智通财经APP讯，第四范式(06682)发布公告，由于经营发展需要，董事会于2026年1月12日已议决将公 司中文名称由"北京第四范式智能技术股份有限公司"更改为"范式智能技术集团股份有限公司"。公司的 英文名称保持不变。 ...

格隆汇1月12日丨第四范式(06682.HK)宣布，由于经营发展需要，董事会于2026年1月12日已议决将公司 中文名称由「北京第四范式智能技术股份有限公司」更改为「范式智能技术集团股份有限公司」。公司 的英文名称保持不变。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Phancy Group Co., Ltd. 北京第四範式智能技術股份有限公司 （前 稱「北 京 第 四 範 式 智 能 技 術 股 份 有 限 公 司 Beijing Fourth Paradigm Technology Co., Ltd.」） （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6682） (1)建議更改本公司中文名稱及建議修改公司章程 及 (2)建議制定獨立非執行董事工作制度及 建議修改董事會議事規則 建議更改本公司中文名稱及建議修改公司章程 北京第四範式智能技術股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，由 於 經 營 發 展 需 要，董 事 會 於2026年1月12日已議決將本公司中文名稱 由「北 京 第 四 範 式 智 能 技 術 股 份 有 ...

Group 1 - The Hong Kong stock market saw a significant rise in AI application stocks, with notable increases in share prices for several companies [1] - Zhihui (智谱) surged by 19% to reach a new high since its listing, with a latest price of 188.800 and a total market capitalization of 831.15 billion [2] - Weimeng Group (微盟集团) increased by over 16%, with a latest price of 2.340 and a market cap of 92.67 billion [2] Group 2 - Mai Fushi (迈富时) rose by more than 13%, with a latest price of 43.920 and a market capitalization of 112.48 billion [2] - MINIMAX-WP (MINIMAX-WP) experienced an 11.88% increase, reaching a price of 386.000 and a total market value of 1193.73 billion [2] - Fourth Paradigm (第四范式) saw a growth of over 10%, with a latest price of 54.800 and a market cap of 284.51 billion [2] Group 3 - Yidu Technology (医渡科技) increased by 8.46%, with a latest price of 6.410 and a market capitalization of 67.99 billion [2] - Kingdee International (金蝶国际) rose by 7.88%, reaching a price of 15.610 and a total market value of 554.07 billion [2] - 汇量科技 (汇量科技) saw a 7.09% increase, with a latest price of 18.720 and a market cap of 294.68 billion [2] Group 4 - Meitu (美图公司) increased by 6.94%, with a latest price of 8.480 and a market capitalization of 388.91 billion [2] - Inspur Digital (浪潮数字企业) rose by 5.94%, reaching a price of 5.710 and a market cap of 69.75 billion [2] - 微创机器人-B (微创机器人-B) saw a 6.25% increase, with a latest price of 26.840 and a market cap of 276.81 billion [2]

Group 1 - The recent listings of domestic AI large model companies such as MiniMax and Zhipu in Hong Kong have led to a significant rise in AI concept stocks in the Hong Kong market, with notable increases in stock prices for companies like Maifushi and MINIMAX-WP, which rose over 9% [1] - The current wave of listings is seen as a transition from the technical research phase to a stage where technology and commercialization are being implemented simultaneously, providing a basis for future financing and valuation of large model companies [1] - According to a report by Frost & Sullivan, the market size of China's large language model is projected to reach 5.3 billion yuan in 2024 and is expected to grow to 101.1 billion yuan by 2030, with a compound annual growth rate of 63.5% from 2024 to 2030 [1] Group 2 - The stock performance of key AI companies includes Maifushi with a 9.64% increase, MINIMAX-WP with a 9.39% increase, and Fourth Paradigm with an 8.49% increase, among others, indicating strong market interest [2] - MINIMAX-WP has seen a remarkable year-to-date increase of 128.73%, reflecting investor confidence and market potential [2] - The total market capitalization of these companies varies, with MINIMAX-WP at 116.71 billion yuan and Maifushi at 108.95 billion yuan, showcasing the financial scale of these emerging players in the AI sector [2]

每经AI快讯，1月12日，港股人工智能概念股走强。截至发稿，智谱(02513.HK)涨14.94%、微盟集团 (02556.HK)涨5.97%、第四范式(06682.HK)涨4.17%。 （文章来源：每日经济新闻） ...

