Group 1 - Self-variable Robotics completed a 1 billion yuan A++ round of financing [1][2] - Google partnered with retail giants to launch the Universal Commerce Protocol (UCP), aiming to standardize the entire AI agent shopping process [2] Group 2 - Zhipu and Didi reached a strategic cooperation to explore the implementation of the travel agent scenario [2] - ByteDance, Meituan, and Alibaba are simultaneously investing in self-variable robotics [2] - Dragonfly v2.4.0 was released, introducing features such as load-aware scheduling algorithms [2]

智谱AI和MiniMax在2025年末相继向港交所递交招股书，并于2026年1月初相继上市，引发市场对中国大模型赛道的高度关注。这两家公司的基石投资者 阵容豪华，智谱引入11家机构认购近30亿港元，MiniMax则有14家机构捧场超27亿港元。 在全球AI竞赛进入白热化阶段时，这两家公司的上市路径和商业模式差异，为我们提供了一个观察中国大模型产业发展的绝佳窗口。 双雄敲钟，资本盛宴开启 2025年12月30日，智谱AI率先在港交所启动招股程序，于2026年1月8日正式挂牌交易。仅仅一天后，2025年12月31日，MiniMax也跟进招股，并于2026年 1月9日上市。 这两家公司的基石投资者阵容堪称"全明星级别"。智谱AI的11家基石投资者包括JSC International、Perseverance Asset Management和上海高毅等知名机 构，合计认购金额高达29.8亿港元，占发行规模的近70%。而MiniMax则吸引了Aspex、Eastspring Investments、阿里巴巴等14家基石投资者，认购总额约 27.23亿港元。 国际长线资本的参与标志着中国人工智能企业已经进入全球投资版 ...

Core Insights - The article discusses the transition of the AI large model industry from a phase of intense competition to a period focused on commercial validation, marked by the recent IPOs of two major players, Zhiyu and MiniMax [2][17]. Group 1: Business Models and Strategies - Zhiyu adopts a "MaaS" (Model as a Service) approach, focusing on becoming a foundational infrastructure for various industries, emphasizing stability and long-term value [3][5]. - MiniMax, on the other hand, pursues a global C-end strategy, leveraging its innovative product offerings and aiming for rapid market penetration [3][5]. - Both companies' paths reflect their foundational philosophies and strategic judgments regarding the commercialization of AI [4]. Group 2: Financial Performance - Zhiyu's revenue is projected to grow from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a compound annual growth rate of 130% [7]. - MiniMax's revenue is expected to surge from 3.5 million USD in 2023 to 30.5 million USD in 2024, reflecting a staggering growth rate of 782.2% [8]. - Despite high revenue growth, both companies face significant losses, with Zhiyu accumulating over 6.2 billion yuan in losses from 2022 to mid-2025, and MiniMax around 9.3 billion yuan during the same period [9][10]. Group 3: Industry Dynamics - The successful IPOs of Zhiyu and MiniMax signify a shift in the AI large model industry, moving away from the "parameter competition" era towards a more structured commercial phase [17][22]. - The competitive landscape is evolving, with major internet companies like ByteDance, Alibaba, and Tencent entering the market, leveraging their resources and ecosystems [23][25]. - The article highlights a growing recognition among investors regarding the importance of clear business models and growth potential in the AI sector [21][22]. Group 4: Future Outlook - The article concludes that the paths taken by Zhiyu and MiniMax illustrate the diverse possibilities within the AI industry, with both companies facing similar challenges of high operational costs and the need for sustainable profitability [26][27]. - The successful listings of these companies mark a new beginning in the competition for AI development, emphasizing the importance of continuous iteration and adaptation in the industry [27].

★ 宏观动态 ★ 商务部发布关于中欧电动汽车案磋商进展的通报 据中国商务部网站，为落实中欧领导人会晤共识，妥善解决欧盟对华电动汽车案，中欧双方本着相互尊重的态 度，进行了多轮磋商。双方一致认为，有必要向对欧盟出口纯电动汽车的中国出口商，提供关于价格承诺的通 用指导，以便中国出口商可通过更加实用、有针对性且符合世贸组织规则的方式，解决相关关注。为此，欧方 将发布《关于提交价格承诺申请的指导文件》，并在文件中确认，欧方将秉持非歧视原则，根据世贸组织规则 有关规定，对每一项价格承诺申请，适用相同法律标准，并以客观和公正的方式进行评估。这充分体现了中欧 双方的对话精神和磋商成果。中欧双方有能力、有意愿，在世贸组织规则框架下，通过对话磋商妥善化解分 歧，维护中欧及全球汽车产业链供应链稳定。这不仅有利于中欧经贸关系健康发展，也有利于维护以规则为基 础的国际贸易秩序。 摩根大通：AI需求井喷将推动基建与机器人领域并购浪潮 摩根大通指出，人工智能需求的爆发式增长及海量资本涌入AI产业，正推动电力系统、热管理、机器人及工 业软件领域形成并购热点。据该行预测，全球对数据中心、AI基础设施及相关电力供应的投资规模预计将达5 万亿— ...

