启明创投周志峰：智谱的成功IPO，对中国长周期赛道的发展是巨大信心提振

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first global large model stock" [3][4]. Investment Background - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets, with Qiming Venture Partners leading the B1 round of financing in early 2022, prior to the global large model wave triggered by ChatGPT [3][4]. - Qiming Venture Partners has continued to support Zhipu in subsequent financing rounds (B2 and B4), demonstrating a commitment to long-term partnership rather than merely pursuing share allocation [4][6]. Technology and Innovation - Zhipu's success is attributed to three main factors: 1. Commitment to underlying technological innovation, with over 70% of R&D investment focused on computing power and foundational research [9]. 2. A clear and continuously validated commercialization path, utilizing a dual-driven model of "API calls + private deployment" [9]. 3. Efficient resource integration capabilities, securing valuable training resources through collaborations during early stages of computing power shortages [9]. Market Position and Future Outlook - Zhipu is currently the highest revenue-generating large model enterprise in China, with a focus on deepening industry understanding and providing stable, reliable solutions [9][10]. - The company aims to enhance model usability, develop high-value industry solutions, expand globally, and build a developer ecosystem post-IPO [10][11]. Investment Philosophy - Qiming Venture Partners' "half-step" investment methodology emphasizes early positioning before a consensus forms in the market, while avoiding premature involvement in unrefined research [12][13]. - The success of Zhipu's IPO validates this investment approach and signals to the market that persistent investment in core technological innovation can gain recognition from capital markets [11][12].