消息面上，近日，中国证监会官网更新信息显示，中金公司已于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。 智通财经APP获悉，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。 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。 ...

A股上市辅导持续推进 辅导报告显示，智谱第三期辅导时间为2025年10月1日至2025年12月31日。主要辅导内容包括持续沟通了解公司经营情况及财务情况，对辅导对象 开展全面尽职调查工作，系统、深入地了解公司基本情况和业务发展情况。 智谱原计划于A股上市，最初于2025年4月3日向北京证监局提交辅导备案并于2025年4月14日获得辅导备案受理，但其后调整了计划，先行登陆港 股。下一阶段，辅导工作小组预计将进一步深化尽职调查程度，持续按照上市相关法律法规要求对发行人的规范运作进行核查。 与此同时，智谱在资本市场的布局也在提速。中国证监会官网近日更新信息显示，辅导机构中金公司已于1月15日递交智谱第三期IPO辅导工作进 展报告，这家于1月8日完成港股上市的公司正继续推进A股上市计划，向"A+H"两地上市目标迈进。 | | | | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | | A ...

1月26日港股智谱股价再度走强，截至收盘报217港元/股，股价飙升13%。继H股上市后，智谱还将继续 在A股"吸金"。近日，中国证监会官网更新了智谱公司的IPO辅导进展信息。根据公告，其辅导机构中 金公司已递交了智谱的第三期IPO辅导工作进展情况报告，落款日期为2026年1月15日。这意味着，"大 模型第一股"智谱在2026年1月8日完成港股上市后，仍在继续推进其A股上市计划。（21财经） 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - The article discusses the recent performance and future plans of Zhiyuan Technology (智谱), highlighting its stock price surge, ongoing IPO processes, and financial challenges faced by the company. Group 1: Stock Performance - Zhiyuan's stock price rose by 13% to 217 HKD per share, with a total market capitalization of 95.5 billion HKD as of January 26 [1] - Following its IPO on January 8, 2026, Zhiyuan's stock opened at 120 HKD, initially rising 3.27% before closing with a 13.17% gain, resulting in a market cap of approximately 57.9 billion HKD [7] Group 2: IPO Progress - Zhiyuan is continuing its A-share IPO plans after its H-share listing, with the China Securities Regulatory Commission updating its IPO guidance progress [3] - The third phase of the IPO guidance report was submitted by CICC, indicating ongoing efforts to prepare for the A-share listing [5] Group 3: Financial Performance - Zhiyuan reported significant losses over three years, totaling over 620 million [9] - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were 57.4 million, 124.5 million, 312.4 million, and 190.9 million respectively, while net losses were 143 million, 788 million, 2.958 billion, and 2.358 billion respectively [11] - The gross profit margins for the same periods were 54.6%, 64.6%, 56.3%, and 50.0% [11] Group 4: Research and Development - Zhiyuan's R&D expenses surged, with 1.595 billion spent in the first half of 2025 alone, and the AI computing service costs reaching 1.145 billion [11] - The company plans to enhance its revenue from the MaaS platform while maintaining its local deployment revenue base [11] Group 5: Future Directions - In 2026, Zhiyuan aims to focus on launching the new model GLM-5, developing new model architectures, and exploring online learning and continual learning paradigms [12]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index up by 0.06% closing at 26,765.52 points, while the Tech Index fell by 1.24% to 5,725.99 points, and the National Enterprises Index decreased by 0.15% to 9,147.21 points [1][2]. Sector Performance - Traditional cyclical stocks such as oil, coal, and non-ferrous metals performed strongly, indicating a shift in market focus towards value assets. In contrast, previously popular sectors like commercial aerospace and brain-computer interface technologies experienced a pullback [2][11]. Oil Sector - Oil stocks saw significant gains, with China National Offshore Oil Corporation (CNOOC) rising by 4.01%, China Petroleum & Chemical Corporation (Sinopec) increasing by 3.68%, and China Oilfield Services Limited up by 3.23%. This strength is attributed to a recent extreme cold wave in North America, which caused a 63% spike in U.S. natural gas prices from January 20 to 22, subsequently boosting prices of light hydrocarbons and supporting domestic petrochemical prices [4][5]. Coal Sector - Coal stocks also showed robust performance, with Mongolian Energy up by 5.80%, China Shenhua Energy rising by 4.42%, and China Qinfa up by 3.74%. The increase in coal prices is linked to heightened demand due to cold weather, with daily coal output from the Bohai Rim ports averaging 1.682 million tons, a week-on-week increase of 14.2 tons or 9.19% [6][7]. Non-Ferrous Metals Sector - Non-ferrous metal stocks were active, with Rusal rising by 12.31%, China Nonferrous Mining increasing by 9.87%, and Chifeng Jilong Gold Mining up by 7.44%. Citigroup's report indicates a structural bull market in aluminum, predicting a 61,000-ton structural deficit by early 2026 and raising the price target for aluminum from $2,950 to $3,400 per ton [8][9]. Gold Market - Morgan Stanley's research indicates that gold prices have surpassed their forecast of $4,750 per ounce for the second half of the year, with expectations of further increases due to geopolitical risks, central bank purchases, and ETF inflows. A bullish scenario suggests a target price of $5,700 per ounce for the second half [10]. Weakness in Tech Sectors - Commercial aerospace stocks faced collective declines, with Asia Pacific Satellite down by 11.53%, Goldwind Technology down by 7.14%, and JunDa Co. down by 6.56%. This adjustment is attributed to short-term profit-taking pressures [11]. Brain-computer interface stocks also showed weakness, with Nanjing Panda Electronics down by 6.15% and Brainstorming Technology down by 5.35%, partly due to a recent share placement announcement [13][14]. Individual Stock Movements - Zhizhuo (02513.HK) surged by 13.02% following a significant increase in subscription service users after the launch of its flagship model GLM-4.7, indicating strong market interest in its AI capabilities [15]. Lao Pu Gold (06181.HK) rose by 7.80% due to increased customer traffic during a promotional event, with expectations of substantial revenue growth during the upcoming Spring Festival [16].

