智谱的布局与上城区的发展规划同频共振。刚刚闭幕的上城区委一届九次全体（扩大）会议明确， 要着力在人工智能创新引领、上城特色现代化产业体系构建上奋进突破，推动中央创新区建设取得显著 进展。会议提出，要纵深推进人工智能创新高地建设，锚定打造人工智能创新发展第一城重要一极，加 速落地具身智能先导区"一带一圈一集群"发展布局，健全"算力+数据+模型+应用"协同支撑体系，大力 推进人工智能科技创新、产业发展、赋能千行百业，让人工智能成为中央创新区的最大增量、鲜明标 识。 作为上城区重点引进和培育的人工智能标杆企业，智谱浙江总部正积极推动大模型技术的应用深 化，聚焦政务、教育、跨境电商等领域打造标杆示范项目。而其落地与发展，离不开上城"资本+产 业"双轮驱动的全方位支持——据上城资本集团相关负责人介绍，作为直投方，集团通过战略协同为智 谱对接产业资源、加速商业化进程提供了积极支撑。 "我们对上城的商业氛围早有了解，也很看好这里的上下游生态与业务拓展空间。"智谱高级副总裁 吴玮杰说，吸引智谱浙江总部落户上城的，正是当地作为都市经济标杆区的发展潜力、包容开放的产业 生态与精准的科创政策。 未来，上城资本集团将继续深化与智谱的 ...

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) officially listed on the Hong Kong Stock Exchange on January 8, marking it as the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models [1] - The company's CEO, Zhang Peng, transformed a technical vision into a business valued at over HKD 50 billion within seven years, highlighting a significant milestone for China's AGI industry [1] Group 1: IPO and Market Performance - On its first trading day, Zhiyu's market capitalization exceeded HKD 57 billion, with shares closing at HKD 131.5, reflecting a maximum intraday increase of 13.17% [2] - The IPO was highly successful, with a subscription rate of 1,159.46 times for the public offering and 15.28 times for the international offering, indicating strong market recognition [2] - The total funds raised from the IPO surpassed HKD 4.3 billion, excluding the "green shoe" option [2] Group 2: Business Model and Revenue Strategy - Zhiyu's initial survival strategy focused on localized deployment to meet customized needs of government and enterprise clients, a sector often overlooked by larger companies [3] - The company aims to diversify its revenue structure by increasing the proportion of income from its Model as a Service (MaaS) platform while maintaining a solid base from localized deployments [3] - Zhiyu's software tools and model business have already generated an annual recurring revenue (ARR) exceeding RMB 100 million (approximately USD 14 million), with plans to increase API revenue to 50% of total income [3] Group 3: Research and Development Investment - The company has committed significant resources to R&D, with investments of RMB 84.4 million, RMB 528.9 million, and RMB 2.195 billion planned for 2022, 2023, and 2024 respectively, totaling around RMB 4.4 billion [2] - R&D personnel constitute 74% of the workforce, supporting rapid iterations of the GLM series models every 2-3 months [2] Group 4: Strategic Partnerships and Ecosystem Expansion - Zhiyu has established partnerships with local governments and enterprises, such as the collaboration with Huafa Group in Zhuhai to create a city-level GLM model space [5] - The company is also expanding its reach internationally, having launched a national-level MaaS platform and AI talent training lab in Malaysia [7][6] Group 5: AGI Vision and Future Directions - The ultimate goal of Zhiyu remains the realization of AGI, with ongoing investments in technology exploration and research [4] - The company has begun to explore the Agent field as part of its AGI strategy, viewing it as a critical component in the path to achieving AGI [8] - Future iterations of the AutoGLM series are expected to enhance capabilities in multimodal and embodied intelligence, with applications across various devices [8]

消息面上，据报道，1月8日，清华大学计算机系教授、智谱创立发起人兼首席科学家唐杰发布内部信 称，将很快发布新一代基础模型GLM-5。他还透露，智谱内部设立了一个全新部门——X-Lab，这个部 门将做前沿性探索，包括全新的模型架构、新的认知范式，还将孵化新项目，不局限于软件或是硬件。 中原证券表示，展望2026年1月，政策持续发力与流动性宽松格局有望延续，为跨年行情提供条件，配 置上建议关注科技（如电气设备、半导体）、资源品及高股息板块。 资金流向上，Wind金融终端数据显示，截至1月8日，港股科技30ETF（513160）已连续四个交易日获 资金净流入，累计"吸金"超4.2亿元。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。前十大重仓股包括中芯国际、美团-W、腾讯控股、阿里巴巴- W、小米集团-W等多只科技龙头股。 1月9日，港股两大指数高开。相关ETF方面，港股科技30ETF（513160）截至发稿涨0.73%，成交额超 4000万元居同标的第一，溢折率0.32%，盘中频现溢价交易。成分股中，哔哩哔哩-W、阿里巴巴- ...

