Group 1 - The AI concept stocks in the Hong Kong market have shown strong performance, with notable increases in share prices for companies such as Lion Group, which surged over 44%, and Zhipu, which rose nearly 17% [1][2] - A significant number of AI industry chain companies have been listed in the Hong Kong market since the beginning of 2026, sparking a new wave of AI investment enthusiasm and potentially leading the industry into an expansion cycle [1][2] - Open Source Securities has indicated that leveraging capital markets to enhance financing capabilities will benefit the industry by increasing investment in model research and development, thereby driving demand for computing power and accelerating the commercialization of AI applications [1] Group 2 - Institutions are increasingly optimistic about the new track of "Generative Engine Optimization" (GEO) within the AI sector, which is seen as a catalyst for the current market trend [1] - AI search is gradually transforming user decision-making paths, with implications for digital marketing, e-commerce, and the content and experience economy, all of which are expected to provide real-world scenarios for large models [1]

Core Insights - Kingdee Software has achieved an 18.1% market share in the low-code and no-code software development market, securing its position as the leader in China for five consecutive years [1] - Despite this success, Kingdee is facing ongoing losses and sluggish growth, indicating that its transformation towards low-code and AI solutions is still a work in progress [1] Group 1: Company Performance - Kingdee's net profit has been negative for five consecutive years, with cumulative losses exceeding 1.4 billion yuan from 2020 to 2024 [9] - In the first half of 2025, Kingdee reported a revenue of 3.192 billion yuan, a year-on-year increase of 11.2%, but still incurred a loss of approximately 97.78 million yuan [10] - Sales and marketing expenses reached a historical high of 1.264 billion yuan, accounting for about 50% of the revenue, significantly eroding profit margins [12] Group 2: Strategic Shifts - Kingdee has ventured into financial services, launching products like Kingdee Cloud Payment and Butterfly Small Loan, but this shift has not effectively aligned with its core enterprise management software business [4][5] - The company's financial services have faced compliance issues and user complaints, which contradict its stated values of integrity and ethical conduct [8] - Kingdee's cloud subscription revenue from high-value clients is only 276 million yuan, while revenue from mid-sized enterprises reached 740 million yuan, indicating a need for better conversion in the high-value market [14] Group 3: Future Directions - Kingdee aims to optimize its revenue structure by increasing the proportion of more stable cloud subscription revenue from 52.8% to a healthier industry standard of over 75% [23] - The company plans to restructure its customer base to enhance renewal rates, particularly for small and medium-sized products [23] - A strategic focus on core competencies is essential, with a need to evaluate non-core businesses like financial services to concentrate resources on enhancing competitive advantages [24]

Group 1: Market Performance - The Hang Seng Index rose by 0.86%, gaining 224 points to close at 26,456 points, while the Hang Seng Tech Index increased by 2.08% [1] - The early trading volume in the Hong Kong stock market reached HKD 168.4 billion [1] Group 2: AI and Technology Sector - Leading AI model companies saw significant gains, with MINIMAX-WP (00100) up over 31% and Zhiyun (02513) rising by 30% due to a strategic partnership with Didi [1] - Other AI-related stocks also performed well, including Mifengshi (02556) which rose by 18%, and AI pharmaceutical companies like Yingshi Intelligent (03696) up 12% and Yidu Tech (02158) up over 8% [1] - Kuaishou-W (01024) increased by 5.62%, with expectations of significant revenue growth in FY2026 due to its AI initiatives [1] - Kingdee International (00268) rose by 10.71%, benefiting from accelerated AI model integration in industrial processes [1] Group 3: Lithium Industry - Tianqi Lithium (09696) and Ganfeng Lithium (01772) saw increases of over 5% and 6% respectively, driven by export tax adjustments that may stimulate demand [1] Group 4: New Listings and Stock Movements - The new stock Hao Wei Group (00501) debuted with a 15% increase, recognized as a leading Fabless semiconductor design company [2] - LFG Investment Holdings (03938) resumed trading and surged over 120% following a cash offer from Chen Shaoyang at a significant discount [2] Group 5: Regulatory Impact on Companies - Contemporary Amperex Technology Co., Ltd. (Ningde Times) fell by 2.94% due to new battery export tax policies and rising lithium carbonate prices [3] - Smoore International (06969) declined by 1.87% as the export tax rebate for electronic cigarettes is set to be canceled, potentially impacting profits [4]

Group 1 - The Hang Seng Index rose by 0.86%, gaining 224 points to close at 26,456 points, while the Hang Seng Tech Index increased by 2.08%. The morning trading volume reached HKD 168.4 billion [1] - Companies involved in AI large models saw significant gains, with MINIMAX-WP (00100) up over 31%, and Zhiyun (02513) rising by 30% after a strategic partnership with Didi to explore mobility agent scenarios [1] - The AI pharmaceutical sector also benefited from the surge in AI large models, with companies like Yingshi Intelligent (03696) up 12%, and Yidu Tech (02158) increasing by over 8% [1] Group 2 - Kuaishou-W (01024) increased by 5.62%, with its AI initiatives expected to significantly boost revenue for the fiscal year 2026 [2] - Kingdee International (00268) rose by 10.71%, driven by accelerated full-process empowerment through industrial large models and the implementation of multi-agent collaboration in its AI Starry Sky suite [3] - New stock Haowei Group (603501) (00501) debuted with a 15% increase, recognized as a leading Fabless semiconductor design company [4] Group 3 - LFG Investment Holdings (03938) resumed trading and surged over 120% following a cash offer from Chen Shaoyang at a discount of approximately 59.46% [5] - Contemporary Amperex Technology Co., Ltd. (300750) (03750) fell by 2.94% due to the introduction of a new battery export tax rebate policy, while lithium carbonate prices continued to rise [6] - Smoore International (06969) declined by 1.87% as the export tax rebate for electronic cigarettes is set to be canceled, potentially impacting the profits of related companies [7]

