Core Viewpoint - Zhiyuan (02513) made its debut on the Hong Kong Stock Exchange, becoming the "first global large model stock," with its share price rising over 40% from the IPO price, reaching a peak of 165 HKD [1] Company Summary - Zhiyuan's stock rose by 17.34% to 154.3 HKD, with a trading volume of 632 million HKD as of the report [1] - The company is recognized as one of the earliest entrants in large model research in China, ranking first among independent general large model developers in China based on projected 2024 revenue, and second among all general large model developers [1] - The founder and chief scientist, Tang Jie, announced the upcoming launch of the next-generation model GLM-5 and outlined three technical directions for 2026, focusing on new model architecture design, a more general reinforcement learning paradigm, and exploration of continuous learning and autonomous evolution of models [1] Industry Summary - The AI large model sector in China is experiencing a milestone event with Zhiyuan's IPO, which is expected to provide key benchmarks for future industry valuation and financing systems [1] - Dongwu Securities expressed optimism about Zhiyuan's advantages in local large model technology, open-source ecosystem layout, and local government-enterprise implementation capabilities, anticipating benefits from the long-term trend of transitioning from localized deployment to cloud services in the Chinese large model industry [1] - Minimax, another leading startup, also saw a significant rise of about 80% on its first trading day, indicating strong investor interest in the sector [1]
智谱最高涨超24% 将推出新一代模型 GLM-5 机构看好其核心竞争力