Core Viewpoint - The company Zhiyun (2513.HK) confirmed that its new model GLM-5, previously known as "Pony Alpha," has topped the popularity chart on the global model service platform OpenRouter [1] Group 1 - The new model GLM-5 is now available on the chat.z.ai platform [1]

2月11日，智谱正式推出新一代旗舰模型GLM-5，主攻编程与智能体能力，官方称已实现开源领域最优 表现。这是继DeepSeek后，国产AI大模型春节档的又一重要发布。 GLM-5参数规模由上一代的355B扩展至744B，激活参数从32B提升至40B。智谱方面证实，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"即为GLM-5。 架构配置方面，GLM-5构建78层隐藏层，集成256个专家模块，每次激活8个，激活参数约44B，稀疏度 5.9%，上下文窗口最高支持202K token。 编程能力显著提升 新一代旗舰模型GLM-5在内部Claude Code评估集中表现突出。前端、后端及长程任务等编程开发场景 下，该模型较上一代GLM-4.7实现全面超越，平均性能提升逾20%。 GLM-5能够以极少人工干预，自主完成Agentic长程规划与执行、后端重构、深度调试等复杂系统工程 任务。官方称，真实编程环境中的使用体感已逼近Claude Opus 4.5水平。 智谱将GLM-5定位为最新一代旗舰级对话、编程与智能体模型，重点强化其在复杂系统工程与长程 Agent任务中的处理能力 ...

Group 1 - The core message highlights the rapid advancements in AI models, particularly the launch of new models like GLM-5 by Zhiyu and updates from DeepSeek and MiniMax, indicating a competitive landscape in AI technology [1] - Zhiyu's GLM-5 model has gained significant attention by topping the popularity charts on OpenRouter, showcasing its market impact [1] - DeepSeek has expanded its context length support to 1 million tokens, a substantial increase from the previous 128,000 tokens, reflecting the trend towards more complex AI capabilities [1] Group 2 - ByteDance's Seedance 2.0 has gained immense popularity, demonstrating the ability to generate high-quality videos with minimal input, marking a significant leap in AI video technology [2] - The model allows users to create cinematic experiences with simple prompts, indicating a shift towards democratizing video production [2][4] - Seedance 2.0's capabilities in synchronizing audio and visual elements have set a new standard in AI-generated content, addressing previous challenges in the field [2] Group 3 - The evolution of Seedance 2.0 signifies the end of traditional production costs and methods, paving the way for widespread video creation and interaction [4] - The anticipated explosion of content creation will transform industries such as short films, animation, advertising, and gaming, leading to unprecedented levels of content availability [4] - Concerns about the blurring lines between reality and fabrication due to the realism of AI-generated videos have emerged, prompting restrictions on the use of real human faces in content creation [4] Group 4 - The arrival of AI technology signifies a shift in the video production landscape, where the barriers to creating high-quality content are lowered, leading to a more democratized production environment [5] - Industry professionals are urged to reconsider what constitutes a competitive advantage in a world where everyone can produce cinematic-quality videos [6] - The unique aspects of storytelling and aesthetic judgment remain critical, as technology can only replicate human imagination to a certain extent [6]

Core Insights - The article highlights the official launch and open-sourcing of GLM-5 by Zhipu AI on February 11 [1] - Haiguang DCU has completed Day0 adaptation and joint fine-tuning for GLM-5, leveraging its self-developed AI software stack and open ecosystem capabilities [1] - The initiative aims to provide ready-to-use deployment solutions for global developers and enterprise users, facilitating the rapid implementation of GLM-5's core capabilities [1]

Core Insights - The article confirms that the mysterious model "Pony Alpha," which topped the popularity chart on the global model service platform OpenRouter, is actually the new model GLM-5 developed by the company [2] Group 1 - The new model GLM-5 has been launched on the chat.z.ai platform [2]

中国 证券研究 2026 年 2 月 9 日 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；首次覆盖智谱 和 MiniMax，给予"增持"评级 我们认为，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。我们认为， MiniMax 和智谱（Zhipu AI/Z.AI）脱颖而出，已成为最具特色的两家独立大 语言模型开发商，海外布局不断加速：MiniMax 目前超过 70%的收入来自海 外市场，两家企业均在通过全球开发者生态落地快速推进 API 业务的规模化 扩张。海外布局不仅实现了收入来源的多元化、推动毛利率提升，更彰显了 二者的全球竞争力。我们自下而上的分析预测，到 2030 年全球 AI 市场规模 将达到 1.4 万亿美元，其中 B2B 应用市场规模约 1.1 万亿美元，B2C 应用市 场规模约 3,000 亿美元，两大板块均具备广阔的发展空间。尽管两家企业自 近期上市后股价出现显著上涨，我们仍建议投资者布局。我们首次覆盖智谱 （2513 HK）和 MiniMax（100 HK），给予"增持"评级，截至 2026 年 12 月的目标价分别 ...

