智通财经APP获悉，"全球大模型第一股"智谱(02513)今日正式登陆港股市场，盘中拉升逾9%，截至发 稿，涨8.43%，报126港元，成交额15.03亿港元。 2025年12月23日，智谱基座模型 GLM-4.7上线并开源，Artificial Analysis（AA 智能指数）显示，GLM- 4.7排名国产第一，和 Claude 4.5 Sonnet 并列全球第六。东吴证券研报指出，看好智谱AI在本土大模型 技术实力、开源生态布局以及政企本地化落地能力方面的优势，并认为公司有望受益于中国大模型行业 从本地化部署向云端服务转型的长期趋势。 消息面上，据晚点独家报道，1 月 8 日智谱上市当天，清华大学计算机系教授、智谱创立发起人兼首席 科学家唐杰发布内部信，宣布很快将推出新一代模型 GLM-5。内部信还介绍了2026年智谱聚焦的三个 技术方向，包括全新的模型架构设计，更通用的RL（强化学习）范式以及对模型持续学习与自主进化 的探索。它们均围绕基础模型能力提升展开。 ...

智谱 凤凰网科技讯北京时间1月8日，据彭博社报道，智谱今天正式在港交所挂牌上市，成为"全球大模型第 一股"。智谱董事长刘德兵在接受采访时表示，AI价格战将会扩大到国际市场。 目前，智谱正加速向海外拓展用户和知名度。智谱联合创始人兼董事长刘德兵在接受彭博电视采访时表 示："一旦市场通过充分竞争而成熟，更多人将会了解这些模型的能力、性能和定价，市场将达到一种 均衡状态。" 和硅谷AI公司相比，中国创业公司在运营资金、计算资源和人员规模上要小得多，但它们正通过持续 升级，并向程序员和企业客户提供性能相当但价格低得多的服务，不断缩小差距。以智谱为例，其AI 编程助手每月收费仅20元人民币(不到3美元)，大约是Anthropic旗下Claude的七分之一。 "中国市场竞争异常激烈，这自然会把价格拉低到这个水平。但随着我们在全球范围内竞争，国际用户 无疑会认识到其中的价值。如果我们能持续保持对手七分之一的价格，我们将拥有一个全球市场必然会 接受的独特优势。"刘德兵称。 智谱此次通过在港交所上市融资5亿多美元，其对手MiniMax也将于周五在港交所上市。(作者/箫雨) ...

Core Insights - The company Zhipu (02513), known as the "first global large model stock," officially listed on the Hong Kong stock market, experiencing a price increase of over 9% during trading, with a current price of 126 HKD and a trading volume of 1.503 billion HKD [1] Group 1: Company Developments - On the day of its listing, Zhipu's founder and chief scientist, Professor Tang Jie from Tsinghua University, announced the upcoming launch of the next-generation model GLM-5 [1] - The internal communication highlighted three technical directions for Zhipu to focus on by 2026: new model architecture design, a more general reinforcement learning (RL) paradigm, and exploration of continuous learning and autonomous evolution of models, all aimed at enhancing foundational model capabilities [1] Group 2: Market Position and Future Outlook - The GLM-4.7 base model was launched and open-sourced on December 23, 2025, ranking first among domestic models and tied for sixth globally with Claude 4.5 Sonnet according to the Artificial Analysis (AA Intelligence Index [1] - Dongwu Securities' research report expresses optimism about Zhipu's strengths in domestic large model technology, open-source ecosystem layout, and local implementation capabilities for government and enterprise, suggesting the company is well-positioned to benefit from the long-term trend of transitioning from localized deployment to cloud services in China's large model industry [1]

智谱成立于2019年，由清华大学技术成果转化而来，专注AGI研发。弗若斯特沙利文报告显示，按2024 年收入计算，智谱在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中排名第二。 智谱董事长刘德兵在上市致辞中讲到："'让机器像人一样思考'是智谱自始自终的愿景和理想，也是智 谱人持之以恒奋斗的唯一目标"，并表示智谱的Z是字母表中的最后一个，代表终极境地，智谱将持续 探索AGI的智能上界，希望能够为人类社会带来不一样的AI，帮到更多的人。"（智通财经记者 范佳 来） 来源：智通财经 1月8日，智谱(02513.HK)正式在香港联合交易所挂牌上市，开盘报120港元/股，市值突破528亿港元。 这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中国。 ...

