Core Insights - The article discusses the launch of GLM-5, a next-generation foundational model aimed at shifting programming paradigms from "VibeCoding" to "AgenticEngineering" [1] Group 1: Model Innovations - GLM-5 builds on the intelligence, reasoning, and programming capabilities of its predecessor, GLM-4.5, while employing sparse attention to significantly reduce inference costs [1] - The model maintains long-context capabilities without loss, enhancing its overall performance [1] Group 2: Learning Infrastructure - A new asynchronous reinforcement learning infrastructure has been developed to better align the model with various tasks, decoupling the generation process from the training process to greatly improve post-training iteration efficiency [1] - The introduction of a novel asynchronous Agent reinforcement learning algorithm further enhances the effectiveness of reinforcement learning, allowing the model to learn more effectively from complex, long-range interactions [1] Group 3: Performance Metrics - GLM-5 achieves state-of-the-art (SOTA) performance in mainstream open benchmark tests [1] - The model demonstrates unprecedented capabilities in real-world programming tasks, surpassing all previous open-source baselines in handling end-to-end software engineering challenges [1]

记者丨黎雨桐 编辑丨倪新平 全球大模型第一股智谱于2月21日发布GLM Coding Plan致歉信，并公布处理和补偿方案。 智谱于2月12日正式推出新一代旗舰模型GLM-5，其在编程开发场景中平均性能较上一代提升超20%， 真实编程体验逼近Claude Opus 4.5水平。在BrowseComp、MCP-Atlas和τ2-Bench等三项Agent评测中均取 得开源领域最优表现。 智谱称，这次改版主要犯了三个错：规则透明度不够、GLM-5灰度节奏太慢、老用户升级机制设计粗 糙。 智谱介绍，GLM-5发布后，流量超出预期，公司扩容节奏没有跟上，不得已将GLM-5按照Max、Pro、 Lite的顺序逐步开放。目前Max用户已经全面开放，Pro用户虽已开放，但高峰期可能会因集群负载较高 遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。针对受到影响的Lite和Pro用户，公司支持自主 申请退款。 值得注意的是，2月20日，智谱（02513.HK）股价逆势收涨，单日暴涨42.72%，报725港元，股价再创 新高，总市值达3232亿港元。上市43天，公司股价较116.2港元的发行价累计上涨524%。 同日，快手 ...

2月20日，港股马年首个交易日，有"全球大模型第一股"之称的智谱收涨超42%，市值突破3232亿港元。2月以来，该公司股价累计涨幅超过220%，上市以 来的涨幅则达到523%。 另一家人工智能大模型企业MiniMax也延续了节前的强劲走势，当天收涨超14%，市值也超过3000亿港元。自上市以来，MiniMax已经累计上涨487.88%。 目前，两者市值已超越携程和快手，逼近泡泡玛特（3279亿港元）与百度（3548亿港元）。 然而，狂热之下，两家公司仍处于亏损状态，市销率高达700倍，远超OpenAI的65倍。市场究竟在为何种未来下注？ 智谱、MiniMax市值双双突破3000亿港元，市销率远超OpenAI 2月20日，农历马年的第一个交易日，当恒生科技指数大跌近3%，众多传统科技股表现疲软时，两家AI大模型初创公司——智谱和MiniMax，成为了市场中 为数不多的亮点。 当天，智谱收报725港元/股，涨幅高达42.72%，市值突破3232亿港元，单日市值增长超过967亿港元。MiniMax同样表现不俗，收盘上涨14.52%，报970港元/ 股，市值达3042亿港元，2月累涨超105%。 值得注意的是，这两家 ...

智谱最新致歉。 "全球大模型第一股"智谱AI（02513.HK）股价周五（2月20日）暴涨42.72%、市值突破3200亿港元。次 日，这家炙手可热的AI公司却发出致歉信，向开发者们表示了其旗舰模型GLM-5发布后遭遇的运营困 境。 公开道歉 2月12日，智谱AI发布新一代旗舰大模型GLM-5，其参数规模达到前代GLM-4.7的两倍以上，定位对标 Claude Opus 4.5，主打复杂编程与长程智能体任务。凭借"Pony Alpha"的技术光环和对核心付费套餐 GLM Coding Plan提价30%的商业化信号，智谱AI股价连续上涨，节后首个交易日（2月20日）更是迎来 爆发式上涨，单日涨幅超42%，市值一举达到3232亿港元。 但技术的高光时刻很快被运营问题所笼罩。在2月21日发布的《GLM Coding Plan致歉信》中，智谱AI承 认在GLM-5发布后犯下了三个关键错误：首先，规则透明度不足：为应对GLM-5更高的算力消耗，公 司设计了分层使用策略，将高峰期消耗提升至3倍、非高峰期2倍，但未向用户清晰说明，导致"消耗变 快"的普遍抱怨；其次，灰度节奏太慢：GLM-5发布后流量远超预期，叠加灰产号池 ...

