Zhongjin: OpenClaw driver large model practice landing and industry business model reconstruction.

China Gold released a research report stating that OpenClaw is driving AI towards practical implementation, triggering an increase in computing power demand, coupled with industry-wide price increases, and the cloud computing sector is leading the way in performance and economic resonance. In the medium to long term, the bank believes that it is crucial to focus on the real needs and conversion of enterprises, the core positioning of cloud providers in the industry chain, as well as whether profitability and ROI can continue to improve, as these are the key factors determining the long-term value of the industry. The report points out that in the fourth quarter of last year, cloud computing revenue further accelerated, with strong demand for AI. Internet clouds, including Alibaba Cloud, Tencent Cloud, and Baidu Intelligent Cloud, totaled 50.9 billion yuan in revenue, all of which are external revenue, further accelerating to a year-on-year growth of 26%. In the fourth quarter of last year, Alibaba, Tencent, and Baidu's general business capital expenditures totaled 50.6 billion yuan, a year-on-year decrease of 29%. In the fourth quarter of last year, AWS, Microsoft Azure, Google Cloud, Oracle Cloud services, and Coreweave totaled revenues of 87.6 billion U.S. dollars, with a year-on-year growth rate of 34%, and total capital expenditures of 141.9 billion U.S. dollars, with a year-on-year growth rate of 67%, maintaining high growth. The report mentions that the emergence of OpenClaw signifies that large models are gradually transitioning from general dialogue to practical implementation stages, allowing them to complete system operations, automation of office work, and execution of complex tasks through natural language, driving the transformation of models into productivity tools. Under this drive, the commercial realization of domestic cloud providers has upgraded from traditional GPU leasing to the MaaS model. At the same time, there is strong demand for AI intelligence agents and inference, coupled with high GPU, computing power infrastructure, and energy costs, leading to domestic and foreign cloud providers and model manufacturers entering a comprehensive price increase cycle, with the bank believing that the industry is shifting towards value pricing centered on performance and services. The report points out that overseas cloud providers continue to make high investments in AI computing power, with the ratio of capital expenditure to operating cash flow continuously increasing, putting significant pressure on free cash flow, with market concerns about the long return period and funding arrangements. Domestic large companies kicked off an AI red envelope war during the Chinese New Year in 2026, with ByteDance, Alibaba, Tencent, Baidu, and others investing heavily in AI applications to attract new users. This has temporarily boosted user numbers, but after the promotion ends, user retention and usage frequency generally decline, with ByteDance's "doubaos" showing relatively strong performance and leading in user numbers. The bank believes that a sustainable business model and ecological breakthrough still require time.