证券研究报告 计算机 报告日期：2026 年 03 月 23 日 Minimax 发布 M2.7，阿里云部分产品提价 ——计算机行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230526030001 邮箱：zhulx@hlzq.com 《政府工作报告再提"人工智能+"， 2026.03.09 AI 基建投资机会—计算机行业周报》 2026.03.02 《北美云服务局部涨价，AI 应用按下加 速键—计算机行业周报》2026.02.02 请认真阅读文后免责条款 摘要： 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 分析师：孙伯文 MiniMax 发布 M2.7，首次实现模型自我进化能力。MiniMax 于 2026 年 3 月 18 日发布了新一代 Agent 旗舰大模型 M2.7，核心的 突破在于首次实现了"模型自我进化" 。M2.7 能够通过构建复 杂 Agent Harness，深度参与自身的训练、优化与迭代流程，例如 自动执行超过 100 轮"分析-改进-验证"的闭环，最终通过优化 在内部评测集上实现约 30%的效果提升，并能够在 RL ...

Core Viewpoint - The article discusses the recent price increases in the cloud computing industry, driven by rising costs and unprecedented demand for computing power due to AI applications. This marks a significant shift from previous price wars to a systematic transmission of cost pressures to the market [2][3]. Group 1: Price Increase Dynamics - On March 18, 2023, Alibaba Cloud announced a price increase, signaling a broader trend among cloud providers to pass on cost pressures after years of price competition [2][4]. - The surge in AI applications has led to an exponential increase in computing power demand, while supply constraints in GPU capacity, data centers, and electricity have made it difficult to keep up [3][11]. - Major cloud providers, including AWS and Google Cloud, have already raised prices, with AWS increasing prices for certain GPU services by 15% earlier in January 2023 [12][13]. Group 2: Different Strategies Among Cloud Providers - Cloud providers are adopting different strategies in response to the same cost pressures: some are selectively raising prices on AI-related services, while others are implementing broad price increases or maintaining current pricing to capture market share [4][16]. - The "Precision Pricing" group, represented by Alibaba Cloud, Tencent Cloud, and Baidu Cloud, focuses on raising prices for AI training products while keeping basic services stable to avoid losing customers [18][21]. - The "Comprehensive Pricing" group, exemplified by UCloud, has opted for widespread price increases across core products, reflecting a more aggressive approach to profit recovery [26][28]. - Some providers, like JD Cloud, have chosen not to raise prices, instead offering discounts to attract cost-sensitive customers, indicating a strategic decision to differentiate themselves in a competitive market [30][31]. Group 3: Market Implications - The article highlights that the cloud market is experiencing a strategic shift, where price increases are not uniform but rather reflect individual company strategies based on their market position and customer base [17][31]. - The timing of price adjustments, such as Alibaba Cloud's decision to implement changes after a specific date, is designed to encourage customers to place orders before the increase takes effect, potentially boosting short-term revenue [22][23]. - The competitive landscape is evolving, with companies needing to balance profitability with market share, as any misstep in pricing strategy could lead to customer attrition to competitors [16][21].

Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The demand for AI inference is continuously growing, driven by a significant increase in tokens usage, with a reported increase from 1.62 trillion tokens in March 2025 to 18 trillion tokens in March 2026, representing a growth of approximately 1011% [6][11] - Cloud service providers are raising prices for AI computing products due to rising hardware costs and increased demand for AI services, with price hikes ranging from 5% to 34% for various services [8][33] - The report highlights that the expansion of AI capabilities is expected to lead to a substantial increase in the number of active agents and token consumption, with annual token consumption projected to grow from 0.0005 PetaTokens in 2025 to 152,667 PetaTokens by 2030, reflecting a compound annual growth rate of 3418% [9][38] Summary by Sections Recent Trends - The computer industry has shown a relative performance decline of -10.1% over the past month, while the Shanghai Composite Index has remained stable [5] Price Adjustments - Major cloud providers like Alibaba Cloud and Baidu Cloud are increasing prices for AI computing services due to rising hardware procurement costs, with specific increases of up to 34% for Alibaba's AI computing services and 30% for Baidu's [8][27] Token Consumption Growth - The report indicates a significant rise in token consumption, with OpenClaw being a major contributor, achieving a monthly token call volume of 13.4 trillion as of March 2026 [17] - The share of domestic models in token consumption is increasing, with domestic models accounting for approximately 53.4% of the top models' total token calls as of March 2026 [14] Future Outlook - The report anticipates that the demand for AI computing and tokens will continue to rise, benefiting cloud service providers and related upstream and downstream companies [10][44] - The ongoing increase in hardware costs and the demand for AI services suggest that price adjustments in the cloud computing sector may persist [9][33]

行业研究 计算机行业周报 OpenClaw 盛宴：Token 需求扩张的影响正全面向上传导 证券研究报告 2026 年 03 月 22 日 湘财证券研究所 ——计算机行业周报（03.16-03.22） 相关研究： | 1、《OpenClaw破圈：Agent时代 | | --- | | 的催化剂》 2026.03.15 | | 2、《模型迭代加速智能体时代到 | | 来》 2026.03.08 | | 3、《对海内外大模型持续迭代的 | | 几点观察》 2026.03.01 | 行业评级：买入（维持） 分析师：周成 证书编号：S0500526020001 Tel：(8621) 50295309 Email：zc08324@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ OpenClaw 盛宴：Token 需求扩张的影响正全面向上传导 OpenClaw 驱动 Token 需求快速扩张。根据第三方 AI 模型聚合平台 OpenRouter 的模型 API 调用数据，2026 年 2 月平台周度 Token 平均用量已 达 2025 年第四季度周均水平的 2 倍以上，其中 ...

