Core Viewpoint - The stock of Zhiyu (02513) surged over 8% during trading, reaching a new high of 263 HKD, driven by the successful launch of the GLM-Image model in collaboration with Huawei, which topped the Hugging Face Trending chart shortly after its release [1] Group 1: Company Performance - Zhiyu's stock price increased by 5.06% to 253.2 HKD, with a trading volume of 948 million HKD [1] - The GLM-Image model, developed in partnership with Huawei, achieved significant recognition in the AI community, indicating strong market interest and potential for future growth [1] Group 2: Industry Insights - Dongwu Securities expressed optimism regarding Zhiyu's capabilities in local large model technology, open-source ecosystem development, and localized implementation for government and enterprise [1] - The company is expected to benefit from the long-term trend of transitioning from localized deployment to cloud services within China's large model industry [1]

Core Viewpoint - Zhiyuan (2513.HK) experienced a significant surge, rising over 9% to reach a peak of 263 HKD, marking a cumulative increase of over 126% within seven trading days, driven by the success of its GLM-Image model in collaboration with Huawei [1] Group 1: Company Performance - Zhiyuan's stock price reached a historical high of 263 HKD, reflecting strong market confidence and investor interest [1] - The company has seen a remarkable increase of over 126% in its stock price since its listing, indicating robust growth potential [1] Group 2: Technological Achievement - The GLM-Image model, co-developed with Huawei, topped the Trending chart on the Hugging Face platform, showcasing its technological strength and application value [1] - This achievement breaks the long-standing dominance of foreign models in the open-source leaderboard, highlighting a significant milestone for domestic AI technology [1] Group 3: Strategic Collaboration - The collaboration between Zhiyuan and Huawei represents a deep integration of software and hardware, essential for the advancement of the domestic AI industry [1] - Huawei's "domestic computing power base" plays a crucial role in supporting the GLM-Image model, which runs on Huawei's Ascend Atlas 800T A2 chip and MindSpore framework [1] Group 4: Model Innovation - GLM-Image features an innovative hybrid architecture of "autoregressive + diffusion decoder," enabling the model to understand complex instructions and generate detailed images [1] - The model's open-source availability on GitHub and Hugging Face allows global developers to access this "domestic solution" for free, promoting wider adoption [1]

Core Viewpoint - The stock of Zhiyuan (2513.HK) surged over 9%, reaching a historical high of 263 HKD, with a cumulative increase of over 126% in just seven trading days, driven by the success of its GLM-Image model in collaboration with Huawei [1] Group 1: Product Development and Recognition - Zhiyuan and Huawei jointly developed the multimodal image generation model GLM-Image, which topped the Trending chart on Hugging Face, indicating international recognition of its technological strength and application value [1] - The achievement of GLM-Image breaks the long-standing monopoly of foreign models at the top of the open-source rankings [1] Group 2: Strategic Collaboration - The success of GLM-Image is a result of the deep collaboration between Zhiyuan and Huawei, showcasing a breakthrough in the domestic AI industry chain [1] - Huawei's establishment of a "domestic computing power base" is a key support for the development of GLM-Image, which runs on Huawei's Ascend Atlas 800T A2 chips and MindSpore framework [1] Group 3: Technical Innovation - Zhiyuan achieved an innovative breakthrough in the model architecture of GLM-Image, utilizing a hybrid architecture of "autoregressive + diffusion decoder," enabling the model to understand complex instructions and accurately depict details [1] - The open-source version of GLM-Image is available on GitHub and Hugging Face, allowing global developers to use this "domestic solution" for free [1]

Core Viewpoint - The stock of Zhiyun (2513.HK) surged over 9%, reaching a peak of 263 HKD, marking a cumulative increase of over 126% in just seven trading days, driven by the success of their jointly developed model GLM-Image with Huawei [1] Group 1: Company Performance - Zhiyun's stock has shown significant growth, with a peak increase of over 9% and a total rise of more than 126% since its listing [1] - The GLM-Image model developed in collaboration with Huawei has gained international recognition by topping the Trending chart on the Hugging Face platform [1] Group 2: Technological Advancements - The GLM-Image model represents a breakthrough in domestic AI technology, breaking the long-standing foreign monopoly on open-source models [1] - The model utilizes a hybrid architecture of "autoregressive + diffusion decoder," enabling it to understand complex instructions and generate detailed images [1] Group 3: Strategic Collaboration - The partnership between Zhiyun and Huawei exemplifies deep cooperation in "soft and hard synergy," with Huawei providing a crucial "domestic computing foundation" [1] - The entire process of data preprocessing and large-scale training for GLM-Image is conducted on Huawei's Ascend Atlas 800T A2 chip and MindSpore framework [1] Group 4: Accessibility and Open Source - GLM-Image has been made available on GitHub and Hugging Face, allowing global developers to access this "domestic solution" for free [1]

Group 1 - The AI application sector in the Hong Kong stock market showed a recovery in the afternoon, with MINIMAX-WP (00100.HK) rising over 16% [1] - Other companies such as Zhiyun (02513.HK) increased by more than 4%, while companies like Reading Group (00772.HK) and Bilibili (09626.HK) also experienced gains [1]

Group 1 - The core viewpoint of the article highlights the significant increase in stock prices of AI application concept stocks in the Hong Kong market, indicating a growing investor interest in this sector [2] - MINIMAX (00100.HK) saw a notable rise of 18% in its stock price, reflecting strong market performance [2] - Other companies in the AI sector, such as Zhipu (02513.HK) and Minglue Technology-W (02718.HK), also experienced stock price increases of 7% and 4% respectively, showcasing a positive trend across the industry [2]

