计算机行业重大事项点评：从模型上市，看AI应用机会

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [18]. Core Insights - The report highlights the upcoming IPOs of major AI model companies, Zhiyu and MiniMax, on the Hong Kong Stock Exchange, which are expected to enhance the capital flow and operational efficiency in the AI sector [1][7]. - The successful listing of these companies signifies a completed "technology-product-capital" cycle, providing a public financing channel for foundational models that require substantial investment [7]. - The report emphasizes the importance of transparency in market capitalization, which will compel startups to focus on actual profitability rather than just parameter comparisons, accelerating the convergence of business models [7]. Industry Overview - The computer industry comprises 338 listed companies with a total market capitalization of approximately 59,113.55 billion yuan and a circulating market capitalization of about 53,639.32 billion yuan [4]. - The absolute performance of the industry over the past 12 months has increased by 26.7%, while the relative performance has improved by 9.1% [5]. Company Highlights - Zhiyu AI, originating from Tsinghua University's KEG laboratory, has developed the GLM series of domestic large models, with flagship products serving over 12,000 clients across various sectors [7]. - MiniMax, a Shanghai-based unicorn, has developed a trillion-parameter MoE architecture and has significant overseas revenue, with its technology utilized by major companies like Alibaba and Tencent [7]. - Both companies are in the expansion phase, with sufficient cash reserves to cover future operational and R&D expenses, providing a model for observing the profitability of domestic multimodal models [7].