热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 美股周三个别发展，美国私人机构职位增长逊预期，大市破顶后反复倒跌，三大指数收市升跌不一。美 元走势向好，美国十年期债息回落至4.15厘水平，金价表现受压，油价走势向下。 客户端 美股周三个别发展，美国私人机构职位增长逊预期，大市破顶后反复倒跌，三大指数收市升跌不一。美 元走势向好，美国十年期债息回落至4.15厘水平，金价表现受压，油价走势向下。 今日港股三大指数集体低开，恒指开盘跌0.59%，报26302.78点，恒科指跌0.44%，国企指数跌0.43%。 盘面上，科网股普跌，百度、阿里巴巴跌超1%；创新药概念延续涨势，先声药业涨超1%；锂电池股活 跃，宁德时代涨近1%；石油股走弱，上海石油化工跌超1%；今日3只新股上市，智谱涨超3%，天数智 芯涨超31%，精锋医疗-B涨超36%。 | 名称 | 最新价 | 涨跌幅 へ | | --- | --- | --- | | 恒生指数 | 26302.78 | -0.59% | | 800000 | | | | 恒生科技指数 | 5713.53 | -0.44% | | 800700 | | | | 国企指数 ...

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。 智谱上市首日高开逾3%，天数智芯上市首日高开逾31%。 风险提示及免责条款 ...

人民财讯1月8日电，1月8日，记者获悉，智谱2025年收入超1亿美元。当前智谱本地部署收入占比 85%，云端占比在过去两年从0提升到15%，预计今年云端收入占比将持续提升，高性价比代码工具将 对智谱云端收入产生更大影响。 ...

Group 1 - The "Annual Outstanding Unicorn Enterprises" award recognizes high-growth entrepreneurial companies with significant commercial potential [4] - Unicorn companies are seen as leaders in industry transformation and pioneers of new business models, representing important development directions for new productive forces [4] - The evaluation criteria focus on capital recognition and valuation growth, market expansion and monetization capabilities, industry influence, and ecological contributions [4] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns in the investment community, covering all listed companies on major exchanges including Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4] - Six companies, including Quwan Technology, Soul App, Xiaoetong, Xinghaitu, Zhipu, and Zhuimi, were awarded the "Annual Outstanding Unicorn Enterprises" title [1][4]

1月2日的港股市场，是属于算力的狂欢。恒生指数劲涨2.76%，恒生科技指数飙涨4%，百度、华虹半导体等AI链龙头 集体冲高，同日挂牌的壁仞科技更是首日大涨75.82%，直接点燃了国产GPU赛道的投资热情。 就在这股热潮里，作为国内通用GPU行业领军企业的天数智芯（09903.HK）即将登陆港股，这家手握5.2万片累计出 货量、18家基石背书的国产通用GPU龙头，早已跳出"技术讲故事"的窠臼——它不是一场"赌国运"的情怀投资，而是 一次瞄准"确定性盈利"的精准布局。 尤其是在算力上动态更印证其硬实力：2025年初天数智芯与国内领先的开发者生态平台Gitee AI联合官宣，仅用一天 便完成DeepSeek R1大模型的全流程适配，同步上线DeepSeek R1-Distill-Qwen-1.5B、7B、14B三款核心服务，在行业 普遍需要数周甚至数月的适配周期中，创下了国产算力与顶尖大模型融合的效率标杆。 从"做通用GPU的"到"大模型绕不开的算力底座" 港股打新向来偏爱"想象力"。智谱靠着"中国OpenAI"的定位，讲了一个"应用→生态→变现"的性感故事，让资金追着 喊"怕错过"；反观天数智芯，过去执着于"技术 ...

