Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].

Key Points - SpaceX's application to launch 1 million satellites has been accepted by the FCC, aiming to create a data center network in orbit to support advanced AI models [4][5] - NIO has announced a profit forecast for Q4 2025, expecting an adjusted operating profit between RMB 700 million (approximately $100 million) and RMB 1.2 billion (approximately $172 million), marking its first quarterly profit [7][8] - The 2025 Hurun China 500 list shows TSMC retaining the top position with a value increase of RMB 3.5 trillion, while Xiaomi enters the top ten for the first time with a valuation of RMB 1 trillion [13][14] - Alibaba has unified its AI model branding under "Qwen" and launched a promotional campaign offering 3 billion RMB in discounts through its Qwen app [15][16] - Baidu plans to distribute dividends for the first time in 2026 and has authorized a share buyback program of up to $5 billion [16][17] - Li Auto is set to implement a "store partner" program to enhance operational efficiency and market responsiveness, giving store managers greater decision-making power [19] - Intel has appointed a new chief GPU architect, while Qualcomm has lost three key executives in a month [45][46] - Coupang has reported an expansion of a personal information leak affecting an additional 165,000 accounts, following a previous incident [53][54]

已收盘 02-05 智谱是中国人工智能公司，致力于开发先进的通用大模型。 2019年，智谱秉承着在中国追求通用人工智能(AGI)创新的大胆理念而创立。2021年，公司发布了中国首个专有预训练大模型框架GLM框架，并推出了模型 即服务(MaaS)产品开发及商业化平台，透过该平台提供大模型服务。于2022年，公司开源首个1,000亿规模的模型(GLM-130B)。 今年1月8日，智谱在港交所挂牌上市，独家保荐人为中金公司。至此，"全球大模型第一股"正式诞生。 截至2月5日发稿时，智谱报216.2港元，跌4.84%，总市值约951.78亿港元。 智谱(HK:02513) HK$216.2 -11.0 -4.84% [Q&时行情 | 最高:231.0 | 今开:222.6 | 成交量: 93.87万股 | 换手:0.44 | | --- | --- | --- | --- | | 最低：210.6 | 昨收:227.2 | 成交额：2.06亿 | 振幅: 8.98 | | 52周最高:263.0 | 量比： 0.49 | 市盈率(动): 亏损 | 市盈率(TTV | | 52周最低: 116.1 | 委比:51.90 ...

