作者 | 褚杏娟 今天，北京智谱华章科技股份有限公司（以下简称"智谱"，股票代码 02513）在港交所正式挂牌上市。发行价为 116.2 港元 / 每股，募资规模预计将达 43 亿港元，预估市值 511 亿港元。开盘后，智谱股价涨超3%，但随后有所回落。截至发文，股票价格为116.5 港元 / 每股。 此时上市，会太早吗？ "全球大模型上市第一股"的头衔无疑让智谱获得更多的出圈效应，可以获得更多的潜在用户。而选择此时冲击上市，郭炜认为，主要还是因为智谱需要 更多的现金流与确定性。 他分析称，大模型不是互联网产品那种"先增长后盈利"的轻资产模式，它更像"研发 + 算力 + 工程化"三台发动机一起烧油才能在大模型军备竞赛里获得 生存空间。私募融资能解决一段时间的研发成本，但每一轮都要讲更大的故事、给更高估值，整体公司和股东可获得收益的确定性越来越少。所以，智 谱上市代表着在估值没有触达最高的时候，把确定性先确定下来。从资本运作来讲，这不失为一步好棋。 不过，郭炜认为，500 亿左右人民币预估市值，对于未来中国大模型头部企业来讲，还是过低了。 | 营销 | | | --- | --- | | 02513 交易中 0 ...

三只新股首日上市均高开，天数智芯高开31.54%，精锋医疗-B高开36.45%，智谱高开3.27%。 | < W | 天数智芯(9903) | | | | | --- | --- | --- | --- | --- | | | 集合竞价 01-08 09:20:08 | | | | | 190.200 | 额 4.14亿 股本 2.54亿 市盈 -40.2 | | 万得 | | | +45.600 +31.54% | 换 0.90% 市值1483亿 市净 17.53 | | 型口 | | | 分时 五日 | 日K | 周K 月K | 电子 | | | 置加 | | 均价:187.905 盘口 | 成交 | | | 200.000 | | 38.31% - | | 0.00(0) | | | | 卖9 191.800 | | 0.00(0) | | | | 卖8 191.700 | | 0.00(0) | | | | 卖7 191.600 | | 0.00(0) | | | | 卖6 191.500 | | 0.00(0) | | | | 卖5 191.400 | | 0.00(0) | | 144.600 | ...

| < w | 天数智芯(9903) | | | | --- | --- | --- | --- | | | 集合竞价 01-08 09:20:08 | | | | 190.200 | 额 4.14亿 股本 2.54亿 市盈 -40.2 | | 万得 | | +45.600 +31.54% | 换 0.90% 市值1483亿 市净 17.53 | | 當日 | | 分时 | 五日 日K 周K 月K 更多 © | | | | 看加 | 均价:187.905 盘口 成交 | | | | 200.000 | | 38.31% - | 0.00(0) | | | | 室9 191.800 | 0.00(0) | | | | 卖8 191.700 | 0.00(0) | | | | 卖7 191.600 | 0.00(0) | | | | 卖6 191.500 | 0.00(0) | | | | 卖5 191.400 | 0.00(0) | | 144.600 | | 0.00% 卖4 191.300 | 0.00(0) | | | | 卖3 191.200 | 0.00(0) | | | | 卖2 191.100 | ...

Core Viewpoint - The company, Zhipu (02513), has successfully listed its shares at a price of HKD 116.2, raising approximately HKD 4.173 billion through the issuance of 37.4195 million shares, indicating strong market interest in its offerings [1] Company Overview - Zhipu is recognized as a leading artificial intelligence company in China, focusing on the development of advanced general large models [1] - Founded in 2019, the company aims to innovate in general artificial intelligence (AGI) within China [1] - The company has made significant advancements in AI research and has steadily expanded its commercial applications to achieve rapid revenue growth [1] Product Development - In 2021, Zhipu launched China's first proprietary pre-trained large model framework, the GLM framework, and introduced its Model as a Service (MaaS) product development and commercialization platform [1] - The platform provides large model services, enhancing the company's market position [1] - In 2022, the company open-sourced its first model with a scale of 100 billion parameters, known as GLM-130B [1] Market Position - According to Frost & Sullivan, Zhipu ranks first among independent general large model developers in China based on projected revenue for 2024, and second among all general large model developers [1]

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.20%, the Shenzhen Component down 0.42%, and the ChiNext Index down 0.63% [2][3] - Over 3,000 stocks declined in the market, with notable drops in sectors such as non-ferrous metals, brokerage firms, insurance, retail, and CPO [1][3] Sector Performance - Non-ferrous metals and brokerage sectors experienced significant declines, while the commercial aerospace concept stocks saw a pullback [1][3] - The brain-computer interface concept remained active, with stocks like Prit and Innovation Medical achieving four consecutive trading limits [1] - The electronic gas sector opened strongly, with companies like Sanfu and Heyuan Gas hitting the daily limit [1] Notable Stocks - Zhongke Lanyun opened over 12% higher, projecting a net profit increase of 367%-377% year-on-year for 2025 [3] - Yijing Photovoltaic approached the daily limit down, announcing an expected negative net profit for the fiscal year 2025 [5] Hong Kong Market - The Hang Seng Index opened down 0.59%, with the Hang Seng Tech Index down 0.44% [6][7] - Major stocks like Tencent Music, Baidu, Alibaba, and Zijin Mining saw significant declines, while China Shenhua, China Telecom, and China Merchants Bank showed strength [6] IPO Activity - Zhizhu's first trading day saw a 3.27% increase, with an IPO plan to issue 37.42 million H-shares at a price of HKD 116.20, raising approximately HKD 4.348 billion [7][8]

