出品：新浪财经创投Plus 作者：易舍 2025年，一级市场在深刻的变局中演进，由人工智能引领的颠覆性技术浪潮席卷全球。资本向少数头部项目集聚，OpenAI、xAI、Anthropic等头部人工智能 企业年内累计投资额高达400亿美元、250亿美元、165亿美元。 据公开数据统计，2025年1月1日至12月31日（简称：统计区间），国内一级市场共有5599家公司完成6343起投资事件，同比分别增长2.6%、7.5%；披露总 投资额达4400.99亿元，较2024年全年下降20.5%。而人工智能作为贯穿全年的投资"主旋律"，行业中共有788家公司获得1015起投资，披露投资额合计656.04 亿元。相较之下，2024年共有478家人工智能公司获得553起投资，披露投资额合计391.51亿元。 基础大模型领域"马太效应"已基本显现，2025年赛道降温明显。统计区间内，AI模型层公司共完成22起投资，合计披露金额94.16亿元，与2024年相比分别 下降8.3%、52.9%。两项指标占人工智能行业投资事件数和金额比例显著下滑，前者由4.3%降至2.2%，后者由51.0%降至14.4%。 热度骤降的背后，一方面是头部 ...

1月8日，全球AGI基座模型领域迎来首个上市企业——北京智谱华章科技股份有限公司（以下简称"智谱"）正式在香港联合交易所挂牌上市，股票代码 02513.HK，发行定价116.2港元/股，募集资金总额约43.48亿港元。 "基于我们自主可控的模型产品，可以给企业提供更好的人工智能基础能力赋能，帮助他们更快找到发展方向、做出更好产品。"智谱首席执行官张鹏表 示，这与张江打造"模型+场景+生态"叠加效应的发展目标精准契合。对于入驻企业而言，这个平台堪称"家门口的模型超市"，上海维享时空信息科技有限 公司CEO丁志刚表示："平台可以更便利地以更低成本选购团队开发所需的服务。" （图片来源：智谱） 作为国内通用人工智能领域的重要创新力量，智谱的成长背后离不开产业资本与创新生态的持续赋能。2025年，张江科投代表张江集团与浦东创投集团联 合对智谱进行战略投资，并围绕算力建设、产业生态等领域达成多项战略合作协议，以资本与产业双重赋能，助力智谱深耕技术、扩大生态。这场双向奔 赴的协同共建，既是智谱成功上市的重要支撑，也书写了张江AI生态赋能企业成长的生动篇章。 AGI上市第一股 作为全球首家以AGI基座模型为核心业务的上市公 ...

Core Viewpoint - The CEO of Zhipu, Zhang Peng, highlighted the challenges faced by the AI industry in China, contrasting it with the subscription model of ChatGPT in the U.S. where users are willing to pay $20 per month, which is not feasible in China [1] Industry Summary - The AI industry in China has been characterized by intense competition, leading to a situation where new entrants struggle to gain a foothold [1] - Companies in the Chinese AI sector are resorting to strategies such as subsidizing services and attracting users through free offerings, resulting in a scenario where users benefit without paying [1]

2026年1月8日，上城资本集团产业基金战略投资的北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合交易所挂牌上市， 首日开盘价120港元/股，市值528.28亿港元。这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中国。 这一聚焦世界目光的资本事件，不仅让中国AI领军企业领跑在国际前列，也将千里之外的杭州上城推向了产业观察的前台——除了上城资本直投智谱之 外，智谱浙江总部浙江智谱新篇科技有限公司也早已落户上城，成为区域人工智能生态的关键拼图。 这不是跟风，而是一次基于深度研判的精准"下注"。上城看中的，是智谱作为国内领先、国际前沿通用大模型开发商的硬核实力，更是其作为产业链主所 能激发的集群效应。 回溯合作历程，令人不禁思考：在风起云涌的AI赛道，上城为何又一次提前"押题"，精准"命中"明日之星？ 上城的投资并非追逐短期热点。早在2025年初，大模型产业尚处于规模化落地前期时，上城已悄然落子——联合杭州城投产业基金，与智谱签署投资落地 协议，将其浙江总部浙江智谱落户钱江新城二期。 更具重要意义的是，政务数字化改革走在前列的上城，为智谱的"AI+政务" ...

