Core Viewpoint - The stock of Zhiyun (02513) opened nearly 15% higher and is currently up 14.94%, trading at HKD 182.3, with a transaction volume of HKD 17.3 million, reflecting an increase of nearly 60% from the IPO price of HKD 116.2 [1] Group 1: Strategic Partnership - Zhiyun has announced a strategic partnership with Didi to explore key technologies in General Artificial Intelligence (AGI) and their applications in the transportation sector [1] - The collaboration aims to advance the implementation of Agent scenarios and talent development in large model fields, enhancing intent alignment and reasoning capabilities in transportation scenarios [1] - The partnership will focus on validating and implementing Agents in more complex business scenarios [1] Group 2: Company Background - Zhiyun is one of the earliest companies in China to engage in large model research and development, having pioneered the autoregressive fill-in-the-blank pre-training paradigm GLM [1] - The company has released several significant models, including China's first hundred-billion model, the first open-source trillion model, the first dialogue model, the first multimodal model, and the world's first device control intelligent agent [1] - Zhiyun is recognized for maintaining a comprehensive model system that aligns with global standards in original technology, earning the title of "China's OpenAI" [1]

Group 1 - The AI concept stocks experienced significant gains, with notable increases in companies such as Zhizhu (up 14.94% to HKD 182.3), MINIMAX (up 9.8% to HKD 378.8), and others [1] - DeepSeek is set to release its next-generation flagship model V4 in the coming weeks, which reportedly surpasses mainstream models like Claude and ChatGPT in code generation capabilities [1] - Elon Musk announced on social media that he will open-source the latest content recommendation algorithm for the X platform within a week, which is interpreted as his entry into the GEO space [1] Group 2 - CITIC Securities highlights the dynamic developments in the AI industry, noting recent financing rounds for overseas companies like xAI and Anthropic, and the introduction of "AI + manufacturing policies" in China [2] - The upcoming launch of DeepSeek-V4 is expected to trigger a new wave of AI application enthusiasm, with a focus on commercial validation in various downstream application scenarios [2] - The improvement in model capabilities, particularly in reasoning and reduced costs for long-window applications, is accelerating the commercialization process in key areas such as search & marketing, coding, multimodal, agents, and AI for science [2]

Core Insights - The article reports a strategic partnership between Zhiyun and Didi to explore key technologies in Artificial General Intelligence (AGI) and their applications in the transportation sector [1] Group 1: Strategic Collaboration - Zhiyun and Didi will collaborate on the forward-looking exploration of AGI technologies [1] - The partnership aims to advance the implementation of Agent scenarios and talent development in the large model field [1] - The focus will be on enhancing intent alignment and reasoning capabilities in transportation scenarios [1] Group 2: Implementation Goals - The collaboration seeks to validate and implement Agents in more complex business scenarios [1]

人民财讯1月12日电，智谱与滴滴宣布达成战略合作，双方将围绕通用人工智能(AGI)关键技术及其在出 行领域的智能体应用开展前瞻性协同探索。双方将共同推进Agent场景落地和大模型领域人才培养，深 化出行场景的意图对齐与推理能力建设，推动Agent在更复杂业务场景中的验证与落地。 ...