Core Viewpoint - The article highlights the successful IPO of Zhiyu, referred to as the "first stock of global large models," marking a significant milestone for Chinese AGI companies in the international capital market [1][36]. Group 1: IPO Details - Zhiyu officially listed on the Hong Kong Stock Exchange with the stock code 2513, opening at 120 HKD per share and achieving a market capitalization of over 52.8 billion HKD [2][3]. - The IPO raised over 4.3 billion HKD, with a subscription rate of 1159.46 times for the public offering and 15.28 times for the international offering [5][6]. - The company attracted a star-studded lineup of cornerstone investors, including major state-owned enterprises and international institutions, securing 29.8 billion HKD in subscriptions [10]. Group 2: Technological Strength - Zhiyu's flagship model, GLM-4.7, has achieved top rankings in various global AI benchmarks, showcasing its competitive edge against international models [15][18]. - The GLM architecture is compatible with over 40 domestic chipsets, and its AutoGLM 2.0 can control 80 million devices, with a daily token usage of 4.6 trillion [18][21]. - The company has established partnerships with over 50 international platforms, integrating its GLM model as a core capability [19][20]. Group 3: Financial Performance - Zhiyu's revenue has shown impressive growth, with a compound annual growth rate of 130%, increasing from 57.4 million HKD in 2022 to 312.4 million HKD in 2024, and a 325% year-on-year increase in the first half of 2025 [22][28]. - The company has adopted a MaaS model, with over 2.7 million enterprises and developers using its platform, and its subscription product has surpassed 100 million HKD in annual recurring revenue [25][27]. Group 4: Investment in R&D - Zhiyu has invested over 4.4 billion HKD in R&D from 2022 to the first half of 2025, with 74% of its employees dedicated to research and development [30][29]. - The company plans to allocate 70% of its IPO proceeds to continue R&D efforts, aiming to strengthen its technological barriers [33]. Group 5: Industry Impact - The listing of Zhiyu signifies a pivotal moment for Chinese AGI companies, representing their entry into the global pricing system as a complete commercial entity [36][37]. - This event marks a transition for Chinese large models from "following technology" to "global competition," indicating a new phase in the industry [37].

Market Overview - The Hong Kong stock market opened lower on January 8, with the Hang Seng Index down 0.59% at 26,302.78 points, the Hang Seng Tech Index down 0.44% at 5,713.53 points, the National Enterprises Index down 0.43% at 9,099.63 points, and the Red Chip Index down 0.14% at 4,109.34 points [1] - Major tech stocks mostly declined, with Alibaba down 1.58%, Tencent down 0.96%, JD.com down 0.79%, Xiaomi down 0.42%, Meituan down 0.77%, and Bilibili down 0.47% [1] - New stocks listed today included Zhihui, which rose over 3%, Tianshu Zhixin, which surged over 31%, and Jingfeng Medical-B, which increased over 36% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a year-on-year decrease of about 7.3% [2] - China Overseas Development (00688.HK) announced a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% year-on-year [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion for December 2025, down 43.9% year-on-year [3] - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 433 million tons for the year ending December 31, 2025, an increase of 4.48% year-on-year [4] - Lijun Pharmaceutical (01513.HK) announced that the injection of Laconchita monoclonal antibody has been included in the priority review and approval process [5] - Kinko Service (09666.HK) received acceptance from independent shareholders for 218.6 million shares without interests [6] - CICC (03908.HK) plans to issue no more than HKD 3 billion in perpetual subordinated bonds [7] - Agricultural Bank of China (01288.HK) saw Ping An Life increase its stake in its H-shares [8] - Aoyou Group (03383.HK) reported a total pre-sale amount of approximately RMB 8.57 billion as of December 31, 2025 [9] - CIMC Group (02039.HK) stated that the sale of property projects will reduce the group's net profit attributable to shareholders by approximately RMB 1.08 billion for 2025 [10] Stock Buybacks - Xiaomi Group-W (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.2 [11] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [11] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [12] Institutional Insights - Zheshang International noted that the fundamentals of the Hong Kong stock market remain weak, with a decline in the funding environment, while policy focus is on new productivity and expanding domestic demand [14] - Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low profit growth and valuation levels [14] - FSMOne indicated that the valuation recovery of the Hang Seng Index has largely been achieved, with future performance dependent on corporate profit recovery [15] - Huatai Securities highlighted three investment opportunities under new industrialization: high-end manufacturing going global, strengthening domestic supply chains, and forward-looking investments in emerging industries [15]

每经AI快讯，1月8日，恒生指数开盘跌0.59%，恒生科技指数跌0.44%。国产大模型公司智谱上市首日 开盘涨超3%。 ...

隔夜美股涨跌不一，大型银行股回落拖累道指跌超400点，中概指数跌1.58%。港股三大指数低开，恒 指跌0.59%，国指跌0.43%，恒生科技指数跌0.44%。大型科技股集继续走低，阿里巴巴续跌1.58%，贵 金属全线走弱，有色金属股集体弱势，其中中国铝业跌超2%。三只新股今日上市，天数智芯高开 31.54%，精锋医疗-B高开36.45%，智谱高开3.27%。 ...

人民财讯1月8日电，港股开盘，恒生指数低开0.59%，恒生科技指数低开0.44%。智谱高开3.27%。 ...