Core Viewpoint - The release of the GLM-4.7 model by the company has led to a surge in users for its programming subscription service, prompting the company to limit sales to prioritize existing users' experience [1] Group 1: User Growth and Market Impact - The company has reduced the daily sales volume of its "GLM Coding Plan" service to 20% starting January 23 to ensure a better experience for current users [1] - The core user base for this service is primarily in the United States, indicating that Chinese AI models are not only catching up in technical quality but also gaining market share from American developers [1] Group 2: Global Influence and Product Development - The company is enhancing its global influence through an open-source strategy, with its GLM-4.7 model ranking first in global programming capabilities [1] - The recent launch of the GLM-Image model, trained entirely on Huawei chips, further demonstrates the company's commitment to integrating with domestic hardware [1] - Currently, seven out of the top ten positions in the global open-source model rankings are held by Chinese companies, showcasing the rapid construction of China's influence on the international stage through open-source ecosystems [1]

Core Insights - The release of the flagship model GLM-4.7 has led to a surge in users for the programming subscription service, prompting the company to implement sales limits to prioritize existing users' access [1] - The core user base for the service is primarily in the United States, indicating that Chinese AI models are not only catching up in technical quality but also capturing significant market share from American developers [1] - The company is enhancing its global influence through an open-source strategy, with the GLM-4.7 model ranking first globally in programming capabilities [1] Market Position - The company has reduced the daily sales volume of its "GLM Coding Plan" service to 20% of its current capacity starting January 23, to ensure a better experience for existing users [1] - The focus of Chinese AI models is on integration into industries at affordable prices, aiming to produce high-tech products for the global market [1] - The recent launch of the GLM-Image model, trained entirely on Huawei chips, further demonstrates the company's commitment to leveraging domestic hardware in its AI developments [1] Competitive Landscape - Currently, seven out of the top ten positions in the global open-source model rankings are held by Chinese companies, showcasing the rapid construction of influence by Chinese AI on the international stage [1] - The integration of open-source ecosystems with domestic hardware is a key strategy for Chinese AI to enhance its competitiveness globally [1]

Group 1 - The U.S. stock market saw collective gains with the Dow Jones up by 1.21%, Nasdaq by 1.18%, and S&P 500 by 1.16% [4] - Notable increases in storage stocks, with SanDisk rising over 10% and a year-to-date increase of over 111% [4] - International oil prices experienced slight increases, with light crude oil futures up by 0.43% to $60.62 per barrel and Brent crude up by 0.49% to $65.24 per barrel [4] Group 2 - The Chinese government announced a temporary exemption from personal income tax on capital gains from the transfer of CDRs for individual investors from January 1, 2026, to December 31, 2027 [6] - The Ministry of Industry and Information Technology emphasized the need for a safety monitoring platform for the operation of new energy vehicles [7] - The Ministry of Housing and Urban-Rural Development plans to promote smart construction and new building methods during the 14th Five-Year Plan period [8] Group 3 - The People's Bank of China called for accelerated construction of a cross-border payment system to enhance connectivity in cross-border payments [9] - The State Financial Supervision Administration released new regulations on administrative licensing procedures to improve the efficiency and standardization of financial regulatory processes [8] Group 4 - Longfor Group responded to rumors about splitting its global telecommunications business for independent listing, stating no decisions have been made [13] - Temu's Turkish office faced a dawn raid, marking a second incident in Europe within a month, raising concerns about compliance risks for cross-border e-commerce [15] - Pinduoduo was fined 100,000 yuan for failing to report tax information as required, highlighting regulatory scrutiny in the e-commerce sector [17] Group 5 - Nike announced a leadership change in its Greater China region, with Angela Dong set to step down and Cathy Sparks appointed as the new vice president and general manager [22] - New Oriental launched a "retirement club" aimed at engaging retirees in educational and social activities, reflecting a trend in elder education and wellness [24] - Zhipu AI announced a temporary limit on the sale of its GLM Coding Plan due to increased demand and resource constraints [26]

Core Viewpoint - The rapid increase in user demand for the newly released GLM-4.7 language model has led to significant computational bottlenecks for Zhipu AI, prompting the company to implement emergency throttling measures to prioritize existing users' experience [1][2]. Company Summary - Zhipu AI announced that starting January 23, it will drastically reduce the daily new subscription limit for its programming assistant service "GLM Coding Plan" to 20% of its previous levels, ensuring that existing users' access is prioritized [1][2]. - The company has experienced frequent throttling errors and significant response time delays during peak hours due to the surge in user numbers, which it attributes to a phase of resource strain caused by rapid growth [1][2]. - The GLM Coding Plan is positioned as a competitor to Claude, and the company is in direct competition with leading firms like OpenAI and Anthropic [1][2]. Industry Summary - The implementation of throttling measures in response to user surges has become a common phenomenon in the rapidly growing AI industry, as seen previously with DeepSeek, which also limited API access due to server resource constraints [3]. - This "throttling" action highlights the temporary mismatch between the explosive growth in AI application demand and the pace of foundational computational infrastructure development [3]. - The computational bottleneck reflects strong end-user demand while revealing the operational challenges AI companies face in transitioning from technological breakthroughs to stable service delivery [3].

