这款神秘模型究竟是何方神圣？在前几天，它引发了一大波猜测，在马年春节来临前它以"小马"命名， 很多人认为它来自中国的实验室，最后猜测的结果集中在智谱的GLM-5和DeepSeek的DeepSeek-V4上。 现在，GLM-5终于正式露面，其参数规模从355B（激活32B）扩展至744B（激活40B）。在Artificial Analysis榜单中，GLM-5 位居全球第四、开源第一。 此外，GLM-5已完成与华为昇腾、摩尔线程、寒武纪、昆仑芯、沐曦、燧原、海光等算力平台的深度 推理适配。智谱方面表示，通过底层算子优化与硬件加速，GLM-5在国产芯片集群上已经实现高吞 吐、低延迟的稳定运行。 在国内大厂掀起AI入口之争的同时，另一场AI Coding（AI编程）的大战也在全球AI赛场上展开。当地 时间2月5日，Anthropic发布Claude Opus 4.6，编码技能大幅提升。几乎是与其同步，OpenAI紧急发布了 GPT-5.3-Codex。一场围绕企业级软件开发市场的争夺战，正式打响。紧接着Pony Alpha的上线，无异 于是对海外市场的"突袭"，也是国产模型在AI Coding这个赛场上一次非常重要 ...

Group 1 - The core announcement is that Moole Technology (688795.SH), known as the "first domestic GPU stock," has completed the full adaptation and verification of the new generation large model GLM-5 from Zhipu AI (02513.HK) on its flagship AI training and inference GPU MTT S5000 using the SGLang inference framework [2] - GLM-5 is positioned as a top-tier coding model with a 20% performance improvement over its predecessor, featuring breakthroughs in Agentic Engineering capabilities, enabling end-to-end development from requirements to applications [2] - GLM-5 ranks fourth globally and first in open-source on the authoritative Artificial Analysis list, achieving state-of-the-art scores in mainstream benchmark tests, surpassing Gemini 3 Pro [3] Group 2 - The MTT S5000 GPU is designed specifically for large model training, inference, and high-performance computing, with a maximum AI computing power of 1000 TFLOPS, 80GB of memory, and a memory bandwidth of 1.6TB/s [3] - The inter-card bandwidth of the MTT S5000 is 784GB/s, and it fully supports precision calculations from FP8 to FP64 [3]

Core Viewpoint - The rapid rise in stock prices of Zhiyuan Technology (智谱) is attributed to the launch of its new model GLM-5, which has generated significant market excitement and speculation, leading to a nearly 100% increase in stock value within four days [13][18]. Group 1: Market Activity and Model Launches - The AI model market is highly active, with multiple companies announcing new models and updates, including Zhiyuan's GLM-5, Xiaomi's VLA, and Ant Group's Ming-Flash-Omni 2.0 [7][8]. - The launch of the "Pony Alpha" model on OpenRouter sparked significant interest, leading to a surge in Zhiyuan's stock price as speculation linked it to their upcoming GLM-5 model [14][15]. Group 2: Stock Performance and Market Reaction - Zhiyuan's stock price increased from 203.3 HKD to 402.8 HKD, marking a 98.13% rise, with a market capitalization increase of approximately 89 billion HKD [18]. - The stock experienced a high of 443 HKD during trading, indicating a potential 117.9% increase over the four-day period [18]. Group 3: Pricing Strategy and Financial Health - Zhiyuan announced a price increase for its GLM Coding Plan, citing strong market demand and the need for enhanced service quality, with price hikes starting at 30% [20][32]. - The company faces significant financial pressure, with a reported net loss of 2.358 billion HKD in the first half of 2025 and cash reserves that may only support operations for 6-7 months [31][33]. Group 4: Competitive Landscape and Investor Sentiment - The competitive landscape is intense, with companies like MiniMax showing strong investor confidence, contrasting with Zhiyuan's financial struggles post-IPO [29][31]. - Investor sentiment is cautious, with a focus on profitability and cash flow, as seen in the contrasting market reactions to Zhiyuan and MiniMax [30][31].