截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 北京智譜華章科技股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02513 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 215,701,705 | RMB | | 0.1 RMB | | 21,570,170.5 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 215,701,705 | RMB | | 0.1 RMB | | 21,570,170.5 | | 2. 股份分類 | 普通股 | 股份類 ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai Stock Connect contributing 283 million and Shenzhen Stock Connect 201 million [1] Sector Performance - Energy and real estate sectors performed well, with coal-related assets rising due to supply constraints from Indonesia, leading to Yanzhou Coal Mining increasing over 10% and China Shenhua Energy rising over 5% [1] - Domestic property stocks also saw gains, with Shimao Group up over 14%, Sunac China up over 8%, Vanke up over 6%, and Yuexiu Property up over 6% [1] - Conversely, chip and tech stocks declined, with Shanghai Fudan down over 5%, Hua Hong Semiconductor down nearly 5%, and Tencent Holdings down nearly 4% [1] US Market Performance - The US stock market had mixed results, with the Dow Jones up 0.53%, while the S&P 500 and Nasdaq fell by 0.51% and 1.51% respectively [2] - Notable gainers included Amgen, which rose over 8%, and Nike, which increased by over 5% [2] - The tech sector faced challenges, with the Nasdaq China Golden Dragon Index down 1.95% and major chip stocks like AMD dropping over 17% [2] Investment Opportunities - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see medium to long-term development opportunities [3] - It is recommended to focus on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - The report highlights the continued value of Hong Kong stocks centered around Chinese assets, particularly in technology, consumer sectors, and undervalued state-owned enterprises [3] Company Highlights - ZTE Corporation (0763.HK) is noted for its comprehensive communication manufacturing capabilities, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company maintains a high gross margin of 37.91% and is expected to see significant growth in its server and storage revenue, particularly in the AI computing sector [10] - Analysts predict ZTE's net profits for 2025 and 2026 to be 7.98 billion and 8.81 billion RMB respectively, indicating a relatively low valuation compared to its earnings potential [10]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by Nvidia, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with Nvidia in absolute computing power, the focus is shifting to system efficiency and scene applicability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - Industry experts believe that breakthroughs in single-point technology are insufficient for winning the competition, and the collaboration of ecosystems, particularly the "mutual engagement" between models and chips, is crucial for the true autonomy of domestic AI [1] - Looking ahead to 2026, significant breakthroughs in large models are expected in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal capabilities, advancing towards the long-term goal of AGI [2] - The willingness of enterprise users to pay for AI-assisted programming tools is expected to increase, benefiting domestic AI large models and facilitating better commercialization as the business value of these tools in software development, data analysis, and business process automation becomes recognized [2] Group 3 - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by NVIDIA, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with NVIDIA in absolute computing power, the focus is shifting to system efficiency and scene adaptability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - The industry consensus is that breakthroughs in single-point technology are insufficient for winning the competition; ecological collaboration, particularly the "two-way approach" between models and chips, is becoming crucial for the true independence of domestic AI [1] - Looking ahead to 2025, global large model technology capabilities are expected to advance, overcoming productivity scenarios and making significant progress in reasoning, programming, Agentic, and multimodal capabilities, although there are still shortcomings in model generalization stability and hallucination rates [1] - By 2026, further breakthroughs in large models are anticipated in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal, progressing towards the long-term goal of AGI [2] Group 3 - The commercial value of AI-assisted programming tools is gradually being recognized, leading to an increased willingness among enterprise users to pay for software development, data analysis, and business process automation scenarios, which is expected to benefit domestic AI large models [2] - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Core Viewpoint - The company, Zhihui (02513), announced that the underwriter and overall coordinator has fully exercised the over-allotment option as of February 4, 2026, involving a total of 5.6129 million H-shares, which accounts for approximately 15% of the total shares available for subscription under the global offering before any over-allotment options are exercised [1] Group 1 - The over-allotment shares will be issued and allocated by the company at a price of HKD 116.20 per H-share [1] - The over-allotment shares will be used to facilitate the delivery of relevant H-shares to subscribers who agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering will end on February 4, 2026, which is the 30th day after the deadline for submitting applications for the Hong Kong public offering [1]

此外，有关全球发售的稳定价格期于2026年2月4日(即递交香港公开发售申请的截止日期后第30日)结 束。 智通财经APP讯，智谱(02513)发布公告，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026年 2月4日悉数行使招股章程所述的超额配股权，涉及合共561.29万股H股，占全球发售项下可供认购发售 股份总数(于任何超额配股权获行使前)约15%。超额配发股份将由公司按每股H股116.20港元发行及配 发。超额配发股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H 股。 ...

根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，有关全球发售的稳定价格 期于2026年2月4日(星期三)(即递交香港公开发售申请的截止日期後第30日)结束。有关稳定价格经办人 中国国际金融香港证券有限公司或其联属人士或代其行事的任何人士在稳定价格期进行的稳定价格行动 的进一步资料载于本公告内。 超额配发股份将由公司按每股H股116.20港元(即全球发售项下的每股H股发售价，不包括1%经纪佣金、 0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发 股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H股。 格隆汇2月4日丨智谱华章(02513.HK)宣布，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026 年2月4日(星期三)悉数行使招股章程所述的超额配股权，涉及合共5,612,900股H股(「超额配发股 份」)，占全球发售项下可供认购发售股份总数(于任何超额配股权获行使前)约15%。 ...