Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [7][22]. Core Viewpoints - The explosive growth of the AI Agent application OpenClaw is becoming a significant catalyst in the global AI industry chain, with a total token call volume reaching 10.4 trillion tokens in March 2026, marking a 30% week-on-week increase [6][15]. - The report highlights the potential for the Chinese wind power industry chain to expand its overseas market share due to cost and delivery advantages, particularly in light of the UK's recent policy changes that eliminate import tariffs on wind power components [20][21]. - The OpenClaw ecosystem is expected to create a transmission path from application growth to increased token demand, leading to an expansion in computing power, data center construction, and upgrades in electrical infrastructure [18]. Summary by Sections Investment Viewpoints - The report suggests focusing on companies such as Goldwind Technology, Daikin Heavy Industries, and others within the wind power sector due to their competitive advantages in cost and delivery [21]. - The electric power equipment sector is expected to benefit from the growth in AI applications and the wind power industry, maintaining a positive outlook for long-term investments [7][22]. Industry Dynamics - The report notes that the AI industry is transitioning from single-round reasoning to multi-round automated reasoning, significantly increasing the demand for computing power [17]. - The UK has announced the cancellation of import tariffs on 33 wind power components, which is expected to accelerate offshore wind installations and increase equipment import demand [20]. - The report emphasizes the importance of regulatory support for the healthy expansion of the OpenClaw ecosystem, which is crucial for the long-term stability of the AI Agent industry [17]. Key Companies and Profit Forecasts - The report provides profit forecasts for several companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with specific recommendations for investment [10][23].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment sector [7][22]. Core Insights - The explosive growth of the AI Agent application OpenClaw is becoming a significant catalyst in the global AI industry chain, with a total token call volume reaching 10.4 trillion tokens in March 2026, marking a 30% week-on-week increase [6][15]. - The report highlights the potential for the Chinese wind power industry chain to expand its overseas market share due to cost and delivery advantages, particularly in light of the UK's recent policy changes that eliminate import tariffs on wind power components [20][21]. Summary by Sections Investment Viewpoint - The OpenClaw ecosystem is driving a surge in token calls, which is expected to enhance the demand for domestic computing power, IDC, and related electric power equipment industries in the medium to long term [15][18]. - The UK’s cancellation of import tariffs on wind power components is anticipated to accelerate offshore wind installations, with an estimated investment of £22 billion [20][21]. Industry Dynamics - The electric power equipment sector has shown strong performance, with a 55.8% increase over the past 12 months, outperforming the Shanghai Composite Index [3][4]. - The report emphasizes the importance of the AI Agent paradigm in increasing inference computing power demand, which will benefit the domestic computing power industry chain and accelerate the construction of AI data centers [18][19]. Key Companies and Profit Forecasts - The report identifies key companies to watch, including Goldwind Technology, Daikin Heavy Industries, and others, with specific earnings per share (EPS) and price-to-earnings (PE) ratios provided for 2024 to 2026 [10][23]. - For instance, Goldwind Technology is projected to have an EPS of 0.44 in 2024, increasing to 0.78 by 2026, with a PE ratio decreasing from 71.43 to 40.29 over the same period [10][23].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Domestic major companies are seizing market opportunities, with the "lobster craze" igniting growth in domestic AI models [6][15] - OpenAI's acquisition of OpenClaw marks a significant step towards the commercialization of AI [21] - The report highlights a surge in token consumption for domestic models, indicating increased user engagement [16] Summary by Sections Domestic Market - Major companies like Tencent, ByteDance, and Zhiyun are launching various AI applications, integrating with OpenClaw to enhance their offerings [6][15] - OpenClaw's usage has surged, with MiniMax M2.5 and Step 3.5 Flash leading in token consumption, accounting for approximately 1/6 of the total weekly token usage on the platform [16][20] International Market - OpenAI's acquisition of OpenClaw signifies a shift towards commercializing AI technologies, with other tech giants like NVIDIA and Meta also investing in AI platforms [21][22] - Despite the excitement in China, the enthusiasm for AI in Europe and the US remains limited, primarily confined to technical circles [22] Policy and Support - The Chinese government is actively supporting AI initiatives, with local policies providing substantial financial backing for qualifying projects [7][20] - Various regions are offering significant subsidies and support measures to promote AI development [20] Investment Recommendations - In the internet sector, focus on AI commercialization and application expansion, recommending stocks like Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [9][31] - In the computing sector, there is an anticipated increase in AI demand, with recommendations for companies benefiting from IT spending, including Kingdee International and Baidu Group-SW [9][31] - In the automotive and autonomous driving sector, the approval of domestic L3 pilot licenses is expected to accelerate the commercialization of advanced driving technologies, with recommended stocks including XPeng Motors-W and Tesla [9][31]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Domestic major companies are seizing market opportunities, with the "lobster craze" igniting growth in domestic AI models [6][15] - OpenAI's acquisition of OpenClaw marks a significant step towards the commercialization of AI [21] - The report highlights a surge in token consumption for domestic models, indicating increased user engagement and model usage [16] Summary by Sections Domestic Market - Major companies like Tencent, ByteDance, and Zhizhu are launching various AI applications, integrating with OpenClaw to enhance their offerings [6][15] - OpenClaw's usage has significantly increased, with MiniMax M2.5 and Step 3.5 Flash accounting for approximately 1/6 of the total token consumption on the platform [16][20] International Market - OpenAI's acquisition of OpenClaw signifies a shift towards commercializing AI technologies, with other tech giants like NVIDIA and Meta also investing in AI platforms [21][22] - Despite the excitement in China, the enthusiasm for AI models in Europe and the US remains limited, primarily confined to technical circles [22] Weekly Data Update - The Hang Seng Index experienced a decline of 1.13%, with small-cap and technology stocks showing resilience [23][26] - The net inflow of capital in the Hong Kong Stock Connect reached 46.46 billion, indicating a positive shift in investor sentiment [24][30] Investment Recommendations - In the internet sector, focus on AI commercialization and application expansion, recommending stocks like Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [9][31] - In the computer sector, highlight opportunities arising from increased IT spending by state-owned enterprises, recommending companies like Kingdee International and BaiRong Cloud [9][31] - In the automotive and autonomous driving sector, the approval of domestic L3 pilot licenses is expected to accelerate the commercialization of advanced driving technologies, with recommended stocks including XPeng Motors-W and Xiaomi Group-W [9][31]

