Core Viewpoint - The company, Zhihui (02513), announced that the underwriter and overall coordinator has fully exercised the over-allotment option as of February 4, 2026, involving a total of 5.6129 million H-shares, which accounts for approximately 15% of the total shares available for subscription under the global offering before any over-allotment options are exercised [1] Group 1 - The over-allotment shares will be issued and allocated by the company at a price of HKD 116.20 per H-share [1] - The over-allotment shares will be used to facilitate the delivery of relevant H-shares to subscribers who agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering will end on February 4, 2026, which is the 30th day after the deadline for submitting applications for the Hong Kong public offering [1]

此外，有关全球发售的稳定价格期于2026年2月4日(即递交香港公开发售申请的截止日期后第30日)结 束。 智通财经APP讯，智谱(02513)发布公告，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026年 2月4日悉数行使招股章程所述的超额配股权，涉及合共561.29万股H股，占全球发售项下可供认购发售 股份总数(于任何超额配股权获行使前)约15%。超额配发股份将由公司按每股H股116.20港元发行及配 发。超额配发股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H 股。 ...

根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，有关全球发售的稳定价格 期于2026年2月4日(星期三)(即递交香港公开发售申请的截止日期後第30日)结束。有关稳定价格经办人 中国国际金融香港证券有限公司或其联属人士或代其行事的任何人士在稳定价格期进行的稳定价格行动 的进一步资料载于本公告内。 超额配发股份将由公司按每股H股116.20港元(即全球发售项下的每股H股发售价，不包括1%经纪佣金、 0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发 股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H股。 格隆汇2月4日丨智谱华章(02513.HK)宣布，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026 年2月4日(星期三)悉数行使招股章程所述的超额配股权，涉及合共5,612,900股H股(「超额配发股 份」)，占全球发售项下可供认购发售股份总数(于任何超额配股权获行使前)约15%。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與北京智譜華章科技股份有限公司（「本公司」）刊發日期為2025年12月30 日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。 本公告僅作參考用途，並不構成任何人士收購、購買或認購本公司任何證券的要約或誘使作出要約的邀請。本公 告並非招股章程。潛在投資者於決定是否投資於發售股份前應閱覽招股章程，以獲得有關本公司及下文所述全球 發售的詳細資料。有關發售股份的任何投資決定應僅倚賴招股章程所提供的資料作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、刊發或派發。本公 告並不構成或組成在美國或任何其他司法權區要約或招攬購買或認購證券的一部分。發售股份並無亦不會根據 1933年美國證券法（經不時修訂）（「美國證券法」）或美 ...

Core Insights - The article discusses the increasing activity of state-owned capital (国资) in direct investments, highlighting a shift from traditional fund investments to direct project investments, with expectations for continued growth in this area by 2026 [3][9][21]. Group 1: Current Trends in State-Owned Capital - State-owned capital has become a dominant force in the primary market, with over 60% of private equity and venture capital funds managed by state-owned entities by the end of 2025 [6]. - In 2025, state-owned institutions participated in over 4,100 sub-funds, marking a 4% increase year-on-year, and directly invested in 5,444 events, covering 4,989 companies with an investment amount exceeding 600 billion yuan, reflecting a 23% and 28% increase in transaction frequency and investment amount respectively [8][21]. - The trend indicates a significant shift towards direct investment by state-owned entities, which is becoming a necessary strategy rather than an optional one [9][21]. Group 2: Impact of Dollar Funds Decline - The decline of dollar funds has led to a drastic reduction in large transactions, with the number of investment events dropping from 871 to 225 and investment amounts plummeting from 532.9 billion yuan to 82.7 billion yuan from 2021 to 2025, a decrease of over 84% [5][6]. - State-owned capital has stepped in to fill the void left by dollar funds, becoming crucial for the financing of unicorn companies, especially in their later funding rounds [11][19]. Group 3: Investment Patterns and Success Stories - Notable companies like Muxi and Moer have seen significant backing from state-owned entities, with state capital contributing approximately 80% of Muxi's total financing of 11.35 billion yuan during its reporting period [12][14]. - The financing patterns show that state-owned capital is increasingly leading or independently investing in projects, with many instances of state-owned entities coordinating with sub-funds to invest in promising projects [20][21]. - The article emphasizes that state-owned capital has proven to be as effective as market-oriented funds in achieving successful IPOs, with over 60 state-owned platforms achieving IPO exits in 2025 [21]. Group 4: Challenges and Future Outlook - Despite the successes, state-owned capital faces challenges related to talent, incentives, and accountability, with some direct investment departments reportedly becoming inactive [24]. - The article suggests that the evolution of state-owned capital from mere fund providers to active industry organizers and ecosystem builders is a natural progression, indicating a long-term shift in the investment landscape [24].