一图看懂智谱(02513.HK)IPO 〔三〕 发行股份 37.4195百万股 賞 1月8日 发售价 116.20港元/股 智谱是一家中国领先的人工智能公司,致力于 开发先进的通用大模型。2019年，智谱秉承在中国 追求通用人工智能（AGI）创新的大胆理念而创立。 公司在全方位的人工智能研究中扎实交付先进技术, 并稳步扩大其商业应用,以实现收入的快速增长。 自成立以来，陆续推出中国首个开源千亿模型、首 个对话模型、首个多模态模型、全球首个设备操控 智能体等。持续探索AGI的技术边界与实践应用， 历次发布旨在推动突破性的技术革新。 > 商业模式: MaaS平台 :::::: 百家 F � 科技 le 百胖网 可拓展的 应用 道 C ြီး 展7 專信 OPEN F 灵活的自定义模型部署 MaaS 环路 V 安全和可及 语言模型 全面的模型 多模态模型 I l MaaS 组合 l 代码模型 智能体模型 l l 便捷的基础 El tempe The 真力资源兼容惜 标准的API接 直力支票 市场前景 D :::: l以收入计,中国大语言模型市场规模 (单位:十亿元人民币) ■ 企业级 ■ 消费者 2022-2024 ...

Core Viewpoint - The company Zhiyu has successfully launched on the Hong Kong stock market, becoming the "first global AI large model stock," with an IPO price of HKD 116.2 per share, resulting in a market capitalization exceeding HKD 51.1 billion, leading to significant paper gains for state-owned investors [1] Group 1: Company Background and Investment History - Zhiyu AI was established in June 2019, originating from Tsinghua University's Knowledge Engineering Laboratory, and has raised over CNY 8.3 billion, with more than 90% of the funding occurring after the release of Chat GPT [1] - The founding team, led by Liu Debing, consists mainly of Tsinghua alumni or individuals associated with Tsinghua-related laboratories [1] - Initial funding came from Zhongke Chuangxing, which invested CNY 40 million in 2019, valuing the company at CNY 375 million post-investment [2] Group 2: Strategic Positioning and Product Development - In May 2020, following the release of GPT-3, Zhiyu decided to enter the large model sector, leveraging the founder's connections to top research resources [2] - The company participated in the development of China's first large model "Wudao," which positioned it favorably in the market [2] - By September 2021, Zhiyu launched the GLM-10B model, attracting significant attention and further investment [6] Group 3: Financing Rounds and Valuation Growth - The company has undergone multiple financing rounds, with significant investments from various institutions, including a total of CNY 1.21 billion from Dachen Capital across several rounds [6] - The valuation surged from CNY 2.11 billion in the B1 round to CNY 24.38 billion before the IPO, with a total of CNY 8.36 billion raised, primarily in 2023-2025 [8] - Major investments in recent rounds included CNY 30 million from Tianjin San Kuai and CNY 20 million from Tencent, among others [10] Group 4: Market Position and Future Challenges - Following the release of Chat GPT, Zhiyu launched several products, including Zhiyu Qingyan and the GLM-4 model, leading to a surge in financing and valuation [8] - The company faces challenges with rising computing service costs, projected to reach CNY 1.55 billion in 2024, while revenue is expected to be only CNY 312 million, raising concerns about cash flow sustainability [11] - Zhiyu's long-term strategy includes providing localized AI solutions to government and large enterprise clients, with over 80% of revenue expected to come from this sector by mid-2025 [12]