2月12日，"全球大模型第一股"智谱高开高走，盘中一度涨超40%，股价再创历史新高，市值突破1700亿港元。A股方面，智谱AI概念股首都在线、优刻得 均收获20CM涨停。（点此领取概念股名单） 消息面上，智谱于同日正式开源发布其新一代旗舰模型GLM-5，标志着大模型编程从"Vibe Coding"迈入"Agentic Engineering"时代。 其中，Vibe Coding指开发者向AI提需求，AI来生成代码，但需要人为检查结果、给出反馈，本质上是人驱动、AI执行。Agentic Engineering则是给出目 标，AI自己拆任务、写代码、测试、改bug，开发者只看验收结果，意味着AI从一个命令工具，变成一个能独立干活的工程团队。 根据The Information报道，此前在全球模型服务平台OpenRouter登顶热度榜首的神秘模型"Pony Alpha"，正是智谱本次开源的GLM-5。GLM-5主打编程与 智能体能力跃升，技术规格全面升级：参数量从GLM-4.7的355B（激活32B）扩展至744B（激活40B），预训练数据从23T token提升至28.5T token，更大 规模的算力投入带来更 ...

（来源：上市之家） 2月12日，港股"国产大模型第一股"智谱（02513.HK）延续强势表现，盘中最高涨幅达41.81%，截至收盘报402港元/股，涨幅28.68%，市值站上1792.3亿 港元。自2月9日以来的四个交易日内，不断刷新股价新高。 消息面上，智谱今日发布GLM Coding Plan价格调整函，宣布因市场需求持续强劲增长，用户规模与调用量快速提升，为保障高负载下的稳定性与服务质 量，公司加大算力与模型优化投入，并对GLM Coding Plan套餐价格体系进行结构性调整，整体涨幅自30%起，已订阅用户价格保持不变。该调整自2026 年2月12日生效。 同日，此前传言的新模型被正式确认。智谱上线并开源新一代旗舰模型GLM-5，官方称其实现了"从代码到工程的跨越"，从单纯的Vibe Coding进化为具 备系统性思维的Agentic Engineering。GLM-5在编程能力和Agent多项主流基准测试中取得开源模型SOTA分数，其中在SWE-bench-Verified和Terminal Bench 2.0中分别获得77.8和56.2，性能超越Gemini 3 Pro。 在全球权威的Artifi ...

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

东方财富证券表示，国产算力产业链正经历供给侧与需求侧双轮共振：供给侧，晶圆厂先进制程良率与 产能持续爬升；需求侧，国内CSP厂商商业化路径明晰，AI资本开支保持高位，大模型迭代加速训练侧 放量。在此背景下，先进封装、先进设备及国产算力芯片构成核心主线。* 布局芯片产业"超级周期"，优选20CM高弹品种！公开资料显示，科创芯片ETF华宝（589190）及其联 接基金（A类021224 C类021225）被动跟踪上证科创板芯片指数，囊括50只涉及半导体材料和设备、芯 片设计、芯片制造、芯片封装和测试的硬科技标的，在全链布局芯片产业的同时，在集成电路、半导体 设备等核心领域权重占比超90%，硬科技含量高、技术壁垒强。 行情驱动上，一方面，临近春节，大模型接连上新，算力需求爆发，智谱发布新一代旗舰模型GLM- 5，并以完成与寒武纪、海光信息等七大主流国产芯片平台的深度推理适配与算子级优化。这被视为AI 算力供应链的自主可控重要里程碑。 此外，芯片产业再交业绩喜报。今日领涨股晶晨股份年报显示，2025年实现收入67.93亿元，同比增长 14.63%，实现净利润8.71亿元，同比增长6%，全年芯片销量超1.74亿颗，同比 ...