本文源自：金融界AI电报 港股人工智能股震荡走高，智谱(02513.HK)涨超12%，哔哩哔哩(09626.HK)、万国数据(09698.HK)、阿 里巴巴(09988.HK)涨超4%，京东(09618.HK)、快手(01024.HK)涨超3%。 ...

Group 1 - The A-share market saw a collective decline on January 8, with the computer ETF (159998) achieving a trading volume exceeding 120 million yuan, and stocks like Baoxin Software, Weining Health, and Zhongke Xingtu leading in gains [1] - The computer ETF has experienced a net inflow of nearly 160 million yuan over the past five days, indicating strong investor interest [1] - The ETF tracks the CSI Computer Theme Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [1] Group 2 - Zhongtai Securities forecasts an improvement in the computer sector's fundamentals due to macroeconomic recovery, AI application implementation, and personnel adjustments, with institutional holdings at historical lows suggesting potential future growth [2] - Huatai Securities anticipates a significant increase in AI computing power demand by 2026, highlighting investment opportunities in both domestic and overseas computing supply chains [2] - In the optical communication sector, demand for 800G and 1.6T optical modules is expected to rise rapidly by 2026, benefiting leading manufacturers and upstream core material segments like optical chips [2]

Core Viewpoint - The article discusses the recent IPO of Zhipu, marking it as the first stock in the global large model sector, while highlighting the tension between lofty AGI aspirations and the harsh realities of financial performance and market pressures [1][2][3]. Company Overview - Zhipu has officially listed on the Hong Kong Stock Exchange under the code 02513, which symbolizes "AI is my life" [4][8]. - The company reported a revenue of 312 million yuan and a loss of 2.958 billion yuan for the previous year, indicating significant financial challenges despite its ambitious goals [17]. Industry Context - The industry is experiencing a shift where the initial excitement around AGI is being tempered by financial realities, with companies like Zhipu and MiniMax acknowledging the early-stage development of AGI and the associated uncertainties [17]. - The article notes that the AGI vision, while inspiring investment and public interest, may also lead to speculative behavior and distract from tangible advancements in AI within specific verticals [16][17]. Market Sentiment - The market reaction to Zhipu's IPO has been mixed, with discussions focusing on stock performance, market capitalization, and the financial implications for investors, rather than the company's long-term vision [2][17]. - There is a growing sentiment in the industry that the focus should shift from AGI as a lofty goal to more immediate concerns of survival and customer acquisition [17].

文｜周鑫雨 编辑｜苏建勋 浪来了，大家都站起来了 作为智谱AI的B轮投资人，启明创投主管合伙人周志峰、执行董事胡奇，还记得这家大模型公司尚在襁褓中的样子。 那是2021年6月，北京智源AI研究院的发布会上，他们第一次在国内看到参数量万亿级的预训练模型，"悟道2.0"。 经过一番辗转介绍，周志峰和胡奇知道了"悟道2.0"的带头人，是来自清华知识工程实验室的唐杰，他背后的公司，叫做"智谱华章"。 不同于大模型今日之高光，那时的AI，是个在角落里沉寂的赛道。 2021年，最火的投资主题是碳中和与元宇宙，OpenAI在国内还是个小众公司，大模型和Scaling Law，更是只在少数大厂和研究院中默默进行的实验。 启明创投还是投了。几名智谱创始成员口中的"泛化性"，和已经推进的模型API服务，让他们看到大模型可以走出实验室，是个能改变千行百业的"big story"。在启明创投最早的内部讨论里，李飞飞等斯坦福大学AI团队成员当时对Foundation Model的判断，还被胡奇特意注明。 在启明创投悄然狙击智谱的2021年底，明势创投创始合伙人黄明明、合伙人夏令、董事总经理徐之浩，见到了计划创业的MiniMax创始人闫 ...

