全球首家以人工智能领域图计算技术消除大模型幻觉为核心业务的上市公司。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，北京海致科技集团股份有限公司（以下简称"海致科技"）于2026年2月13日正 式以"2706"为股票代码在港交所挂牌上市，成为全球首家以人工智能领域图计算技术消除大模型幻 觉为核心业务的上市公司。 海致科技在本次IPO中总计发行28,030,200股H股。其中，香港公开发售获5,065.06倍认购，国际 发售获8.39倍认购。同时，海致科技在本次IPO发行中还引入了北京金融控股集团有限公司旗下JSC International、智谱旗下JINGSHENG HENGXING、无极资本Infini以及大湾区共同家园投资有限 公司旗下Mega Pri me四位基石投资者 ，累计认购1500万美元。 截至9:45，海致科技报于每股94.90港元，较发行价上涨超250%，市值超380亿港元。 作为 中国首家通过知识图谱有效 减少大模型幻 觉的AI企业， 这一技术突破使海致科技能够开发智 能体，并为企业提供人工智能解决方案。通过融合大语言模型的 ...

据IPO早知道消息，北京海致科技集团股份有限公司（以下简称"海致科技"）于2026年2月13日正 式以"2706" 为股票代码在港交所挂牌上市，成为全球首家以人工智能领域图计算技术消除大模型 幻觉为核心业务的上市公司。 今日开盘，海致科技上涨超250%，市值突破380亿港元 。 成立于2013年的海致科技专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体并提供产 业级人工智能解决方案，其自研的全球首款云原生分布式AtlasGraph图数据库按以每秒查询量衡量 的吞吐量计，以高于现有记录45%的优势打破世界纪录，在关联数据基准委员会测试中获得综合性 能评分第一，并创新性地推出知识图谱与大语言模型深度融合的大语言模型框架，为智能体及人工智 能解决方案的开发奠定了坚实的理论基础。 2023年9月，海致科技推出Atlas智能体，这一方案提升了大语言模型在特定行业场景中的精准推理 能力，正成为海致科技推动产业智能的关键抓手，市场对其图模融合解决AI幻觉的技术路线也颇为认 可。截至目前，其Atlas智能体已兼容百余款大模型、覆盖百余个应用场景。据弗若斯特沙利文报 告，按2024年收入计，海致科技在国内以图为核 ...

Core Viewpoint - Lenovo Group reported a record revenue of 157.5 billion RMB for Q3 of the fiscal year 2025/26, marking an 18% year-on-year increase, with adjusted net profit growing by 36%, reflecting a high-quality and sustainable growth model [2][3] Financial Performance - The company achieved a record revenue of 157.5 billion RMB, with a profit growth rate double that of revenue growth [2] - Adjusted net profit increased by 36% year-on-year, indicating strong financial health [2] - All business groups within the company experienced double-digit revenue growth, with personal computer sales growth outpacing the market for ten consecutive quarters [3] AI Revenue Growth - AI-related revenue surged by 72% year-on-year, now accounting for 32% of total revenue [3][4] - The growth in AI revenue was driven by significant increases in AI computers, AI smartphones, AI infrastructure, and AI services, showcasing the advantages of Lenovo's hybrid AI strategy [3] Business Strategy - Lenovo's hybrid AI strategy focuses on both "personal intelligence" and "enterprise intelligence" [4] - The company launched Lenovo Qira, a key step in creating a unified AI terminal entry across platforms and devices [4] - Lenovo's enterprise AI initiatives include the release of the Lenovo xIQ technology platform and collaboration with NVIDIA on AI cloud super factory plans [4] Market Position - Lenovo's infrastructure solutions group achieved revenue of 36.7 billion RMB, a year-on-year increase of over 31%, nearing profitability [3] - The solutions and services group reported an 18% year-on-year revenue growth, with an operating profit margin of 22.5%, supporting overall profitability [3]

Core Viewpoint - Pony.ai has been included in the MSCI China Index, becoming the first and only autonomous driving company in this index, highlighting its growing importance in the global capital market and recognition of its business model and long-term value [2]. Group 1: MSCI Inclusion - The inclusion in the MSCI China Index reflects Pony.ai's achievements in standardized operations, market performance, and investor attention shortly after its dual listing in the U.S. and Hong Kong [2]. - The MSCI China Index is a key reference for global investment institutions to allocate Chinese assets, with over $100 billion in funds tracking this index [2]. Group 2: Operational Achievements - As of December 31, the scale of Pony.ai's Robotaxi fleet has expanded to 1,159 vehicles, exceeding its annual target [3]. - The company has launched its first mass-produced Robotaxi, the Platinum Smart 4X, marking a significant breakthrough in its capabilities for large-scale deployment and operational efficiency [3]. Group 3: Future Prospects - The CEO of Pony.ai stated that the Robotaxi industry has entered a new phase of large-scale production and commercial deployment, which will enhance the company's operational capabilities and capital efficiency [3].

