摩通预计稀宇科技于2026年至2030年的营收复合年增长率为138%，并有望于2029年实现盈亏平衡；预 计智谱于2026年至2030年的营收复合年增长率为127%，也有望于2029年实现盈利。 摩通表指出，稀宇科技和智谱是两家最具辨识度的独立大型语言模型开发者，其全球业务布局正在加速 扩张。稀宇科技目前超过70%的营收来自海外市场，两家公司都在随着全球开发者的采用而迅速扩展其 API业务，这不仅能使营收来源多元化，提高利润率，还能彰显全球竞争力。 摩根大通首予稀宇科技(MiniMax)(0100.HK)及智谱(2513.HK)"增持"评级，称两家公司是把握下一波全 球人工智能价值创造浪潮的首选股。摩通给予稀宇科技目标价700港元，智谱目标价为400港元。摩通表 示，尽管两家公司自近期上市以来股价已大幅上涨，投资者仍应参与这一领域的投资。 ...

Market Performance - The Hong Kong stock market indices initially rose but later narrowed their gains, with the Hang Seng Index closing up 0.58%, maintaining above 27,000 points [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 0.81% and 0.62% respectively [1] Sector Highlights - Technology stocks in Hong Kong rebounded, driven by a recovery in U.S. tech stocks after a significant drop influenced by AI developments, with Alibaba and JD.com rising approximately 2% [1] - Other tech companies such as NetEase, Xiaomi, and Baidu also saw gains, while the AI video revolution led by Seedance 2.0 resulted in a more than 15% increase for China Literature [1] - Biopharmaceutical stocks performed strongly, with a focus on leading companies in the innovative drug industry, particularly Huadong Medicine leading the sector [1] - New consumption concept stocks, paper industry stocks, home appliance stocks, shipping stocks, and automotive stocks mostly rose [1] Underperforming Sectors - The education sector experienced significant declines, while gaming stocks that had performed well previously showed collective weakness [1] - Nationally listed real estate companies are expected to report losses exceeding 200 billion, leading to a general decline in property stocks [1] - Gas, electricity, and telecommunications stocks also showed poor performance [1]

Group 1: AI Applications and Market Reactions - The AI application concept stocks have collectively surged, driven by the internal testing of ByteDance's Seedance 2.0 video model, which has sparked significant online discussions [1][14][31] - The A-share market experienced fluctuations, with the Shanghai Composite Index slightly up by 0.13% and the ChiNext Index down by 0.37%, while AI-related sectors such as short drama games and cultural media saw notable gains [2][3][12] - In the Hong Kong market, the Hang Seng Index and the Hang Seng Tech Index both rose over 1%, with stocks like Zhiyuan Technology increasing by over 16% [1][7] Group 2: Sector Performance - The biotechnology sector saw a rebound, with the Hang Seng Biotechnology Index rising over 2%, and notable stocks like Fuhong Hanlin and Rongchang Bio experiencing significant gains [10][25] - The domestic commodity futures market showed mixed results, with basic metals leading in gains while energy futures, including coking coal and coke, faced declines [5][6] - The cultural media sector experienced a strong performance, with multiple stocks hitting their daily limit up, including Read Culture and Honor Culture, following the excitement around Seedance 2.0 [14][26] Group 3: Investment Opportunities - The demand for computing power has surged due to the popularity of AI applications, leading to strong performances in computing power leasing stocks like Dazhi Technology and Teifa Information [15][16] - The commercial aerospace sector saw a new stock, Electric Science and Technology Blue Sky, debut with a staggering 750% increase on its first trading day, highlighting investor enthusiasm for high-tech companies [18][19] - The optical communication sector also experienced a significant uptick, with leading stocks like Changfei Optical Fiber and Hengtong Optic-Electric reaching their daily limit up [20][21]

智通财经APP获悉，MiniMax-WP(00100)与智谱(02513)在香港股市迎来大幅上涨行情，此前摩根大通发 布研报力推投资者买入这两家新兴人工智能模型开发商的股票。具体来看，智谱股价盘中最高飙升 24%，MiniMax亦录得11%的涨幅。值得关注的是，摩根大通分析师奥利维亚·徐(Olivia Xu)团队首次对 这两家企业进行评级覆盖，均给予"增持"评级。 摩根大通分析师在最新研报中强调，MiniMax与智谱是"捕捉全球AI价值创造下一波浪潮的核心标的"。 报告指出，这两家企业作为最具辨识度的独立大型语言模型开发商，正加速推进全球化业务布局。 此次摩根大通的"增持"评级，标志着华尔街对新一轮中国AI企业上市潮的首批权威回应。值得注意的 是，本周高盛集团亦同步跟进，首次给予芯片设计商上海壁仞科技(06082)和沐曦股份(688802.SH)"买 入"评级，核心逻辑同样指向AI产业的强劲增长前景。 据摩根大通测算，MiniMax的营收增长曲线尤为陡峭——其大部分销售额已来自海外市场，预计2025至 2030年间将以138%的年均复合增长率高速扩张;智谱同期销售额增速预计达127%，两家企业均有望在 202 ...

