其次，低延迟、高可用的流通网络。迅策搭建的数据通道可实现秒级响应与100%准确率，满足金融风 控、工业控制等高敏感场景需求。其服务已从"功能可选"升级为"业务必需"，客户实际留存率超90%， 形成高转换成本的护城河。 2026年初，AI行业正经历一场静默却深刻的范式迁移。两年前那场以GPU堆砌、千亿参数为标志的"算 力军备竞赛"正在退潮，取而代之的是一场围绕"数据流动"的基础设施战争。 谷歌近日宣布自2026年5月起正式上调北美、欧洲和亚洲的对等互联(peering)数据传输服务，其中北美 地区翻倍。这从表面看是网络成本调整，实则释放出一个关键信号：数据流通的"通道费"战略价值，正 在超越算力硬件本身。 在此转折点上，迅策（03317）正式进入了恒生综指和恒生综指中小型/小型股指和恒综多个行业指数， 以及恒生港股通多个行业指数等共计8个指数的名单，并将于3月9日正式生效。这家于2025年12月30日 登陆港交所主板的AI数据基础设施企业，仅用45天即获纳入恒指的资格，并有望于3月正式纳入港股 通，彰显其稀缺性与成长确定性。而这也标志着资本市场正重新定价AI产业链的价值重心——从"谁算 得快"，转向"谁让数据流 ...

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

Core Viewpoint - Shenzhen Xunce Technology Co., Ltd. has been included in the Hong Kong Stock Connect, marking a significant milestone in its capital market journey and enhancing its investor base and liquidity [1][2]. Group 1: Company Overview - Xunce Technology is recognized as a leading real-time data infrastructure and analytics solution provider in China, serving various industries including finance, urban management, and telecommunications [3][4]. - The company has established a strong customer base, including top asset managers and major telecommunications operators in China [3]. Group 2: Market Position and Recognition - Xunce Technology is often compared to Palantir, as it offers a comprehensive data processing solution that spans data acquisition, cleaning, standardization, real-time computation, and model optimization [4]. - The company ranks first in the real-time data infrastructure and analytics market within China's asset management sector and fourth overall in the real-time data market [3]. Group 3: Technological Advancements - The company’s VOne platform boasts millisecond-level data processing capabilities and can connect to over 1,000 external data sources, ensuring 100% data consistency and traceability [5]. - Xunce Technology is integrating large language models into its VOne platform, enhancing user interaction with data analysis through features like "Chat with Data" [5]. Group 4: Investment Potential - The investment value of core technology companies, including Xunce Technology, is gaining recognition amid China's push for technological self-reliance [6]. - Analysts have noted that Xunce Technology's real-time data platform is crucial for businesses facing challenges related to data dispersion and real-time processing [7]. - Deutsche Bank has initiated coverage on Xunce Technology, positioning it as a leader in real-time data infrastructure and analytics solutions, with a target price of 85 HKD, indicating potential upside from its current price [7].

Core Insights - The release of GLM-5 has significantly boosted the market performance of Zhipu, with a market capitalization exceeding HKD 200 billion after a more than 20% increase over two consecutive trading days [1] - GLM-5 features an expanded parameter scale from 355 billion to 744 billion, with enhanced capabilities in complex system engineering and long-range agent tasks [1][2] - The model has achieved a level of performance comparable to Claude Opus 4.5 in real programming environments, indicating that open-source models are catching up to closed-source ones [2] Model Capabilities - GLM-5 can autonomously perform complex tasks such as long-range planning and execution with minimal human intervention [1] - The model has implemented a training paradigm innovation through the "slime" asynchronous reinforcement learning infrastructure, significantly increasing training volume and enabling high-frequency, fine-grained iterations [2] - GLM-5 has achieved state-of-the-art (SOTA) performance in multiple evaluation benchmarks, including BrowseComp and MCP-Atlas [2] Pricing Adjustments - Zhipu has announced a structural adjustment to the GLM Coding Plan pricing, with an overall increase starting from 30%, effective February 12, 2026 [3] - The new pricing structure includes the cancellation of first-purchase discounts while retaining seasonal and annual subscription discounts [3] - Post-adjustment, the input price for GLM-5 will be up to CNY 6 per million tokens, and the output price will be up to CNY 22 per million tokens [3] Business Strategy - Zhipu aims to increase the proportion of API business revenue to 50%, with GLM-5's capabilities expected to accelerate growth in this area [4] - The company is transitioning from a focus on localized deployment to becoming a MaaS (Model as a Service) provider, anticipating a rise in both volume and pricing for API services [5] Competitive Landscape - Zhipu operates independently of major tech companies, which are generally perceived to have inherent advantages in AI due to their financial resources [6] - The company has managed to maintain lower operational costs by renting computing power rather than purchasing it outright, contrasting with the significant investments made by larger firms [6][7] - Zhipu's strategic partnership with Parallel Technology provides substantial computational support, crucial for the development and deployment of the GLM series [7]