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 格隆汇1月12日｜港股市场AI应用股集体飙升，其中，智谱涨19%创上市新高，微盟集团涨超16%，迈 富时涨超13%，MINIMAX-WP涨超11%创上市新高，第四范式涨超10%，医渡科技涨超8%，金蝶国 际、汇量科技涨超7%，美图公司、微创机器人-B涨超6%，浪潮数字企业、金山云、商汤-W、出门问问 涨超5%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02513 | 智谱 | 0 | 19.04% | 188.800 | 831.15亿 | | 02013 | 微體集团 | | 16.42% | 2.340 | 92.67 亿 | | 02556 | 迈富时 | | 13.20% | 43.920 | 112.48亿 | | 00100 | MINIMAX-WP | | 11.88% | 386.000 | 1193.73亿 | | 06682 | 第四范式 | | 10.31% | 54.800 | 284.51亿 | | 02158 | ...

据悉，此前金蝶国际的金蝶云・星空升级为"金蝶AI星空"，发布AI星空套件，以"平台+数据云+AI增强 SaaS+AI原生智能体"为核心，实现多智能体协同，通过AI星空套件与智能体矩阵，将AI能力深度嵌入 制造全流程，解决计划不准、设备停机、质量波动、供应链低效等痛点。 智通财经APP获悉，金蝶国际(00268)涨近10%，截至发稿，涨9.68%，报15.87港元，成交额4.54亿港 元。 消息面上，近日，工信部、中央网信办、国家发改委等八部门联合发布《"人工智能+制造"专项行 动实施意见》，其中《意见》强调开发高水平的行业模型，包括制造业重点领域行业大模型及面向工业 细分场景小模型。山西证券认为，在技术和政策的双轮驱动下，目前工业大模型正从单点验证迈向全流 程赋能，预计此次《意见》发布将加速这一进程，其中，在研发设计环节，AI从文生3D模型和仿真逐 步拓展延伸至设计变更、设计审查等更多更深入的场景。 ...

据悉，此前金蝶国际的金蝶云・星空升级为"金蝶AI星空"，发布AI星空套件，以"平台+数据云+AI增强 SaaS+AI原生智能体"为核心，实现多智能体协同，通过AI星空套件与智能体矩阵，将AI能力深度嵌入 制造全流程，解决计划不准、设备停机、质量波动、供应链低效等痛点。 金蝶国际(00268)涨近10%，截至发稿，涨9.68%，报15.87港元，成交额4.54亿港元。 消息面上，近日，工信部、中央网信办、国家发改委等八部门联合发布《"人工智能+制造"专项行动实 施意见》，其中《意见》强调开发高水平的行业模型，包括制造业重点领域行业大模型及面向工业细分 场景小模型。山西证券认为，在技术和政策的双轮驱动下，目前工业大模型正从单点验证迈向全流程赋 能，预计此次《意见》发布将加速这一进程，其中，在研发设计环节，AI从文生3D模型和仿真逐步拓 展延伸至设计变更、设计审查等更多更深入的场景。 来源：智通财经网 ...

据悉，此前金蝶国际的金蝶云星空升级为"金蝶AI星空"，发布AI星空套件，以"平台+数据云+AI增强 SaaS+AI原生智能体"为核心，实现多智能体协同，通过AI星空套件与智能体矩阵，将AI能力深度嵌入 制造全流程，解决计划不准、设备停机、质量波动、供应链低效等痛点。 消息面上，近日，工信部、中央网信办、国家发改委等八部门联合发布《"人工智能+制造"专项行动实 施意见》，其中《意见》强调开发高水平的行业模型，包括制造业重点领域行业大模型及面向工业细分 场景小模型。山西证券认为，在技术和政策的双轮驱动下，目前工业大模型正从单点验证迈向全流程赋 能，预计此次《意见》发布将加速这一进程，其中，在研发设计环节，AI从文生3D模型和仿真逐步拓 展延伸至设计变更、设计审查等更多更深入的场景。 金蝶国际(00268)涨近10%，截至发稿，涨9.68%，报15.87港元，成交额4.54亿港元。 ...

本文源自：金融界AI电报 港股应用软件板块持续走强，微盟集团(02013.HK)涨近17%，中国有赞(08083.HK)涨超10%，金蝶国际 (00268.HK)、浪潮数字企业(00596.HK)等跟涨。 ...

来源：格隆汇APP 业内普遍认为，本轮国产AI大模型企业上市，或标志着行业从技术研发阶段发展至技术和商业化同步 落地、商业模式逐步清晰的阶段，也将为后续大模型企业融资及估值提供依据。从更长周期看，人工智 能仍处在高速扩张通道。根据弗若斯特沙利文报告，2024年中国大语言模型市场规模已达到53亿元，估 计到2030年中国大语言模型市场规模将增至1011亿元，2024年至2030年的复合年增长率为63.5%。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02556 | 迈富时 | 9.64% | 42.540 | 108.95亿 | 21.47% | | 00100 | MINIMAX-WP | 9.39% | 377.400 | 1167.13亿 | 128.73% | | 06682 | 第四范式 | 8.49% | 53.900 | 279.84亿 | 22.44% | | 02513 | 智谱 | 7.63% | 170.700 | 751.47亿 | 46.90% | | 00268 | ...