[Table_Page] 金融工程|专题报告 2026 年 2 月 28 日 证券研究报告 [Table_Title] OpenClaw 多平台部署与投研应用 [Table_Summary] 报告摘要： [分析师： Table_Author]安宁宁 SAC 执证号：S0260512020003 SFC CE No. BNW179 0755-23948352 anningning@gf.com.cn 分析师： 陈原文 SAC 执证号：S0260517080003 0755-82797057 chenyuanwen@gf.com.cn 请注意，陈原文并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 [联系人： Table_Contacts] 林涛 0755-82528531 gflintao@gf.com.cn 972918116公共联系人2026-02-28 22:30:36 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 图 1：OpenClaw 整体架构 数据来源：广发证券发展研究中心 ⚫ AI 投研应用：在 2025 年 2 月发布的研究报告《如何使用 DeepSee ...

导读：近日，在点拾投资举办的"主动权益的回归"线下论坛上，多位业内主动权益的大咖分享精彩观点，探讨主动权益如何创造超额收益。 在本次论坛的主题对话环节，华安基金副总经理\首席投资官翁启森与点拾投资创始人人朱昂做了一场对谈：如何打造具有超额收益的主动权 益团队。 翁启森是华安基金主动权益平台的"架构师"。他很早就开始打造基于平台的超额收益能力，也懂得在基金经理低迷期对他们呵护包容。"过去 七八年，我每次和翁总交流，都能给我带来深刻的启发"，朱昂表示。 以下，先分享一些来自翁总的对谈"金句"： 1. 我认为一个大的时代背景是，迎来了多元理财的时代 2. 把优秀人才身上最大的闪光点擦亮，并且反映在他的投资组合上 3. 我一直认为，一个投研平台最重要的是一个学习型组织，能够把每个人最擅长的武器拿出来，但也可以彼此纵深讨论，这样才能达到宽度和 深度的能力 4. 当许多产业开始跨学科后，没有人能通过一把完美的武器擅长一个复合产业了 5. 我觉得只有让投资者感觉舒服、简单、满足自己风险收益比的投资，才是最重要的 朱昂：过去几年，我们看到主动权益规模被指数ETF超越，许多人会说中国未来会进入被动化的时代，您怎么看这个问题，主 ...

作为业内率先将AI技术落地金融投研场景的先行者，讯兔科技核心产品Alpha派深度嵌入机构投研工作 流，累计服务了超7万名专业人士，当前产品路径已从辅助听会等效率环节，延伸至个股与行业的深度 研究，并持续拓展AI赋能投研的边界。 2025年12月底，讯兔科技创始人兼CEO李罗丹接受中国基金报记者专访，详细阐释了金融AI的发展趋 势和讯兔的发展之道。 李罗丹认为，金融AI正在从"助理时代"向"师徒时代"演进；到2027年左右，Alpha派或将初步具备基金 经理助理的能力，全新的全球AI代理系统，将成为AI时代的"金融基础设施"。 【导读】讯兔科技创始人兼CEO李罗丹：金融AI正在从助理时代向师徒时代演进 中国基金报记者 尹振茂 在投研圈，最值钱的资产往往不是随处可见的公开数据，而是藏在"老司机"脑子里那些只可意会不可言 传的经验与逻辑。能否把这类隐性知识变成可复用的能力，是AI触达投研核心的一道门槛。 AI投研未来：从"助理时代"向"师徒时代"演进 中国基金报：你最近提到未来投研AI将从"助理关系"走向"师徒关系"，能否具体阐释一下？ 李罗丹：我想表达的是一个本质差别：助理解决的是你不想干的活，徒弟解决的是如何做 ...