Core Insights - The AI industry is experiencing a significant moment with multiple major model releases concentrated in a short timeframe, creating a strong sense of urgency and competition among companies [1][2]. Group 1: Model Releases and Performance - In less than two weeks, several high-profile AI models have been released, including Claude Opus 4.6, GPT-5.3-Codex, Seedance 2.0, and GLM-5, indicating a competitive landscape with rapid advancements [2][4]. - GLM-5's price increase signifies strong demand and capability, with its queue exceeding initial expectations [4]. - Chinese models are not only dominating in quantity but are also achieving quality parity and even leading in some areas, with significant contributions from domestic companies [5][18]. Group 2: Market Dynamics and Trends - The emergence of GLM-5 and other models represents a shift in the AI landscape, where companies are beginning to compete on both product and model quality, particularly in the B2B sector [13][17]. - The competition is expected to intensify as more companies release models that challenge established players like Anthropic, potentially reshaping the market dynamics [12][13]. - The AI industry is anticipated to reach a critical turning point in 2026, with expectations of significant advancements and market changes [14]. Group 3: Financial Implications - Anthropic's annual recurring revenue (ARR) is projected to surpass OpenAI's for the first time in Q1, indicating a shift in financial performance within the industry [10]. - The ability of companies to monetize their models effectively is becoming increasingly important, with a focus on the economic value generated from their applications [12][20]. - The competitive landscape is likely to lead to a re-evaluation of value distribution within the industry, as companies adapt to new market realities [12][17].

Core Viewpoint - The AI industry is experiencing a surge in activity with major companies like ByteDance, Alibaba, and others releasing flagship models, indicating a competitive landscape and potential investment opportunities in AI applications and related sectors [3][6]. Group 1: Industry Performance - On the last trading day before the Year of the Snake, the film and media, as well as semiconductor equipment sectors, saw significant gains, with the Seedance video model index rising against the trend [4]. - Companies such as iReader Technology and Light Media reached their daily limit up, while semiconductor stocks like Deep Technology and North Huachuang also surged [4]. - In the Hong Kong market, AI leaders MiniMax and Zhiyu both saw their market values exceed HKD 200 billion [4]. Group 2: AI Model Developments - ByteDance's Seedance 2.0 model has achieved four key breakthroughs, including multi-modal input support and a significant reduction in video production costs, with costs dropping to between 4.5-9 yuan per 15-second 1080P video [6][7]. - Zhiyu AI launched its flagship model GLM-5, enhancing programming capabilities, while MiniMax introduced its new text model MiniMax M2.5 [7]. - The rapid release of flagship models in the AI sector is noted as unprecedented, with a shift towards converting technological advancements into consumer products [7]. Group 3: Market Trends and Investment Insights - The AI sector is witnessing a surge in ETF investments, with several thematic ETFs showing over 20% gains this year [6]. - Analysts caution that the current enthusiasm in the AI sector may lead to overvaluation, with some stocks already reflecting optimistic future earnings [9]. - Investment opportunities are seen in areas with high certainty, such as computing infrastructure and content production, while risks remain due to high valuations and market volatility [9][10]. Group 4: Future Outlook - The AI commercialization path is expected to focus on user subscriptions and enterprise applications, with internet tech companies poised to benefit from advertising and value-added services [10]. - Market sentiment is anticipated to improve post-Spring Festival, with analysts expressing a relatively optimistic outlook for the A-share market [10].

春节前AI军备竞赛如火如荼。 继Deepseek之后，2月12日MiniMax与智谱发布新一代大模型，二者股价单日暴涨，AI赛道再度被情绪 点燃。 迅策科技准确把握了这一产业痛点。 但在情绪之外，产业侧的变化更值得关注。 随着大模型能力加速商品化，模型本身正逐步从"稀缺能力"转向"可规模采购的工具"。真正制约大模型 进入企业核心系统的瓶颈，正在从算法层转移到数据侧。模型能力的趋同，正使得高质量、可实时调用 的数据成为释放大模型价值的真正稀缺资源。 2月13日盘后，港股通迎来年度审议关键节点。恒生指数公司公布恒生系列指数调整结果，并于3月9日 正式实施。其中，港股"Data Agent"第一股迅策科技（03317.HK）获纳入恒生综指和恒生综指中小型/小 型股指和恒综多个行业指数，以及恒生港股通多个行业指数等共计8个指数。一般而言，"入指"（纳入 恒生综合指数成份股）即"入通"（纳入港股通）。 这家被称为"中国版Palantir"的公司，并不提供模型本身，而是解决模型进入企业真实业务之前最难的一 步——为企业搭建一套可被大模型持续调用的实时数据基础设施，让企业真正掌握可被模型反复调用的 数据资产，从而真正地释放 ...