在大语言模型(LLM)集体陷入"越练越大、越用越虚"的困局之际，1月9日，人工智能领军企业范式智能(06682)震撼发布Phanthy平台(中文名：万神殿)，宣告 一个新智能范式的诞生。这不仅是对当前主流AI路线的彻底颠覆，更是一条绕过"通用幻觉"、直通可信赖、可行动、可验证通用人工智能(AGI)的工程化高 速路。 面对银行风控系统，无法解释一笔贷款为何高风险；在工厂产线上，看不懂设备振动频谱与故障的因果关联；问及患者病史与用药冲突，只能给出模糊概 率，无法进行临床级推理；更致命的是——它们不知道自己不知道什么，常以自信口吻输出错误结论。 "大语言模型本质上是一个超大规模的'互联网记忆压缩器'，它没有世界模型，没有因果机制，没有责任边界。"范式智能首席科学家指出，"你可以让它写一 篇关于核电站安全的论文，但它绝不能参与真正的核控决策——因为它不懂物理，也不懂后果。" 而Phanthy的答案是：把AI从'全知全能的神'还原为'各有所长的专家'。 不是更大，而是更深：Phanthy如何做到LLM做不到的事? Phanthy并非又一个千亿参数的语言模型，而是一个由生成式协调中枢+多个垂直世界模型构成的智能操作系统。 ...

Core Viewpoint - The launch of the Phanthy platform by Paradigm Intelligence represents a significant shift in AI development, moving away from the limitations of large language models (LLMs) towards a more reliable and actionable form of artificial general intelligence (AGI) [1][11]. Group 1: Phanthy Platform Overview - Phanthy is not just another large language model; it is an intelligent operating system composed of a generative coordination hub and multiple vertical world models [3][10]. - The platform aims to address the shortcomings of existing LLMs, which often fail in real-world applications due to their lack of causal understanding and accountability [3][10]. Group 2: Key Innovations - Phanthy possesses domain-specific causal reasoning capabilities, allowing it to simulate how macroeconomic variables affect corporate cash flows and predict the dynamic balance between power grid loads and renewable energy outputs [6]. - Unlike LLMs that can only provide verbal responses, Phanthy can execute actions in real-time, such as adjusting parameters in manufacturing systems based on detected anomalies, creating a closed-loop decision-making process [7]. - The platform embraces uncertainty by clearly indicating when it lacks confidence or requires human intervention, contrasting with LLMs that may provide misleading information [8]. Group 3: Continuous Improvement - Each vertical world model within Phanthy is designed to learn continuously from real business processes, allowing for ongoing optimization based on new data and feedback from users [9]. Group 4: Architectural Revolution - Phanthy's architecture moves away from a single model approach to a collaborative system of specialized models, enhancing the depth and accuracy of its outputs [10]. - The process involves breaking down complex tasks, coordinating multiple models, and generating structured reports with confidence intervals and source citations [10]. Group 5: Open Collaboration - The Phanthy platform is open for collaboration across key industries such as finance, energy, manufacturing, transportation, and healthcare, aiming to build a robust AGI ecosystem [11]. - The company seeks to provide tools for vertical model development and knowledge integration, positioning itself as a foundational element in the AGI landscape rather than a sole AI provider [11]. Conclusion - The emergence of Phanthy serves as a reminder that the true value of AI lies in its ability to solve real-world problems rather than merely engaging in conversation [12].

