中国 证券研究 2026 年 3 月 12 日 智谱 增持 AutoClaw 会谈纪要：智能体的价值真实存在，变现和 采用取决于模型、工作流和管控 我们与 AutoClaw 的项目经理进行了交流，对这一新兴智能体类别有 了更细致的看法。我们认为，AutoClaw 和 OpenClaw 等产品之所以重 要，并不是因为它们如今突然使自主 AI 在商业上变得成熟，而是因 为它们大大降低了非技术用户体验智能体工作流的门槛。对投资者的 主要影响在于：随着时间的推移，智能体的采用可能会扩大模型使用 量和基础设施需求，但短期变现仍应被视为处于早期阶段。实际部署 更有可能首先出现在相对结构化的工作流中，而不是通过广泛、完全 自主的人工替代来实现。 为什么 OpenClaw 类产品越来越受欢迎？ 受访者的发言表明，近期 OpenClaw 类产品流行反映的是产品设计与 可用性的改进，而不是模型智能的突变。他特别强调了三个因素：与 现有通信工具的集成、允许智能体随着时间的推移构建用户画像的持 久记忆，以及扩宽智能体实际工作范围的更广泛的系统权限。 我们认为，这样做出区分很重要。最近引发的热潮似乎是由更优的产 品化和可及性推动，而不 ...

证券研究报告 甲骨文Q3FY26业绩表现良好，腾讯智谱 纷纷推出"龙虾"产品 计算机行业强于大市（维持） 平安证券研究所计算机团队 分析师： 闫磊S1060517070006（证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003（证券投资咨询）HUANGWEIHAN235@pingan.com.cn 刘云坤S1060525120004（证券投资咨询）LIUYUNKUN518@pingan.com.cn 2026年03月15日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）甲骨文Q3FY26业绩表现良好，上调2027财年营收指引。当地时间2026年3月10日，Oracle发布2026财年第三季度财 务报告。2026财年第三季度，实现总营收达到172亿美元，按美元计算增长22%，按固定汇率计算增长18%。其中，云业务营收达89亿美元， 按美元计算增长44%，按固定汇率计算增长41%；软件业务营收61亿美元，按美元计算增长3%，按固定汇率计算下降1%；硬件业务营收达7 亿美元，按美元计算增长2%，按固定汇率计算下降2%；服务业务营收14.4亿美元，按美元计算增长 ...

港股周报 大厂加速布局 OpenClaw 产品，关注腾讯、阿里财报 AI Agent 叙事进展 glmszqdatemark 2026 年 03 月 15 日 [Table_Author] | 分析师 孔蓉 | | --- | | 执业证书： S0590525110014 | | 邮箱： kongrong@glms.com.cn | | 分析师 杨雨辰 | | 执业证书： S0590525110015 | | 邮箱： yangyuchen@glms.com.cn | | 分析师 曹睿 | | 执业证书： S0590525110018 | | 邮箱： caorui@glms.com.cn | | 分析师 刘诗雨 | | 执业证书： S0590525110017 | | 邮箱： liushiyu@glms.com.cn | | 分析师 樊程安吉 | | 执业证书： S0590525110016 | | 邮箱： fanchenganji@glms.com.cn | | 分析师 赵融 | | 执业证书： S0590525120005 | | 邮箱： zhaorong@glms.com.cn | | 研究助理 赵志远 ...

证券研究报告 | 行业定期报告 2026 年 03 月 15 日 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4275.4 | 3.8 | | 流通市值（十亿元） | 3784.6 | 3.7 | 行业指数 % 1m 6m 12m 绝对表现 -6.5 2.0 5.8 相对表现 -6.7 -1.3 -13.5 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 Mar/25 Jul/25 Oct/25 Feb/26 (%) 计算机 沪深300 相关报告 大厂下场"做虾"，"算电协同"新基建启航 计算机周观察 20260315 TMT 及中小盘/计算机 本周，国内科技大厂密集推出 OpenClaw 相关产品，形成云端 SaaS、本地 部署、端侧适配、企业级平台等多路径布局。此外，"算电协同"市场关注度 持续提升，此前政府工作报告首次将算电协同纳入国家超大规模新基建工程。 推荐（维持） 行业规模 1、《OpenClaw 热度持续提升，继续 推 荐 AI Infra — — 计算机周观察 202603 ...