智通财经APP获悉，国联民生证券发布研报称，在传统对话范式下，单次交互仅需少数几次模型调用； 但在工作流范式下，一个任务往往横跨计划、检索、工具调用、校验纠错及外部系统写入等多个阶段。 相较基础聊天，面向复杂任务的agent服务可能会消耗数十倍多的token，模型单位成本的重要性在不断 提升。Agent时代，大模型正从"聊天工具"进化为"自主员工"。掌握核心算法与行业接口的大模型厂商 有望深度受益于万物智能化的红利，建议关注"大模型双子星"MiniMax-WP(00100)与智谱(02513)。 国联民生证券主要观点如下： 事件：截至2026年2月2日，Clawdbot在代码托管平台GitHub上的星标数量已超过13万个，官网累计访问 量突破200万人次，成为近期增长最快的开源技术项目之一。以及近期出现的"AI-only社区"如 Moltbook，该平台在极短时间内聚集了百万个代理账号规模，这类交互天然对应更高的请求密度与更频 繁的API触发。其最直接的外显变量是API调用频次与token吞吐的阶跃式抬升。在Clawdbot创始人Peter Steinberger的力荐下，国内AI独角兽MiniMax旗下擅长 ...

（文章来源：第一财经） 据智谱消息，混合思考模型GLM-4.7-Flash发布两周，在Hugging Face的下载量突破了100万。 ...

Group 1: Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - The major indices in the US stock market collectively fell, with the S&P 500 index dropping nearly 1% and the Nasdaq down over 1% [2] Group 2: Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - The technology sector remains a core focus for future growth, particularly in AI applications and semiconductor industries, which are expected to benefit from government policies supporting technological self-reliance [3] Group 3: Company Highlights - CSPC Pharmaceutical Group saw an 8.1% increase in stock price after receiving a drug registration approval for a new product, which is expected to enhance its product line and drive performance growth [1] - China Railway Group, a recommended stock, experienced an 11.0% increase last week, indicating a potential opportunity for investors [3] - The report suggests continued attention on leading companies in the semiconductor industry, such as Hua Hong Semiconductor and SMIC, which are expected to benefit from domestic policy support [9]

Summary of the Conference Call on AI Annual Report Analysis Industry Overview - The conference focused on the analysis and outlook of AI annual reports, particularly in the TMT (Technology, Media, and Telecommunications) sector, with a specific emphasis on domestic and international AI companies [1][2][4]. Key Points and Arguments General Market Sentiment - The period from October 31 to March is characterized as a performance vacuum, where the focus is on thematic investments rather than immediate earnings results [2][3]. - The spring market is expected to see a resurgence, with significant activity anticipated around March [3][4]. North American Companies - North American companies, particularly those involved in AI and cloud computing, have reported earnings that exceeded expectations, indicating strong capital expenditure in AI [4][6]. - Companies like Microsoft and Meta have shown robust spending on AI infrastructure, reflecting a positive outlook for the sector [4][6]. - Despite some domestic companies underperforming, their stock prices have rebounded, suggesting that market sentiment is more focused on thematic trends rather than immediate earnings [5][6]. Domestic AI Companies - Domestic AI companies are experiencing a supply-demand imbalance, with strong demand for AI-related products and services, despite some companies reporting earnings below expectations [6][7]. - The industry is characterized by a shortage of materials and components, which is driving prices up and creating a favorable environment for growth [6][7][10]. Future Growth Projections - There is a consensus that the growth trajectory for AI companies will continue to be strong, with expectations for significant growth in 2026 and beyond [8][9]. - Many companies are currently undervalued, trading at price-to-earnings (P/E) ratios between 15x to 20x, which presents a potential investment opportunity [8][9]. Specific Company Insights - Companies like Wan, Tianfu Communication, and others are highlighted for their potential despite recent earnings misses, as the overall industry outlook remains positive [4][6][7]. - The demand for GPUs and AI chips is expected to remain high, with domestic companies like Cambrian facing challenges but still showing potential for recovery [9][10]. Application and Innovation - The conference emphasized the importance of AI applications, particularly in gaming and media, with companies like Tencent and ByteDance leading the charge [14][15]. - The emergence of AI-driven applications is seen as a significant growth area, with expectations for increased investment and innovation in this space [14][15]. Regulatory and Market Concerns - There are concerns regarding potential regulatory impacts on the gaming industry, but these are largely viewed as unfounded and not likely to affect the overall market significantly [15][16]. - The market is currently experiencing volatility, but analysts suggest that this presents buying opportunities for fundamentally strong companies [21][22]. Additional Important Insights - The conference highlighted the importance of monitoring capital expenditure trends among major tech companies, as this will influence the demand for AI infrastructure and services [36][37]. - The potential for new technologies, such as diamond-based cooling materials for semiconductors, was discussed as a future growth area [24][25]. - Analysts recommend focusing on companies with strong fundamentals and growth potential, particularly in the AI and semiconductor sectors, as the market continues to evolve [22][23][39].

Group 1 - The AIGC concept stocks in the Hong Kong market experienced a collective decline, with Meitu Inc. falling over 10% [1] - Other companies such as Zhihui, MINIMAX-WP, Kingsoft Cloud, Tencent Holdings, and Alibaba-W also saw declines, with Zhihui and MINIMAX-WP dropping over 5% [1]