Market Performance - The Hang Seng Index and the Hang Seng Tech Index opened high, with the Hang Seng Index rising by 1.46% and the Hang Seng Tech Index increasing by 1.77% [1] - As of the report, the Hang Seng Tech Index had risen over 3%, currently at 5368.750 points, while the Hang Seng Index was up by 2% [1] Stock Movements - Tech stocks collectively opened higher, with notable increases: NetEase up 3%, Meituan up 2%, Alibaba nearly 2%, Tencent up 1%, and Kuaishou over 3% [3] - Semiconductor stocks also showed strength, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [3] - Gold stocks performed well, with China Gold International up nearly 7% and Shandong Gold up over 5% [3] Individual Stock Performance - Notable stock performances included: - NetEase-S at 186.000, up 3.74% [4] - JD Health at 58.750, up 3.34% [4] - Kuaishou-W at 68.500, up 3.01% [4] - Meituan-W at 87.750, up 7.180% [4] - Other stocks like Tencent Music-SW and Alibaba-W also saw increases of 2.05% and 1.90%, respectively [5] Declines in Specific Stocks - Zhipu experienced significant declines, with a drop of over 20% at one point, and MINIMAX also fell by over 10%, although the declines narrowed by the time of reporting [6] - Zhipu's apology letter addressed issues related to the GLM-5 release, citing problems with transparency and upgrade mechanisms, which contributed to the stock's volatility [6]

没想到，2月21日它就整了波大活，发了封致歉信，承认GLM-5发布后犯了三个错。 前两天，才和大家聊了聊在港股创下暴涨神话的智谱AI，就在前一个交易日，这家上市仅一个多月的"全球大模型第一股"，凭着单日暴涨42.72%的行 情，把市值干到3232亿港元，超越一堆老牌互联网大厂，成了开年国内最猛的科技黑马。 一是GLM-5算力消耗高于老模型，公司设置高峰3倍、非高峰2倍的扣费倍率，却未提前完整公示，引发用户反馈用量异常、消耗过快。 二是GLM-5上线后流量远超预期，叠加黑灰产、黄牛恶意占用算力，公司算力扩容没跟上，只能按用户等级分阶段限流，很多付费用户无法正常使用核 心模型。 三是老用户升级机制设计粗糙，不少老用户误升级新套餐后权益受损，公司既无提前风险提示，也未设置回滚通道。 对此，智谱同步推出整改与补偿方案。 整改上，完整公示扣费规则，用量看板刷新缩至10分钟，明确模型分级开放节奏，承诺打击黑灰产、扩容算力。 补偿上，2026年1月1日-2月21日的Lite、Pro付费用户可全额退款，误升级老用户支持一键回滚，全量订阅用户统一延长15天使用期。 如今智谱已搭建起完整产品体系，包括面向普通用户的AI助手智谱清 ...

本文源自：金融界AI电报 港股科网股盘初普涨，网易-S(09999.HK)涨4.18%、京东健康(06618.HK)涨3.2%、快手(01024.HK)涨 3.01%、美团(03690.HK)涨3%。 ...

Group 1 - The technology stocks showed a significant rebound in early trading, with Meituan-W (03690) rising by 5.26% to HKD 85 [1] - JD Group-SW (09618) increased by 4.53% to HKD 108.50 [1] - Alibaba-W (09988) saw an increase of 3.26%, reaching HKD 151.90 [1] - Kuaishou-W (01024) rose by 3.38% to HKD 68.75 [1] - Tencent (00700) experienced a 2.40% increase, trading at HKD 534.50 [1]

智通财经APP获悉，科网股全线回暖，截至发稿，美团-W(03690)涨5.14%，报84.9港元；京东集团- SW(09618)涨3.56%，报107.5港元；阿里巴巴-W(09988)涨2.65%，报151港元；快手-W(01024)涨 2.63%，报68.25港元；腾讯(00700)涨2.01%，报532.5港元。 开源证券则表示，关注AI商业化及应用场景拓展；开源模型能力持续提升下，AI云需求有望持续验 证，AI应用有望带动推理需求持续增长，国产AI芯片增长迅速，昆仑芯正式启动中国香港上市进程， 推荐阿里巴巴-W、拼多多，百度集团-SW，受益标的腾讯控股。 消息面上，阿里旗下阿里云宣布开源新一代千问Qwen3.5-Plus大模型，其API价格每百万Token低至0.8 元人民币。中银国际发布研报称，本轮AI行情尚未出现明显泡沫化特征，2026年AI投资有望进入产业 趋势下半场。 ...