Core Viewpoint - The recent price increases by major cloud service providers, including Alibaba Cloud and Baidu Intelligent Cloud, are driven by a surge in global AI demand, a mismatch in computing power supply and demand, and significant increases in the costs of core hardware such as chips and servers [3][5]. Price Increases by Cloud Providers - In January 2026, AWS announced a 15% price increase for EC2 used in large model training, while Google Cloud raised prices for data transfer services and AI infrastructure by up to 100% [5]. - Tencent Cloud also announced adjustments to its pricing strategy, ending free trials for certain models and transitioning to a pay-per-use model [5]. - On March 18, 2026, Baidu Intelligent Cloud disclosed that due to rapid growth in AI applications, computing power demand has surged, leading to significant increases in core hardware costs, prompting a structural price optimization for some products [5][6]. - Alibaba Cloud announced price increases of up to 34% for AI computing and storage products, effective April 18, 2026, due to the same factors [6][7]. Specific Product Price Changes - Alibaba Cloud's price adjustments include a 5%-34% increase for products like the PingTouGe Zhenwu 810E computing card and a 30% increase for file storage products [6]. - The price changes are primarily focused on AI-related services, while traditional cloud computing demand remains uncertain [7]. Underlying Reasons for Price Increases - The direct cause of the price hikes is attributed to the explosive growth in Token consumption driven by the OpenClaw phenomenon, which has accelerated the deployment of intelligent agents [9]. - The demand for computing power is expected to expand beyond enterprise users to include ordinary users, developers, and small businesses, potentially becoming a significant revenue source for cloud providers [9]. - A report from Galaxy Securities indicated that in the first week of March 2026, the platform processed 14.8 trillion Tokens, doubling from the beginning of the year, highlighting a shift in AI industry value from model capabilities to task completion capabilities [9]. Structural Characteristics of Price Increases - According to Forrester's Vice President and Chief Analyst, the current price increases are structural, focusing on GPU cloud computing, high-performance storage, and AI networks rather than a blanket increase in general computing power [10]. - The competition among cloud providers is expected to shift from price wars to factors such as predictable computing power delivery, efficiency, and mature AI deployment capabilities [11]. - Despite the price increases, the demand for AI computing power is anticipated to continue growing steadily, although fluctuations in the prices of advanced GPUs, memory, and energy may pose challenges for cloud providers [11].

资料 图。本文来源： 澎湃新闻 记者 胡含嫣 Token调用量暴增，阿里云宣布AI算力和存储产品最高涨价34% 阿里云AI（人工智能）算力、存储等产品最高涨价34％。 | 调整内容 | 地域 | 调整幅度 | | --- | --- | --- | | 平头哥真武810E等算力卡相关服务 | 全地域 | 上涨5% - 34% | | CPFS (智算版) | 全地域 | 上涨30% | 来源：阿里云公告 据知情人士透露，此轮涨价另一个重要原因是"Token调用量暴涨"。春节期间，AI Agent应用爆发，阿里云的MaaS业务百炼在今年1至3月创下了历史最高增速。阿里云正在将 紧缺的AI算力资源向Token业务倾斜。这意味着，阿里云正在依托自研千问大模型调整其商业策略重心，从卖算力资源升级为卖智能。 就在两天前，阿里巴巴宣布成立全新的Alibaba Token Hub（ATH）事业群，包括通义实验室、MaaS业务线、千问事业部、悟空事业部及AI创新事业部，覆盖从基础模型研 发、模型服务平台，到个人与企业端AI应用的完整布局。同时，阿里将打造统一的模型服务平台百炼，由阿里云对外提供MaaS商业化服务。 阿里巴巴集 ...

Core Insights - The report highlights the structural upgrade in China's magnesium industry, with China's primary magnesium production capacity and output accounting for 82% and 89% of the global total respectively by 2025 [7][8] - The report indicates a shift towards high-end magnesium alloy production, driven by increasing demand from sectors such as new energy vehicles and lightweight materials, with the proportion of magnesium alloy output rising to 39.2% [7][8] - The strategic value of magnesium as a metal is being reassessed globally, with policies encouraging the development of high-end magnesium alloy manufacturing in China [9][10] Industry Overview - China's magnesium industry is entering a new phase of supply structural upgrade, with a reduction in outdated production capacity due to stricter environmental policies and rising production costs [7] - The report forecasts that global magnesium alloy production will increase from 650,000 tons to 1,305,000 tons between 2025 and 2028, with China's share rising significantly [10][15] - The demand for magnesium alloys is expected to grow rapidly, particularly in the automotive and robotics sectors, with CAGR estimates of 36% and 58% respectively from 2025 to 2028 [13][15] Market Dynamics - The report notes that the import dependency for high-end magnesium alloys in China is currently at 60%, indicating a significant opportunity for domestic production to increase [8] - The magnesium-aluminum price ratio has dropped to a historical low, enhancing the cost-effectiveness of magnesium alloys and potentially driving demand [11] - The report anticipates that the global magnesium alloy supply-demand structure will continue to improve, leading to enhanced profitability and valuation levels for magnesium-related companies [15] Key Companies - The report mentions several companies involved in the magnesium industry, including Baowu Magnesium, Xingyuan Zhuomai, Yian Technology, and Wanfeng Aowei, which are positioned to benefit from the industry's growth [16]