Core Viewpoint - The domestic AI industry chain is gaining traction, as evidenced by the performance of the Huabao Science and Technology Innovation AI ETF (589520), which has attracted significant capital inflow and reflects investor confidence in the sector [1][5]. Group 1: ETF Performance - The Huabao Science and Technology Innovation AI ETF (589520) saw an early morning surge of over 1.7% before stabilizing near the waterline, currently down 0.59% [1]. - Over the past four days, the ETF has attracted a total of 144 million yuan, indicating strong investor interest in the domestic AI industry chain [1]. - Leading stocks within the ETF include Tianzhun Technology, which rose over 7%, and several others like Aobi Zhongguang and Zhongke Xingtou, which increased by more than 3% [1]. Group 2: Technological Advancements - The GLM-Image model, developed by Zhipu and Huawei, has topped the Hugging Face platform's Trending list, showcasing its international recognition and breaking the reliance on American chips [3][4]. - The model utilizes Huawei's Ascend Atlas 800T A2 chips and MindSpore framework, addressing the core issue of dependency on foreign chips for AI training [3]. - Zhipu's innovative architecture for GLM-Image combines autoregressive and diffusion decoder techniques, achieving high accuracy in generating Chinese text, which was a challenge for previous AI models [4]. Group 3: Industry Trends - The AI industry chain is transitioning from cloud-based solutions to edge computing, moving towards self-sufficiency and independence from foreign technologies [5][6]. - The Huabao Science and Technology Innovation AI ETF focuses on key segments of the AI industry, including application software, terminal applications, and chips, with a high concentration in semiconductor stocks [6]. - According to CITIC Securities, the synergy between self-control and AI is expected to drive strong performance in related sectors by 2025, with trends likely to strengthen further into 2026 [4].

银河证券指出，AI应用端迎来密集催化，如MiniMax与智谱AI上市后表现强势、英伟达携手礼来推进AI 辅助药物研发、OpenAI布局医疗健康领域等事件均提升了市场对AI应用的关注度。伴随技术验证向商 业价值兑现过渡，B端在AI+营销、工业软件、医疗和金融等领域有望率先实现规模化落地，而具备用 户基础的C端优质企业亦可通过AI赋能巩固竞争壁垒。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能 提供基础资源、技术以及应用支持的上市公司证券作为指数样本，以反映人工智能主题上市公司证券的 整体表现。 截至2026年1月16日 10:18，中证人工智能主题指数(930713)成分股方面涨跌互现，星宸科技领涨 7.16%，澜起科技上涨4.29%，北京君正上涨3.90%；昆仑万维（维权）领跌。AI人工智能ETF(512930) 最新报价2.4元。 消息面上，智谱联合华为开源的新一代图像生成模型GLM-Image，在模型开源不到24小时即登上全球 知名AI开源社区Hugging Face（抱抱脸）榜单的全球第一，模型SOTA性能、创新结构和训练过程迅速 引发海外科技圈热议。 ...

Group 1 - The core focus is on the domestic AI industry chain, with the Huabao Science and Technology Innovation Artificial Intelligence ETF (589520) experiencing a price increase of over 1.7% before a slight decline of 0.59% [1][8] - The ETF has attracted significant investment, accumulating 144 million yuan over the past four days, indicating strong market confidence in the domestic AI sector [1][8] - Key stocks within the ETF include Tianzhun Technology, which rose over 7%, and several others like Aobi Zhongguang and Zhongke Xingtou, which saw gains exceeding 3% [1][8] Group 2 - The GLM-Image model, developed by Zhipu and Huawei, has achieved recognition by topping the Hugging Face platform's Trending list, showcasing the strength of domestic technology [3][10] - This model utilizes Huawei's Ascend Atlas 800T A2 chip and MindSpore framework, marking a significant shift away from reliance on foreign chips for AI training [3][10] - The innovative architecture of GLM-Image allows it to understand complex instructions and generate accurate Chinese text, setting a new standard in the field [4][11] Group 3 - The Huabao ETF is strategically positioned to cover four key segments of the AI industry: application software, terminal applications, terminal chips, and cloud chips, reflecting a shift towards self-sufficiency [5][12] - The ETF's top ten holdings account for over 70% of its weight, with semiconductors representing more than half, indicating a concentrated investment strategy [6][13] - The ETF serves as an efficient tool for investors looking to gain exposure to domestic computing power, especially in the context of increasing emphasis on information and industrial security [6][13]

Core Insights - The collaboration between Zhiyuan and Huawei has led to the open-source release of the new image generation model GLM-Image, which completed the entire process from data to training using the Ascend Atlas 800T A2 device and MindSpore AI framework [1][2] - Within 24 hours of its release, GLM-Image achieved the top position on the Hugging Face leaderboard, a well-known AI open-source community [1][2] - GLM-Image utilizes an innovative "autoregressive + diffusion decoder" hybrid architecture, addressing challenges in generating knowledge-intensive scenarios such as posters, PPTs, and educational images, with a particular strength in generating Chinese characters [1][2] - The training process of GLM-Image demonstrated that it could reach the performance limits of the corresponding computing device, validating the feasibility of training advanced models on domestic full-stack computing platforms [1][2]