2月20日，香港恒生指数、恒生科技指数低开低走，恒生指数一度下跌1.31%，现跌0.68%，恒生科技指数一度下跌2.7%，现跌2.02%。 胜利证券(8540.HK)涨13.12%。消息方面，香港证券及期货事务监察委员会网站更新的信息显示，胜利数码科技有限公司旗下的虚拟资产交易平台VDX已 于2月13日获颁虚拟资产交易平台运营牌照。 | < W | 胜利证券(8540) | | | | | --- | --- | --- | --- | --- | | | 02-20 09:44:00 | | | | | 5.690 | 额 145万 股本 2.13亿 市盈 " 27.6 | | | 万得 | | | | | | 20 | | | 0.660 13.12% 换 0.12% 市值 12亿 市净 5.84 | | | | | 分时 | 五日 日K | | 申名 6 | | | 昼加 | | | 均价:5.813 盘圆 成交 | | | 5.930 | | | 17.89% 卖10 5.780 --(0) | | | | | | 卖9 5.770 -- (0) | | | | | | 卖8 5.760 | -- ( ...

Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Index is currently at 26,524.99, with a trading volume of 4.29 billion and a market capitalization of 429 billion [2] Stock Performance - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group (2706.HK) rising by 19.25%, MINIMAX-WP (0100.HK) increasing by 11.63%, and Zhipu (2513.HK) up by 18.31%, bringing their market capitalization to 268 billion HKD [1] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform VDX by the Hong Kong Securities and Futures Commission [6] - Bitcoin-related stocks also performed well, with Star Chain Group (0399.HK) surging by 46.67% after news of the issuance of stablecoin licenses in Hong Kong [6] Declines in Tech Stocks - Many tech stocks experienced declines, with notable drops including Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95% [8] - Other companies such as Tencent Music, Meituan, and JD Group also saw declines of over 3% [8][9][10] Notable Gainers - Midea Group, Horizon Robotics, and SenseTime recorded gains, with Midea Group increasing by 1.47% [11]

客户端 智谱（02513）早盘高开，涨幅持续扩大，现涨22.05%，报620港元，成交额6.47亿港元。 据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接入，并进一步 简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型的深度适配工 作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 智谱（02513）早盘高开，涨幅持续扩大，现涨22.05%，报620港元，成交额6.47亿港元。 据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接入，并进一步 简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型的深度适配工 作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 值得注意的是，2月12日，智谱在官方渠道宣布上调GLM Coding Plan订阅价格，涨幅"至少30%"。此 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 | 02513 | 智谱 | 612.000 20.47% | | --- | --- | --- | | 00100 | MINIMAX-WP | 965.000 13.93% | 消息面上，据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接 入，并进一步简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型 的深度适配工作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 消息面上，据 ...

Core Viewpoint - The stock of Zhiyu (02513) opened over 5% higher and is currently up 5.12%, trading at 534 HKD with a transaction volume of 24.6174 million HKD, indicating positive market sentiment following recent developments in AI technology integration and pricing strategies [1] Group 1: Company Developments - Zhiyu has integrated the Zhiyu GLM-5 and Alibaba Qwen3.5 large models into its AI platform, enhancing the construction and operational processes for enterprise AI [1] - The company announced a price increase of at least 30% for its GLM Coding Plan subscription, reflecting a shift in industry pricing logic as cloud service providers have also raised their prices [1] Group 2: Industry Insights - The recent price adjustments in the AI sector suggest that computational resources are becoming a critical production factor, allowing model providers to convert "computational scarcity" into gross profit and cash flow through tiered pricing and subscription models [1]

截至发稿，海致科技集团(02706.HK)涨15%、MINIMAX-WP(00100.HK)涨5.43%、智谱(02513.HK)涨 5.12%。 来源：滚动播报 ...