2月20日，港股市场迎来一场由"清华系"点燃的AI狂欢。智谱（2513.HK）股价收涨42.72%，报725港 元，再创历史新高，市值一举突破3232亿港元。 就在一周前（2月12日），智谱正式推出新一代旗舰模型GLM-5。这款被定位为"系统架构师"的模型， 在编程开发场景中平均性能较上一代提升超过20%，真实编程体验逼近Claude Opus 4.5水平。更令人瞩 目的是，它在BrowseComp、MCP-Atlas和τ²-Bench三项Agent评测中均取得开源领域最优表现。 值得一提的是，清华大学本身也是这场资本盛宴的重要受益者。根据公开资料，清华大学持有智谱 6.91%股份，按今日市值计算，相当于持有约220亿港币的资产。 清华系多点开花：从AI到新能源、具身智能、AI芯片 智谱的狂飙并非孤例。清华团队的创业版图，正在多个新兴领域同步扩张： 故事远未结束 从清华实验室到港股"大模型第一股"，智谱用不到7年时间，完成了从学术探索到资本市场的跨越。 GLM-5的发布与股价的狂飙，只是这场长跑中的一个节点。 根据公开资料，GLM-5参数规模从355B扩展至744B，预训练数据量提升至28.5T。更大的基座意 ...

新浪科技讯 2月22日上午消息，针对GLM-5发布后规则透明度不够、灰度太慢等问题，智谱日前发布 GLM Coding Plan致歉信称："GLM-5发布后，流量超出预期，公司扩容节奏没有跟上，不得已将GLM-5 按照Max、Pro、Lite的顺序逐步开放。目前Max用户已经全面开放，Pro用户虽已开放，但高峰期可能 会因集群负载较高遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。" 针对受到影响的Lite和Pro用户，智谱支持自主申请退款，退款遵循2026年1月1日至今天，智谱全部请客 的原则。 老用户（2026年1月1日前订阅，且2月12日后仍有效）：退2026年1月1日至今+剩余天数的全部金额。 新用户（2026年1月1日后订阅，且2月12日后仍有效）：全额退还当前订阅周期内全部实付金额。（文 猛） 『 『 V 』 『 』 『 』 『 』 『 』 『 』 『 』 『 』 『 』 『 』 『 』 』 GLM-5的参数规模是GLM-4.7的两倍以上,定位是效果逼 近Claude Opus 4.5的"大杯"模型,适合复杂任务。为了让 更多用户能把GLM-5用在真正需要的场景,我们设计了分 层使用策略:日 ...

智谱于2月21日发布GLM Coding Plan致歉信，并公布处理和补偿方案。 智谱称，这次改版主要犯了三个错：规则透明度不够、GLM-5灰度节奏太慢、老用户升级机制设计粗 糙。 智谱道歉全文： 智谱介绍，GLM-5发布后，流量超出预期，公司扩容节奏没有跟上，不得已将GLM-5按照Max、Pro、 Lite的顺序逐步开放。目前Max用户已经全面开放，Pro用户虽已开放，但高峰期可能会因集群负载较高 遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。针对受到影响的Lite和Pro用户，公司支持自主 申请退款。 值得注意的是，2月20日，AI大模型龙头智谱（02513.HK）股价逆势收涨，单日暴涨42.72%，报725港 元，股价再创新高，总市值达3232亿港元。上市43天，公司股价较116.2港元的发行价累计上涨524%。 2月20日，快手（01024.HK）收跌2.78%，总市值2894亿港元；京东（09618.HK）收跌近2%，总市值 3309亿港元；携程（09961.HK）收跌近1%，总市值2967亿港元；百度集团（09888.HK）收跌6.25%， 总市值3548亿港元。这意味着智谱已跻身港股TM ...