证券研究报告 科技 OpenClaw 生态升温，Agent 再提速 26 年 2 月 AI 月报 华泰研究 2026 年 3 月 14 日│中国内地 行业月报 核心观点 本月 AI 产业的边际变化，在于竞争重心正从单点模型能力提升，逐步转向 复杂任务交付与 Agent 系统落地。类 Claw 产品加快发布，推动 Agent 加速 演进，也带动 Token 消耗、推理算力需求以及相关基础设施投入继续上行。 与此同时，企业级 Agent、AI4S 和物理 AI 等方向的商业化与产业化进展同 步推进，说明 AI 正从能力验证阶段进一步走向真实场景落地，建议持续关 注推理侧算力、平台型基础设施以及具备场景与生态壁垒的应用机会。 AI 模型：复杂任务能力提升，类 Claw 产品加快落地 AI 算力：Agent 叙事强化，LPU 商业化进程或加速 我们判断 Agent 正从能力验证迈向规模化应用，Claw 生态加速成熟，推动 长链任务、工具调用与多 Agent 协作普及，Token 消耗斜率继续上行。推理 需求放量下，算力租赁价格与基础设施景气度持续提升，LPU 等高吞吐推 理架构的商业化进程或同步加速。中国模型凭借能力 ...

曝梁文锋将携 DeepSeek V4 撞上姚顺雨；字节跳动因版权纠纷暂停全球发布 Seedance 2.0；原阿里 千问后训练负责人郁博文加盟字节 Seed；OpenClaw 创始人指责腾讯版小龙虾抄袭，腾讯云部分 AI 模型涨幅超 400%；微信正在研发自有模型和"绝密级"AI 智能体；月薪两万养不起一只龙虾！排队养 虾后又排队卸载；Kimi 新一轮 10 亿美元融资正在进行，估值涨至 180 亿美元；中国传媒大学砍掉 16 个本科专业，直言教育要面向人机分工时代；Meta 或将裁员至少 20%；320 亿美元创最大交易纪 录：谷歌历时一年正式完成 Wiz 收购；杨立昆再联手谢赛宁，英伟达参投，新公司完成 10.3 亿美元 融资…… 行业热点 曝梁文锋将携 DeepSeek V4 撞上姚顺雨 整理 | 傅宇琪、褚杏娟 3 月 12 日消息，据媒体爆料，外界千呼万唤的 DeepSeek-V4 将于 4 月正式上线。作为梁文锋打磨 已久的多模态大模型，DeepSeek-V4 除了在 Coding 能力上跃升之外，还将在 LTM（long term memory 长期记忆）上取得突破。一位接近 DeepSeek ...

Group 1 - OpenClaw has gained significant attention in the AI community, attracting 2 million visits and over 100,000 GitHub stars within a week of its release, with the current star count reaching 588,000 as of March 13, 2026 [5][6] - OpenClaw is an open-source agent framework that operates in local or self-hosted environments, allowing users to issue commands through familiar chat interfaces while executing multi-step tasks [5][6] - The popularity of OpenClaw has led to the emergence of "lobster-like" products from various manufacturers, which aim to lower the technical barriers for users and promote their cloud services and agent platforms [6][7] Group 2 - As of March 2026, OpenClaw is being rapidly replicated by domestic tech companies, resulting in a variety of "lobster-like" services tailored for different users and entry points [7] - These "lobster-like" services include AutoClaw (Zhipu) for local one-click deployment, Kimi Claw (Yuezhian) and MaxClaw (MiniMax) for cloud hosting, enabling users to access agent capabilities through platforms like browsers, Feishu, QQ, and WeChat [7] - Local governments, including Shenzhen, Wuxi, Hefei, and Suzhou, have introduced support measures for OpenClaw, offering subsidies up to 10 million RMB, financing support, free computing power, and office incentives [6][7] Group 3 - Despite the rising popularity, concerns regarding the safety, controllability, and suitability of OpenClaw for widespread deployment are increasing [6][7] - A security analysis by Bitsight in February noted over 30,000 publicly exposed OpenClaw instances, highlighting the risks associated with such exposure [7]

