发布新模型后，智谱"A+H"上市布局有新进展？2月13日，南都N视频记者从中国证监会官网获悉，智谱撤回了 其于2025年4月提交的辅导备案，并办理了新的辅导备案登记。根据最新备案登记信息，智谱拟首次公开发行股 票并在上海证券交易所科创板上市，IPO辅导机构变更为两家券商，由原来的中金公司变更为国泰海通和中金公 司两家。 南都N视频记者向智谱方面求证，截至发稿暂无回应。值得注意的是，智谱H股股价已连续五个交易日上涨，截 至发稿，智谱2月13日股价涨超17%，报473.8港元/股，总市值达2112亿港元，为上市首日的3倍多。 智谱股价连续多个交易日上涨。 智谱去年已开启A股上市历程。2025年4月，智谱在北京证监局办理辅导备案，当时由中国国际金融股份有限公 司担任辅导机构。 今年1月8日，智谱（02513.HK）正式在香港联合交易所挂牌上市，成为"全球大模型第一股"。 智谱不断推进大模型上新进程。2月12日，南都记者获悉，此前一段时间内，让开发者社区广泛关注的代 号"Pony Alpha"匿名模型，系智谱新模型GLM-5。2月12日，新模型已在chat.z.ai平台上线，模型在Coding与 Agent能力上取得 ...

Core Insights - The domestic AI models, particularly ByteDance's Seedance 2.0 and Zhipu's GLM-5, are gaining significant traction, pushing the industry towards the global top tier in AI capabilities [1][8] - The recent surge in stock prices for companies like Zhipu and MiniMax indicates a strong market response to advancements in AI applications [1][2] - Zhipu's decision to raise prices for its GLM Coding Plan reflects robust market demand and the need for enhanced computational resources to maintain service quality [3][5] Industry Trends - The AI application index has seen notable increases, with companies like Deep Technology and Fengyuzhu rising by 10.02% and 9.98% respectively, indicating a shift in industry focus towards computational power [1] - The semiconductor equipment index also rose by 2.02%, with specific companies like Fuchuang Precision and Jingyi Equipment experiencing gains of 11.6% and 5.92% respectively, highlighting the growing demand for AI-related infrastructure [1] Product Developments - Zhipu's GLM-5 has made significant advancements, with its parameters doubling from 355 billion to 744 billion, and pre-training data increasing from 23 terabytes to 28.5 terabytes, enhancing its capabilities [4] - The introduction of multi-modal models like Seedance 2.0 is leading to a dramatic increase in token consumption, with applications in video generation and coding consuming significantly more resources than traditional text-based models [4][8] Competitive Landscape - The competition in the AI coding space is intensifying, with Zhipu's GLM-5 directly targeting Anthropic's Claude Opus 4.5, although it still lags behind in certain advanced capabilities [8] - Chinese companies, including Zhipu and others, are rapidly closing the gap with global leaders in AI, with experts noting that the development pace of Chinese AI models may only be months behind that of the U.S. [9]

Core Viewpoint - Haizhi Technology Group, known as the "first stock to eliminate AI hallucinations," debuted on the Hong Kong Stock Exchange with a maximum increase of 268%, reaching a peak price of 99.6 HKD per share on its first trading day [1][2]. Group 1: Company Overview - Haizhi Technology Group raised a total of 758.5 million HKD through its IPO, with an issue price of 27.06 HKD per share [1]. - The company is a leading player in China's graph computing and graph database sector, focusing on the "graph-model integration" technology path, and has developed the Atlas graph solution and industrial-grade intelligent agents [1][4]. Group 2: Financial Performance - From 2022 to 2024, Haizhi Technology Group's total revenue is projected to grow from 313 million CNY to 503 million CNY, with a compound annual growth rate (CAGR) of 26.8% [5]. - The gross profit margin improved from 30.91% to 36.3% during the same period, with the gross profit margin for the first three quarters of 2024 reaching 39.7%, reflecting product structure upgrades and operational efficiency improvements [5]. Group 3: Market Demand and Growth Potential - The market for AI-related new stocks has seen significant demand, with Haizhi Technology Group experiencing a subscription rate of 5065.06 times during the public offering phase [6]. - The segment of "AI intelligent agents centered on graphs" is expected to grow rapidly, with the market size projected to increase from 200 million CNY in 2024 to 13.2 billion CNY by 2029, representing a CAGR of 140% [6]. - The global edge AI market is anticipated to grow from 321.9 billion CNY to 1.22 trillion CNY between 2025 and 2029, with a CAGR of 40% [6][7].