Core Viewpoint - The successful IPO of Tensu Zhixin (09903) on January 8 marks a significant milestone for the domestic high-end computing chip industry, reflecting strong market interest and confidence in domestic AI capabilities [1] Group 1: IPO and Market Response - Tensu Zhixin's stock price surged by 31.54% at opening, leading to a market capitalization exceeding 40 billion HKD, indicating robust investor enthusiasm for domestic high-performance computing chips [1] - The IPO attracted 18 cornerstone investors, including major players like ZTE Corporation (Hong Kong) and UBS AM Singapore, with total subscription commitments reaching 1.583 billion HKD [1] Group 2: Strategic Partnership with Paradigm Intelligence - The collaboration between Paradigm Intelligence and Tensu Zhixin extends beyond capital investment to include deep technological synergy and business collaboration [2] - Paradigm Intelligence's strategic investment aims to bridge the gap between domestic computing hardware and AI applications, fostering a self-sufficient AI computing foundation [2] - The introduction of Paradigm's ModelHub XC and EngineX addresses compatibility issues between domestic computing and large models, facilitating easier deployment of AI models for enterprise clients [2] Group 3: Benefits for Paradigm Intelligence - Tensu Zhixin's strong market performance enhances the value of Paradigm Intelligence's holdings, optimizing its asset structure and elevating its valuation [3] - The IPO provides Tensu Zhixin with increased funding for R&D and capacity expansion, ensuring a stable and cost-effective supply of domestic computing resources for Paradigm Intelligence [3] - The partnership creates a "software + hardware" synergy, establishing a competitive edge and a robust technological moat for Paradigm Intelligence in the enterprise AI market [3] Group 4: Market Implications - The listing of Tensu Zhixin signifies a pivotal moment in the maturation of the domestic AI industry, accelerating the development of a stable and efficient domestic computing ecosystem [4] - The domestic GPU market is projected to exceed 100 billion CNY in the next five years, with ongoing collaboration between Paradigm Intelligence and Tensu Zhixin expected to drive practical applications of domestic computing in enterprise scenarios [4] - The "soft and hard integration" model shortens the conversion cycle from laboratory to production line, enhancing client adoption willingness and project delivery certainty [4] Group 5: Future Outlook - The successful IPO of Tensu Zhixin is a key achievement for the domestic GPU industry and a significant outcome of Paradigm Intelligence's strategic positioning [5] - The close partnership is anticipated to accelerate the maturation of the domestic AI computing ecosystem and provide Paradigm Intelligence with robust growth momentum in the wave of AI large model applications [5]

Core Viewpoint - The successful IPO of Tensu Zhixin (09903) on the Hong Kong Stock Exchange marks a significant milestone for the domestic high-end computing chip industry, reflecting strong market interest and confidence in domestic AI capabilities [1][3]. Group 1: IPO and Market Response - Tensu Zhixin's stock price surged by 31.54% after opening, leading to a market capitalization exceeding 40 billion HKD, indicating robust investor enthusiasm for domestic high-end computing chips [1]. - The IPO attracted 18 cornerstone investors, including major players like ZTE Corporation and UBS AM Singapore, with total commitments reaching 1.583 billion HKD, showcasing strong backing for the company [1]. Group 2: Strategic Partnership with Paradigm Intelligence - The collaboration between Tensu Zhixin and Paradigm Intelligence goes beyond financial investment, focusing on strategic investment and ecosystem collaboration to bridge the gap between domestic computing hardware and AI applications [1]. - Paradigm Intelligence's ModelHub XC and EngineX address compatibility issues between domestic computing power and large models, facilitating easier deployment of AI models for enterprise clients [1]. Group 3: Benefits for Paradigm Intelligence - The strong performance of Tensu Zhixin's stock enhances the value of Paradigm Intelligence's holdings, optimizing its asset structure and improving its valuation [2]. - The IPO provides Tensu Zhixin with increased funding for R&D and capacity expansion, ensuring a stable and cost-effective supply of domestic computing power for Paradigm Intelligence [2]. - The deep collaboration with Tensu Zhixin creates a "software + hardware" synergy, establishing a competitive edge in the enterprise AI market [2]. Group 4: Market Implications - Tensu Zhixin's IPO signifies a pivotal moment for the maturation of the domestic AI industry, providing a stable and efficient foundation for domestic AI chips to transition from "usable" to "user-friendly" [3]. - The domestic GPU market is expected to exceed 100 billion CNY in the next five years, with ongoing collaboration between Paradigm Intelligence and Tensu Zhixin driving practical applications of domestic computing power in enterprise scenarios [3]. - The "soft and hard integration" cooperation model shortens the conversion cycle from laboratory to production line, enhancing client adoption willingness and project delivery certainty [3]. Group 5: Future Outlook - The successful listing of Tensu Zhixin is a key achievement for the domestic GPU industry and a significant outcome of Paradigm Intelligence's strategic layout, promising stronger growth momentum and broader development space in the AI large model application wave [4]. - The close cooperation between Paradigm Intelligence and Tensu Zhixin is expected to contribute to a new chapter in China's AI industry and promote independent innovation [4].