Group 1: Company Listings and Financial Performance - Zhiyuan officially listed on January 8, 2026, becoming the world's first publicly traded company focused on general artificial intelligence (AGI) with a market capitalization of HKD 52.83 billion at opening[10] - Zhiyuan's annual recurring revenue (ARR) from its GLM coding plan exceeds RMB 100 million (approximately USD 14 million), with over 150,000 paid developer users acquired in just three months[12] - MiniMax listed on January 9, 2026, with an issue price of HKD 165, raising HKD 4.189 billion and achieving a market valuation exceeding HKD 70 billion[20] Group 2: Revenue and User Growth - MiniMax's revenue for the first nine months of 2025 reached USD 5.343 million (approximately RMB 37.6 million), a 175% increase from the previous year[22] - MiniMax's paid user count grew from approximately 119,700 in 2023 to about 1,771,600 by September 30, 2025[24] - Zhiyuan's revenue from 2022 to 2025 showed a compound annual growth rate (CAGR) of 130%, with revenues of RMB 57.4 million, RMB 125 million, and RMB 312 million respectively[17] Group 3: Market Position and Competitive Advantage - Zhiyuan's GLM technology is recognized as one of the few domestic models that can compete directly with the GPT system, excelling in robustness and controllability[2] - MiniMax's overseas market revenue contribution exceeded 70% in the first nine months of 2025, indicating strong international demand[23] - Zhiyuan's flagship model GLM-4.7 ranked first in both global open-source and domestic model evaluations, surpassing GPT-5.2 in a global coding assessment[16] Group 4: Strategic Investments and Future Outlook - Zhiyuan attracted significant investment from 11 cornerstone investors, raising a total of HKD 2.98 billion prior to its IPO[11] - Alibaba plans to continue substantial investments in Taobao Flash Purchase in 2026, aiming for market share growth and improved operational efficiency[25] - The Chinese instant retail market is projected to exceed RMB 1 trillion in 2026, with Alibaba increasing its focus on high-value user engagement and non-food retail[29]

Group 1: IPO Highlights - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513," becoming the "first global large model stock" [2] - Zhiyu plans to issue 37,419,500 H-shares, with a public offering in Hong Kong receiving 1,159.46 times subscription and international offering receiving 15.28 times subscription, raising over 4.3 billion HKD at an issue price of 116.2 HKD per share [2] - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, under the stock code "9903," issuing 25,431,800 shares with a public offering subscription of 414.24 times and international offering of 10.68 times [5] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, under the stock code "0100," becoming the largest AI large model company by IPO scale in history [7] - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, under the stock code "2675," issuing 27,722,200 H-shares with a public offering subscription of 1,091.94 times and international offering of 25.18 times [9] Group 2: Company Performance and Growth - Zhiyu has achieved a revenue growth from 0.57 million CNY in 2022 to 3.12 million CNY in 2024, with a compound annual growth rate (CAGR) of 130% [3] - Tianshu's revenue increased from 1.89 billion CNY in 2022 to 5.40 billion CNY in 2024, with a CAGR of 68.8% [6] - MiniMax's revenue grew from 3.5 million USD in 2023 to 30.5 million USD in 2024, representing a year-on-year increase of 782.2% [7] - Jingfeng's revenue for the first half of 2025 reached approximately 149 million CNY, a nearly 400% year-on-year increase [10] Group 3: Market Position and Future Outlook - Zhiyu is recognized as the largest independent large model vendor in China, with significant market advantages in the enterprise sector [4] - Tianshu's products have been deployed in over 900 instances across key sectors, indicating a strong market presence [6] - MiniMax has established a user base of over 2.12 million individuals and 130,000 enterprise clients across more than 200 countries [7] - Jingfeng's robotic surgical systems have been used in over 12,000 surgeries, indicating a growing integration into standard surgical practices [9]

Investment Rating - The report indicates a positive investment outlook for the humanoid robotics sector, highlighting 2026 as a pivotal year for the realization of humanoid robots from concept to mass production [3][19]. Core Insights - The robotics industry is experiencing accelerated growth, with significant advancements in humanoid robot designs, including the announcement of Tesla's third-generation robot and the unveiling of the world's first fully controllable small humanoid robot, "Shangwei Q1" [1][24]. - Strategic collaborations are forming, such as the partnership between Tencent's Robotics X Lab and Yushun Technology, aimed at enhancing humanoid robot applications in various sectors [1][21]. - The report emphasizes the importance of technological convergence in the development of humanoid robots, with companies like Xiaopeng leveraging their expertise in smart vehicles to enhance robot capabilities [19]. Summary by Sections 1. Robotics - The robotics sector is witnessing a surge in activity, with a focus on commercial applications and ecosystem development. Companies are making strides in integrating AI services into robotics, enhancing their capabilities [8][9]. - The unveiling of the "Shangwei Q1" humanoid robot marks a significant step towards personal and family-oriented robotics, emphasizing portability and user-friendliness [24][26]. - Major industry players are collaborating to create robust ecosystems, as seen in the partnership between Tencent and Yushun Technology, which aims to deploy humanoid robots in cultural and commercial settings [21][22]. 2. Investment Recommendations - 2026 is projected to be a critical year for humanoid robots, with expectations for mass production and significant market penetration. The report identifies key areas for investment, including supply chain consolidation and technological advancements in electric drive systems and smart hands [3][19]. - The report suggests focusing on leading companies in the supply chain and technology sectors, as well as exploring opportunities in both domestic and international markets [3][19]. 3. Key Components - The report highlights the launch of the "CHOHO Hand" by Zhenghe Industrial, showcasing its capabilities and strategic partnerships aimed at enhancing the robotics ecosystem [2][28]. - The emphasis on core component innovation is critical, with companies like Zhishen Technology achieving significant funding to accelerate product development and market entry [28].