Core Insights - The leading Chinese generative AI company, Zhipu, is accelerating its listing plan on the Shanghai STAR Market after a successful debut on the Hong Kong Stock Exchange, aiming for a dual listing to leverage higher valuation premiums in the mainland market [1][3] - Zhipu's stock surged by 23.4% to a record high of 496 HKD, with a cumulative increase of approximately 320% since its IPO on January 8, 2023, where it raised 558 million USD [1][3] Group 1: Listing Strategy - Zhipu is the first among tech companies to adopt the rare "H first, A later" listing strategy, which allows it to tap into new pools of investment and benefit from the valuation advantages of mainland stocks compared to its Hong Kong counterparts [3][4] - The company has engaged Cathay Securities and CICC as its advisory firms for the STAR Market listing, with a third-phase IPO guidance report submitted on January 15, 2023, indicating that due diligence is progressing as planned [1][4] Group 2: Financial Performance - Despite the positive market response, Zhipu faces significant financial challenges, with a cumulative net loss of 6.2 billion RMB from 2022 to the first half of 2025, and a projected single-year loss of 2.958 billion RMB in 2024 [7] - The company's cloud business profitability has sharply declined, with gross margins dropping from 76.1% in 2022 to -0.4% in the first half of 2025, compounded by substantial R&D expenditures totaling 4.4 billion RMB over the past three and a half years [7] Group 3: Product Demand and Innovation - Strong demand for Zhipu's flagship model, GLM-4.7, has catalyzed stock price increases, leading the company to limit daily sales of its programming assistant service to 20% of previous levels to maintain user experience [6] - Zhipu's latest large language model, GLM-5, has gained significant attention, outperforming competitors like Moonshot AI, indicating ongoing innovation in computational and memory efficiency despite limited access to NVIDIA chips [5]

Investment Rating - The report maintains a "Hold" rating for the computer industry [6] Core Insights - The demand for Tokens is experiencing "inflation," which benefits cloud computing and gives model vendors pricing power [3][4] - The traditional internet model of free services is being disrupted as the industry shifts from free traffic to Tokens as a measurable unit of production [5][10] - The increase in Token consumption is driven by the evolution of user needs from simple Q&A to complex tasks requiring significant computational resources [8][10] Summary by Sections Token Demand Inflation - Token inflation refers to the structural increase in Token consumption per user over time, driven by more complex user interactions with models [8] - Users are increasingly utilizing models for tasks such as code reconstruction and document generation, leading to higher Token consumption [8][10] Changes in the Large Model Era - Tokens are becoming a measurable production resource rather than free traffic, with each interaction consuming computational resources [5][10] - The pricing strategy of model vendors is evolving, allowing them to convert computational scarcity into profit through tiered pricing and subscription models [10][11] Investment Recommendations - The report suggests monitoring the impact of price increases and Token demand on profit margins in the short term, while tracking subscription retention and expansion in the medium term [10][11] - Long-term prospects are positive for companies that can integrate AI into workflows, creating a demand for AI governance tools [11]

Core Insights - The article reports that Zhizhu is planning a secondary listing on the Shanghai STAR Market after completing a $558 million IPO in Hong Kong [1] - Zhizhu's stock price surged 23.4% to 496 HKD (approximately 438.5 CNY) on the day of the report, marking a cumulative increase of about 320% since its listing on January 8 [1] - The company has appointed Guotai Junan and CICC as advisors for its STAR Market listing, aiming to broaden its investor base and leverage the higher valuation premium of A-shares compared to H-shares [1] Company Strategy - Zhizhu is part of a recent trend of Chinese tech companies listing in Hong Kong, alongside competitors like MiniMax and chip design firm Lanke Technology [1] - Unlike most companies that follow a "A first, then H" path, Zhizhu is opting for a "H first, then A" strategy, which may enhance its ability to attract domestic capital [1] - The STAR Market has seen a 9% increase in the STAR 50 Index this year, contrasting with a nearly 3% decline in the Hang Seng Tech Index [1] Market Context - Analyst Chelsey Tam from Morningstar noted that A-shares still hold a valuation premium over H-shares, which could benefit Zhizhu's listing strategy [1] - The company is expected to capitalize on investor interest in its GLM-5 model, which ranks first in the open-source model rankings by Artificial Analysis [1]