Core Viewpoint - The company, Zhiyuan, is progressing with its A-share IPO plan after successfully listing on the Hong Kong Stock Exchange on January 8, 2026, indicating a dual listing strategy in both A and H shares [2][4]. Group 1: IPO Progress and Plans - Zhiyuan's IPO counseling report was submitted by its counseling institution, China International Capital Corporation (CICC), indicating ongoing efforts to prepare for the A-share listing [2][5]. - The third phase of the IPO counseling is scheduled from October 1, 2025, to December 31, 2025, focusing on comprehensive due diligence and understanding the company's operational and financial status [4][8]. - The company initially planned to list on A-shares but adjusted its strategy to first enter the Hong Kong market before pursuing A-share listing [4][11]. Group 2: Financial Performance - Zhiyuan reported significant losses compared to its revenue, with net losses of 1.43 billion yuan in 2022, 7.88 billion yuan in 2023, and projected losses of 29.58 billion yuan in 2024 and 23.58 billion yuan in the first half of 2025 [13]. - Revenue figures for Zhiyuan were 57.4 million yuan in 2022, 124.5 million yuan in 2023, 312.4 million yuan in 2024, and 190.9 million yuan in the first half of 2025, indicating a growth trend despite ongoing losses [13]. - The company’s gross margin was reported at 54.6% in 2022, 64.6% in 2023, 56.3% in 2024, and 50.0% in the first half of 2025, reflecting fluctuations in profitability [13]. Group 3: Strategic Focus - Zhiyuan aims to enhance its revenue from the Model as a Service (MaaS) platform while maintaining its local deployment revenue base, indicating a strategy for scaling operations [13]. - The company plans to launch a new generation model, GLM-5, in 2026, focusing on advanced model architecture and learning paradigms [14]. - The strategic direction includes exploring online learning and continual learning to enhance model adaptability and evolution [14].

