证券研究报告·金融工程·金工专题报告 金工专题报告 20260306 OpenClaw 深度测评与应用指南 2026 年 03 月 06 日 suns@dwzq.com.cn 证券分析师 吴彦锦 执业证书：S0600526020004 wuyanjin@dwzq.com.cn [Table_Summary] 以 OpenClaw 为代表的新一代 AI 智能体，正实现从"问答工具"到"可落 地执行的干活助手"的本质蜕变，可深度介入工作流、适配多场景需求， 为投研、办公等领域带来效率颠覆。本文以"低门槛实战指南"为定位，不 作硬核技术叙事，聚焦普通用户核心关切，助力读者高效尝鲜并感知其在 真实工作中的价值增量，专注于解答：OpenClaw 具备哪些独特能力？结 合真实投研场景，哪些事情是 OpenClaw 可以传统 AI 对话工具无法完成 的？ 相关研究 《深度学习系列之一： AI 重塑量化， 基于大语言模型驱动的因子改进与情 绪 Alpha 挖掘》 2026-01-10 证券分析师 于明明 执业证书：S0600525120002 yumm@dwzq.com.cn 证券分析师 孙石 执业证书：S060052602 ...

证券研究报告·金融工程·金工专题报告 金工专题报告 20260306 OpenClaw 深度测评与应用指南 2026 年 03 月 06 日 [Table_Summary] 以 OpenClaw 为代表的新一代 AI 智能体，正实现从"问答工具"到"可落 地执行的干活助手"的本质蜕变，可深度介入工作流、适配多场景需求， 为投研、办公等领域带来效率颠覆。本文以"低门槛实战指南"为定位，不 作硬核技术叙事，聚焦普通用户核心关切，助力读者高效尝鲜并感知其在 真实工作中的价值增量，专注于解答：OpenClaw 具备哪些独特能力？结 合真实投研场景，哪些事情是 OpenClaw 可以传统 AI 对话工具无法完成 的？ 证券分析师 于明明 执业证书：S0600525120002 yumm@dwzq.com.cn 证券分析师 孙石 执业证书：S0600526020001 suns@dwzq.com.cn 证券分析师 吴彦锦 执业证书：S0600526020004 wuyanjin@dwzq.com.cn 相关研究 《深度学习系列之一： AI 重塑量化， 基于大语言模型驱动的因子改进与情 绪 Alpha 挖掘》 2026-0 ...

Summary of Conference Call Notes Industry Overview - The discussion revolves around the AI industry, highlighting the competitive landscape and the emergence of domestic large models that have dominated the rankings on platforms like openrouter for several weeks [1]. Key Points and Arguments - Companies such as Qianwen, Doubao, and Yuanbao are likened to early movers in mobile payments, aggressively investing to capture AI users [1]. - The introduction of GLM-5 is noted as a significant shift in programming paradigms from "VibeCoding" to "AgenticEngineering," indicating a transformation in how AI development is approached [1]. - The launch of KimiClaw is emphasized as a move to make OpenClawAI's intelligent agent services accessible to the general public, moving beyond just developers [1]. - There is a mention of the trend towards equal access to agent usage, although it is noted that this access comes at a cost, indicating a shift towards monetization in the AI space [1]. - The company Zhipu is actively seeking "computing power partners" and has issued apologies for operational and computing power shortages, highlighting challenges in scaling [1]. Additional Important Insights - The recent price increases in various sectors are described as just the beginning, suggesting a broader trend of rising costs in the industry [1]. - Specific recommendations are made to focus on Alibaba-related companies (Alibaba, Xiechuang, Hongjing) and domestic GPU manufacturers (Haiguang, Cambrian) [1]. - Other companies of interest include Wangsu Technology, Dongfang Guoxin, Capital Online, Guanghuan New Network, Youkede, Parallel Technology, and Kingsoft Cloud, indicating a diverse range of investment opportunities within the sector [1].