Al Model Rankings Based on real usage data from millions of users accessing models through OpenRouter. 00 Top Models Weekly usage of models across OpenRouter 18T 9T 4.5T 2025年3月17日 11月24日 7月21日 | | & LLM Leaderboard | This Week | | --- | --- | --- | | | MiniMax M2.5 | 1.82T tokens | | | by minimax | 10% | | 2. | Step 3.5 Flash (free) | 1.3T tokens | | | by stepfun | 193% | | 3. | Gemini 3 Flash Pre ... | 1.01T tokens | | | by google | J4% | | | DeepSeek V3.2 | 1.01T tokens | | | by deepseek | 125% | | | Cla ...

丨证券研究报告丨 %% %% 行业研究丨行业周报丨软件与服务 [Table_Title] 2026 年第 10 周计算机行业周报： 模型与算力共振，国产 AI 大周期拐点已至 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 上周计算机板块大幅回撤，整体下跌 5.83%，在长江一级行业中排名第 31 位，两市成交额占 比为 6.63%，能源 IT 活跃。上周政府工作报告提出培育壮大新兴产业和未来产业；国家发展改 革委主任郑栅洁表示将继续实施北斗规模应用工程。近期，国产大模型被 OpenClaw 大规模调 用，建议关注（1）新入口&大模型商业化爆发；（2）国产芯片（CPU+GPU）&第三方云；（3） Agent 重构软件，聚焦"高价值+高壁垒+高兑现"场景。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 [Table_Title 2026 年第 102] 周计算机行业周报： 模型与算力共振，国产 AI 大周期拐点已至 [Ta ...

Core Insights - The article highlights the significant rise of Chinese large models in the AI sector, particularly during the recent weeks, showcasing their dominance over American counterparts in terms of usage and performance metrics [2][3][9]. Group 1: Performance Metrics - The total weekly usage of Chinese large models surged to 4.19 trillion tokens, marking a 34.9% increase, while American models saw a decline of 8.5% to 3.63 trillion tokens [6]. - In the following week, the usage of Chinese models reached 4.12 trillion tokens, surpassing the U.S. models for the first time, which dropped to 2.94 trillion tokens [9]. - By the week of March 16-22, the usage of Chinese models further increased to 5.16 trillion tokens, reflecting a 127% growth over three weeks, while U.S. models decreased to 2.7 trillion tokens [9]. Group 2: Leading Models - The top three models in usage were Kimi K2.5, Step 3.5 Flash, and MiniMax M2.5, each exceeding 1 trillion tokens [5][34]. - MiniMax M2.5 maintained a strong performance, consistently ranking at the top globally, while Step 3.5 Flash emerged as a significant contender [13][15]. - Chinese models dominated the global top five rankings, with three positions occupied by domestic products [12]. Group 3: Application and Context - The article emphasizes the popularity of the OpenClaw application among users, which has consumed a total of 9.16 trillion tokens since January, establishing itself as a major player in the market [32]. - In terms of context length usage, different models excelled in various token ranges, with MiniMax M2.5 and DeepSeek V3.2 being preferred for tasks requiring 10K-100K tokens [23][25]. Group 4: Competitive Landscape - The article notes that while Chinese models are gaining traction, they still need to improve in terms of speed and cost-effectiveness compared to leading models from Google and OpenAI [44]. - The PinchBench ranking, which evaluates models based on success rate, speed, and cost, indicates that while Chinese models like Kimi K2.5 and MiniMax M2.1 are performing well, they lag in speed compared to some competitors [39][41].