每经AI快讯，智谱(02513.HK)午后一度涨超12%，截至发稿涨11.98%，报215港元，成交额4.52亿港 元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Zhiyu (02513) surged over 12%, reaching HKD 215, driven by a significant increase in users for its programming subscription service following the launch of its flagship model GLM-4.7, prompting the company to implement a sales limit on the service [1] Group 1: Company Developments - Zhiyu's programming subscription service user base has seen a dramatic increase, necessitating an urgent sales limit [1] - The multi-modal image generation model GLM-Image, co-developed with Huawei, achieved the top position on the Hugging Face Trending chart within 24 hours of its open-source release [1] Group 2: Industry Insights - Citic Securities highlighted Zhiyu as a leading AI enterprise in China, emphasizing its diverse model matrix as a competitive advantage [1] - The company possesses strong R&D capabilities, enabling it to continuously launch high-performance AI models to meet diverse market demands [1] - Zhiyu has established a comprehensive ecosystem through close collaboration with developers, infrastructure providers, and industry partners, enhancing its market competitiveness [1] - The flexible deployment options and customized services offered by Zhiyu allow for quick responses to customer needs, improving customer satisfaction [1]

Core Viewpoint - The company Zhipu (02513) has seen a significant increase in its stock price, rising over 12% following the launch of its flagship model GLM-4.7, which has led to a surge in subscription service users, prompting the company to implement a sales limit on the service [1] Group 1: Company Performance - Zhipu's stock price increased by 11.98%, reaching 215 HKD, with a trading volume of 4.52 billion HKD [1] - The launch of the GLM-4.7 model has resulted in a rapid increase in users for its programming subscription service [1] Group 2: Product Development - The multi-modal image generation model GLM-Image, co-developed with Huawei, achieved the top position on the Hugging Face Trending list within 24 hours of its open-source release [1] Group 3: Competitive Advantages - Zhipu is recognized as a leading AI company in China, with a robust multi-model matrix that strengthens its competitive moat [1] - The company possesses strong R&D capabilities, enabling it to continuously release high-performance AI models to meet diverse market demands [1] - A comprehensive ecosystem, including close collaboration with developers, infrastructure providers, and industry partners, enhances the company's market competitiveness [1] - Flexible deployment options and customized services allow Zhipu to quickly respond to customer needs, improving customer satisfaction [1]

Core Insights - The article highlights significant developments in the AI industry, including new product launches, funding rounds, and strategic partnerships, reflecting the rapid evolution and investment in AI technologies globally. Group 1: AI Product Developments - Baidu's Wenxin App is introducing a social feature with "multi-agent group chat" capabilities, aiming to enhance user interaction without directly competing with WeChat [8] - Anker Innovation and Feishu launched the AI hardware product "Anker AI Recording Bean," which features advanced audio recording capabilities and integrates with Feishu's AI functionalities [9] - Baidu released the official version of Wenxin Model 5.0, which supports multi-modal understanding and has 2.4 trillion parameters [17] - Baichuan Intelligence launched the M3 Plus model, which significantly reduces factual hallucinations to 2.6% [19] - Alibaba Health introduced the AI product "Hydrogen Ion," aimed at clinical and research applications with a focus on low hallucination rates [27] Group 2: AI Company Funding and Valuation - OpenEvidence, a medical AI startup, completed a $250 million Series D funding round, valuing the company at $12 billion [22] - OpenAI's CFO announced that the company's annual revenue for 2025 is projected to exceed $20 billion, a significant increase from $6 billion in 2024 [38] - ElevenLabs is negotiating new funding that could raise its valuation to $11 billion [29] - The AI startup Anthropic is seeking to raise at least $25 billion, with Sequoia Capital expected to participate [28] Group 3: AI Industry Trends and Insights - Nvidia's CEO highlighted the increasing demand for skilled tradespeople, suggesting that roles like plumbers and electricians could see six-figure salaries due to the AI-driven infrastructure boom [11] - The global AI financing events decreased by 13 compared to the previous period, with a total disclosed financing amount of 9.57 billion RMB [42] - The distribution of AI funding in China is concentrated in Guangdong and Jiangsu provinces, indicating regional investment trends [47] Group 4: AI Market Competition and Strategic Moves - Google DeepMind's CEO praised ByteDance as a leading AI company in China, suggesting they are only six months behind the cutting edge [11] - Apple plans to significantly revamp Siri into an AI chatbot, aiming to enhance its competitive position in the AI market [36] - Tesla's CEO Elon Musk is pushing for a transformation into a robotics company, with the Optimus robot as a key focus, despite production challenges [8]