February 19, 2026 10:37 PM GMT Knowledge Atlas Technology JSC Ltd | Asia Pacific A Global AI Foundation Model Leader with Favorable Mix Shift With leading AI foundation model capabilities and a favorable mix shift, we see rapid revenue growth ahead for Z.ai despite limited US exposure. As a pure play, we believe it also commands a scarcity valuation premium. Key Takeaways A global AI foundation model leader with deep academic roots in Tsinghua University: Z.ai (also known as Zhipu and Knowledge Atlas) consi ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the developments in the AI industry, particularly focusing on domestic models like Zhipu and Minimax, which have shown strong performance in Agent AI and cost optimization, leading in usage on third-party platforms like Open Router [1][2]. Core Insights and Arguments - **Domestic Model Performance**: Zhipu and Minimax have released new versions (GM5 and M2.5) that excel in coding and agent capabilities, with Zhipu performing well in benchmark tests and Minimax leading in agent capabilities and cost optimization [2]. - **Token Demand Growth**: The rise of Agent AI has significantly increased token demand, making global developers more price-sensitive. Domestic models are capturing substantial demand due to their high cost-performance ratio [1][2]. - **Revenue Growth**: Kimi's K2.5 version generated revenue equivalent to its entire previous year's income within 20 days post-launch, with a higher proportion of revenue coming from overseas [4]. - **ByteDance's C-DOS 2.0**: ByteDance's C-DOS 2.0 is recognized as a leader in video generation, outperforming competitors in effectiveness, cost-performance, and usability, especially during the Spring Festival [5]. - **Alibaba's Progress**: Alibaba's Qianwen 3.5 has improved in multi-modal understanding and reasoning capabilities, maintaining a strong open-source approach despite a slower C-end deployment compared to ByteDance [6]. - **OpenAI's Revenue Goals**: OpenAI aims for $280 billion in revenue by 2030, planning to invest $665 billion in computing power, indicating strong commercial expectations [7]. - **Google's Gemini 3.1**: Google released Gemini 3.1, which is considered to have the leading comprehensive capabilities globally, competing closely with OpenAI's GPT-5.2 [7]. Additional Important Insights - **Future Trends**: The AI industry is expected to see significant advancements in reasoning technology by 2026, with unified models being a key trend that integrates content understanding and generation across various media [3][9]. - **SaaS Model Challenges**: The SaaS model faces challenges, particularly with user-based pricing, but underlying demand for AI infrastructure remains strong, benefiting companies in cloud computing and related fields [11]. - **Investment Opportunities**: Despite short-term pressures, companies with strong industry knowledge and customer barriers are expected to prove their value in the long term, with high-margin companies like TaxFriend and Glodon maintaining significant advantages in the AI era [12]. - **Multi-Agent Collaboration**: The Multi-Agent Scaling Law suggests that collaborative agents can significantly enhance overall efficiency, as demonstrated by Kimi K2.5, which utilizes multiple agents for improved task performance [17]. Conclusion - The AI industry is rapidly evolving, with domestic companies gaining ground through innovative models and competitive pricing. Key players like ByteDance and Alibaba are making strides in multi-modal capabilities, while global giants like OpenAI and Google set ambitious revenue targets. Investors should focus on the ongoing demand for AI solutions and the potential for significant advancements in technology and infrastructure.

关于我们 联系方式 网站声明 用户反馈 2026.02.23 17:51 晕期一 【盘面回顾与展望】 节前指数低开低走震荡回落，短线情绪同步走弱算是一个比较明显的冰点，除去ST之外只有一只2连板个股，上一次出现这 种情况都要追溯到924行情之前了,节后有反弹需求。节假日期间消息面偏正面,尤其是关税裁决,虽然有新关税但平均关税 水平还是比之前低。同时在港股及富时A50期指的刺激下明天高开几乎板上钉钉，虽然高开之后会有兑现但因为节前的冰点所 以兑现强度不会太高，资金做出有效承接之后有望持续走强。板块方面节假日期间发酵最厉害的还是AI，今天港股智谱、Mini Max等热门股的大幅调整是好事，由于A股没有特别出彩的大模型公司所以依然关注算力方向为主，留意大位科技的反馈。当 然如果要带动市场整体走强的话依然主要依赖算力硬件为首的科技权重，核心还是CPO，Lumentum和Coherent均迎来大 涨，至于OpenAl缩减资本开支是一个数字的误读所以影响不大。除了Al之外需要大宗商品也有所发酵，受多种因素刺激国际 油价、金价、银价等同步拉升，涨价品种在节前经历连续两日的调整之后有回流预期，依旧关注景气度品种为主，如钨、 ...

