Group 1 - The stock of Zhipu (02513.HK) continues its upward trend, with the increase at one point reaching 19% [1]

Core Viewpoint - The report from CICC forecasts that Zhiyu (02513) will achieve revenues of 720 million, 1.75 billion, 3.67 billion, and 7.67 billion yuan from 2025 to 2028, with a CAGR of 120% [1] Group 1: Company Overview - Zhiyu is a leading large model vendor in China and globally, founded in 2019, focusing on the GLM series foundational models [1] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from domestic and international users [1] Group 2: Revenue Growth and Business Model - The company is expected to see a revenue CAGR of over 130% from 2023 to 2027, driven by its MaaS platform and API revenue, which is projected to become a major growth engine [2] - By early 2026, the annual recurring revenue (ARR) from API-related services is estimated to approach 600 million yuan, reflecting several times growth compared to the previous year [2] Group 3: Market Potential and Competitive Advantage - The total addressable market (TAM) for AI Coding is estimated to reach one trillion yuan, with Zhiyu positioned to lead in this early penetration stage [3] - The company has core advantages in the Coding scenario, including low hallucination rates, high stability, and strong reasoning and tool usage capabilities, which are expected to help it maintain a leading position [3] Group 4: Differentiation from Market Perspectives - CICC's outlook differs from the market by emphasizing Zhiyu's foundational model capabilities and its ongoing leadership in the AI Coding space, which is likely to attract a broader domestic and international customer base [4] Group 5: Potential Catalysts - Potential catalysts for growth include the release of new generation models and high growth in API and Coding ARR [5]

2月20日，香港恒生指数、恒生科技指数低开低走，恒生指数一度下跌1.31%，现跌0.68%，恒生科技指数一度下跌2.7%，现跌2.02%。 胜利证券(8540.HK)涨13.12%。消息方面，香港证券及期货事务监察委员会网站更新的信息显示，胜利数码科技有限公司旗下的虚拟资产交易平台VDX已 于2月13日获颁虚拟资产交易平台运营牌照。 | < W | 胜利证券(8540) | | | | | --- | --- | --- | --- | --- | | | 02-20 09:44:00 | | | | | 5.690 | 额 145万 股本 2.13亿 市盈 " 27.6 | | | 万得 | | | | | | 20 | | | 0.660 13.12% 换 0.12% 市值 12亿 市净 5.84 | | | | | 分时 | 五日 日K | | 申名 6 | | | 昼加 | | | 均价:5.813 盘圆 成交 | | | 5.930 | | | 17.89% 卖10 5.780 --(0) | | | | | | 卖9 5.770 -- (0) | | | | | | 卖8 5.760 | -- ( ...

Market Overview - The Hang Seng Index and Hang Seng Tech Index opened lower, with the Hang Seng Index dropping by 1.31% at one point and currently down by 0.68% [1] - The Hang Seng Index is currently at 26,524.99, with a trading volume of 4.29 billion and a market capitalization of 429 billion [2] Stock Performance - AI application stocks in Hong Kong showed strong performance, with Haizhi Technology Group (2706.HK) rising by 19.25%, MINIMAX-WP (0100.HK) increasing by 11.63%, and Zhipu (2513.HK) up by 18.31%, bringing their market capitalization to 268 billion HKD [1] - Victory Securities (8540.HK) saw a rise of 13.12% following the approval of its virtual asset trading platform VDX by the Hong Kong Securities and Futures Commission [6] - Bitcoin-related stocks also performed well, with Star Chain Group (0399.HK) surging by 46.67% after news of the issuance of stablecoin licenses in Hong Kong [6] Declines in Tech Stocks - Many tech stocks experienced declines, with notable drops including Kingdee International and Baidu Group falling over 5%, Alibaba and Bilibili down over 4%, and Netease down by 3.95% [8] - Other companies such as Tencent Music, Meituan, and JD Group also saw declines of over 3% [8][9][10] Notable Gainers - Midea Group, Horizon Robotics, and SenseTime recorded gains, with Midea Group increasing by 1.47% [11]

