Open Source Securities: Domestic tech giants seize the market for computing power. "Lobster Fever" ignites the incremental benefits of domestic models.

Open Source Securities released a research report stating that the "lobster fever" has ignited domestic model incremental dividends, with Tencent, ByteDance, and other big factories seizing the market. According to OpenRouter data, the consumption of tokens for MiniMax M2.5 and Step 3.5 Flash ranked among the top two in terms of model consumption, accounting for about 1/6 of the platform's weekly token consumption. Despite the multiple risks associated with OpenClaw, domestic governments in various regions are still actively responding. It is recommended to focus on the commercialization of AI and the expansion of application scenarios; as the capabilities of open source models continue to improve, the demand for AI cloud is expected to be continuously validated, and AI applications are expected to drive continued growth in inference demand. Key points of Open Source Securities: Domestic: Big factories seize the market, "lobster fever" ignites domestic model incremental dividends Application end: (1) Tencent: A fully scenario AI intelligent body, WorkBuddy, is deeply compatible with OpenClaw skills and integrates enterprise WeChat and QQ, attempting to bring AI into social relationships; (2) ByteDance: The launch of ArkClaw on Volcano Engine, focusing on the cloud-based SaaS version and deeply adapting Feishu, seizing the collaborative office scenario; (3) KNOWLEDGE ATLAS (02513): released the first locally installed version of AutoClaw (Aulong) in China, with more than 50 skills pre-installed to reduce deployment thresholds. According to OpenRouter data, the consumption of tokens for MiniMax M2.5 and Step 3.5 Flash ranked among the top two in terms of model consumption, accounting for about 1/6 of the platform's weekly token consumption. Policy end: The Ministry of Industry and Information Technology and the National Internet Emergency Center successively issued risk warnings, pointing out that the default configuration of OpenClaw is vulnerable, with risks such as injection of prompting words and plugin poisoning. However, at the policy level, many domestic governments are actively responding. Longgang District of Shenzhen issued the first district-level special policy in China, planning to provide up to RMB 10 million in equity investment support to eligible OPC projects. Wuxi High-tech Zone launched 12 "raising lobsters" measures, with support of up to RMB 5 million per item, covering computing power subsidies, data procurement, and scenario applications. Hefei High-tech Zone, Changshu City, and Xiaoshan District of Hangzhou also successively introduced policies, providing millions of computing power vouchers, entrepreneurial funds, and scenario subsidies. Foreign: OpenAI acquires OpenClaw, AI enters commercialization track OpenClaw, developed by Austrian programmer Peter Steinberger in November, was acquired by OpenAI. NVIDIA CEO Jensen Huang plans to launch the next generation open source intelligent body platform "NemoClaw". Meta acquired Moltbook - a network platform that allows millions of AI intelligent bodies to socialize autonomously, derived from OpenClaw intelligent bodies. However, tech media outlet TechRadar reported that security researchers found a major security vulnerability in the core system of OpenClaw called "ClawJacked", where attackers could take over AI intelligent bodies through malicious web pages. Compared to the popular "lobster fever" in China, European and American countries are not as enthusiastic about the "lobster farming" trend, with the hype in Europe and America mainly limited to the tech community. Risk Warning Software and product launches falling short of expectations, risks related to production capacity and supply chain, regulatory policy changes, slowdown in macroeconomic growth, and geopolitical risks.