Ningde Times, Yiwei Lithium Energy, and others [7][32]