Market Overview - On February 13, A-shares saw a collective decline across major indices, with the Shanghai Composite Index dropping by 1.26%, the Shenzhen Component Index by 1.28%, and the ChiNext Index by 1.57% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets approached 2 trillion yuan, a decrease of 161.8 billion yuan from the previous day, with over 3,800 stocks declining [1] Sector Performance - The film and theater, paper, semiconductor equipment, and intelligent cockpit sectors showed the highest gains, while the photovoltaic equipment, minor metals, steel, port shipping, oil and gas extraction and services, glyphosate, rare earth permanent magnets, and chemical sectors experienced the largest declines [1] Semiconductor and Storage Chip Sector - The semiconductor and storage chip sectors demonstrated resilience, benefiting from the AI wave, with companies like Deep Technology (000021) hitting the daily limit and others like Northern Huachuang (002371) and Jiangbolong (301308) also seeing gains [2] Shipping Sector - Shipping stocks experienced significant declines, with companies such as COSCO Shipping Energy (600026), China Merchants Nanyou (601975), China Merchants Jinling (601872), and Jinjiang Shipping (601083) all opening lower [2][3] - The drop in these stocks was primarily influenced by a sharp decline in logistics stocks in the US market, where the Russell 3000 Trucking Index fell over 9% [4] AI Companies in Hong Kong - In the Hong Kong market, AI companies MiniMax and Zhiyuan both saw their market capitalizations exceed 200 billion HKD [5] - MiniMax launched its new generation text model MiniMax M2.5, which significantly improved its programming capabilities, while Zhiyuan introduced its flagship model GLM-5, which also achieved notable advancements in performance [7]

Market Overview - On February 13, the A-share market saw a collective decline in the three major indices, with the Shanghai Composite Index falling by 1.26%, the Shenzhen Component Index by 1.28%, and the ChiNext Index by 1.57% [1][2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was nearly 2 trillion yuan, a decrease of 161.8 billion yuan compared to the previous day, with over 3,800 stocks declining [1] Sector Performance - In terms of sector performance, the film and television, paper-making, semiconductor equipment, and intelligent cockpit sectors saw the largest gains, while the photovoltaic equipment, small metals, steel, port shipping, oil and gas extraction and services, glyphosate, rare earth permanent magnets, and chemical sectors experienced the largest declines [3] Semiconductor and Storage Chip Sector - The semiconductor and storage chip sectors showed resilience, benefiting from the AI wave, with stocks like Deep Technology hitting the daily limit and companies such as Northern Huachuang and Jiangbolong seeing significant gains [5] - The storage chip and semiconductor equipment sectors performed well despite the overall market downturn [4] Shipping Sector - The shipping stocks collectively plummeted, with companies like COSCO Shipping Energy, China Merchants Jinling, and China Merchants Shipping experiencing significant declines [5][6] - This decline was primarily influenced by a sharp drop in logistics stocks in the US market, where the Russell 3000 Trucking Index fell over 9% [7] AI and Technology Developments - In the Hong Kong market, AI companies MiniMax and Zhizhu both saw their market capitalizations exceed 200 billion HKD, reflecting strong investor interest [8] - MiniMax launched its new generation text model MiniMax M2.5, which showed significant improvements in programming capabilities, while Zhizhu introduced its flagship model GLM-5, which also demonstrated enhanced performance [11]

Group 1 - The core viewpoint highlights the significant growth in the semiconductor and commercial aerospace sectors, with companies like Zhipu and MINIMAX-WP reaching historical highs, each surpassing a market capitalization of 200 billion HKD [1] - Zhipu has raised the price of its AI programming subscription package and plans to launch a new model, indicating a strong demand for AI solutions [1] - The successful maiden flights of several next-generation rockets are anticipated to lead to over 100 launches in 2026, with models like Tianlong-3, Lijian-2, and Shuangkurve-3 set to challenge single-stage recovery [1] Group 2 - Huatai Securities notes the rapid development of Agentic AI, shifting AI workloads from compute-intensive to system-intensive, which enhances the importance of CPUs in AI systems [1] - The company is optimistic about the growth of Agentic AI driving a resurgence in CPU demand, particularly as domestic CSPs accelerate the localization of CPU procurement due to overseas shortages [1] - As of February 13, 2026, the STAR Market 200 Index (000699) shows mixed performance among its constituent stocks, with Xinghuan Technology leading with a 9.38% increase [1] Group 3 - The STAR Market 200 ETF Penghua (588240) closely tracks the STAR Market 200 Index, which selects 200 securities with smaller market capitalizations and better liquidity from the Shanghai Stock Exchange [2] - The ETF embodies a "hard technology" logic, small-cap opportunities, and a 20% price fluctuation limit, focusing on potential growth in sectors like chips (over 40% weight), commercial aerospace (over 20% weight), and photovoltaics (nearly 20% weight) [2] - As of January 30, 2026, the top ten weighted stocks in the STAR Market 200 Index account for 16.6%, including companies like Zhenlei Technology and Puran Shares [2]

