Core Viewpoint - The domestic AI large model concept stocks are gaining market attention, with significant price increases for MINIMAX-WP and Zhizhu [1] Group 1: Stock Performance - MINIMAX-WP (00100) has risen by 13.22%, reaching 552.5 HKD [1] - Zhizhu (02513) has increased by 6.32%, reaching 242.4 HKD [1] Group 2: Product Developments - The personal AI assistant ClawdBot has sparked discussions, developed almost entirely using AI, with MiniMax 2.1 being highlighted as the most "Agentic" large model [1] - On January 20, Zhizhu AI released and open-sourced the lightweight large language model GLM-4.7-Flash [1] - MiniMax's AI native workspace Agent 2.0 was launched on the same day, featuring Desktop App and Expert Agents as core components [1] Group 3: Market Trends - According to Guangfa Securities, the recognition of the commercial value of AI-assisted programming tools is increasing, leading to a higher willingness among enterprise users to pay for software development, data analysis, and business process automation [1] - Domestic AI large models are expected to benefit from this trend and achieve better commercialization [1]

Core Insights - The launch of the "Native Payment Agent" by Jidou Technology, Zhipu, and China UnionPay aims to integrate payment capabilities into smart cockpit systems, addressing long-standing pain points in in-car payment processes [2][3] Group 1: Product Overview - The "Native Payment Agent" is based on a "large model + intelligent agent" architecture, enabling system-level integration of payment capabilities within smart cockpits [2] - Traditional in-car payment methods often rely on external app redirection or simple feature overlays, which do not create a seamless interaction with voice commands and contextual services [2] Group 2: Technical Architecture - The product features a layered design with a "model base + scenario intelligent agent," utilizing Zhipu's GLM series large models for enhanced understanding of user natural language commands and contextual relationships [3] - Jidou Technology has developed an intelligent agent capability system tailored for in-car environments, converting large model cognitive abilities into real-time executable system instructions that meet automotive safety standards [3] Group 3: Collaboration and Ecosystem - China UnionPay provides payment services based on the Model Context Protocol (MCP), ensuring compliance with financial regulations and security standards for various travel scenarios such as refueling and parking [3] - The collaboration among Jidou Technology, Zhipu, and China UnionPay is supported by the ecosystem of the Pudong Moli Community, which has become a hub for vertical model industries [3]

Core Viewpoint - The launch of the "Native Payment Agent for Cabin" by Shanghai Jidou Technology, Beijing Zhipu Huazhang Technology, and China UnionPay represents a significant advancement in integrating payment capabilities into smart vehicle ecosystems, enhancing user experience during travel [1][3]. Group 1: Product Overview - The Native Payment Agent is designed as a core component of the cabin service chain, moving beyond traditional payment integration to create a seamless travel experience [1]. - The product leverages Jidou Technology's self-developed cabin intelligence architecture, enabling collaborative operations from service triggering to payment completion based on user intent and vehicle status [1][2]. Group 2: Technical Framework - The system employs a "model base + scenario intelligence" layered architecture, with Zhipu providing the GLM large model as a stable cognitive and reasoning foundation [2]. - Jidou Technology has developed an intelligent agent capability system tailored for in-vehicle environments, including modules for intent parsing, task decomposition, service orchestration, and execution control [2]. Group 3: Payment Capabilities - China UnionPay contributes the Model Context Protocol (MCP) payment service, allowing the Native Payment Agent to interface with various payment scenarios while adhering to financial regulations and security standards [3]. - The system can operate smoothly in high-frequency travel scenarios, reducing user operational burden during in-vehicle payments and enhancing overall travel experience continuity [3]. Group 4: Future Directions - Jidou Technology aims to further enhance the intelligent agent capability system and collaborate with Zhipu, China UnionPay, and other ecosystem partners to promote the product's application across more vehicle models [4]. - The company is also exploring partnerships with local businesses to accelerate the evolution of smart cabins into comprehensive travel and lifestyle service platforms [4].