Core Insights - The integration of AI into daily life reached unprecedented levels during the Spring Festival, with significant user engagement and application across various sectors [1][2] - Major tech companies aggressively competed for user acquisition through subsidies and promotions, resulting in record user interactions and engagement metrics [1][2] - The rapid advancements in AI technology and funding during this period indicate a fast-paced development cycle, with no signs of slowing down despite the holiday [2] Group 1: User Engagement and Metrics - On New Year's Eve, the total interactions with Doubao AI reached 1.9 billion, while Alibaba reported nearly 200 million users placing orders through Qianwen [1] - Tencent disclosed that its daily active users surpassed 50 million, with monthly active users reaching 114 million [1] - The massive user engagement reflects a significant shift in consumer behavior and the growing presence of AI in everyday activities [1][2] Group 2: Competitive Landscape - The Spring Festival served as a concentrated battleground for AI companies, highlighting the importance of product-centric competition beyond initial user acquisition [3] - The competition among companies is expected to intensify, focusing on user experience, commercialization, ecosystem collaboration, and computational power [3] - Historical examples of AI competition, such as ChatGPT and DeepSeek, illustrate the unpredictable nature of the market and the ongoing struggle for dominance [3] Group 3: Technological Advancements - Domestic AI has undergone a comprehensive update across various dimensions, including reasoning, video, embodied, and conversational products [2] - The rapid pace of technological iteration and high funding amounts signal an urgent need for companies to innovate and adapt [2] - The evolving public perception of AI has shifted from fear of replacement to a desire for effective utilization, indicating a maturation of the market [3]

技术迭代叠加成本优势，卡位全民 Agent 核心赛道 MINIMAX-WP(0100) MiniMax M2.5 发布点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 高翩然(分析师) | 0755-80305701 | gaopianran@gtht.com | S0880525040066 | 本报告导读： 极致性价比打造竞争壁垒，MiniMax M2.5 引领 Agent 规模化落地。 投资要点： | 财务摘要(百万美元) | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3.5 | 30.5 | 70.2 | 218.1 | 551.2 | | (+/-)% | | 782% | 130% | 211% | 153% | | 毛利润 | (0.9) | 3. ...

近日，AI大模型领域又迎来重磅合作消息！海致科技集团(02706)与智谱(02513)强强联手，正式订立战 略合作框架协议，双方将在模型训练、应用场景落地等领域开展深度战略合作，依托海致的图模融合技 术(如Atlas图谱)与智谱的大模型能力互补。 从整个行业层面观察，AI大模型正从技术研发加速迈向规模化商业落地的关键阶段，政策与市场双重 利好持续释放。OpenRouter最新周度数据显示，平台前十模型总token量约8.7万亿，中国模型独占5.3万 亿，占比高达61%。国联民生（601456）证券指出，长期来看，随着推理、多模态大模型持续迭代、大 厂生态融合及各行业渗透率不断提升，Token调用量有望保持快速增长，大模型规模化商业应用及产业 落地值得期待。 在这一轮AI资本热潮中，相关概念股表现抢眼。智谱近期凭借其新一代旗舰模型GLM-5的发布，迅速 引爆二级市场，2月12日当日大涨近30%，4天股价飚涨超1倍。而作为"AI除幻第一股"海致科技自2月13 日上市以来便备受追捧，上市首日高开高走，盘中一度涨幅高达268%，最终收盘上涨242%，成为年内 港股表现最好的新股。此后股价持续攀升，截至2月20日收盘， ...

一般在 A 股春节休市期间，外围走势都偏好，但一开市，就开始砸盘，港股也是如此，今天跌 1.82％ ，A 股整体还好，顶住了压力，但跳空缺口也是较大隐忧。 梳理一下港股春节的表现：首先炒了机器人，如越疆(02432)大涨了近 24％ ，不过，两天就打回了原 形。原因是春晚机器人虽然比上一次进步了很多，但更多的是带表演性质，都是按照固定的程序在走， 而离真正的进入 C 端，还差老远，大脑不解决，始终还无法大规模进入家庭。这需要时间，因此热闹 之后回归理性，砸盘就变成必然。再是大模型的智谱(02513)，其新一代旗舰模型 GLM-5 确实给力，极 大拉小了和 Claude Opus 4.6 之间的距离，还有一个MINIMAX-WP(00100)：MiniMax M2.5 以 2.45 万亿 token 空降榜首。这都是硬实力，在调整一天后今天继续上涨。 2 月 20 日，美国最高法院裁决，美国政府援引《国际紧急经济权力法》（IEEPA）所实施的关税措施， 缺乏明确法律授权。宣布终止一系列关税措施。美国政府不可能就这样暂停，最新应对是援引《1974 年贸易法》第 122 条，特朗普 21 日宣布对输美商品征收的 " ...