Core Viewpoint - The CEO of Zhipu, Zhang Peng, highlighted the challenges faced by the AI industry in China, contrasting it with the subscription model of ChatGPT in the U.S. where users are willing to pay $20 per month, which is not feasible in China [1] Industry Summary - The AI industry in China is characterized by intense competition, with numerous new entrants struggling to gain a foothold [1] - Companies in the Chinese AI sector are resorting to strategies such as subsidizing services and attracting users through free offerings, leading to a situation where users benefit without paying [1]

Group 1 - The core viewpoint of the articles highlights significant movements in the stock market, particularly in Hong Kong and the US, driven by various company announcements and market trends [1][2][3][5][6][7][8]. Group 2 - 万国数据-SW (09698) saw a rise of over 3.6% following the announcement of a successful C-round financing of $2 billion for its international business platform DayOne [1]. - 智谱 (02513) experienced a surge of over 24% on its second day of trading, becoming the first global large model stock listed on the Hong Kong Stock Exchange [1]. - 禾赛-W (02525) increased by over 3% after showcasing its latest lidar technology at CES 2026, along with updates on delivery volume and strategic partnerships [1]. - Lithium battery concept stocks rose, with 中创新航 (03931) up 4.74%, as the Ministry of Industry and Information Technology announced a meeting to regulate the battery industry [1]. - 快手-W (01024) gained over 2.3% as Goldman Sachs projected that its AI model upgrades would enhance overseas user recognition and revenue [2]. - 佳鑫国际资源 (03858) rose over 5.4% after announcing a mining service procurement agreement worth approximately 2.27 billion HKD [2]. - Gold stocks generally increased, with 山东黄金 (01787) up 6.01%, driven by geopolitical risks and expectations of interest rate cuts supporting gold prices [2]. - 九方智投控股 (09636) rose over 5.6% following the announcement of acquiring JF Financial Company Limited [3]. - 凌雄科技 (02436) surged by over 96.85%, with expectations of significant market penetration in the DaaS sector over the next five years [3]. - 理士国际 (00842) plummeted over 60% after announcing a plan to split and list on the US stock market [3]. - Buda Juice (BUDA.US) debuted on the US market with an 8.13% increase, focusing on fresh juice and health drinks [5]. - 虎牙 (HUYA.US) reached a five-and-a-half-month high, rising 14.47% after the successful launch of a new mobile game [5]. - Applied Digital (APLD.US) led gains in the crypto mining sector with a 250% year-over-year revenue increase [5]. - Critical Metals (CRML.US) saw a near 10% rise but later fell, having gained over 110% in the first five trading days of the year [6]. - 哔哩哔哩 (BILI.US) rose 6.51% as Morgan Stanley noted stable ad performance despite uncertain gaming prospects [6]. - Storage stocks fell, with SanDisk (SNDK.US) down 5.38%, amid concerns over the sustainability of AI-related capital expenditures [6]. - The space sector saw gains, with L3Harris Technologies (LHX.US) up 5.16% after a strategic sale [7]. - Chip stocks declined, with NVIDIA (NVDA.US) down 2.15%, reflecting broader market concerns [7]. - Precious metals stocks fell, with significant drops in silver and gold prices due to liquidity shocks [8].