2026 年 1 月 28 日，以「2026 NEXT 新境｜座舱支付 Agent 出行新范式」为主题的联合发布会在上海浦东张江模力社区举行。极豆科技、智谱、中国银联 共同发布座舱原生支付 Agent。该产品围绕智能座舱场景，对支付能力进行系统级重构，为智能汽车服务生态提供新的技术路径与应用范式。 在支付能力层面，中国银联为该产品提供了基于大模型能力调用的的中国银联MCP（Model Context Protocol）支付服务。通过该项服务，座舱原生支付 Agent 可在符合金融监管与安全规范的前提下，对接多类支付场景与服务，通过与座舱服务流程的标准化对接，银联支付能力可在加油、停车、车载娱乐等 典型出行场景中实现顺畅调用，为座舱支付场景提供可靠的基础支撑，确保支付过程符合金融安全与监管要求。 在三方协作下，座舱原生支付 Agent 已可在多类高频出行场景中实现稳定运行。系统能够结合行程信息与用户操作，实现服务触发与支付执行的连续衔接， 在保证安全与可控的前提下，显著减少用户在车内支付过程中的操作负担，提升整体出行体验的连贯性。 极豆科技CEO汪奕菲表示，座舱原生支付 Agent 是「2026 NEXT 新境 ...

Core Viewpoint - Insurance capital is increasingly participating in cornerstone investments in Hong Kong IPOs, signaling strong market confidence, with significant investments from major insurance companies like Taikang Life and Ping An Life [1][3][4]. Group 1: Investment Trends - In early 2026, four insurance companies participated in eight Hong Kong IPO cornerstone investments, with Taikang Life investing $10 million in the IPO of Mingming Hen Mang [1]. - From 2025 to early 2026, seven insurance institutions participated as cornerstone investors in 20 Hong Kong IPOs, with a total subscription amount of HKD 4.679 billion [1][4]. - The average return for Hong Kong IPOs in 2025 was 38%, with the first-day price drop rate at a five-year low of 23.08% [6][10]. Group 2: Challenges Faced - Insurance companies face challenges in accessing IPO projects due to high entry barriers and the need for strong cross-market research capabilities [2][15]. - The balance between high return potential and net asset value volatility is a significant concern for insurance funds, which are generally risk-averse [2][15]. Group 3: Market Outlook - The IPO fundraising scale in Hong Kong is expected to remain strong in 2026, with insurance capital becoming a long-term force in the market [2][15][16]. - The cornerstone investment mechanism is seen as a key entry point for quality assets in the Hong Kong market, enhancing liquidity and valuation flexibility [2][16]. Group 4: Sector Focus - Insurance capital is focusing on sectors such as AI, biomedicine, and new consumer brands, with a notable interest in companies like MINIMAX and Ruibo Biotechnology [9][10]. - The investment strategy is shifting towards a more diversified valuation framework, moving beyond traditional profit metrics to include growth potential [10][11].

据港股招股书，智谱是中国领先的人工智能公司，致力于开发先进的通用大模型。2019年，公司秉承 着在中国追求通用人工智能(AGI)创新的大胆理念而创立。公司于全方位的人工智能研究中扎实交付 先进技术，并稳步扩大其商业应用，以实现收入的快速增长。 作为国内商业化起步较早的大模型厂商，智谱以MaaS模式，即通过API调用向开发者和企业输出智能 能力。智谱云端MaaS和订阅业务呈现指数级增长趋势，MaaS平台的企业和开发者用户数超290万。 截至目前，智谱大模型已赋能了全球12000家企业客户、逾8000万台终端用户设备及超4500万名开发 者，是中国赋能终端设备最多的独立通用大模型厂商，在中国独立通用大模型开发商中位列第一。 根据中国证监会近日更新的公告，智谱(02513.HK)的辅导机构中金公司已递交了关于公 司首次公开发行股票并上市的第三期辅导工作进展情况报告。这也意味着，在2026年1月 8日完成港交所上市，成为"全球大模型第一股"后，智谱仍在持续推进其A股上市计划， 向"A+H"两地上市路径迈进。 截至1月27日收盘，智谱(02513.HK)报233.40港元/股，市值1027.50亿港元。 辅导报告显示， ...