美股昨晚遭遇显著抛售，三大指数全线下挫，其中，纳指跌逾 2%。市场核心逻 辑出现重大转折，投资者焦点从单纯追逐「AI 红利」急剧转向担忧「AI 反噬」， 叠加思科业绩指引不佳及苹果面临监管压力，科技股领跌，避险情绪急速升温。 近期市场对 AI 颠覆传统产业的焦虑感显著升级，引发「AI 恐慌交易（AI Scare Trade）」，资金开始计价 AI 普及可能导致的利润压缩与结构性失业，冲击从软 件金融扩散至实体服务业。物流巨头 C.H. Robinson CHRW.US 暴跌 14%，市场 忧虑 AI 精准调度将大幅提升效率，导致依赖「信息差」与人力协调的中介佣 金归零；世邦魏理仕 CBRE.US 重挫 13.5%，创疫情以来最大跌幅，逻辑在于 AI 工具如 Claude Cowork 若大量替代法务、金融等白领岗位，将导致办公楼长期 需求萎缩，虽然数据中心需求强劲，仍难抵销投资者对传统租赁业务崩塌的恐 惧。 港股晨报 2026 年 2 月 13 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：AI 叙事反转引发恐慌抛售，市场 静待美国 CPI 公布 昨日，港股三大指数走弱，恒生指数跌 0.8 ...

Core Viewpoint - Beijing Zhiyuan Huazhang Technology Co., Ltd. (referred to as "Zhiyuan", stock code "HK2513") experienced a significant stock price increase, reaching a peak of over 22% and hitting HKD 492 per share, with a total market capitalization exceeding HKD 210 billion, marking a new historical high [2] Group 1: Company Performance - Zhiyuan's stock price surged due to the launch of GLM-5, which achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely approaching the performance of Claude Opus 4.5 in real programming scenarios [2] - The GLM-5 model ranked fourth globally and first among open-source models in the global Artificial Analysis leaderboard [2] Group 2: Industry Impact - The launch of GLM-5 led to explosive growth in traffic for Zhiyuan's developer community, resulting in significant pressure on foundational resources [2] - With support from domestic chip manufacturers, Zhiyuan is rapidly expanding its resources to ensure stable usage for GLM Coding pro users [2] - The industry is entering a dual-driven era of domestic models and domestic computing power, with Zhiyuan's advancements facilitating the commercialization of domestic computing power [2]

【#智谱科创板IPO新动态#】#智谱拟冲刺科创板# "全球大模型第一股"智谱继续冲A。 2月13日，智谱港股走势持续上扬，盘中最高涨超22%，截至发稿涨超13%。（上海证券报） 近日，中国证监会官网更新了智谱公司的IPO辅导进展信息，智谱撤回了其于2025年4月提交的辅导备 案，并办理了新的辅导备案登记。 最新辅导备案报告显示，智谱拟冲刺科创板。同时，其IPO辅导机构变更为两家券商，由原来的中金公 司变更为国泰海通证券和中金公司两家。 ...

Market Overview - The market experienced fluctuations with all three major indices declining: Shanghai Composite Index down 0.7%, Shenzhen Component Index down 0.67%, and ChiNext Index down 0.96% [1] - The overall market saw over 2600 stocks decline [1] Sector Performance - The military industry sector led the gains with an increase of 2.09%, highlighted by Yaxing Anchor Chain (601890) hitting the daily limit [2] - The semiconductor sector showed strong performance, with notable stocks like Guofeng New Materials (000859) achieving significant gains over four days [1][2] - The paper-making sector also performed well, with Wuzhou Special Paper (605007) reaching the daily limit [1] Declining Sectors - The oil and gas extraction and port shipping sectors faced significant declines, with China Merchants Energy (600026) and China Merchants Industry (601872) experiencing substantial drops [3] - The oil and gas extraction and service sector fell by 2.14%, while the port shipping sector decreased by 1.88% [4] Hong Kong Market - The Hang Seng Index dropped by 1.79%, and the Hang Seng Technology Index fell by 1.65% [5] - Gold stocks declined, with Zijin Mining (601899) down over 5% and Shandong Gold (600547) down more than 4% [5] - The semiconductor sector in Hong Kong saw significant gains, with stocks like Aixin Yuan Zhi rising over 15% [5] Company Highlights - Zhizhu continued its strong performance, reaching a new high of 492 HKD per share, with a market capitalization exceeding 200 billion HKD [7] - The company announced two major developments: the launch of its next-generation flagship model GLM-5 in overseas markets and a structural price adjustment for its GLMCodingPlan packages [9]