Core Viewpoint - The article highlights the recognition of Wind Fund for its innovative financial technology solutions, particularly its "one-stop fund research and trading management intelligent service platform," which won the "Shanghai Financial Innovation Achievement Award" [1][3]. Group 1: Award and Recognition - The "Shanghai Financial Innovation Achievement Award" is the first provincial-level government award focused on financial innovation in China, aimed at recognizing contributions to financial innovation and the development of Shanghai as an international financial center [1]. - Wind Fund is the only fund distribution agency to receive this award, reflecting its commitment to financial technology and innovation [3]. Group 2: Technological Innovations - Wind Fund's platform integrates "intelligent research, rapid trading, and beneficial management," enhancing the efficiency of asset management institutions and promoting the digital transformation of investment research and asset management [3]. - The newly upgraded "i Xiao Wan Intelligent Wealth Manager" utilizes financial data and AI capabilities to provide services such as portfolio tracking, market analysis, and asset allocation assistance, creating an interactive and executable intelligent experience [4]. Group 3: Future Outlook - Wind Fund aims to continue reshaping investment research with AI, driving trading through digital intelligence, and deepening management transformation with large models, transitioning the industry from a "labor-intensive" to a "technology-driven" model [5]. Group 4: Client Base and Services - Wind Fund ranks among the top independent sales institutions, with over 500 institutional clients, including banks, insurance companies, public funds, and large enterprises, providing comprehensive fund research, trading, and management services [6]. - The platform offers efficient and convenient one-stop solutions for various financial institutions, enhancing their investment research and trading capabilities [6]. Group 5: Past Achievements - The intelligent investment research system employs AI to analyze global macroeconomic trends, industry dynamics, and fund market developments, assisting institutions in making informed investment decisions [8]. - The asset allocation service generates tailored fund combinations and optimization strategies based on client profiles and market conditions, improving efficiency and stability [8]. - The rapid trading feature streamlines the entire process from account opening to trading, significantly reducing operational costs and enhancing execution efficiency [8]. - The deep management capabilities include profit and loss analysis and performance attribution, enabling institutions to identify risks and opportunities in real-time [8].

Group 1: Large Model Ecosystem and Applications - The iteration speed of large models remains high, with a stable ecosystem and trends expected in the short term, including the dominance of closed-source models and the increasing importance of multimodal capabilities [11][12][18] - The application of Agentic AI is accelerating, with a well-established infrastructure supporting rapid deployment in investment research, indicating a shift towards expert agents in the field [21][25] Group 2: 2026 Asset Allocation Strategy Outlook - The macroeconomic environment is currently in a weak recovery phase, with manufacturing PMI and PPI showing gradual improvement, suggesting a potential for inflation to rise in 2026 due to external factors like interest rate cuts and AI-driven capital expenditures [53][56][62] - The report anticipates a dual-line market trend of cyclical and technological growth, with a shift in style allocation from small-cap growth to large-cap balance, and a focus on fundamental factors in industry allocation [2][56] Group 3: Factor Stock Selection Outlook - The trend of using AI models for stock selection has increased, but the strategies have become crowded, leading to potential collective drawdowns; optimization methods are being explored to enhance model performance [2][3][21] - The introduction of advanced techniques such as Huber Loss and memory modules aims to reduce excess drawdowns and improve the models' adaptability to market fluctuations [2][3][21] Group 4: 2025 Equity Fund Investment Outlook - Active equity funds are expected to see a return of alpha, particularly in the context of a dual-line market of technology and cyclical sectors, with recommendations for both broad-based and thematic funds [3][4][30] - The new regulations on performance benchmarks are likely to shift the focus towards stock selection alpha as a primary source of excess returns [3][4][30]