Industry News - As of February 21, 2026, China's annual box office has surpassed 7 billion yuan, with the Spring Festival box office exceeding 4.4 billion yuan. The top four films include "Fast Life 3," "Silent Awakening," "Bounty Hunter: Wind Rises in the Desert," and "Boonie Bears: Year of the Bear." China's cumulative box office has exceeded 970 million USD, surpassing North America to become the world's leading single market for box office revenue [2] - The National Energy Administration reported that in 2025, China's newly installed photovoltaic capacity reached 317 million kilowatts, a year-on-year increase of 14%. This includes 164 million kilowatts from centralized photovoltaic and 153 million kilowatts from distributed photovoltaic. By December 2025, the total installed capacity of photovoltaic power generation in China reached 1.2 billion kilowatts, a year-on-year increase of 35%, indicating rapid growth in the photovoltaic industry and significant progress in energy green and low-carbon transformation [2] - The second International Humanoid Robot Forum was held in Switzerland, focusing on the industrialization and embodied intelligence development of humanoid robots. Experts emphasized that the future breakthroughs in robotics will rely on the integration of multimodal perception and cognitive control systems, which will be crucial for the next generation of intelligent robots [3] - In 2025, the China Development Bank issued loans totaling 786.3 billion yuan to support urban renewal projects, focusing on the renovation of old residential areas, old streets, and urban infrastructure improvements, contributing to urban structure optimization and quality enhancement [3] - The first commercially operated intelligent navigation container ship, "Zhi Fei," successfully docked at the automated terminal in Qingdao Port, marking China's first achievement in fully unmanned navigation, docking, and operation of container ships [4] Company News - Zhipu announced an apology regarding the GLM Coding Plan and released a compensation scheme. The company acknowledged three main errors: insufficient transparency in rules, slow rollout of GLM-5, and poorly designed upgrade mechanisms for existing users. Zhipu stated that the GLM-5 release exceeded expectations, leading to a gradual opening for users categorized as Max, Pro, and Lite. Max users have full access, while Pro users may experience throttling during peak times, and Lite users will gradually gain access after the holiday. A refund option is available for affected Lite and Pro users [5] - X Company, owned by Elon Musk, announced that it has appealed against a 120 million euro fine imposed by the European Commission under the Digital Services Act. The company claims that the decision was based on an "incomplete and superficial" investigation and alleges serious procedural errors, arguing that the decision infringes on its rights and violates basic procedural requirements [5]

Core Viewpoint - The company issued an apology letter on February 21 regarding the GLM Coding Plan, acknowledging three main mistakes and outlining compensation measures for affected users [1][6]. Group 1: Mistakes Acknowledged - The company identified three key errors: insufficient transparency in rules, slow rollout of GLM-5, and poorly designed upgrade mechanisms for existing users [2][6]. - Following the release of GLM-5, demand exceeded expectations, leading to a staggered rollout of the model in Max, Pro, and Lite tiers, with Max users fully opened and Pro users facing potential throttling during peak times [2][11]. Group 2: Market Performance - On February 20, the company's stock price surged by 42.72% to 725 HKD, reaching a market capitalization of 323.2 billion HKD, marking a 524% increase from the initial offering price of 116.2 HKD [2][4]. - The company has positioned itself as a leading player in the TMT sector of the Hong Kong stock market, surpassing competitors like Kuaishou and Baidu in market capitalization [4]. Group 3: Product Details and Pricing - The GLM-5 model has shown over a 20% performance improvement compared to its predecessor, GLM-4.7, and is designed for complex tasks, closely matching the performance of Claude Opus 4.5 [4][5]. - Following the GLM-5 launch, the company raised the prices of its GLM Coding Plan packages, with a 30% increase for domestic users and over 100% for international users, becoming the first AI-native company in China to increase prices for large model commercial services [4][5]. Group 4: Compensation and User Support - The company will allow affected Lite and Pro users to apply for refunds, with a policy to refund all amounts paid from January 1, 2026, to the present [12][13]. - Users who mistakenly upgraded from old packages to new ones between February 12 and 16 will be allowed to revert to their previous plans, with the company absorbing any cost differences [15][16].

Core Viewpoint - The AI company Zhiyuan (智谱) has experienced a significant stock price surge, with a 42.72% increase on February 20, 2026, reaching a market capitalization of 323.2 billion HKD, positioning it among the top tier in the Hong Kong TMT sector [1][3]. Group 1: Company Performance - Zhiyuan's stock price has risen 524% since its IPO at 116.2 HKD, reflecting strong market interest and performance [1]. - The company launched its flagship model GLM-5 on February 12, 2026, achieving over a 20% performance improvement in programming scenarios compared to its predecessor [3]. - Following the launch of GLM-5, Zhiyuan raised prices for its GLM Coding Plan packages by 30% in China and over 100% internationally due to high demand, marking a record for domestic AI programming model subscriptions [3]. Group 2: Financials and Growth - From 2022 to the first half of 2025, Zhiyuan reported revenues of 57.4 million, 124.5 million, 312.4 million, and 190 million CNY, with corresponding gross margins of 54.6%, 64.6%, 56.3%, and 50% [5]. - The company incurred losses of 144 million, 788 million, 2.958 billion, and 2.358 billion CNY during the same period, primarily due to R&D expenses which reached 844 million, 5.28 billion, 21.95 billion, and 15.94 billion CNY [5]. - Zhiyuan has completed eight rounds of financing before its IPO, raising over 8.3 billion CNY, with a post-investment valuation of 24.38 billion CNY [5]. Group 3: Market Position and Future Plans - Zhiyuan is recognized as a leading competitor to OpenAI, having developed several advanced models since its inception in 2019, including the GLM-130B and ChatGLM series [4]. - The company is accelerating its IPO process for the A-share market after successfully listing in Hong Kong, with new guidance from two securities firms [6][7]. - The latest report indicates that Zhiyuan is aiming for the Sci-Tech Innovation Board, reflecting its growth ambitions and market strategy [7].