Group 1 - The core viewpoint of the article highlights the rapid development of domestic AI models, particularly the launch of Seedance 2.0 and GLM-5, indicating a competitive edge in the global AI landscape [1][3][10] - The performance of the Huabao AI ETF (589520) has been impressive, with a 4.02% increase, recovering above the 20-day moving average, reflecting strong investor interest in the domestic AI sector [1][7][8] - Key stocks within the ETF, such as Yuke (20% limit up), Jingchen (over 15% increase), and Xinyuan (over 12% increase), have shown significant gains, indicating a bullish trend in the AI and semiconductor sectors [8][10] Group 2 - The GLM-5 model, previously known as "PonyAlpha," has been recognized for its advanced capabilities, positioning China among the top tier in sparse architecture and AI model development [3][10] - The model has been optimized for compatibility with major domestic chip platforms, showcasing the capability of Chinese chip clusters to support large-scale generative models, which is a significant step towards a mature ecosystem [10] - According to CITIC Securities, the domestic computing power sector is expected to thrive, with potential for a long-term bullish market similar to the US stock market in 2023, driven by the urgency for domestic semiconductor and AI chip development [3][10]

Core Viewpoint - The article highlights a significant structural market trend on February 12, with a focus on high-end manufacturing, new industrialization, and power grid equipment, driven by policy expectations and industry prosperity. Group 1: Market Performance - On February 12, the market saw a narrow range of trading with 70 stocks hitting the daily limit up, indicating strong investor interest in specific sectors [1] - The mechanical and electrical equipment sectors led the way, contributing 12 and 9 limit-up stocks respectively, accounting for nearly 40% of the total [1] - The A-share market exhibited a structural rally, with over 765 billion yuan flowing into the electronic, power equipment, machinery, computer, and communication sectors, indicating a preference for growth-oriented industries [10][11] Group 2: Sector Analysis - The non-ferrous metals and construction sectors each had 6 stocks hitting the limit up, reflecting investor interest in resource and infrastructure sectors, likely linked to growth stabilization expectations and fluctuations in industrial metal prices [2] - The technology sector also showed promise, with software services and hardware contributing 5 and 4 limit-up stocks respectively, confirming the ongoing interest in digital economy and intelligent terminal themes [3] Group 3: Capital Flow - Traditional financial sectors, including banks and non-bank financials, experienced capital outflows, with the banking sector seeing a net outflow of 5.272 billion yuan, indicating a shift in market risk appetite towards growth sectors [12] - The article notes that the capital market is favoring growth-oriented sectors, as evidenced by the significant inflow into technology and high-end manufacturing, while defensive sectors like media and food and beverage faced net outflows [12] Group 4: AI Sector Developments - The launch of the GLM-5 model by Zhipu on February 12 received a positive market response, with Zhipu's stock price surging by 33%, reflecting strong investor confidence in AI advancements [17] - The AI sector, including companies like Capital Online and Youke, saw active trading with several stocks hitting the limit up, indicating a robust interest in AI applications and cloud services [17] - The commercial viability of AI models is being reinforced, as Zhipu announced a price increase for its GLM Coding Plan, marking a transition from free trials to sustainable commercialization [19]

本报讯 2月12日，记者获悉，智谱官方GLM Coding Plan上线即售罄。一个国产AI编程模型的付费套餐被抢空，这在行业历史上较为罕见。 截至2月12日收盘，智谱股价上涨28.68%，市值达1792.29亿港元。 （文章来源：证券日报） | | 连续包月 连续包季 9折 连续包年(7折 | | | --- | --- | --- | | GLM Coding Lite | GLM Coding Pro 最受欢迎 () | GLM Coding Max ®* | | 连续包年 7 折 | 连续包年 7 折 | 连续包年 7 折 | | ¥ 411/年 ¥588/年 | ¥ 1251/年 ¥1788/年 | ¥ 3939/年 ¥5628/年 | | 下个年度续费金额:¥411.6 | 下个年度续费金额:¥1251.6 | 下个年度续费金额:¥3939.6 | | 暂时售罄 02月13日 10:00 补货 | 暂时售罄 02月13日 10:00 补货 | 暂时售罄 02月13 B | | * Claude Pro 套餐的 3倍 用量 | * Lite 套餐的 5倍 用量 | ¥ Pro 套餐的 4倍 用量 | ...