Core Insights - The article highlights the transformation of Rongtong Fund under the control of China Chengtong, focusing on its strategic shift towards serving state-owned enterprises and wealth management for residents, leading to significant growth in assets and a differentiated market position [1][2]. Group 1: Company Growth and Strategy - As of June 2025, Rongtong Fund's total assets reached 339.8 billion yuan, marking a historical high with an increase of 107.9 billion yuan, nearly 50% growth since the integration with China Chengtong [1]. - The public fund asset scale reached 154.3 billion yuan, reflecting a nearly 35% increase since the merger [1]. - The company is pursuing a dual-driven development strategy focused on "serving state-owned capital operations" and "serving resident wealth management" [2]. Group 2: Investment Strategy and Innovation - Rongtong Fund is developing a series of indices related to state-owned enterprises, including the China Chengtong Central Enterprise ESG Index and others, which are being transformed into investable ETF products [2]. - The introduction of patent data as a criterion for evaluating corporate innovation in the Central Enterprise Technology Innovation Index represents a significant innovation in value assessment [2]. - The company achieved a record fundraising of 1.785 billion yuan for its Central Enterprise Technology Innovation ETF during a market downturn, indicating strong market acceptance of its strategy [3]. Group 3: Research and Development Transformation - The company is transitioning from a reliance on individual fund managers to a platform-based, team-oriented investment research system, emphasizing a structured approach to high-quality investment decision-making [3][4]. - The establishment of a cross-departmental asset allocation committee facilitates collaboration across various investment sectors, enhancing decision-making processes [3]. - The integration of AI technologies into the investment research ecosystem has significantly improved operational efficiency, with a 50% growth in asset management while only increasing personnel by 5% over three years [5]. Group 4: Future Plans and International Expansion - The company aims for a "three-year transformation and five-year elevation" strategy, focusing on creating a comprehensive product line of central enterprise indices [6]. - Plans include launching a matrix of central enterprise thematic products and expanding into international markets, with the establishment of a Cayman Islands fund and a public fund in Hong Kong [6][7]. - The strategy includes developing QDII funds to provide mainland investors access to global assets and exploring the issuance of ETFs in Hong Kong to facilitate foreign investment in Chinese core assets [7].

Core Viewpoint - The private equity fund management industry in China is undergoing significant changes, with a notable number of firms exiting the market due to stricter regulations and a focus on compliance, leading to a more stable industry landscape. Group 1: Industry Exit and Regulation - As of December 14, 2023, a total of 1,155 private equity fund managers have completed deregistration this year, reflecting a 20.12% year-on-year decrease in deregistrations [3] - The number of private equity fund managers has decreased from over 24,000 at the end of 2019 to 19,367 by October 2025, indicating a significant reduction in the industry [2] - The trend of deregistration is slowing down, suggesting that high-risk institutions have largely been cleared out, and the remaining firms are stabilizing [3] Group 2: Industry Growth and Fund Performance - The total assets under management for private equity funds reached a historical high of 22.05 trillion yuan by October 2025, an increase of 1.31 trillion yuan from the previous period [4] - The private equity fund industry has seen a significant increase in dividend distributions, with a total of 1,658 dividends amounting to 17.338 billion yuan distributed in 2025, a 236.59% increase compared to the previous year [4] - The growth in fund size and increased dividend payouts reflect a shift towards higher quality development within the private equity sector [4] Group 3: Future Outlook and Trends - The tightening of regulations is expected to continue, leading to further specialization and compliance among private equity firms, with a focus on innovative investment strategies [6] - The introduction of regular dividend clauses by more private equity firms aims to enhance product attractiveness and meet investor demands for realized returns [6] - The industry is anticipated to expand steadily, with a concentration of resources towards compliant leading firms, driven by advancements in quantitative investment and AI technologies [6]

当"国产全功能GPU第一股"刷屏时，市场最缺的不是新闻，而是能 看穿数据背后投资逻辑的那篇报告 投研分析师的 "新股首次覆盖"，拼的是手速，也是认知 。面对500页的招股书，你需要从概览、发行人 基本情况、业务与技术、财务会计信息与管理层分析等章节中快速提炼出：核心团队、主营业务，商业 模式、竞争优势、盈利与成长关键指标。 但现实是，你把60%的时间都花在了Ctrl+F/+C/+V找数据、对口径上，留给"做判断"的时间少之又少。 今天，Alice Writer智能写作想帮你把这个比例彻底反过来： 针对摩尔线程这样的热门新股，Alice Writer的"公司深度模板"就是你专属的AI研究员，帮你把"500页变 成50个要点"——无论你是想快速扫盲，还是想深度输出观点，都能从容应对。 核心优势 不仅快，更懂你的"投资逻辑" Alice Writer内置AI投研框架的深度思考模式，能根据不同赛道和企业特性，自动搭建定制化的公司深 度研究框架和写作大纲，深入挖掘盈利能力、成长性等核心基本面，帮助你高效完成从素材收集到全文 写作的繁杂流程，真正实现"有思路，一键成文"。 模式一：极速启动 信息梳理领先一拍，覆盖广度胜人 ...

