According to a research report from BOCI, the significant interest in OpenClaw indicates that users in the AI era increasingly require intelligent agents capable of performing complex tasks. OpenClaw is expected to lead AI formally into the Agent era. The Government Work Report highlighted quantum technology six times, emphasizing its importance. China has achieved major consecutive breakthroughs in quantum computing, communication, and precision measurement, with the industry experiencing rapid growth, positioning it to become a national strategic force leading a new round of scientific and technological revolution.

The draft outline for the 15th Five-Year Plan proposes strengthening the synergy between "models, chips, cloud, and applications" and fully implementing the "AI+" initiative. Separately, Alphabet announced a reduction in its platform fee and opened up to third-party payment systems, which is expected to lower costs for Chinese companies expanding globally and assist their international market development. BOCI's main views are as follows:

OpenClaw Leads AI into the "Practical Agent" Era OpenClaw is an AI agent deployable on personal computers. It integrates capabilities such as models, tool invocation, memory, plugins, message interfaces, and permissions into a usable, extensible whole. Its core architecture consists of four parts: Gateway, Agent, Skills, and Memory. OpenClaw creates a novel "model consumption scenario," where token consumption per OpenClaw user could be tens or even hundreds of times greater than that of traditional chat users. This necessitates that users select a foundational large model provider that is consistent, stable, high-frequency, and cost-effective, such as Kimi K2.5 and MiniMax M2.5. The sustained rise in OpenClaw's popularity signals a future trend for AI: user demand is shifting from simple "chatbots" to intelligent agents that are available 24/7 and capable of executing complex tasks. OpenClaw is poised to lead AI formally into the era of "Practical Agents." Related companies include UCloud, MINIMAX, Zhipu AI, Cloudary, Talkweb, Wangsu Technology, and Sugon.

Government Report Highlights Quantum Tech Six Times; A Key Force for Technological Change The Government Work Report mentioned quantum technology six times, suggesting its potential as a pivotal force guiding the new wave of scientific and technological revolution and industrial transformation. Reports from 2016, 2018, 2021, and 2023 highlighted achievements in quantum communication and quantum information among major scientific advancements. The 2024 report mentioned quantum technology twice, listing it alongside AI as a frontier field where new innovative breakthroughs were made. It also, for the first time, proposed creating a new track for quantum technology in future industrial planning. The 2025 report mentioned establishing a growth mechanism for investment in future industries, fostering sectors like biomanufacturing, quantum technology, embodied AI, and 6G. A review of 2024 government work also noted new achievements in quantum technology. Since 2024, China has continued to make significant breakthroughs in quantum technology, with research accelerating from theory to application. Progress in quantum computing is particularly notable. On January 6, 2024, China's third-generation indigenous superconducting quantum computer, "Origin Wukong," commenced operations. A research team from the University of Science and Technology of China developed the "Zuchongzhi-3" quantum computer with 105 quantum bits, published on December 17, 2024. In quantum communication, a USTC team achieved the first complete realization of long-distance dual-node entanglement based on single-photon interference, using it to build the world's first experimental metropolitan-area three-node quantum entanglement network. In quantum precision measurement, Chinese scientists used the technology to probe spin-dependent interactions induced by dark matter, improving the international detection limit by more than 50 times. The accelerated development of the quantum technology industry holds major strategic significance for enhancing productivity levels, and its commercialization process is expected to speed up. Related companies include DBAPP Security and QuantumCTek.

The 15th Five-Year Plan Outlines the Digital China Blueprint: Deepening "AI+" to Enhance Productivity The draft outline of the 15th Five-Year Plan, submitted for review, proposes accelerating breakthroughs in AI fundamental theory and core technologies, advancing improvements in AI model architecture and algorithm optimization, and strengthening collaborative innovation in "models, chips, cloud, and applications." The draft outline calls for furthering the development of Digital China and elevating digital-intelligent development levels. It emphasizes ensuring efficient supply of computing power, algorithms, and data. The draft encourages technological innovation in multimodality, intelligent agents, embodied AI, and swarm intelligence, and explores development paths for artificial general intelligence. It also points to the comprehensive promotion of digital-intelligent technology empowerment. Regarding deepening the integration of the real economy and the digital economy, the draft proposes expanding core digital economy industries, developing next-generation communication technologies, cloud computing, blockchain, and other industries, enhancing industries such as high-end chips, optoelectronic devices, basic software, and industrial software, and building internationally competitive digital industrial clusters. The draft outline clarifies the goal of fostering a healthy, orderly development ecosystem. It advocates balancing promotion of development with regulatory management, strengthening the construction of fundamental data systems and rules alongside AI governance, and creating a beneficial, safe, and fair development environment. This involves健全ing the basic system for data factors, improving scientific and effective regulatory mechanisms, and expanding international cooperation in the digital-intelligent field. "AI+" related companies include iFlytek, Wanxing Technology, Kingsoft Office, Intsig, SoC Tech, Autel, Shiji, and Tax Friend.

Alphabet Significantly Reduces Platform Fee, Accelerating Changes in the Global App Ecosystem On March 4, a major development occurred in the nearly five-year dispute between Alphabet and Epic. Alphabet released new management specifications for its Google Play app store: regarding payment systems, Google Play will allow developers to use settlement systems other than its own, including directing users to their own websites for payments. Developers using Google Play's own billing system will be charged a "market-specific" fee, currently set at 5% for developers in the European Economic Area, the UK, and the US. The contentious "Alphabet tax" has also been reduced. According to the announcement, starting June 30, Alphabet will gradually reduce the commission rate for in-app purchases on Google Play in some countries/regions from the original 30% to 20%. Furthermore, Alphabet's newly introduced "Registered App Store" program will allow users to sideload other app stores, provided those stores undergo pre-approval by Alphabet and meet certain security and quality standards. According to its timeline, the new management specifications will be rolled out in batches across different markets from this year into next. Concurrent with this announcement, Alphabet stated it marks the conclusion of its dispute with Epic Games. Epic's CEO responded on social media, calling the new plan "a better choice for all developers" and stated that Epic has resolved all disputes with Alphabet globally.

Investment Recommendation It is advised to focus on companies related to OpenClaw, quantum technology, and "AI+", including UCloud, MINIMAX, Zhipu AI, Cloudary, Talkweb, Wangsu Technology, Sugon, DBAPP Security, QuantumCTek, iFlytek, Wanxing Technology, Kingsoft Office, Intsig, SoC Tech, Autel, Shiji, and Tax Friend.

Primary Risks Facing the Rating Technological innovation may fall short of expectations; policy implementation may be inadequate; risk of unstable downstream demand.