AI热潮仍在持续并且有逐渐高涨的势头。有机构表示，2026年将是AI应用从"技术验证"迈向"商业推 广"的关键之年。 究其原因，华鑫证券认为，主要得益于三大拐点：一是技术的逐步成熟，不少大模型已具备强工具调 用、多模态理解、自主规划能力；二是政策持续护航，国家提出深入实施"人工智能+"行动的意见，指 出要形成商业化应用；三是市场需求共振，从B端降本增效到C端普及。 在这样的背景下，也有很多中国企业把目光瞄向了海外市场，将中国的AI能力输出，与国际竞争对手 形成差异化的竞争优势，比如富匙科技。 富匙科技是港股上市公司移卡（9923.HK）旗下生态企业，其定位是全球商户AI服务提供商，目前客户 已覆盖新加坡、马来西亚、越南、印尼、日本、澳大利亚等地区，为全球商户提供支付管理、门店运 营、会员管理等服务。 富匙科技副总裁 Johnson Tan 此前在接受采访时指出，公司从2023年开始加大AI研发投入，并通过AI创 新来赋能业务决策、提高业务效率。 当前，富匙科技的产品主要包括AI CRM以及AI SHOP。其中，AI CRM汇聚海量商户与会员信息，数据 蕴含巨大商业价值，接下来将推出自然语言交互生成获客页面等创 ...

Core Viewpoint - The company confirms a strategic partnership with a mobility platform, which is part of its regular business operations and does not involve any undisclosed information that could mislead the market [1] Group 1 - The partnership is established during the company's routine business activities [1] - The company collaborates with various firms across different industries to advance its business objectives [1] - There is no knowledge of any information that needs to be disclosed to prevent the company's securities from creating a false market [1]

Core Viewpoint - The company, Zhiyu (02513), confirmed a strategic partnership with a ride-hailing platform, stating that this partnership is part of its normal business operations and does not involve any undisclosed information that could mislead the market [1] Group 1 - The partnership with the ride-hailing platform is established during the company's routine business processes [1] - The company collaborates with various firms across different industries to advance its business objectives in daily operations [1] - The company is not aware of any information that needs to be disclosed to prevent misleading the market regarding its securities [1]

香港交易及結算所有限公司及香港聯合交易所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。 Knowledge Atlas Technology Joint Stock Company Limited 北京智譜華章科技股份有限公司 （於中華人民共和國成立之股份有限公司） 就近期有報導指本集團與一家出行平台建立戰略合作夥伴關係，經作出在相關情況下屬 合理的有關本公司的查詢後，本公司確認，該合作夥伴關係乃於本集團之一般及日常業 務過程中進行。本集團與不同行業的多家公司合作，以在日常營運中推進其業務目標。 本公司並不知悉任何須予公佈以避免本公司證券出現虛假市場之資料，或根據上市規則 第13.09(2)條及證券及期貨條例（香港法例第571章）第XIVA部須予披露之任何內幕消息。 本公告乃承本公司之命而作出。本公司董事會（「董事會」）共同及個別就本公告之準確 性承擔責任。 本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 北京智譜華章科技股份有限公司 執行董事兼董事長 劉德兵博士 香港， ...

