尊敬的客户: 您好! 感谢您长期以来对智谱的支持。 2月12日，智谱开盘股价大涨，一度涨超12%，周内涨幅已超70%。截至发稿，日内涨超10%，报345港元/股，市值突破1500亿港元。 消息面上，12日，智谱发布GLM Coding Plan价格调整函。智谱表示，近期，GLM Coding Plan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，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持不变。 生效时间：2026年2月12日。 我们将持续投入，保障产品能力与服务稳定性。 北京智谱华章科技股份有限公司 2026 年 2 月 12 日 Z.ai · 取消首购优惠,保留按季按年订阅优惠 · 套餐价格进行结构性调整，整体涨幅自 30% 起 • 已订阅用户价格保持不变 此外，2月12日凌晨，智谱正式开源发布其新一代基座模型GLM-5。这宣告大模型编程从"写代码片段 ...

另外，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。 2月12日，智谱(2513.HK)高开8.77%，报339.8港元，市值达1515亿港元。消息面上，今日凌晨，智谱正式开源发布新一代基 座模型GLM-5，被誉为智能体工程时代最强开源模型。它宣告大模型编程从"写代码片段"的Vibe Coding时代，正式迈入"完 成系统工程"的智能体工程时代。此前，学界与业界已达成共识，Agentic Engineering(智能体工程)时代已经到来。 智谱 GLM-5有望成为国内第一个真正对齐Anthropic Opus系列的模型厂商。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 智谱(日线,前复权) | | 设置均线。 | | | --- | --- | --- | --- | | 339.800 +8.77% | | 2026/1/8-2026/2/12(26根) ★ ...

智谱2月12日发布GLM Coding Plan价格调整函称，近期，GLM Coding Plan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，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源 投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保 持不变。生效时间：2026年2月12日。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Group 1: Technology Developments - Zhipu released its next-generation flagship model GLM-5, achieving state-of-the-art performance in coding and agent capabilities, leading to a 36.22% stock price increase on February 9 [2] - DeepSeek is conducting a gray test for a maximum context length of 1 million tokens, with its knowledge base updated to May 2025 [3] - Meituan launched a native "Deep Research" agent with a usability rate of 61.1%, surpassing ChatGPT's 42.8% [6] Group 2: Consumer Electronics - Apple plans to maintain the same starting prices for the iPhone 18 Pro and Pro Max as the iPhone 17 series, leveraging supply chain management to control costs despite rising DRAM and NAND prices [4] Group 3: Financial Updates - NetEase reported a total revenue of 112.6 billion yuan for 2025, with R&D investment reaching 17.7 billion yuan, marking six consecutive years of over 10 billion yuan in R&D [11] - StarSea completed a 1 billion yuan Series B financing round, achieving a valuation of 10 billion yuan, becoming a unicorn in the embodied intelligence sector [12] - AGILINK announced the completion of a new financing round worth several hundred million yuan, led by major internet companies and involving top-tier capital [13] Group 4: Infrastructure Investments - Meta announced the construction of a new data center in Lebanon, Indiana, which will bring over 10 billion USD in investments and create approximately 4,000 construction jobs and over 300 operational jobs [9]

Core Viewpoint - The stock price of Zhipu surged by 8.19% to 338 HKD per share, with a market capitalization of approximately 150.69 billion HKD, following the announcement of significant product updates and price adjustments for their GLM Coding Plan [1][2]. Group 1: Stock Performance - As of February 12, Zhipu's stock price increased by 8.19%, reaching 338 HKD per share, resulting in a market capitalization of about 150.69 billion HKD [1][2]. Group 2: Product Updates - On February 12, Zhipu announced a structural price adjustment for the GLM Coding Plan due to strong market demand and increased user engagement, with an overall price increase starting from 30% [3]. - The company has decided to cancel the first purchase discount while retaining seasonal and annual subscription discounts, ensuring that existing subscribers will not see a price increase [3]. Group 3: Technological Advancements - Zhipu launched and open-sourced its next-generation flagship model, GLM-5, which has been optimized for compatibility with major domestic chip platforms, enabling high throughput and low latency on domestic computing clusters [8]. - GLM-5 ranks fourth globally and first in open-source on the authoritative Artificial Analysis leaderboard, indicating its competitive position in the market [9].

国产大模型竞争加速，消息面上，智谱推出GLM-5，定位为最新一代旗舰级对话、编程与智能体模 型，主攻复杂系统工程与长程Agent任务。内部评估显示，GLM-5在编程开发场景中平均性能较上一代 提升超20%，真实编程体验逼近Claude Opus 4.5水平。在BrowseComp、MCP-Atlas和τ2-Bench等三项 Agent评测中均取得开源领域最优表现。 截至2026年2月12日 09:40，中证人工智能主题指数(930713)上涨0.87%，成分股晶晨股份上涨12.95%， 协创数据上涨7.61%，光环新网上涨4.55%，深信服上涨3.80%，复旦微电上涨3.21%。AI人工智能 ETF(512930)上涨0.80%，最新价报2.26元。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智能主题上市公司证券的 整体表现。 数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威 ...

