大模型公司集中上市催化AI产业 太平洋证券推荐关注海光信息、联想等

Group 1 - Zhiyu is a leading independent general large model vendor in China, offering a matrix of models including small edge models, economical models, and flagship large models with hundreds of billions of parameters to meet diverse customer needs [1] - Zhiyu's one-stop MaaS platform integrates AI models and intelligent tools, providing four types of models: language models, multimodal models, agent models, and code models, along with a wide range of agent templates and tools [1] - Zhiyu's revenue is rapidly growing, with projected revenues of 125 million, 312 million, and 191 million yuan for 2023, 2024, and the first half of 2025, respectively, reflecting year-on-year growth rates of 116.93%, 150.86%, and 325.03% [1] Group 2 - MiniMax has launched a series of native AI multimodal products targeting global C-end customers, featuring self-developed large models like MiniMax M2, Hailuo-02, and Speech-02, which can process long contexts and integrate text, visual, and audio modalities [2] - MiniMax's revenue primarily comes from C-end subscriptions and online marketing services, with projected revenues of 3.46 million, 30.52 million, and 53.44 million USD for 2023, 2024, and the first nine months of 2025, respectively [2] - As of September 30, 2025, MiniMax's average monthly active users (MAU) reached approximately 27.6 million, with paid users of AI native products totaling around 1.77 million [2] Group 3 - Pacific Securities believes that the listing of AI large model companies will catalyze the AI industry, positively impacting AI applications and computing power [3] - The firm recommends several companies including Kingsoft Office, Fengzhushou, Yonyou Network, Hehe Information, Entropy Technology, and CloudWalk Technology as key players in the AI application explosion [3] - The surge in AI applications is expected to significantly increase the demand for computing power, with recommendations for companies like Haiguang Information, Lenovo Group, and Caltech [3]