Core Viewpoint - The company Zhiyuan (2513.HK), known as the "first global large model stock," saw its stock price rise over 25% to 165 HKD on its second day of trading, reaching a market capitalization of 72.6 billion HKD [1] Company Overview - Zhiyuan is one of the earliest companies in China to engage in large model research and development, having pioneered the general pre-training paradigm GLM based on autoregressive fill-in-the-blank [1] - The company has released several significant models, including China's first hundred-billion model, the first open-source trillion model, the first dialogue model, the first multimodal model, and the world's first device control intelligent agent, establishing a comprehensive model system [1] - Zhiyuan is recognized for maintaining a level of original technology that is on par with global leaders, earning it the title of "China's OpenAI" [1] Technological Advancements - The GLM architecture has achieved a breakthrough in domestic production, being compatible with over 40 types of domestic chips, making it one of the most versatile model systems in the industry [1] Industry Context - The ongoing global AI competition has intensified, and Zhiyuan's status as the "first global large model stock" injects capital vitality into the development of domestic large models [1] - This listing marks a significant milestone for Chinese AGI companies, officially entering the capital market and beginning a new phase of competition with international giants [1]

智谱(02513)上市次日最高涨超24%，高见165港元较招股价涨超四成。截至发稿，涨17.34%，报154.3港 元，成交额6.32亿港元。 公开资料显示，智谱是中国最早投身大模型研发的厂商。弗若斯特沙利文报告显示，按2024年收入计 算，智谱在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中排名第二。智谱创立发 起人兼首席科学家唐杰日前发布内部信，宣布很快将推出新一代模型 GLM-5。内部信还介绍了2026年 智谱聚焦的三个技术方向，包括全新的模型架构设计，更通用的RL（强化学习）范式以及对模型持续 学习与自主进化的探索。它们均围绕基础模型能力提升展开。 消息面上，2026年开年，中国AI大模型赛道迎来里程碑事件，智谱昨日率先在港交所挂牌上市，成 为"全球大模型第一股"，MiniMax今日首挂一度涨约80%。渤海证券此前指出，智谱、MiniMax两家头 部初创企业冲刺港股IPO有望为后续行业估值定价及融资体系建立提供关键锚点。东吴证券表示，看好 智谱AI在本土大模型技术实力、开源生态布局以及政企本地化落地能力方面的优势，并认为公司有望 受益于中国大模型行业从本地化部署向云端服务转型的长期趋势。 ...

Group 1 - The core viewpoint of the articles highlights the significant market debut of Zhipu, which became the "first global large model stock" after its listing on the Hong Kong Stock Exchange, with its share price rising over 40% from the IPO price [1] - Zhipu's stock reached a peak increase of over 24% on its second day of trading, indicating strong investor interest and confidence in the company's future prospects [1] - The successful IPO of Zhipu and MiniMax is expected to serve as a critical anchor for future industry valuation and financing systems in the AI large model sector [1] Group 2 - Zhipu is recognized as one of the earliest companies in China to engage in large model research and development, ranking first among independent general large model developers in China based on projected 2024 revenue [2] - The company plans to launch its next-generation model, GLM-5, and is focusing on three key technological directions for 2026, including new model architecture design, a more general reinforcement learning paradigm, and exploration of continuous learning and autonomous evolution of models [2] - These technological advancements are aimed at enhancing the foundational capabilities of large models, positioning Zhipu for long-term growth in the evolving AI landscape [2]

来源：格隆汇APP 格隆汇1月9日｜"全球大模型第一股"智谱(2513.HK)上市第二日继续上涨，盘中拉升涨超25%至165港元，创上市新高，市值升至726亿港元。 公开资料显示，智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式GLM，率先发布了中国首个百亿模型、首个开源 千亿模型、首个对话模型、首个多模态模型，以及全球首个设备操控智能体(Agent)，形成了全面的模型体系，是国内罕有在原创技术路线上与全球顶尖 水平保持同步的厂商，因此也被誉为"中国OpenAI"。 目前，GLM架构已实现全国产化突破，适配40余款国产芯片，成为业内通用性最高的模型体系之一。当前全球AI竞赛持续升温，智谱拿下"全球大模型第 一股"，不仅为国产大模型发展注入资本活力，更标志中国AGI企业正式迈入资本市场的舞台中央，开启与国际巨头同台竞技的新阶段。 ...