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海镁信健康科技集团股份有限公司（以下简称"镁信健康"）日前更新招股书， 继续推进港交所主板上市进程，高盛、中金公司和汇丰担任联席保荐人。 根据最新版本的招股书， 镁信健康2025年前十个月的营收同比增长33.85%至18.73亿元，同期的 毛利超6亿元。 2022年至2024年，镁信健康的营收分别为10.69亿元、12.55亿元和20.35亿元， 高于中国医疗健康行业与保险行业的平均增速；毛利分别为3.32亿元、4.61亿元和7.29亿元。 更值得注意的是， 镁信健康的经调整净亏损从2024年前十月的0.87亿元，缩减至2025年同期的 0.55亿元，同比减亏近四成，成为商业模式走向"盈利可持续"的信号之一。 成立于2017年的镁信健康致力于解决患者、保司与药企面临的筹资与支付挑战，助力推动中国医疗 支付体系变革。这里不妨补充一点，近年来，中国医疗支付体系正从加速从"基本医保单极主 导"向"基本医保+商业保险"多元协同转型。 根据弗若斯特沙利文的数据显示，2019至2024年，中国创新药械市场规模由 ...

Core Viewpoint - The article emphasizes the rapid development and capabilities of the domestic AI ecosystem, particularly highlighting the launch of the GLM-5 model and the MTT S5000 GPU, showcasing their compatibility and performance in AI applications [2][3]. Group 1: Product Launch and Capabilities - On February 11, the company officially released the new generation large model GLM-5, which has been fully adapted and verified on the MTT S5000 GPU [2]. - The MTT S5000 GPU is designed for large model training, inference, and high-performance computing, achieving a maximum AI computing power of 1000 TFLOPS and equipped with 80GB of memory [3]. - The MTT S5000 supports a wide range of frameworks, including PyTorch and Megatron-LM, allowing for "zero-cost" code migration for users [3]. Group 2: Technical Innovations - The MTT S5000 demonstrates high throughput and low latency in long-sequence inference scenarios, thanks to its architecture-level support for sparse attention and the agile MUSA software stack [4]. - The native FP8 acceleration significantly enhances inference efficiency while reducing memory usage, providing a cost-effective solution for large-scale deployments [5]. - The unique Asynchronous Communication Engine (ACE) offloads complex communication tasks from the computing core, improving computational efficiency and system throughput [6]. Group 3: Application in AI Coding - The MTT S5000 is optimized for AI coding tasks, ensuring low response latency while maintaining high code generation quality, making it ideal for complex code analysis and long-term agent tasks [7]. - The combination of GLM-5 and MTT S5000 offers developers a competitive programming experience, excelling in tasks such as function completion and debugging [7].

Core Viewpoint - The core viewpoint of the article emphasizes that model capability is the fundamental element determining long-term competitiveness in the AI industry [6][7]. Group 1: Company Performance and Model Launch - The company Zhiyu (2513.HK) saw its stock price rise over 25% upon the launch of its new model GLM-5, reaching a market capitalization of over 170 billion HKD [2]. - GLM-5 is recognized as the best open-source model in the "Agentic Engineering" era, showcasing significant advancements in coding and agent capabilities, achieving state-of-the-art (SOTA) performance in open-source benchmarks [2][10]. - During anonymous testing, GLM-5 gained attention from global developers, being rated as one of the "strongest anonymous models" [3]. Group 2: Technical Capabilities and Market Position - GLM-5 has achieved high scores in SWE-bench-Verified and Terminal Bench 2.0, with scores of 77.8 and 56.2 respectively, outperforming Gemini 3 Pro [2][10]. - The model's capabilities allow it to autonomously complete long-term planning and execution tasks with minimal human intervention, significantly surpassing its predecessor GLM-4.7 by over 20% on average [12]. - The model has been adapted for various domestic chip platforms, ensuring stable and efficient online services [5]. Group 3: Market Trends and Future Projections - According to a report by JPMorgan, the Chinese AI market is transitioning from a "hundred models battle" to a phase of structural integration, where survival depends on commercial viability and sustainable model iteration [7]. - JPMorgan forecasts a compound annual growth rate (CAGR) of 127% for Zhiyu's revenue from 2025 to 2030, with profitability expected by 2029, indicating significant growth potential [8]. - The strategic direction of Zhiyu, focusing on intelligent systems and developer infrastructure, aligns with global technological advancements, positioning the company favorably in the market [7].