海致科技专注于通过图模融合技术开发Atlas图谱解决方案及产业级智能体，并提供产业级人工智能解 决方案。智谱为人工智能企业，致力于追求通用人工智能(AGI)创新。海致科技董事会认为，根据协议 拟进行的战略合作将实现资源互补与协同发展。战略合作框架协议属框架性合作文件，具体合作业务将 由双方另行协商并签订具体协议。 北京商报讯（记者 魏蔚）2月24日，海致科技发布公告称，近期与北京智谱华章科技股份有限公司（以 下简称"智谱"）订立战略合作框架协议（以下简称"协议"）。根据协议，双方将在模型训练、应用场景 落地等领域开展战略合作。 ...

Core Viewpoint - The A-share market experienced a strong performance on the first trading day of the Year of the Horse, with all three major indices closing higher, driven by resource sectors and policy expectations as the Two Sessions approach [3][15]. Market Performance - On February 24, the Shanghai Composite Index rose by 0.87% to 4117 points, the Shenzhen Component increased by 1.36% to 14291 points, and the ChiNext Index gained 0.99% to 3308 points [3][15]. - The total trading volume for the day reached 2.2 trillion yuan, an increase of 219.2 billion yuan compared to the previous trading day, indicating heightened market activity [3][15]. Sector Analysis - Resource sectors, particularly oil and gas, led the market rally, with multiple oil and gas ETFs hitting the daily limit [4][16]. - In contrast, the film and media sector saw significant declines, with related ETFs dropping over 7% due to disappointing box office performance during the Spring Festival [4][17]. ETF Market Insights - Oil and gas ETFs showed remarkable performance, with several reaching the daily limit and an average increase of around 10% [5][18]. - The Standard & Poor's Oil and Gas ETF recorded a trading volume of 1.117 billion yuan and a turnover rate of 152.76%, reflecting strong market interest in this sector [5][18]. Investment Themes - Analysts suggest that resource products and technology sectors may become the main themes for the spring market, driven by policy expectations and industry trends [3][11]. - The focus on stable growth policies ahead of the Two Sessions is expected to benefit infrastructure and resource sectors [11][24]. Market Sentiment - Despite the overall market rally, there is a notable divergence in sector performance, with technology stocks experiencing mixed results [21][23]. - Southbound capital flows showed a "buy the dip" strategy, with net purchases of 3.131 billion Hong Kong dollars on February 24, indicating continued interest in the market despite fluctuations [22][24].

Market Overview - The Hong Kong stock market experienced a decline across all major indices, with the Hang Seng Index falling by 1.82% to close at 26,590.32 points, the Hang Seng China Enterprises Index down by 2.06% to 9,007.86 points, and the Hang Seng Tech Index decreasing by 2.13% to 5,270.70 points due to concerns over tariffs and geopolitical tensions [1][2]. Sector Performance - Large technology stocks saw a significant drop, with Meituan down over 4%, and other major players like Tencent, Xiaomi, Alibaba, and JD.com also closing lower [2]. - Financial stocks were weak, with China Life Insurance dropping by 6% and New China Life Insurance down by 5.79% [2]. - The film sector faced substantial pressure, with notable declines in stocks such as Maoyan Entertainment, which fell over 8%, and Huayi Brothers down over 5% [2][7]. AI and Technology Stocks - AI application stocks showed strong performance, with Zhizhu rising by over 12% and Zhaoyi Innovation increasing by nearly 12% as well [5][6]. - Other notable gainers in the AI sector included MINIMAX-WP, which rose by over 4%, and companies like Huahong Semiconductor and Lenovo also saw positive movement [5][6]. Film Industry Insights - The 2026 Spring Festival box office reported a total of 5.752 billion yuan, marking a year-on-year decline of approximately 40%, with attendance dropping by 36.2% compared to 2025 [9]. - The average ticket price saw a significant reduction of nearly 3 yuan from the previous year's 50.8 yuan, indicating a need for improved content quality in the film industry [9].