Group 1 - Gold stocks continue to rise, with significant increases in companies such as WanGuo Gold Group (up 9.39%), Zijin Mining (up 3.5%), and Lingbao Gold (up 7.24%), driven by fluctuating gold prices and rising interest rate cut expectations [1][2] - Zijin Mining has approved a three-year production plan for major mineral products from 2026 to 2028, outlining clear production targets [1] - China Duty Free Group reported a 14.71% year-on-year increase in duty-free shopping amounts, totaling 11.585 billion yuan since the policy adjustment [1] Group 2 - Mongol Mining shares rose over 15% during trading, reflecting its transition from a single coking coal producer to a multi-mineral producer, including gold and copper [2] - Semiconductor manufacturer SMIC reported a 12.8% year-on-year increase in Q4 2025 revenue, reaching $2.489 billion, with a 60.7% increase in attributable profit [2] - Health 160 experienced a significant drop of nearly 40%, with its market value falling below 20 billion HKD, indicating a major reversal in its stock performance [2] Group 3 - Xiaomi Group shares increased nearly 5% following a live broadcast by its founder, emphasizing ongoing investments in technology and product development [3] - Zhizhu shares rose over 10% this week, with a cumulative increase exceeding 70%, driven by the launch of a new anonymous model by OpenRouter [3] - Jiantao Group stocks rose due to increased demand for high-end copper-clad laminates driven by AI computing power [3] Group 4 - Jaguar Uranium's stock opened over 35% higher on its debut in the US market but later fell by 23.25%, indicating volatility in its initial trading [4] - NIO shares rose 1.43% as the CEO highlighted significant achievements and future plans for profitability by 2026 [4] - Sohu reported a 6% year-on-year revenue increase in Q4 2025, with a notable reduction in losses compared to the previous year [4] Group 5 - Ferrari's Q4 2025 revenue reached €1.8 billion (approximately $2.14 billion), exceeding expectations, with a positive outlook for 2026 [5] - Philips reported a 1% year-on-year sales increase in Q4, with adjusted EBITA surpassing market expectations, particularly in its personal health segment [5]

Group 1 - The AI concept sector in Hong Kong stocks has shown strong performance, with notable increases in share prices for companies such as Kingsoft Cloud, Bilibili, and Zhiyun [1][2] - Zhiyun has seen a significant rise of over 60% in just two trading days, reaching a market capitalization of 150 billion HKD, boosting confidence in domestic large model technology iterations [2][4] Group 2 - The launch of the anonymous large model "Pony Alpha" by OpenRouter has sparked industry speculation, with its capabilities being compared to top-tier models [3][4] - Independent tests indicate that "Pony Alpha" aligns closely with Zhiyun's GLM series, suggesting that it may be a test version of the upcoming GLM-5 model [4][5] - The current period is critical for global large model iterations, and the potential release of GLM-5 could mark a significant milestone for domestic AI technology in key areas [6] Group 3 - Recent favorable policies, such as the implementation opinions from the National Development and Reform Commission, are accelerating the application of AI in the bidding and tendering sector [8] - The policy aims to enhance the digitalization of transaction services and regulatory oversight, with a clear timeline for nationwide implementation by the end of 2027 [8]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in AI application stocks, with notable increases in share prices for several companies [1] Group 1: Company Performance - Zhihui (02513.HK) saw a price increase of 8.56% [1] - Bilibili W (09626.HK) experienced a rise of 6.07% [1] - Kingsoft Cloud (03896.HK) reported a gain of 5.64% [1]

Market Overview - A-share PCB concept stocks surged in early trading, leading to a wave of stock price limits [1] - The A-share market experienced fluctuations with the three major indices collectively retreating, while the Hong Kong market showed a slight increase [1][2] - The bond market saw a comprehensive rise in government bond futures [3] A-share Performance - As of the report, the Shanghai Composite Index was flat at 4128.43, the Shenzhen Component Index fell by 0.16% to 14187.24, and the ChiNext Index dropped by 0.81% to 3293.58 [2][13] - The PCB concept stocks saw significant gains, with several stocks hitting the daily limit, including International Composite Materials and China Jushi [8][10] Hong Kong Market Performance - The Hang Seng Index rose by 0.35% to 27277.00, while the Hang Seng Tech Index increased by 1.18% to 5515.20 [3][15] - Notable gains were observed in tech stocks such as Tencent Music and WuXi Biologics, which rose over 3% [14] Bond Market - Government bond futures experienced a broad rebound, with the 30-year main contract rising by 0.20% and the 10-year contract increasing by 0.10% [3][4] Commodity Market - Domestic commodity futures showed mixed results, with lithium carbonate rising nearly 4% while coking coal and coke continued to decline [4][5] - A variety of commodities saw price increases, including nickel, which rose nearly 3%, and several others that increased by over 1% [5] AI Industry Insights - Morgan Stanley highlighted that China's AI industry is transitioning from a "hundred model war" phase to one where commercialization, model innovation, and global layout are key to success [8] - The number of capable and well-funded model developers in the domestic AI market has decreased from over 200 to less than 10 [8] - The largest profit pool in the domestic AI industry is expected to flow to platform giants, while independent vendors must find survival gaps through structural neutrality [8]