回顾今年1月8日，智谱在港交所挂牌上市，独家保荐人为中金公司。上市首日收盘时，其股价涨13.17%，总市值约578.9亿港元。截至1月27日发稿时，其报 222.6港元，涨2.58%，总市值约979.95亿港元。 | 智谱(HK:02513) | | | ಳ | | --- | --- | --- | --- | | HK$222.6 +5.6 +2.58% [28时行情] | | | 交易中 01-2 | | 最高: 231.6 | 今开:223.0 | 成交量:149.06万股 | 换手:0.6! | | 最低:214.0 | 昨收:217.0 | 成交额:3.30亿 | 振幅:8.1 | | 52周最高:263.0 | 量比： 1.14 | 市盈率(动): 亏损 | 市盈率(TT | | 52周最低: 116.1 | 委比： 41.67% | 市盈率(静): 亏损 | 市净率:- | | 每股收益:-4.41 | 股息(TTM): -- | 总股本: 4.40亿 | 总市值:9 | | 每股净资产: -5.59 | 股息率(TM): -- | 港股股本： 2.16亿 | 港股市值: | | 每手股数:1 ...

东吴证券此前指，看好智谱AI在本土大模型技术实力、开源生态布局以及政企本地化落地能力方面的 优势，并认为公司有望受益于中国大模型行业从本地化部署向云端服务转型的长期趋势。建议关注。 智谱(02513)午后放量飙升，截至发稿，涨11.89%，报242.8港元，成交额5.96亿港元。 消息面上，据每日经济新闻报道，根据中国证监会近日更新的公告，智谱的辅导机构中金公司 （601995）已递交了关于公司首次公开发行股票并上市的第三期辅导工作进展情况报告。这也意味着， 在2026年1月8日完成港交所上市，成为"全球大模型第一股"后，智谱仍在持续推进其A股上市计划， 向"A+H"两地上市路径迈进。 ...

Core Viewpoint - The stock of Zhiyu (02513) surged by 11.89% to HKD 242.8, with a trading volume of HKD 596 million, following the announcement of its ongoing A-share listing plan after its successful IPO on the Hong Kong Stock Exchange [1] Group 1: Company Developments - Zhiyu's counseling institution, CICC, has submitted the third progress report on the company's initial public offering and listing, indicating continued efforts towards A-share listing [1] - The company aims to complete its A-share listing by January 8, 2026, after becoming the "first global large model stock" [1] Group 2: Industry Insights - Dongwu Securities expressed optimism about Zhiyu's strengths in local large model technology, open-source ecosystem layout, and localized implementation capabilities for government and enterprise [1] - The company is expected to benefit from the long-term trend of the Chinese large model industry transitioning from localized deployment to cloud services [1]

此前，公司发布智谱旗舰模型GLM-4.7，东吴证券认为，GLM系列迭代迅速，GLM4.7在编程场景表现 突出，采用交织式思考机制，在真实软件工程任务中稳定性强。AutoGLM实现AI自主操作智能手机和 电脑GUI，开启Agent新范式。多模态能力覆盖文生图、文生视频、视觉理解等领域，CogView-4和 CogVideoX在开源评测中位居前列。 智谱(02513)再涨超4%，截至发稿，涨4.61%，报227港元，成交额7061.98万港元。 消息面上，近日，中国证监会官网更新信息显示，中金公司（601995）已于1月15日递交智谱第三期 IPO辅导工作进展报告，智谱目前正继续推进A股上市计划，向"A+H"两地上市目标迈进。 ...