Core Viewpoint - The company has announced a temporary limitation on the sale of its GLM Coding Plan due to a surge in user numbers and subsequent strain on computational resources, aiming to enhance user experience during peak usage times [1] Group 1: User Growth and Resource Strain - The launch of GLM-4.7 has led to a rapid increase in the number of users for the GLM Coding Plan [1] - The company has identified issues such as concurrent throttling errors and slower model speeds experienced by users during peak times [1] Group 2: Sales Limitation Measures - To address the resource strain, the company will limit the daily sales of the GLM Coding Plan to 20% of the current sales volume [1] - The sales limitation will commence on January 23 at 10:00 AM, with daily refresh of the sales quota [1] - Existing automatic renewals for users will remain unaffected by this sales limitation [1]

Group 1 - The Hong Kong stock market is currently experiencing a volatile upward trend, but faces short-term challenges [1][3] - The Hang Seng Technology Index opened down 0.22%, with major tech stocks mostly declining; notable declines include Zhizhu (down 8.48%) and MiniMax (up 0.79%) [3] - Zhizhu and MiniMax reported significant losses, with cumulative losses of over 6.2 billion yuan and approximately 9.2 billion yuan respectively from 2022 to mid-2025 [3] Group 2 - Google DeepMind's CEO highlighted that Chinese teams, represented by DeepSeek and Alibaba, are rapidly approaching the technological frontier, with only a few months' gap compared to Western teams [4] - The research team from China International Capital Corporation noted that seven leading tech stocks in Hong Kong contributed significantly to the Hang Seng Index, with a peak contribution of 14 percentage points to a 37% return [4] - The discussion around potential bubbles in the AI industry is deemed less important than confirming the current stage of development, as bubbles can drive industry growth [4]

Group 1 - The Hang Seng Index opened down 0.07% and the Hang Seng Tech Index fell 0.22%, with AI application concepts showing a rebound while tech stocks like Baidu Group declined over 2% [1] Group 2 - Huatai Securities believes that the core factors driving the market rebound in the first quarter remain unchanged, including overall loose financial conditions, foreign capital inflow, upward revisions of profit expectations, and the attractiveness of Hong Kong stocks [2] - Tianfeng Securities indicates that the short-term rebound of Hong Kong stocks is supported by valuation recovery and improved sentiment, but the upward potential may be constrained by high overseas interest rates and limited rate cut expectations [2] - Guojin Securities expects that with the acceleration of domestic economic recovery and the shift towards loose monetary policy in major overseas economies, the valuation advantage of Hong Kong stocks will become more pronounced [2] Group 3 - Industrial Securities recommends prioritizing leading internet companies in the Chinese AI sector, anticipating a resonance of buying from both domestic and foreign investors [3] - The report suggests focusing on dividend assets in a low-interest-rate environment, highlighting opportunities in insurance, banking, energy, property management, and public utilities [3] - New consumption trends are emphasized, with three main lines of focus: traditional service-oriented consumption transformation, Z-generation consumption trends, and high-end consumption [3]

Core Viewpoint - The release of GLM-4.7-Flash marks a significant advancement in mixed thinking models, offering a new choice that balances performance and efficiency for lightweight deployment [2] Group 1: Product Details - GLM-4.7-Flash has a total parameter count of 30 billion, with 3 billion active parameters, positioning it as a state-of-the-art (SOTA) model in its category [2] - GLM-4.7-Flash will replace the previous version, GLM-4.5-Flash, on the Zhiyu open platform BigModel.cn, and it will be available for free access starting immediately [2]

Core Insights - The company is set to release and open-source the GLM-4.7-Flash model today, which is a hybrid thinking model with a total parameter count of 30 billion and an active parameter count of 3 billion, providing a balance of performance and efficiency for lightweight deployment [1][3] Group 1 - GLM-4.7-Flash will replace the previous GLM-4.5-Flash model [1][3] - The model will be available for free access on the Zhiyu Open Platform BigModel.cn [1][3]

Core Viewpoint - The release of GLM-4.7-Flash marks a significant advancement in lightweight model deployment, offering a balance of performance and efficiency, and is now available for free on the BigModel.cn platform [2] Group 1: Model Performance - GLM-4.7-Flash is recognized as the strongest model in the 30B category, surpassing competitors such as gpt-oss-20b and Qwen3-30B-A3B-Thinking-2507 in major benchmark tests like SWE-bench Verified and τ²-Bench [2] - The model achieves state-of-the-art (SOTA) scores in the open-source category among models of similar and approximate sizes [2] Group 2: Application Scenarios - GLM-4.7-Flash demonstrates excellent performance in both front-end and back-end tasks during internal programming tests [2] - Beyond programming, the model is applicable in various general scenarios including Chinese writing, translation, long text generation, and emotional/role-playing tasks [2]