Investment Rating - Industry rating: Overweight [1] Core Insights - On January 6, 2026, NVIDIA CEO Jensen Huang officially launched the latest NVIDIA Rubin platform at CES 2026, stating that it has entered full-scale production. The Rubin platform consists of six new chips: Vera CPU, Rubin GPU, NVLink 6 switch, ConnectX-9 SuperNIC, BlueField-4 DPU, and Spectrum-6 Ethernet switch, designed to form an AI supercomputer that significantly reduces AI training time and lowers inference token generation costs. The training performance of the Rubin platform is 3.5 times that of the previous Blackwell generation, with software performance improved by 5 times, and the cost per token for inference reduced by 10 times compared to the Blackwell platform. Additionally, the number of GPUs required for training MoE models is reduced to one-fourth of the previous requirement [3][13][15]. - The Rubin platform integrates five key technologies to achieve breakthroughs in performance enhancement and cost reduction: 1) New NVLink interconnect technology ensures low latency and high bandwidth during multi-chip collaboration; 2) The third-generation Transformer engine optimizes for AI tasks, greatly improving model training and inference efficiency; 3) Confidential computing technology provides end-to-end security for sensitive AI data, meeting compliance needs in finance and healthcare; 4) RAS engine ensures stable performance under 24/7 high-load operation; 5) Vera CPU is specifically designed for agent inference [4][13]. - Major cloud providers, including Amazon AWS, Google Cloud, Microsoft Azure, and Oracle Cloud, have confirmed plans to deploy instances based on Vera Rubin in 2026, allowing global users to access top-tier AI computing power through cloud services. This will enable AI startups and SMEs, previously limited by high computing costs, to easily utilize the Rubin platform's powerful capabilities without significant hardware investment. Efficient computing power will accelerate breakthroughs in basic scientific research and technology, promoting deep applications of AI in healthcare, education, and environmental protection [5][14]. - The Rubin platform's dual breakthroughs in performance and cost reduction will significantly lower hardware procurement and operational costs for AI companies, facilitating the widespread adoption of AI applications such as intelligent customer service, autonomous driving, drug development, industrial quality inspection, and scientific research. It is recommended to pay attention to domestic and international AI computing infrastructure and related companies, including Cambrian, Zhongke Shuguang, Yonyou Network, Dingjie Zhizhi, Kingsoft Office, Tonghuashun, Jiao Dian Technology, Saiyi Information, and Fubo Group [6][15]. Market Overview - As of the week, the Shanghai Composite Index rose by 3.82%, the ChiNext Index increased by 3.89%, and the CSI 300 Index went up by 2.79%. The computer industry index surged by 8.49%, outperforming the Shanghai Composite Index by 4.67 percentage points, the ChiNext Index by 4.60 percentage points, and the CSI 300 Index by 5.70 percentage points. Year-to-date, the computer industry index has also increased by 8.49% [17][20]. - The computer industry index ranked 5th among 31 industry indices this week and 2nd among the four major TMT industries (electronics, communications, computers, media) [17]. Company Dynamics - The report highlights significant movements in the software and information technology sectors, with companies like Huijin Technology, Ersan Siwu, and Zhuoyi Information showing notable performance. Future investment opportunities are suggested in the financial IT, industrial software, and trusted innovation sectors, which are expected to see upward trends [22].

Core Insights - The Hong Kong stock market has seen a strong start in 2026, with eight companies completing their IPOs within just six trading days, including notable firms in the GPU, surgical robotics, and biotechnology sectors [2][3][5] - The initial public offerings (IPOs) have been well-received, with first-day price increases ranging from 8.44% to 109.09%, indicating strong market enthusiasm for sectors like large models, domestic chip alternatives, and surgical robotics [2][3][5] IPO Performance - MiniMax, a key player in the large model sector, achieved a remarkable first-day closing price increase of 109.09%, with a market capitalization reaching HKD 106.7 billion, and was oversubscribed by 1,836.17 times in public offerings [3][5] - Wallen Technology, the first GPU stock in Hong Kong, also performed impressively with a first-day increase of 75.82% [4] - The average first-day increase for the new batch of IPOs was 40.16%, with a cumulative average increase of nearly 62% since listing, reflecting strong market recognition of high-quality hard tech assets [5][6] Market Dynamics - The current IPO market in Hong Kong is characterized by a large backlog of over 300 companies waiting to list, indicating a robust supply pipeline [6] - In December 2025, 32 companies submitted IPO applications, and 26 companies have done so in January 2026 alone, showcasing sustained enthusiasm for new listings [6] Sector Trends - The successful performance of new IPOs has broken the previous trend of "hot IPOs followed by cold market performance," suggesting that the sectors these companies operate in are gaining market confidence [5][6] - Companies like MiniMax and Zhizhu have shown significant cumulative price increases since their IPOs, with MiniMax achieving a total increase of 141.21% and Zhizhu 79.35% [5][6] Regulatory Environment - The Hong Kong Securities and Futures Commission has emphasized the need for high-quality IPO submissions, responding to concerns about the quality of some recent applications [8] - This regulatory focus aims to shift the IPO market from quantity-driven to quality-driven, which may temporarily slow down the listing process for some companies [8]