Core Viewpoint - The establishment of the first comprehensive ecosystem center for robot technology experience, sales, maintenance, and service in China marks a significant step forward in the development of the country's intelligent robot industry, focusing on a full-chain and integrated service system [3]. Group 1: Comprehensive Ecosystem Center - The newly opened center integrates various functions including display, experience, transaction, delivery, maintenance, and service, covering the entire lifecycle of robot products [3]. - The center emphasizes six core application scenarios: home care, medical assistance, education, and industrial applications, providing a one-stop solution for technology demonstration, product selection, scenario testing, and after-sales support [3]. - The center aims to accelerate the transformation of technological achievements and promote high-quality development in the intelligent robot industry by leveraging the advantages of resource integration and scenario operation [3][9]. Group 2: Strategic Collaborations - The center has signed strategic cooperation agreements with several key enterprises in the robot field, covering aspects such as research and development, manufacturing, system integration, and application services [5]. - The collaboration focuses on deepening cooperation in technology research and development, co-building application scenarios, and market expansion, fostering a resource-sharing and complementary advantage mechanism within the industry [5]. Group 3: Immersive Application Scenarios - Various application scenarios have been realized in an immersive manner, including a drone exhibition area, a robot capability exhibition area, a medical exhibition area, a home care exhibition area, an education exhibition area, and a robot maintenance exhibition area [6]. - These areas aim to provide a tangible understanding of how robots work, showcase their applications in healthcare and home care, and promote STEAM education through interactive experiences [6]. Group 4: Addressing Industry Gaps - The establishment of this comprehensive center fills a long-standing gap in the domestic robot industry, which has lacked a physical, integrated, and sustainable operational platform [7]. - Historically, the robot industry has faced challenges such as fragmented application scenarios and weak after-sales and maintenance systems, which have hindered the large-scale implementation and commercialization of robot products [7]. - By centralizing technology demonstration, scenario validation, commercial transactions, delivery operations, and ongoing services, the center facilitates the transition from visibility to usability and longevity of robots [7]. Group 5: Industry Development and Innovation - As a Chinese intelligent infrastructure asset service provider, the company has been advancing its technology innovation strategy, focusing on the robotics sector and gradually building an ecosystem that encompasses research, application, and service [9]. - The opening of the comprehensive ecosystem center represents a significant practice in deepening the company's industrial layout in the intelligent robot field, injecting new momentum into the integration of robot technology with the real economy [9].

从成立之初即明确面向工程化、规模化与产业协同。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，临界点（AGILINK）日前完成新一轮数亿元融资。本轮融资由头部互联网大厂领 投，BV百度风投、云锋基金等头部资本共同参与，Synstellation Capital、均胜电子、龙旗科技、 上汽金控等产业资本联合投资，引入C资本、沃赋、慕华科创等多家财务机构跟投，老股东高瓴创 投、蓝驰创投超额加注。 某种程度上而言在具身智能整体加速的背景下，市场正在重新评估灵巧手的价值位置—— 谁能率先 把灵巧手从实验室设备，推进为可复制、可规模交付的工程化产品，谁就有机会成为具身智能时代的 关键平台型公司。 在这一判断下，融资速度、资本结构与产业协同能力，正在成为衡量下一代明星公司的重要指标。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 值得一提的是，临 界点注册成立尚 不足1个月，已连续完成三轮融资；仅在过去2周内，临界点再次 完成数亿元资金交割，融资速度与估值增长节奏在具身智能赛道中极为少见。 多位接近本轮交易的投 ...

Core Viewpoint - Jiangsu Qingyun New Materials Co., Ltd. (referred to as "Qingyun New Materials") has completed a C+ round of strategic financing led by Zhonghua Quanzhou Fund and Guoxin Fund, which will accelerate its technological innovation in flash evaporation materials and strengthen its global leading position in this field [3][5]. Group 1 - Qingyun New Materials has broken through a 60-year technology blockade by overseas companies, achieving a breakthrough from 0 to 1 in the flash evaporation process, with its independently developed Kunlun material filling a domestic gap [3][5]. - The Kunlun material developed by the company features excellent properties such as waterproof breathability, lightweight high strength, and 100% green environmental recyclability, surpassing international counterparts and has passed global certifications like EU RoHS/REACH and US FDA [3][5]. - The strategic investment from Guoxin Fund and Zhonghua Quanzhou Fund is a recognition of Qingyun's technological strength and industrial value, enabling significant upgrades and innovations in its technology and products [5][6]. Group 2 - Qingyun New Materials is the only company in China to achieve engineering mass production and commercial sales of flash-spun materials in high-end applications such as medical packaging [5][6]. - The investment will help expand the application of Kunlun materials in emerging fields such as high-end medical, green buildings, personal protection, and modern agriculture, while promoting strategic collaboration with state-owned enterprises [5][6]. - The completion of the C+ round financing will support key technological breakthroughs and capacity expansion in flash evaporation materials, contributing to the high-quality development of China's new materials industry [6].