Group 1: Industry Trends - The 2026 National Two Sessions will incorporate "computing and electricity synergy" into large-scale new infrastructure projects, indicating a strong policy catalyst for the power industry [2] - The approval of 32.59 million kilowatts of green electricity direct connection projects and the accelerated construction of a unified national electricity market system signify a shift from policy planning to industrial practice [2] - The power sector has shown excess returns recently, with the CITIC Power and Utilities Index rising for two consecutive weeks, indicating a clear trend of industry value reassessment [2] Group 2: Artificial Intelligence Developments - OpenAI has officially released its next-generation flagship language model, GPT-5.4, and its advanced version, GPT-5.4 Pro, marking a significant evolution towards the "native digital employee" paradigm [2] - GPT-5.4 can directly take over system keyboard and mouse operations, enabling complex desktop workflow automation across applications [2] - The global popularity of the new base model Step 3.5 Flash has surged, with its usage on the OpenClaw project reaching the top position globally [3] Group 3: Short-term and Long-term Industry Focus - In the short term, five sectors with marginal improvements are highlighted: chemicals, lithium mining, domestic computing power, semiconductor equipment, and overseas computing power [3] - In the long term, the focus is on the progress of societal intelligence under the new technology cycle, including continuous iteration of large models, improvement of computing infrastructure and AI ecosystem, and the realization of AI business models [3] - The emphasis is also on the self-controllable industrial chain under domestic substitution cycles, and cost reduction and efficiency improvement across the entire carbon neutrality industry chain under the "dual carbon" cycle [3]

Core Insights - The article suggests that data centers should be located in China due to lower costs for chips, electricity, and land, particularly in Inner Mongolia [1] - It proposes a strategy of renting some computing power overseas for marketing purposes while utilizing domestic computing resources for inference tasks, which are time-consuming [1] - The expansion of undersea cables and increased bandwidth are emphasized as necessary steps, with a focus on maintaining data security through local data virtualization and isolation solutions [1] Summary by Sections - **Data Center Location**: The article argues for establishing data centers in China, highlighting the cost advantages of chips, electricity, and land [1] - **Inference Strategy**: It discusses the approach of using overseas computing power for marketing while relying on domestic resources for inference, which can take 1-4 minutes for tasks [1] - **Infrastructure Development**: The need to expand undersea cables and bandwidth is mentioned, along with a commitment to data security through local solutions [1] - **AI Model Utilization**: The article notes that domestic models are significantly cheaper, costing only one-sixth of their overseas counterparts, which could facilitate global AI application proliferation [1]

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [34]. Core Insights - The report highlights that China's AI model usage has surpassed that of the United States for the first time, indicating a significant shift in the global AI landscape. This trend is expected to drive high demand for AI computing power, presenting investment opportunities in the AI computing supply chain, including AI chips, servers, and liquid cooling technologies [2][28]. Summary by Sections 1. Industry Performance Review - The SW computer sector has seen a cumulative decline of 6.29% over the past two weeks, underperforming the CSI 300 index by 6.02 percentage points, ranking 29th among 31 sectors. For March, the sector has declined by 6.87%, again underperforming the CSI 300 by 5.53 percentage points. However, the sector has increased by 1.15% year-to-date, outperforming the CSI 300 by 0.77 percentage points [10][20]. 2. Valuation Situation - As of March 5, 2026, the SW computer sector's PE TTM (excluding negative values) stands at 55.60 times, which is at the 89.37th percentile for the past five years and the 80.25th percentile for the past ten years [20]. 3. Industry News - Key developments include: 1. China's AI model API usage reached 4.12 trillion tokens, surpassing the US for the first time, and further increased to 5.16 trillion tokens, marking a 127% growth over three weeks [22][28]. 2. OpenAI launched GPT-5.4, enhancing its capabilities in various applications [22]. 3. The US is considering extending AI chip export controls globally, affecting companies like NVIDIA and AMD [22]. 4. The Chinese government is promoting the commercialization of AI technologies and infrastructure development [22]. 4. Company Announcements - Notable announcements include: 1. Yonyou Network plans to use idle funds for wealth management, with a maximum balance of RMB 2.1 billion [25]. 2. Han Yi Co. reported a slight revenue increase and a significant profit growth of 68.27% [25]. 3. Kingsoft Office reported a revenue increase of 15.78% and a net profit increase of 12.03%, driven by AI-related products [25][27]. 5. Weekly Perspective - The rapid rise of domestic AI models is expected to maintain high demand for AI computing power, suggesting a favorable investment environment in the AI computing supply chain [28].