Group 1 - The U.S. stock market indices collectively rose last Friday, with Trump announcing an increase in the global import tariff rate from 10% to 15% [1] - The Hong Kong stock market indices opened higher on the second trading day of the Year of the Rabbit, with the Hang Seng Index up by 1.46%, the National Index up by 1.47%, and the Hang Seng Tech Index up by 1.77% [1] - Tech stocks in Hong Kong saw significant gains, with NetEase rising over 5%, and JD Health, Meituan, and Kuaishou each rising over 3% [1] Group 2 - AI concept stocks, which had previously surged, experienced a pullback at the market open, with Zhihui falling by 13.79% and MINIMAX-WP dropping by 10% [1]

港股恒生指数开盘涨1.46%，报26798.97点，恒生科技指数涨1.77%，报5303.5点，国企指数涨1.47%，报9091.15点，红筹指数涨0.27%，报4395.97点。 大型科技股中，阿里巴巴-W涨2.04%，腾讯控股涨1.34%，京东集团-SW涨2.12%，小米集团-W涨1.41%，网易-S涨5.24%，美团-W涨3.03%，快手-W涨 3.16%，哔哩哔哩-W涨1.39%。网易涨超5%领涨蓝筹，智谱高位回落跌近14%，公司就改版致歉，支持用户退款。 当地时间2月21日，特朗普宣布将全球输美商品关税从10%提高至15%并立即生效，称将推出新"合法关税"。稍早前，美国联邦最高法院公布裁决结果，认 定特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施缺乏明确法律授权。 为了配合特朗普的关税政策，美国贸易代表办公室宣布启动新一轮"301条款"调查，范围覆盖大多数主要贸易伙伴。贸易代表格里尔表示，美国与欧盟、韩 国等国家达成的那些协议仍然有效。 上周五，三大指数集体收涨，纳指涨0.9%，上周累涨1.51%；标普500指数涨0.69%，上周累涨1.07%；道指涨0.47%，上周累涨0.25%。科 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 网易高开逾5%，京东健康、美团、快手涨逾3%。智谱、MINIMAX在此前大涨过后低开，分别跌超 13%和10%。 ...

Core Viewpoint - The stock prices of AI companies Zhipu and MiniMax have surged significantly, with Zhipu's market capitalization exceeding 323.2 billion HKD and MiniMax surpassing 300 billion HKD, reflecting a strong investor interest in AI models despite both companies being in a loss-making position [1][2][3]. Market Performance - On February 20, the first trading day of the Lunar New Year, Zhipu's stock rose by 42.72% to 725 HKD per share, while MiniMax's stock increased by 14.52% to 970 HKD per share [3][8]. - Since their listings in January 2026, Zhipu's stock has increased by 523% and MiniMax's by 487.88% [8][12]. Market Capitalization - Both companies have surpassed the market capitalizations of major firms like Ctrip and Kuaishou, approaching the valuations of Pop Mart and Baidu [2][19]. - The market capitalization of Zhipu is approximately 413 billion USD, while MiniMax stands at about 389 billion USD [19]. Financial Metrics - Both companies are currently operating at significant losses, with Zhipu reporting a cumulative loss of 6.238 billion CNY from 2022 to mid-2025, and MiniMax showing a net loss of 512 million USD (approximately 3.605 billion CNY) in the first nine months of 2025 [18][21]. - Their price-to-sales ratios exceed 700, which is substantially higher than OpenAI's ratio of 65 [19]. Technological Developments - Zhipu recently launched its flagship model GLM-5, which has shown a performance improvement of over 20% compared to its predecessor, while MiniMax introduced its M2.5 model, designed for agent scenarios, achieving significant benchmarks in various tests [13][14]. - Both companies have seen a surge in model usage, with MiniMax's M2.5 model recording a token usage of 3.07 trillion, a 524% increase, and GLM-5 reaching 1.03 trillion tokens, a 462% increase [16][20]. Market Dynamics - The recent price increases for Zhipu's GLM Coding Plan indicate a shift in the AI market where token consumption is becoming a critical metric for value, moving away from traditional user engagement metrics [20]. - The rise of AI agents, which require extensive token usage for complex tasks, is expected to drive demand for these models significantly [20]. Competitive Landscape - Both companies face intense competition from established global players like OpenAI, Claude, and Gemini, which may impact their pricing power and market position [21]. - The scarcity of AI stocks in the Hong Kong market has contributed to the high valuations of Zhipu and MiniMax, attracting significant investment interest [21].

阿里、腾讯、美团等被总结为建议调出的"老登恒生"成分股。同时，恒生生物科技指数也在当日逆市收 涨0.96%，另外，石油股也出现走强。 值得留意的是，虽然港股互联网主题ETF、恒生科技ETF等节前资金流入最多的ETF并未迎来涨势，但 表现强势的个股也有公募基金的布局身影，次新股以打新的方式布局，而表现强势板块则在此前已有主 动权益基金的加仓迹象。 2月22日，节后首个交易日，恒指和恒生科技虽然没有收涨，但AI概念股的涨势如期而至。 2月20日，港股三大指数集体收跌。其中，恒生科技收跌2.91%，恒生指数收跌1.10%，而恒生国企指数 收跌1.22%。相较于恒生科技的继续下挫，港股上市的AI概念次新股却迎来上涨，网友也出现了调整恒 生科技部分成分股的建议。 小米、中芯国际、比亚迪、腾讯、快手等成分股也在去年四季度被主动权益基金减持，不过，美团在去 年四季度得到主动权益基金增持超过1700万股。 石油、创新药板块走强 港股AI概念股大涨 截至2月20日收盘，智谱延续强势表现，收涨42.72%，报725港元；MiniMax也同样收涨14.52%，报970 港元。两大AI龙头盘中最高市值双双突破3000亿港元，与上市初 ...