Group 1 - Google's market capitalization surpassed Apple's for the first time since 2019, closing at $3.89 trillion compared to Apple's $3.85 trillion, marking a significant shift in the tech sector [4] - Nvidia's market cap stands at $4.6 trillion, establishing a new ranking of Nvidia, Google, and Apple as the top three companies by market value [4] - The market perceives the shift in rankings as a reflection of differing AI strategies between Google and Apple, with a focus on AI technology reshaping industry dynamics [4] Group 2 - MiniMax and Zhizhu, two AI model companies, saw significant stock price increases upon their Hong Kong listings, with MiniMax rising nearly 110% to a market cap of over HKD 105 billion, while Zhizhu increased over 20% to a market cap of HKD 69.8 billion [2] - The contrasting stock performances suggest differing investor sentiments towards their business models, indicating a preference for consumer-facing (C-end) companies over business-facing (B-end) ones [2] Group 3 - Meta's $2 billion acquisition of Chinese AI startup Manus is under scrutiny by China's Ministry of Commerce to ensure compliance with local laws and regulations regarding technology exports [3] - Manus, founded by Chinese entrepreneur Xiao Hong, gained rapid valuation growth, reaching $500 million after a $75 million funding round, before being targeted for acquisition by Meta [3] Group 4 - xAI, led by Elon Musk, completed a Series E funding round raising $20 billion, doubling its valuation to $230 billion, with participation from top global investors including Nvidia and Cisco [5] - The funding round reflects the ongoing trend of substantial capital inflows into AI startups, with xAI now among the top three highest-valued AI companies [5] Group 5 - Nvidia unveiled its new Rubin platform featuring six new chips, including the Rubin GPU, which boasts performance metrics significantly surpassing previous models, indicating a leap in computational capabilities [7] - The Rubin GPU's performance is five times that of its predecessor, highlighting Nvidia's focus on enhancing AI processing power [7] Group 6 - AMD's CEO emphasized the need for a 100-fold increase in global computing power to meet the growing demand for AI, projecting that active AI users will reach 5 billion by 2030 [8] - The conversation around computational capacity at CES reflects the industry's urgent need to optimize performance to keep pace with AI model growth [8] Group 7 - Lenovo's chairman stated that the AI era will not see a "winner-takes-all" scenario, emphasizing the importance of collaboration across hardware, chip, and AI model companies [9] - Lenovo introduced its personal superintelligent device, Lenovo Qira, and announced a partnership with Nvidia to create an AI cloud super factory [9] Group 8 - OpenAI launched ChatGPT Health, targeting the healthcare market, which is projected to grow significantly, with the global AI healthcare market expected to reach approximately $505.59 billion by 2033 [10] - The integration of health-related functionalities into ChatGPT highlights the increasing demand for AI applications in healthcare [10] Group 9 - TianShu ZhiXin, a domestic AI chip manufacturer, went public in Hong Kong, raising approximately HKD 3.7 billion, with plans to invest in GPU chip development and AI solutions [12] - Despite revenue growth, TianShu ZhiXin has not yet achieved profitability, indicating challenges in the competitive GPU market [12] Group 10 - Arm announced the establishment of a physical AI department, merging its automotive and robotics divisions, aiming to enhance labor efficiency and economic impact through physical AI solutions [14] - The focus on physical AI at CES underscores the growing interest in hardware solutions that interact with the real world [14]

