消息面上，2月12日，智谱AI正式上线并开源其新一代旗舰模型GLM-5。智谱官方确认，这个新模型正 是此前在全球模型服务平台OpenRouter登顶热度榜首、引发圈内疯狂猜测的神秘模型"Pony Alpha"。 值得注意的是，智谱于2月12日发布GLM Coding Plan价格调整函，因市场需求增长，用户规模与调用量 提升，公司加大算力与模型优化投入，产品能力持续升级；公司决定对套餐价格体系进行结构性调整， 取消首购优惠，保留按季按年订阅优惠，套餐价格整体涨幅自30%起，已订阅用户价格保持不变。智谱 官方GLM Coding Plan上线即售罄。国产AI编程模型的付费套餐被抢空，在行业中较为罕见。 智谱(02513)再涨超20%，本周累计涨幅已近140%。截至发稿，涨15.92%，报466港元，成交额6.23亿港 元。 ...

Core Viewpoint - The stock of Zhiyu (02513) has surged over 20%, with a cumulative increase of nearly 140% this week, reaching 466 HKD with a trading volume of 623 million HKD [1] Group 1: Product Launch and Market Response - On February 12, Zhiyu AI officially launched and open-sourced its new flagship model GLM-5, which is the model previously known as "Pony Alpha" that topped the global model service platform OpenRouter [1] - The GLM Coding Plan price adjustment was announced on February 12, with a structural adjustment to the pricing system due to increased market demand, user scale, and call volume [1] - The overall price increase for the subscription packages starts from 30%, while prices for existing subscribers remain unchanged [1] Group 2: Market Performance and Demand - The GLM Coding Plan was sold out immediately upon launch, indicating a strong demand for domestic AI programming models, which is relatively rare in the industry [1]

每经AI快讯，2月13日，港股智谱盘初快速拉升，涨超20%，股价再创新高。 ...

本文源自：金融界AI电报 港股智谱盘初快速拉升涨超13%再创上市来新高，此前Coding Plan连续包月、连续包季、连续包年套餐 全部售罄。 ...

Group 1 - The core focus of the news is the progress of Zhipu AI's IPO plans, including its recent update on the A-share listing and the change in IPO counseling institutions [1] - Zhipu AI has become the first publicly listed company globally focused on general artificial intelligence (AGI) since its listing on the Hong Kong Stock Exchange on January 8, with a stock price increase of over 235% since then, reaching HKD 427.20 per share and a market capitalization exceeding HKD 190 billion [1] - The company launched its next-generation flagship model, GLM-5, on February 11, which has shown significant performance improvements in coding and agent capabilities, comparable to Claude Opus 4.5 [1][2] Group 2 - Zhipu AI's GLM Coding Plan was sold out shortly after its launch on February 12, indicating strong demand for its AI programming model, despite a 30% price increase [2] - The GLM-5 model has been optimized for compatibility with major domestic chip platforms, enabling high throughput and low latency performance on domestic computing clusters [2] - Zhipu AI is recognized as a leading AI company in China, focusing on the development of advanced general models and has achieved rapid revenue growth through its model-as-a-service (MaaS) platform [2][3]

Core Viewpoint - The stock of Zhiyuan surged over 14% in early trading on February 13, reaching a new high since its listing, following the release of its new generation base model GLM-5 on February 12, which is considered the strongest open-source model in the era of intelligent engineering [1][7]. Group 1 - Zhiyuan officially launched the GLM-5 model, marking a transition from the "Vibe Coding" era of writing code snippets to the "intelligent engineering" era of completing system engineering [3][9]. - The GLM-5 model's programming capabilities align with Claude Opus 4.5 and outperform Gemini3 Pro, indicating significant advancements in AI programming technology [3][9]. - The official GLM Coding Plan sold out immediately, marking a historic first for a domestic AI programming model's paid package [3][9].

Group 1 - The core viewpoint of the news is that the company, Zhipu, is advancing its A-share listing plan after its H-share listing, with a new IPO counseling registration and a change in counseling institutions [1] - Zhipu has become the first publicly listed company globally focused on general artificial intelligence (AGI) since its listing on the Hong Kong Stock Exchange on January 8, with a stock price increase of over 235% since then, reaching HKD 427.20 per share and a market capitalization exceeding HKD 190 billion [1] - The company launched its next-generation flagship model, GLM-5, on February 11, which has shown state-of-the-art performance in coding and agent capabilities, and is now available on its development platforms [1][2] Group 2 - Zhipu's GLM Coding Plan was sold out shortly after its launch on February 12, indicating strong demand for its AI programming model, despite a 30% price increase [2] - The GLM-5 model has been optimized for compatibility with major domestic chip platforms, enabling high throughput and low latency on domestic computing clusters [2] - Zhipu is recognized as a leading AI company in China, focusing on the development of advanced general large models, and has achieved significant revenue growth through its model-as-a-service (MaaS) platform [2][3]