这两家公司是过去一年因DeepSeek技术突破引发的中国科技热潮中脱颖而出的最新明星企业。今年早 些时候，二者相继登陆港股，乘势于香港股市强劲的AI投资热潮实现股价飙升——MiniMax在短短一个 多月内涨幅高达约230%，智谱同期涨幅更突破170%。 摩根大通分析师在最新研报中强调，MiniMax与智谱是"捕捉全球AI价值创造下一波浪潮的核心标的"。 报告指出，这两家企业作为最具辨识度的独立大型语言模型开发商，正加速推进全球化业务布局。 MiniMax-WP(00100)与智谱(02513)在香港股市迎来大幅上涨行情，此前摩根大通发布研报力推投资者买 入这两家新兴人工智能模型开发商的股票。具体来看，智谱股价盘中最高飙升24%，MiniMax亦录得 11%的涨幅。值得关注的是，摩根大通分析师奥利维亚.徐(Olivia Xu)团队首次对这两家企业进行评级覆 盖，均给予"增持"评级。 此次摩根大通的"增持"评级，标志着华尔街对新一轮中国AI企业上市潮的首批权威回应。值得注意的 是，本周高盛集团亦同步跟进，首次给予芯片设计商上海壁仞科技(06082)和沐曦股份(688802.SH)"买 入"评级，核心逻辑同样指向A ...

Core Viewpoint - The stock price of Zhiyu has significantly increased for the second consecutive day, reaching a peak of 344 HKD per share, which is nearly a 200% increase from its initial offering price of 116.2 HKD, with a market capitalization approaching 150 billion HKD [1] Group 1: Stock Performance - Zhiyu's stock price rose by 24.28% during intraday trading, maintaining a high trading volume exceeding 700 million HKD [1] - The company's total market value is nearing 150 billion HKD [1] Group 2: Product Development - The global model service platform OpenRouter has launched an anonymous model named "Pony Alpha," which has garnered attention for its coding capabilities, long context handling, and agent optimization [1] - This model is associated with Zhiyu's upcoming release of its next-generation large model, GLM-5 [1]

该行预测，全球AI潜在市场规模(TAM)将于2030年达到1.4万亿美元，其中企业级应用与消费级应用均 提供巨大的增长空间。虽然智谱及MiniMax近期上市后股价已有显著波动，但投资者仍应布局有关领 域。 该行认为，中国AI行业正迈向以商业化执行力、模型创新及全球拓展能力定义成功的新时期；相信 MiniMax和智谱正脱颖而出，成为最具特色且全球布局加速的两间独立大型语言模型(LLM)开发商。目 前MiniMax超过70%的收入来自海外市场，而两者均正在快速扩展其应用程式介面(API)业务，不仅能多 元化收入来源，并支持更高的利润率，同时亦展现其全球竞争力。 摩根大通发布研报称，首次覆盖智谱(02513)及MiniMax-WP(00100)，均予"增持"评级，目标价分别为 400及700港元，并将其视为捕捉下一波全球人工智能价值创造的首选标的。 ...

该行认为，中国AI行业正迈向以商业化执行力、模型创新及全球拓展能力定义成功的新时期；相信 MiniMax和智谱正脱颖而出，成为最具特色且全球布局加速的两间独立大型语言模型(LLM)开发商。目 前MiniMax超过70%的收入来自海外市场，而两者均正在快速扩展其应用程式介面(API)业务，不仅能多 元化收入来源，并支持更高的利润率，同时亦展现其全球竞争力。 该行预测，全球AI潜在市场规模(TAM)将于2030年达到1.4万亿美元，其中企业级应用与消费级应用均 提供巨大的增长空间。虽然智谱及MiniMax近期上市后股价已有显著波动，但投资者仍应布局有关领 域。 智通财经APP获悉，摩根大通发布研报称，首次覆盖智谱(02513)及MiniMax-WP(00100)，均予"增持"评 级，目标价分别为400及700港元，并将其视为捕捉下一波全球人工智能价值创造的首选标的。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of AI concept stocks in the Hong Kong market, particularly Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu), which saw its stock price surge significantly, reaching a new high of 335 HKD per share and a market capitalization nearing 150 billion HKD [1][2] - Zhiyu's recent activities in the large model sector include the release of its hybrid thinking model GLM-4.7-Flash, which achieved over 1 million downloads on Hugging Face within two weeks of its launch [1] - The global model service platform OpenRouter has introduced an anonymous model named "Pony Alpha," which has garnered attention for its capabilities in coding, long context processing, and agent optimization, leading to speculation that it may be related to Zhiyu's upcoming GLM-5 model [1][2] Group 2 - Pony Alpha is described as a cutting-edge foundational model with strong performance in programming, agent workflows, reasoning, and role-playing, particularly noted for its high accuracy in tool invocation [2] - The recent stock performance of Zhiyu is attributed not only to prior technological breakthroughs but also to positive market expectations regarding the imminent release of a new generation product, which is seen as a significant demonstration of the company's technical strength [2]

本文源自：金融界AI电报 港股市场AI应用股今日继续集体大涨，截至半日收盘，智谱涨21%，领涨板块，阅文集团涨超15%，阜 博集团涨超13%，MINIMAX涨超6%。 ...