Core Viewpoint - MiniMax has experienced a significant stock surge, with a 51% increase over two trading days, driven by the popularity of its product OpenClaw, which has positioned it favorably against competitors like Baidu [6][7]. Group 1: MiniMax's Performance - MiniMax's stock price has risen over 600% since its IPO, with a market capitalization surpassing Baidu for the first time [6]. - The company's revenue for 2025 was approximately 540 million RMB, reflecting a year-on-year increase of 158.9% [6]. - Despite the revenue growth, MiniMax remains in a loss position as of the end of 2025 [20]. Group 2: OpenClaw's Impact - OpenClaw is a standardized framework for building intelligent agents, allowing developers to create and share various functionalities [8]. - The framework has gained immense popularity, surpassing 200,000 stars on GitHub, making it one of the fastest-growing open-source projects in history [21]. - OpenClaw's operational model significantly increases token consumption, with reports of users burning millions of tokens for simple tasks [25][27]. Group 3: Market Dynamics - The introduction of OpenClaw has created a new revenue stream for AI model companies, addressing the challenge of monetization in the AI sector [10]. - The demand for AI services is expected to grow exponentially, with predictions indicating that by 2031, Chinese enterprises will have 350 million active intelligent agents [26]. - MiniMax's annual recurring revenue (ARR) has surged from $100 million to $150 million within two months, indicating strong market confidence [29]. Group 4: Competitive Landscape - Competitors like Zhizhu and major tech companies are also launching similar products to capitalize on the OpenClaw trend, indicating a highly competitive environment [26]. - Zhizhu's AutoClaw and MiniMax's MaxClaw are examples of products designed to enhance user experience and accessibility in AI applications [26]. - The market is witnessing a shift where the focus is on attracting users to select specific models for their agents, rather than just improving benchmark rankings [28].

" 欢迎来到千虾时代。 " 港股 " 龙虾三兄弟 "—— 迅策科技、 MiniMax 和智谱市值飙升，其中 MiniMax 创始人闫俊杰持 股市值一度接近 900 亿港元。与此同时，优刻得、青云科技等 A 股概念股也应声大涨。 这个春节 ， OpenClaw （俗称 " 龙虾 " ）突然爆火，迅速点燃资本市场热情。 | 智谱 | 707.000 | 3152.11 亿 | | --- | --- | --- | | HK 02513 | | | | MINIMAX-WP | 1297.000 | 4067.85 亿 | | HK 00100 | | | | 目度-SW | 123.900 | 3407.46亿 | | HK 09888 | 125.500 | +2.47% ADR | | 京东-SW | 109.300 | 3101.93亿 | | HK 09618 | 27.730 | +0.95% ADR | | 快手-W | 61.150 | 2661.68 亿 | | HK 01024 | | | 图/3月11日早间截图，智谱市值一度超越京东 然而，在这波财富效应背后，焦虑与冷思考也悄然浮现。 Tok ...

Chinese authorities have begun restricting the use of OpenClaw AI applications across government agencies and state-owned enterprises, moving quickly to address security concerns as the technology is rapidly being adopted by companies, developers and investors.Notices issued in recent days warn government bodies and major state-run firms - including some of the country’s largest banks - not to install OpenClaw software on office computers, according to Bloomberg, adding that several organizations were told ...