Zhi Tong Cai Jing·2026-01-12 12:08Group 1 - AI concept stocks continue to strengthen, with Zhihu (02390) seeing a peak increase of over 10% during trading, closing at HKD 9.97 per share, up 6.97% [1] - The focus of the AI industry chain is shifting from early-stage computing power investment to application and commercialization, highlighting Zhihu's data and investment value in the AI era [1] - Haitong International's report emphasizes Zhihu's high user engagement and trust in the "professional discussion" space, which attracts high-value users and brand budgets, benefiting from the generative AI integration in various scenarios [1] Group 2 - According to a report by Quantum Bit Think Tank, Zhihu's professional content is cited by AI smart assistants at a rate of 29.9%, leading among content communities [2] - In consumer-related queries, the citation rate of Zhihu content by AI smart assistants reaches 62.5%, particularly in fields like maternal and child health, where Zhihu's content accounts for 28% and 26% respectively [2] - China Galaxy Securities indicates that concerns about an "AI bubble" stem more from demand rather than production, suggesting that there is still significant potential for generative AI in application layers [2]