Core Insights - Zhipu AI, known as the "first global AI large model stock," debuted on the Hong Kong stock market with an issue price of HKD 116.2 per share, resulting in a market capitalization exceeding HKD 51.1 billion, leading to a paper profit of approximately 89% for recent state-owned investors [1][8] Investment Background - Zhipu AI was established in June 2019, originating from Tsinghua University's Knowledge Engineering Laboratory, with a founding team primarily composed of Tsinghua alumni [3] - The company initially focused on the development and commercialization of the academic technology intelligence mining system "AMiner," attracting early investment from Zhongke Chuangxing, which recognized the potential in natural language processing and knowledge graphs [3][4] - The strategic decision to enter the large model arena was made in May 2020, following the release of GPT-3, leveraging the founder's connections to top research resources [3][4] Financing Rounds - Zhipu AI completed three financing rounds before the release of Chat GPT, with significant investments from various institutions, including a total of 1.52 billion yuan in the A round [4][6] - The B1 round in early 2022 raised 12.5 billion yuan, increasing the post-money valuation to 21.1 billion yuan, indicating strong investor confidence [6][7] - Subsequent financing rounds saw a surge in investment, particularly after the launch of Chat GPT, with the company's valuation skyrocketing from 21.1 billion yuan to 243.8 billion yuan before its IPO [8][11] Industry and Capital Dynamics - The influx of industrial capital and state-owned institutions became prominent in the later financing rounds, with significant investments from major players like Ant Group, Tencent, and Meituan [11][12] - The collaboration with state-owned enterprises not only provided funding but also facilitated real industry applications, exemplified by partnerships to develop large model spaces and provincial-level projects [12][13] - Zhipu AI's revenue model is heavily reliant on providing localized and customized AI solutions to large clients, with over 80% of revenue projected to come from government and state-owned enterprises by mid-2025 [13] Challenges and Future Outlook - The company faces challenges in balancing high computational costs with revenue growth, as expenses for computational services have surged significantly [11][12] - The lack of recurring contracts with major clients raises concerns about the sustainability of its revenue model, as evidenced by the changing list of top clients over the years [13] - The ability to leverage state and industrial capital resources into a sustainable business model will be crucial for Zhipu AI's long-term success and profitability [13]

Industry Insights - The Ministry of Industry and Information Technology issued the "Action Plan for the Integration of Industrial Internet and Artificial Intelligence," aiming to enhance the integration of AI in the industrial sector, with a target of upgrading at least 50,000 enterprises by 2028 [2][6] - The brain-computer interface company Strong Brain Technology recently completed approximately 2 billion yuan in financing, marking the second-largest financing in the brain-computer interface sector after Neuralink [6] - The National Medical Products Administration is optimizing the review and approval process for urgently needed foreign drugs to meet clinical demands, encouraging simultaneous global R&D and applications in China [6] Market Developments - The copper market is expected to see an upward trend in 2026, with domestic copper prices exceeding 100,000 yuan/ton by the end of 2025, driven by supply-demand improvements and intense long-term contract negotiations [4][7] - Starlink has connected over 9 million active users across seven continents, indicating a growing market for satellite internet services [7] Company Updates - Lenovo announced a collaboration with NVIDIA to establish an "AI Cloud Super Factory," with the latest NVIDIA technology being a key component of this partnership [9] - ByteDance's TikTok Shop reached 400 million active consumers in 2025, with a GMV nearing 100 billion USD, ranking fifth among global e-commerce platforms [10] - Alphabet's market capitalization reached 3.89 trillion USD, surpassing Apple's 3.85 trillion USD, highlighting divergent AI strategies between the two companies [10]

特朗普称将不允许军工企业派息和回购后，军工巨头齐跌，其中诺思罗普·格鲁曼收跌5.5%、洛克希德·马丁跌近5%，雷神科技盘后一度跌超 5%；特朗普要禁止机构投资者买美国独栋住宅，黑石收跌5.6%。 纳斯达克金龙中国指数收跌1.58%，房多多收跌超8%，满帮跌超7%，阿特斯跌超6%，尚高生命科学涨超48%，脑再生科技涨60%。 美"小非农"ADP就业增长逊色，美债收益率刷新日低，ISM数据后，美债收益率有所回升，两年期美债收益率转升。美国ISM服务业指数公布 后，美元涨幅扩大、逼近逾三周高位；离岸人民币盘中跌超百点逼近7.0关口、刷新今年内低位。 金属狂欢熄火。白银和铂金领衔贵金属跳水：期银盘中跌超6%，现货铂金一度跌近8%，黄金盘中跌超1%；工业金属全线回落：伦铜跌超2%、 告别纪录高位，伦镍跌超3%。原油两连跌至三周新低，美油盘中跌超2%。 Gemini电视登场CES，谷歌打响客厅革命第一枪。 大家早上壕！ 先看海外要闻： 美国经济数据喜忧参半、地缘政治风险高企，美股涨势遭打压，标普和道指跌落纪录高位，但纳指三连阳；收盘标普500跌0.34%，道指跌 0.94%，纳指涨0.16%。 谷歌母公司收涨2.5%，2 ...