Group 1 - The Hong Kong stock market welcomed three "hard technology" IPOs on January 8, with all three stocks experiencing gains [1] - Among them, Precision Medical showed the most impressive performance, rising over 26% [2] - Precision Medical raised HKD 1.2 billion (approximately USD 154 million) in its IPO, with a share price of HKD 43.24 and a subscription ratio of 1,091.94 times for the public offering [4] Group 2 - Tian Shu Zhi Xin also performed strongly, with a stock increase of nearly 15% [4] - Tian Shu Zhi Xin is recognized as a leading GPU chip and computing system provider in China, being the first to achieve mass production of inference and training general-purpose GPU chips [6] - The company has also utilized advanced 7nm process technology to reach these milestones [6] Group 3 - Zhi Pu experienced a fluctuation with a rise of over 5%, despite previously breaking its initial offering price [8] - The IPO plan for Zhi Pu includes issuing 37.42 million H-shares at a price of HKD 116.20 per share, aiming to raise approximately HKD 4.348 billion, with an expected market capitalization exceeding HKD 51.1 billion post-listing [9] - The public offering portion of Zhi Pu's IPO received approximately 1,164 times oversubscription [9]

专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中，被问到"是否想过要参与豆包、Kimi 的竞争"时表示，那不是我们的风格。 张小珺提问表示：To C永远比To B对于投资人来说，更有吸引力一些，对吧？ 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中，被问到"是否想过要参与豆包、Kimi 的竞争"时表示，那不是我们的风格。 张小珺提问表示：To C永远比To B对于投资人来说，更有吸引力一些，对吧？ 对此张鹏回答称：不太理解这个吸引力从哪来。后来他猜测了一个原因是在于模型比较好算，一个用户 值多少钱，比较简单。"但To B太复杂了，一个客户值多少钱这个事情，千奇百怪，而且各种各样的因 素都有，所以投资人想要把这个事情算得很明白，比较困难。"他说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 对此张鹏回答称：不太理解这个吸引力从哪来。后来他猜测了一个原因是在于模型比较好算，一个用户 值多少钱，比较简单。"但To B太复杂 ...

北京商报讯（记者 魏蔚）1月8日，智谱以120港元的开盘价在港交所上市，较116.2港元的发行价上涨 3.3%，截至北京商报记者发稿，股价120港元，总市值528.28亿港元。 2022年至2024年，智谱经调整净亏损分别是9741.7万元、6.21亿元、24.66亿元。2025年上半年经调整净 亏损17.52亿元。2022年至2024年公司毛利率分别是54.6%、64.6%、56.3%，2025年上半年毛利率50%。 智谱成立于2019年，由清华大学技术成果转化而来，专注通用人工智能的研发。2022年-2024年，智谱 营收分别是5740.9万元、1.25亿元、3.12亿元，年复合增长率130%。2025年上半年营收1.91亿元，同比 增长325%。 ...

责任编辑：李思阳 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中谈到"2023年百模大战"时表示，当时 有两种感觉：第一感觉是特别兴奋。迎来了一个很大的机会，很大的浪潮，大家都不用再去教育投资 人、教育市场。"反正你做这个事情，大家一听，很炸，OpenAI干这个事吧？行，挺好的。"他说。 但他也直言，此外还是有些焦虑、有些担心。因为每逢大浪过来，往后可能是一片狼藉，最后留不下点 啥，害怕这种状况。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 但他也直言，此外还是有些焦虑、有些担心。因为每逢大浪过来，往后可能是一片狼藉，最后留不下点 啥，害怕这种状况。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中谈到"2023年百模大战"时表示，当时 有两种感觉：第一感觉是特别兴奋。迎来了一个很大的机 ...