Core Insights - Zhipu AI has launched and open-sourced GLM-5, with multiple domestic chip manufacturers completing Day-0 adaptation for the model, ensuring compatibility and stable operation from the first day of release [1][2] Group 1: GLM-5 Launch and Adaptation - Zhipu AI's GLM-5 has been adapted by major domestic chip platforms including Huawei Ascend, Moore Threads, Cambricon, Kunlun, Muxi, Suiruan, and Haiguang, achieving high throughput and low latency on domestic computing clusters [2] - Haiguang's DCU team collaborated closely with Zhipu AI to optimize the underlying operators and hardware acceleration, enabling GLM-5 to run stably on Haiguang DCU with high throughput and low latency [1] - Moore Threads completed full-process adaptation and verification on its flagship AI training and inference GPU MTT S5000, leveraging its MUSA architecture to enhance model inference performance while reducing memory usage [1] Group 2: Model Performance and Features - GLM-5 has expanded its parameter scale from 355 billion (activated 32 billion) to 744 billion (activated 40 billion) and increased pre-training data from 23 terabytes to 28.5 terabytes, significantly enhancing its general intelligence capabilities [2] - The model incorporates a new "Slime" asynchronous reinforcement learning framework, supporting larger model scales and more complex tasks, and utilizes DeepSeek Sparse Attention to maintain long text performance while reducing deployment costs and improving token efficiency [2] - A month prior, Zhipu AI released the GLM-Image model, which employs a hybrid architecture of autoregressive and diffusion decoders, marking a significant exploration in cognitive generative technology [2]

不仅如此，摩尔线程还首次公布了MTT S5000的算力参数。该卡基于第四代MUSA架构"平湖"打造。其 单卡AI算力最高可达1000 TFLOPS，配备80GB显存，显存带宽达到1.6TB/s，卡间互联带宽为 784GB/s，完整支持从FP8到FP64的全精度计算。 随后有消息传出，目前智谱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 光等主流国产芯片平台的深度推理适配与算子级优化，能够在国产算力集群上实现高吞吐、低延迟的稳 定运行。 2月11日，智谱AI上线并开源GLM-5，随后多款国产芯片完成对GLM-5的Day0适配。 海光信息方面表示，在本次Day0适配合作中，海光DCU团队深度协同智谱AI，凭借DTK等自研软件栈 优势，重点优化底层算子与硬件加速，使GLM-5在海光DCU上实现高吞吐、低延迟的稳定运行，充分 发挥"国产算力+国产大模型"价值。 摩尔线程表示，基于SGLang推理框架，该公司在旗舰级AI训推一体全功能GPU MTT S5000上，Day-0 完成了全流程适配与验证。凭借MUSA架构算子覆盖与生态兼容能力，摩尔线程打通了模型推理全链 路，并深度释放MTT S500 ...

今日（2月12日）AI方向涨势如虹，重点布局国产AI产业链的科创人工智能ETF（589520）场内涨幅一 度上探2.38%，现涨1.19%，盘中收复20日均线。值得关注的是，昨天该ETF单日吸金404万元。 | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 品晨股份 | 14.75% | | 电子 | 非得体 | 数字芯片设计 | 391亿 | 11.38亿 | | 2 | 优刻得-W | 13.48% | ---- | 计算机 | IT服务II | IT服务Ⅲ | 194Z | 11.68亿 | | 3 | 海天瑞声 | 4.28% | www | 计算机 | 川服务Ⅱ | IT服务Ⅲ | 947 | 1.474Z | | 4 | 复目微电 | 3.46% | NAME | 电子 | 未曾体 | 数字芯片设计 | 605亿 | 3.82亿 | | ટે | 威胜信息 | 3.29% | 1 | 通信 | 通 ...

| | | 智谱(日线,前复权) ✿✪ MA MA5:290.000 ↑MA9:262.356 ↑ MA19:238.042 ↑ | | 设置均线~ | | | --- | --- | --- | --- | --- | --- | | 339.800 +8.77% | | | 2026/1/8-2026/2/12(26根) ★ | | | | 演 | 黄黄 | | | | 354.000 | | | | 354.000 | | | | | | | | | | 314.350 | | | | | | | 274.700 | | | | | | | 235.050 | | | | | | | 195.400 | | | | | | | 155.750 | | 116.100 | | | | | 116.100 | | | | VOL(5,10) VOLUME:51200.000 ↓ MAVOL1:2461270.600 ↓ MAVOL2:1985425.800 | 加指标 换指标 * 8 | | 1752万 | | | | | | | 0.000 | | << 02 | | | | | » | 智谱(2513. ...