2026.01. 09 人工智能作为新一代信息技术，当仁不让地成为了第四次产业革命的核心。当前，包括我国在内的世 界各大经济体都在人工智能这个事关未来的产业赛道上加大投入、竞争领先地位。 我国人工智能产业目前已经取得了长足发展，从基础支撑、核心技术到行业应用的产业链条正在形 成，产业集群初步显现，一批创新活跃、特色鲜明的创新企业加速成长，新模式、新业态不断涌现。 1月8日，作为全球"大模型第一股"的内地企业智谱（02513.HK）在港交所上市就是一个重要体现。 但是，我国人工智能产业发展也面临着核心基础技术薄弱、应用场景有待拓宽等诸多问题，一些关键 领域受制于人的情况还有待根本改善。今后，要充分发挥自身优势、补齐短板，通过创新加快推进我 国人工智能产业发展。 本文字数：1594，阅读时长大约3分钟 作者 | 一财评论员 近日，工业和信息化部、中央网信办、国家发展改革委等八部门联合印发了《"人工智能+制造"专项 行动实施意见》（下称《实施意见》），其中强调，到2027年，我国人工智能关键核心技术要实现 安全可靠供给，产业规模和赋能水平要稳居世界前列。 "关键核心技术""产业规模和赋能水平"是其中的关键词。这也是 ...

Core Insights - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) has officially listed on the Hong Kong Stock Exchange at an issue price of HKD 116.20 per share, marking a significant milestone for China's large model sector as it enters the capital market validation phase [1] - Zhipu aims to drive collaborative development across the industry chain as a leading entity, having established its presence in the Chengdu High-tech Zone AI Innovation Center in March 2025 [3] Company Overview - Founded in 2019, Zhipu is one of the early companies in China to systematically advance general large model research and development [4] - The company has made significant progress since launching its GLM pre-training architecture in 2020, achieving key breakthroughs in integrating reasoning, coding, and intelligent agent capabilities [4] - Zhipu's latest model, GLM-4.7, has outperformed both GPT-5.2 and other models, achieving the top position in both open-source and domestic model rankings with a score of 68 on the AA Intelligence Index [4] Investment and Development - In March 2025, Zhipu received over CNY 100 million in strategic investment from Ciyuan Capital, which will support the establishment of the Zhipu Zhuge Model National Headquarters Project with a total investment of CNY 300 million [4] - The project will focus on developing the Zhuge model and its derivatives, as well as B-end vertical model research and business operations [4] Industry Impact - The Zhuge model, based on a fully self-developed GLM architecture, aims to integrate local industry and government data in Sichuan, achieving full-chain autonomy [6] - The model has already been implemented in five key areas: culture and tourism, public welfare, government affairs, education, and finance [6] - Chengdu High-tech Zone's AI industry has surpassed CNY 90 billion in 2025, with over 700 companies and 134 model algorithms registered with the state [8] Ecosystem and Collaboration - The AI Innovation Center in Chengdu has attracted over 100 related companies, including Zhipu, and has gathered approximately 15,000 industry talents across various cutting-edge fields [8] - The establishment of a CNY 10 billion AI mother fund by Ciyuan Capital highlights the focus on artificial intelligence as a key investment direction [8]

VC/PE再迎"开门红"。 来源：东四十条资本 作者：陈美 编辑：王庆武 继1月2日港股迎来首家通用人工智能芯片公司——壁仞科技（06082.HK）之后，1月8日，"大模型第一股"智谱（02513.HK）也登陆港 交所。这使得在开年第一周，港股资本市场便诞生两个"第一股"。 盘面上，智谱市值突破520亿港元，此前智谱在公开发售部分已录得超额认购1164倍，显示出市场的认可。 如果将智谱的上市，看作是一场顶级机构的"大丰收"，那么同期壁仞科技、MiniMax、天数智芯的密集敲钟，则勾勒出开年硬科技IPO 的热闹景象，以至于有投资人感叹："这真是创投圈久违的'开门红'！" 这里插播一条课程资讯： 报名「吴世春·西安出行活动」，1月22日-24日，吴世春将亲自带队100家企业家，去陕西西安线下游学，走进科技制造产业，打开万亿 赛道蓝海。同时，吴老师重点关注商业航天领域。 带着这份前瞻性判断，启明创投系统性在中美两地寻找同类团队。"直到2021年智源大会发布'悟道2.0'模型，我们才通过智源接触到背 后的核心团队，得知了他们正在一家以'智谱'为名的公司里推进商业化。" 周志峰提到，在当时众多关注智谱的投资人中，启明创 ...