Core Viewpoint - "Tai Chi Yuan Qi" has completed deep adaptation work for several mainstream domestic open-source large models, indicating significant progress in AI model development and compatibility within the industry [1] Group 1: Company Developments - "Tai Chi Yuan Qi" has successfully adapted multiple mainstream domestic large models, including Zhipu GLM-5.0 and Alibaba Qwen 3.5-397B-A17B [1] - The adaptations were conducted on the company's self-developed T100 acceleration card, showcasing its technological capabilities [1] Group 2: Industry Impact - The introduction of a tiered development toolchain within the SDAA software stack aims to meet diverse development needs, from beginner to advanced levels [1] - This toolchain is designed to help developers quickly build high-performance operators, facilitating seamless compatibility with mainstream AI ecosystems [1] - The initiative significantly reduces the technical barriers and costs associated with migrating from the CUDA ecosystem [1]

阿里腾讯加码。 当一众AI应用扎堆打响超"春节红包战"之际，AI独角兽月之暗面（Moonshot AI）旗下产品Kimi却悄然 放出"大招"——在完成5亿美元C轮融资仅一个多月后，新一轮超7亿美元融资已进入交割收尾阶段。 本轮融资由阿里、腾讯、五源、九安等老股东联合领投，公司估值突破100亿美元大关，正式跻身全球 独角兽行列，为热闹的春节AI赛道注入了不一样的资本信号。 Kimi创近一年行业融资纪录 1月9日，上海AI大模型公司MiniMax（00100.HK）登陆港交所主板，近3个交易日股价已累计上涨 65%，最新市值已经超过2600亿港元。 AI竞争迈入新阶段 作为国内大模型"六小虎"的领军企业之一，Kimi的融资热度折射出行业竞争格局的深刻分化。 近日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军 者》。报告称，中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球 化布局为决定成败之关键的阶段。中国AI市场正在迅速整合，"具备实力且资金充足的模型开发商数量 已从超200家缩减至不足10家"。 短短两个月内，Kimi累计融资规模将超12亿美 ...

阿里腾讯加码。 当一众AI应用扎堆打响超"春节红包战"之际，AI独角兽月之暗面（Moonshot AI）旗下产品Kimi却悄然 放出"大招"——在完成5亿美元C轮融资仅一个多月后，新一轮超7亿美元融资已进入交割收尾阶段。 本轮融资由阿里、腾讯、五源、九安等老股东联合领投，公司估值突破100亿美元大关，正式跻身全球 独角兽行列，为热闹的春节AI赛道注入了不一样的资本信号。 Kimi创近一年行业融资纪录 短短两个月内，Kimi累计融资规模将超12亿美元，创下近一年来国内大模型行业最高融资纪录。值得 关注的是，在本轮融资即将落定之际，Kimi已启动下一轮估值100亿—120亿美元的融资计划。 回溯来看，Kimi上一轮5亿美元C轮融资于2025年12月完成并大幅超募，公司现金储备充足。月之暗面 创始人、CEO杨植麟曾在内部全员信中表示，公司账面有超过100亿元人民币的现金储备。 杨植麟在信中称："相比于二级市场，我们判断还可以从一级市场募集更大量资金。事实上，我们B/C 轮融资金额就超过绝大部分IPO募资及上市公司的定向增发。所以我们短期不着急上市，也不以上市为 目的。" 作为国内大模型"六小虎"的领军企业之一，Ki ...

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 688.00, based on a forward P/S valuation method corresponding to a valuation multiple of 40 times P/S in 2028 and a discount rate of 7% [1] - Company is a leading large model vendor in China and a world-class player, founded in 2019, focusing on the GLM series foundational models, enhancing core capabilities in Coding, reasoning, and Agentic models [1] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from domestic and international users [1] Revenue Growth Potential - The commercial value of the models is being realized, empowering various industries; revenue CAGR is expected to exceed 130% from 2023 to 2027 [1] - API revenue is projected to become the main growth engine, with estimated API-related annual recurring revenue (ARR) nearing CNY 600 million by early 2026, representing a several-fold increase compared to the same period last year [1] - Company covers a wide range of industries including internet, software, and chips, focusing on releasing model value to enhance client productivity [1] AI Coding Market Opportunity - The total addressable market (TAM) for AI Coding is estimated to reach a trillion CNY scale, with the company having a leading advantage in this rapidly penetrating field [2] - Company specializes in refining the Coding scenario, possessing core advantages such as low hallucination rates, high stability, and strong reasoning and tool usage capabilities, likely to maintain leadership in the Coding scene and extend to more enterprise scenarios [2] - Key catalysts include the release of new generation models and high growth in API and Coding ARR [2] Financial Projections - Revenue projections for the company from 2025 to 2028 are CNY 720 million, 1.75 billion, 3.67 billion, and 7.67 billion respectively, with a CAGR of 120% [2] - The company is expected to iterate on foundational model capabilities and realize value in the Coding scenario, with a target price of HKD 688 based on a 40 times P/S valuation in 2028, indicating a 42% upside from the current trading at 25 times P/S [2]