In "Major Banks," China International Capital Corporation: OpenClaw drives the implementation of large model practices and the reconstruction of industry business models

CICC published a report stating that OpenClaw is driving AI towards practical implementation, leading to increased demand for computing power. Coupled with a comprehensive price increase across the industry, the cloud computing sector is the first to experience a resonance of performance and prosperity. In the medium to long term, the firm believes it is essential to continue tracking the real demand and retention conversion on the enterprise side, the core positioning capabilities of cloud vendors in the industrial chain, and whether profit margins and ROI can continue to improve, as these are key to determining the long-term value of the industry.

The report indicates that cloud computing revenue accelerated further in the fourth quarter of last year, with strong AI demand. The combined revenue of internet clouds, including Alibaba Cloud, Tencent Cloud, and Baidu Intelligent Cloud, reached 50.9 billion yuan, all from external revenue, accelerating to a year-on-year growth of 26%. In the fourth quarter of last year, the combined capital expenditure of Alibaba, Tencent, and Baidu's general businesses was 50.6 billion yuan, a year-on-year decrease of 29%. In the fourth quarter, AWS, Microsoft Azure, Google Cloud, Oracle Cloud Services, and Coreweave achieved a total revenue of 87.6 billion USD, with a year-on-year growth rate of 34%, and a combined capital expenditure of 141.9 billion USD, with a year-on-year growth rate of 67%, maintaining high growth.

The report states that the emergence of OpenClaw marks the transition of large models from general dialogue to a practical stage where they can be implemented and perform tasks. It can complete system operations, automate office tasks, and execute complex tasks through natural language, driving the model's transformation into a productivity tool. Driven by this, the commercial monetization of domestic cloud vendors has upgraded from traditional GPU leasing to a MaaS model. At the same time, the demand for AI intelligence and inference is strong, coupled with high GPU, computing infrastructure, and energy costs, domestic and foreign cloud vendors and model manufacturers have entered a comprehensive price increase cycle. The firm believes the industry is shifting towards a value pricing model centered on performance and service.

The report indicates that overseas cloud vendors continue to invest heavily in AI computing power, with the ratio of capital expenditure to operating cash flow continuously rising, and free cash flow is under significant pressure. The market is concerned about the long return cycle of investments and funding arrangements. Domestic giants are launching an AI red envelope war around the Spring Festival in 2026, with ByteDance, Alibaba, Tencent, Baidu, and others investing heavily in AI applications to attract new users, temporarily boosting user numbers. However, after the activities end, user retention and usage frequency generally decline, with ByteDance's Doubao performing relatively well, leading in user base. The firm believes that a sustainable business model and ecological breakthroughs will still require time