Group 1 - The China Securities Regulatory Commission (CSRC) updated the IPO guidance progress information for Zhipu Company [1] - Zhipu has withdrawn its previous IPO guidance filing submitted in April 2025 and has completed a new guidance registration [2] - The new registration indicates that Zhipu plans to publicly issue shares and list on the Science and Technology Innovation Board of the Shanghai Stock Exchange, with a change in IPO guidance institutions to Guotai Junan Securities and China International Capital Corporation [2] Group 2 - The guidance agreement was signed on February 9, 2026, with Guotai Junan Securities and China International Capital Corporation as the guidance institutions [3] - The legal advisory firm involved is Beijing Tianyuan Law Firm [3] - The accounting firm engaged is Rongcheng Accounting Firm (Special General Partnership) [3]

Group 1 - Major AI players in China, including DeepSeek, Zhiyu, and MiniMax, have launched new models in a single night, showcasing the rapid advancements in the AI sector [1][2] - Domestic large models are increasingly pursuing differentiation strategies amid a shortage of computing power and intensifying homogenization [2] Group 2 - DeepSeek has initiated gray testing for its new model, speculated to be the DeepSeek-V4-Lite version, with a parameter scale of approximately 200 billion [3][4][5] - The new model features a significant breakthrough with a context window of 1 million tokens, allowing it to process extensive texts equivalent to 500 pages of A4 documents [6][10] - Testing indicates that DeepSeek's new model maintains over 60% accuracy at the 1 million token length, outperforming contemporaneous models like Gemini [10][12] Group 3 - Zhiyu has released GLM-5, which marks a shift from "Vibe Coding" to "Agentic Engineering," indicating a focus on complex system engineering tasks [17][18] - GLM-5 has a parameter scale of 744 billion, doubling that of its predecessor, and has significantly improved reliability metrics, reducing hallucination rates from 90% to 34% [22][23] - The model has demonstrated high success rates in programming and agent capabilities, achieving a 98% success rate in frontend tasks and showing strong performance in resource management simulations [28][29] Group 4 - MiniMax has introduced the MiniMax-M2.5 model, designed as a lightweight programming model with only 10 billion active parameters, aiming to compete in the programming sector [35][36] - Despite its smaller parameter size, M2.5 reportedly supports high throughput reasoning and has shown competitive performance in community tests [36][38] - The model's lightweight architecture is a strategic move to address deployment cost pressures in a saturated programming market [38]

Market Dynamics - Precious metals experienced a sharp decline, with gold dropping over 4% and silver falling over 11%, reflecting ongoing market concerns about the disruptive impact of AI [1] - WTI crude oil futures fell by 2.77% to $62.84 per barrel, while Brent crude dropped by 2.71% to $67.52 per barrel, amid geopolitical tensions regarding Iran [1] Corporate Developments - China Shenhua's acquisition plan to purchase assets from its controlling shareholder has been approved, with a transaction value of approximately 133.6 billion yuan, and the company's market capitalization reaching 845.6 billion yuan [2] - Co-creation Data announced a procurement contract for servers worth up to 11 billion yuan, which will account for over 50% of the company's latest audited net assets [2] - OpenAI launched its new AI model, GPT-5.3-Codex-Spark, based on Cerebras Systems chips, aiming to compete in the AI programming assistant market [2] Investment Trends - Southbound funds recorded a net inflow of approximately 4.567 billion HKD, with over 50 billion HKD invested in ETFs this year, indicating strong interest in Hong Kong stocks [5] - Korean investors have shown significant interest in Hong Kong stocks, with notable purchases in various ETFs and tech companies [6] Industry Insights - The construction machinery sector is witnessing a recovery, with excavator sales increasing by 49.5% year-on-year, indicating improved economic activity and infrastructure investment [9] - The solid-state battery industry is accelerating, with major automakers planning to launch models using this technology by 2026-2027, potentially leading to a market size exceeding $120 billion by 2030 [10] Technological Advancements - A research team from Peking University has developed a high-performance quantum key distribution network, showcasing advancements in quantum technology [14] - Samsung Electronics has begun delivering its latest HBM4 chips, becoming the first company to mass-produce this technology [15]