Core Insights - The article provides an overview of the latest trends in investment and financing activities in the domestic market, highlighting key sectors and significant funding events [5]. Group 1: Investment Overview - This week, there were 99 disclosed financing events in the domestic primary market, a decrease of 8 from the previous week. The total disclosed financing amount reached 76.11 billion RMB, with an average financing amount of 1.81 billion RMB [7]. - The most active sectors in terms of financing events were intelligent manufacturing (30 events), artificial intelligence (17 events), and healthcare (9 events) [9]. Group 2: Sector Analysis - In terms of disclosed financing amounts, artificial intelligence led with a total financing scale of approximately 34.13 billion RMB. Notably, BrainCo, a developer of non-invasive brain-computer interface technology, secured nearly 2 billion RMB in Series B financing [11]. - The hardware sector followed with a disclosed financing total of 8.07 billion RMB, where XREAL, a consumer-grade AR glasses developer, raised 100 million USD in Series D financing [11]. Group 3: Regional Distribution - The majority of disclosed investment events were concentrated in Guangdong (22 events), Beijing (16 events), and Jiangsu (12 events) [15]. - The regional distribution of financing events indicates a strong presence in these provinces, with Guangdong alone accounting for significant financing amounts [18]. Group 4: Stage Distribution - The stage distribution of the disclosed investment events showed that 71 were early-stage, 20 were growth-stage, and 8 were late-stage [18]. Group 5: Major Financing Events - The article highlights significant financing events, including a 635.1793 billion RMB acquisition of Hongtu Industrial by Hongchuang Holdings, focusing on non-ferrous metal manufacturing [35][37]. - Other notable acquisitions include New Asia Strong's acquisition for 19.6 billion RMB and Ningbo Jiaogong Group's acquisition for 15.272 billion RMB [39][40].

Group 1: IPO Activities - The first trading week of 2026 saw significant IPO activities in both domestic and international capital markets, marking an active start to the year [2] - The Beijing Stock Exchange approved its first IPO of the year, with Zhoushan Chenguang Electric Motor Co., Ltd. successfully passing the review [2] - Hong Kong's stock market experienced a surge of hard-tech company listings, with companies like Zhipu, Tensu Zhixin, and Jingfeng Medical showing strong performance despite market adjustments [2][5] Group 2: Company Highlights - Zhoushan Chenguang Electric Motor Co., Ltd. plans to raise 399 million yuan, down from an initially proposed 520 million yuan, with funds allocated for high-speed motors and R&D center construction [3] - Guangdong Banzai Chuangke Electric Co., Ltd. aims to raise approximately 400 million yuan, showing significant revenue growth from 10.71 billion yuan in 2022 to an expected 15.1 billion yuan in 2025 [4] - Zhipu, listed on the Hong Kong Stock Exchange, had an opening price of 116.2 HKD, closing at 131.5 HKD, with a total market value of 57.89 billion HKD and a fundraising total of about 4.348 billion HKD [5] - Tensu Zhixin, another new listing, opened at 190.2 HKD, closing at 156.8 HKD, with a total market value of 39.877 billion HKD and raising approximately 3.677 billion HKD [5] - Jingfeng Medical-B, a leader in surgical robotics, saw its stock rise to 56.6 HKD from an initial price of 43.24 HKD, achieving a market value of 21.945 billion HKD and raising about 1.199 billion HKD [6] Group 3: Upcoming IPOs and Filings - Stand Robot and Wanbang Digital Energy have submitted their IPO applications, with Stand Robot being a leader in industrial mobile robot solutions and Wanbang being the largest smart charging equipment supplier globally [8] - Other companies like Tianxiaxiu and Zhong'an Xinke are also in the process of filing for IPOs, focusing on digital marketing and customized AI solutions respectively [9][10] - Chipmaker Xinmai Semiconductor updated its prospectus for a second time, focusing on power management ICs and reporting a revenue increase of 24.3% for the first three quarters of 2025 [10]