Core Insights - The company has participated as a designated trader in the national futures (options) trading competition for the fourth consecutive year, showcasing its unique differentiated service capabilities as a bank-affiliated futures company [1][2]. Differentiated Development Strategy - The company integrates its "banking" gene into its development framework, leveraging the resources, funding advantages, risk control systems, and research capabilities of its parent bank, creating a comprehensive service system covering various financial instruments [1]. - The company has received multiple awards, including "Most Growth-Oriented Futures Company" and "Best Financial Futures Service Award," reflecting market recognition of its professional capabilities [1]. Talent Development and Asset Management - The competition serves as a platform to connect market participants and showcase the company's comprehensive service strength, while also identifying quality investment advisory resources for its asset management business [2]. - The company has introduced an innovative "in-competition" incentive mechanism, integrating educational courses and one-on-one advisory services to enhance client engagement [3]. - A whitelist of investment advisors and connections to asset management products are established to create professional development pathways for outstanding trading talents, enriching the company's asset management capabilities [3]. Risk Management Framework - The company has developed a comprehensive risk management system aligned with banking standards, utilizing a big data risk control platform for cross-market monitoring and tailored risk management solutions for different client groups [4]. - During market fluctuations, the company emphasizes high-leverage and high-frequency trading monitoring, employing digital tools to interpret unexpected events and establish a complete risk management chain [4]. Technological Empowerment - The company has built a full-chain technology empowerment system, supporting mainstream trading interfaces and providing advanced tools such as AI research and high-speed market data [5][6]. - The company is exploring how banking technology resources can be applied in the futures sector to address long-standing efficiency challenges, transitioning from experience-driven to data-driven trading [6]. Market Trends and Future Outlook - The company anticipates a shift in the domestic futures market from scale expansion to functional deepening, with an increasing proportion of institutional investors and greater roles for AI technology in trading and risk management [7]. - The company encourages ordinary investors to leverage the comprehensive financial services of bank-affiliated futures companies, integrating futures into their overall asset allocation framework for stable returns [7].

Core Insights - The article emphasizes that AI will not replace research analysts but will transform the role, requiring analysts to train AI systems rather than merely interpret reports [2][3] - The investment research landscape is being redefined, with AI lowering the barriers to entry by enabling rapid data analysis and insights generation [6][7] Group 1: Redefinition of Investment Research - AI is changing the "threshold" for investment research, which traditionally required data, models, and time, making it an exclusive domain [3][6] - AI tools like GPT or Claude can now perform tasks that previously required a team, such as reading extensive financial reports and extracting key metrics [6] - The concept of an "AI-Native Research OS" is introduced, aiming to standardize AI research capabilities for analysts and institutions [6] Group 2: AI Research Analyst Opportunities - Reportify is positioned as a leading AI research platform that assists analysts and fund managers in building and managing AI agents [7][10] - The role of an AI Research/Finance Agent PM Intern involves identifying real research needs, building AI prototypes, and validating them with users [9][10] - Interns will gain practical experience in AI research, product development, and collaboration with AI, enhancing their skills for future high-demand roles [10][11] Group 3: Candidate Expectations and Benefits - The ideal candidate is characterized by curiosity, adaptability, and a willingness to learn, with a preference for those with backgrounds in business or finance [11][12] - The internship offers flexible working conditions, a competitive stipend, and opportunities for future employment or recommendations based on performance [12][13] - The article concludes by encouraging young professionals to embrace AI collaboration, highlighting the immediate opportunities available in the current landscape [13]