Organization: Focus on investment opportunities in the AI computing power industry chain.

Guangxi issued the "Guangxi Urban Renewal Five-Year Action Plan", proposing to promote the construction of "10 Gigabit Broadband" and deployment of 5G-A networks on a large scale, and to build an integrated computing power network across the region. Guohai Securities believes that the release of accelerated reasoning computing power demand by OpenClaw may further promote the export of domestic models and be long-term beneficial for the export of domestic computing power in China, with models, cloud computing, CPUs, storage, AI chips, connectivity, servers, and network security segments expected to benefit. Dongfang Securities believes that the demand for computing power is shifting from intermittent "dialogue" demands to continuous "execution" demands, and the consumption of computing power will accelerate. Unlike traditional conversational AI, OpenClaw is an agent framework with high authority and autonomous scheduling capabilities, which requires frequent use of underlying models for thinking, tool calling, and environment interaction when processing complex tasks. This operating mode will significantly increase the token consumption compared to traditional single tasks. For computing power infrastructure, this not only means an explosive growth in inference-side traffic, but also higher requirements for real-time and stability of calculations. This structural change in demand is expected to further increase the overall demand for computing power, benefiting cloud and domestic chip manufacturers. Dongguan Securities believes that with the rapid rise of domestic large models and accelerated landing in various application scenarios in the B/C end, the demand for AI computing power is expected to remain high. It is recommended to pay attention to the commercialization process of domestic AI large models, as well as investment opportunities related to the AI computing power industry chain, including AI chips, AI servers, liquid cooling, and other sub-sectors.