客户端 智谱（02513）早盘高开，涨幅持续扩大，现涨22.05%，报620港元，成交额6.47亿港元。 据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接入，并进一步 简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型的深度适配工 作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 智谱（02513）早盘高开，涨幅持续扩大，现涨22.05%，报620港元，成交额6.47亿港元。 据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接入，并进一步 简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型的深度适配工 作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 值得注意的是，2月12日，智谱在官方渠道宣布上调GLM Coding Plan订阅价格，涨幅"至少30%"。此 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 | 02513 | 智谱 | 612.000 20.47% | | --- | --- | --- | | 00100 | MINIMAX-WP | 965.000 13.93% | 消息面上，据中科曙光消息，曙光SothisAI近日升级，实现智谱GLM-5、阿里Qwen3.5大模型全面接 入，并进一步简化和优化企业AI平台构建与运营流程。此外，"太初元碁"完成多款国产主流开源大模型 的深度适配工作，其中包括智谱GLM-5.0、阿里千问Qwen3.5-397B-A17B。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 马年港股开市首日，大模型公司智谱 （02513.HK） 、 MINIMAX-WP （00100.HK）均大幅上涨，股价 均创上市以来新高。截至目前，智谱涨超20%，MiniMax涨约14%。 消息面上，据 ...

Core Viewpoint - The stock of Zhiyu (02513) opened over 5% higher and is currently up 5.12%, trading at 534 HKD with a transaction volume of 24.6174 million HKD, indicating positive market sentiment following recent developments in AI technology integration and pricing strategies [1] Group 1: Company Developments - Zhiyu has integrated the Zhiyu GLM-5 and Alibaba Qwen3.5 large models into its AI platform, enhancing the construction and operational processes for enterprise AI [1] - The company announced a price increase of at least 30% for its GLM Coding Plan subscription, reflecting a shift in industry pricing logic as cloud service providers have also raised their prices [1] Group 2: Industry Insights - The recent price adjustments in the AI sector suggest that computational resources are becoming a critical production factor, allowing model providers to convert "computational scarcity" into gross profit and cash flow through tiered pricing and subscription models [1]

截至发稿，海致科技集团(02706.HK)涨15%、MINIMAX-WP(00100.HK)涨5.43%、智谱(02513.HK)涨 5.12%。 来源：滚动播报 ...

Core Viewpoint - "Tai Chi Yuan Qi" has completed deep adaptation work for several mainstream domestic open-source large models, indicating significant progress in AI model development and compatibility within the industry [1] Group 1: Company Developments - "Tai Chi Yuan Qi" has successfully adapted multiple mainstream domestic large models, including Zhipu GLM-5.0 and Alibaba Qwen 3.5-397B-A17B [1] - The adaptations were conducted on the company's self-developed T100 acceleration card, showcasing its technological capabilities [1] Group 2: Industry Impact - The introduction of a tiered development toolchain within the SDAA software stack aims to meet diverse development needs, from beginner to advanced levels [1] - This toolchain is designed to help developers quickly build high-performance operators, facilitating seamless compatibility with mainstream AI ecosystems [1] - The initiative significantly reduces the technical barriers and costs associated with migrating from the CUDA ecosystem [1]

阿里腾讯加码。 当一众AI应用扎堆打响超"春节红包战"之际，AI独角兽月之暗面（Moonshot AI）旗下产品Kimi却悄然 放出"大招"——在完成5亿美元C轮融资仅一个多月后，新一轮超7亿美元融资已进入交割收尾阶段。 本轮融资由阿里、腾讯、五源、九安等老股东联合领投，公司估值突破100亿美元大关，正式跻身全球 独角兽行列，为热闹的春节AI赛道注入了不一样的资本信号。 Kimi创近一年行业融资纪录 1月9日，上海AI大模型公司MiniMax（00100.HK）登陆港交所主板，近3个交易日股价已累计上涨 65%，最新市值已经超过2600亿港元。 AI竞争迈入新阶段 作为国内大模型"六小虎"的领军企业之一，Kimi的融资热度折射出行业竞争格局的深刻分化。 近日，摩根大通证券（中国）发布研究报告《中国人工智能行业：全球布局与模型创新驱动新一代领军 者》。报告称，中国人工智能行业正从"百模大战"阶段，迈向以商业化落地能力、模型创新实力及全球 化布局为决定成败之关键的阶段。中国AI市场正在迅速整合，"具备实力且资金充足的模型开发商数量 已从超200家缩减至不足10家"。 短短两个月内，Kimi累计融资规模将超12亿美 ...