Core Insights - The core message of the news is that Zhipu AI has officially launched and is set to introduce its next-generation model, GLM-5, with a vision to become a leading global player in large models by 2026 [1][2]. Group 1: Company Vision and Goals - Zhipu AI aims to become an international leader in large models by 2026, as stated by its founder and chief scientist, Tang Jie [1][2]. - The company is focusing on the persistent pursuit of AGI technology and the exploration of its upper limits, which are seen as critical for future improvements [3]. Group 2: Upcoming Developments - The GLM-5 model is expected to be released soon, featuring significant scaling and new technological improvements to enhance user experience and task completion [1][3]. - The company plans to explore new model architectures to address the limitations of the widely used Transformer architecture, which has shown inefficiencies in handling long contexts and memory mechanisms [2][3]. Group 3: Research and Development Focus - There is a need to develop a more generalized Reinforcement Learning (RL) paradigm that can handle long-term tasks beyond the current capabilities of RLVR, which relies on manually constructed environments [4]. - The company is also focusing on continuous learning and autonomous evolution, moving away from static AI models that become outdated post-deployment, aiming for a paradigm that allows for ongoing learning from interactions with the world [5].

Core Viewpoint - The listing of Beijing Zhiyuan Huazhang Technology Co., Ltd. (智谱) on the Hong Kong Stock Exchange marks the first public offering of a company focused on General Artificial Intelligence (AGI) foundational models, highlighting China's leadership in this emerging sector [1][9]. Group 1: Company Overview - Zhiyuan is recognized as one of the earliest companies in China to engage in large model research, having developed the GLM framework, which has achieved significant milestones in model capabilities [3]. - The company has established a comprehensive model system, being the first to release various significant models, including the first hundred billion model and the first open-source trillion model in China [3]. - As of September 30, 2025, Zhiyuan has empowered over 12,000 enterprise clients and more than 45 million developers, making it the largest independent general large model provider in China [7]. Group 2: Financial Performance - Zhiyuan's revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 130%, with revenues of 57.4 million, 124.5 million, and 312.4 million respectively [7]. - The company reported a revenue of 191 million in the first half of 2025, representing a year-on-year growth of 325% [7]. - The gross margin for the years 2022 to 2024 was 54.6%, 64.6%, and 56.3%, with a gross margin of 50% in the first half of 2025 [7]. Group 3: Research and Development - The company has committed significant resources to R&D, with investments of 84.4 million, 528.9 million, and 2.195 billion from 2022 to 2024, totaling approximately 4.4 billion [4]. - R&D personnel constitute 74% of the workforce, enabling rapid iterations of the GLM series models every 2-3 months [4]. - The upcoming GLM-4.7 model has achieved top rankings in both open-source and domestic model assessments, showcasing its competitive edge [4]. Group 4: Business Model and Strategy - Zhiyuan operates on a Model as a Service (MaaS) model, providing standardized products that include API calls, model subscriptions, and localized deployments [8]. - The company has seen significant growth in its MaaS platform, which has attracted over 3 million enterprises and developers, making it one of the most active large model API platforms in China [8]. - Approximately 70% of the funds raised from the IPO will be allocated to further R&D in general AI foundational models, reinforcing the company's competitive position [6]. Group 5: Market Position and Future Outlook - The global AI market is projected to grow from $189 billion in 2023 to $4.8 trillion by 2033, indicating a 25-fold increase over the next decade [9]. - With the implementation of national standards for AI foundational models, China's AGI development is entering a more structured phase, positioning companies like Zhiyuan for significant growth [9]. - The successful IPO of Zhiyuan signifies a new phase for Chinese AGI companies, allowing them to compete on a global scale with established international players [9].