A股市场今天（2月12日）整体小幅上涨，电力设备板块掀起涨停潮，成为上午A股市场板块主要亮点之一。 港股市场今天上午整体出现调整，恒生指数盘中一度跌破27000点。 股价大幅波动的港股方面，智谱大涨，盘中涨幅超过30%。消息面上，今天智谱上线并开源GLM-5。 A股电力设备板块掀起涨停潮 A股市场今天（2月12日）整体小幅上涨，创业板指涨幅超过1%。 主要行业板块和赛道方面，若按照申万一级行业划分，电力设备板块大涨，板块内个股掀起涨停潮，其中汉缆股份、中恒电气、望变电气、四方股份等多 股盘中涨停。消息面上，西门子能源股价持续走高，推高市场对该类赛道股票预期。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅▼ | 成交额 | | --- | --- | --- | --- | --- | --- | | 301217 | 铜量铜箔 | 36.53 | 4.50 | 14.05% | 25.78亿 | | 301120 | 新待电气 | 22.79 | 2.59 | 12.82% | 9.611Z | | 002498 | 汉绩股份 | 6.15 | 0.56 | 10.02% | 12.94亿 | | 00 ...

责任编辑：王永生 智谱在香港早盘最大上涨近34%，股价创上市以来盘中新高。此前公司上调人工智能编码订阅计划 GLM Coding Plan的套餐价格，整体涨幅30%起。截至午盘，智谱涨24.8%，报390港元；本周迄今该股 涨逾90%。另一大模型公司稀宇科技（100 HK）上涨14%。智谱周三表示，周四将正式推出新一代AI模 型GLM-5，旨在处理复杂的编程和智能体任务，并已与Anthropic的Claude Opus系列进行直接对标测 试。 智谱在香港早盘最大上涨近34%，股价创上市以来盘中新高。此前公司上调人工智能编码订阅计划 GLM Coding Plan的套餐价格，整体涨幅30%起。截至午盘，智谱涨24.8%，报390港元；本周迄今该股 涨逾90%。另一大模型公司稀宇科技（100 HK）上涨14%。智谱周三表示，周四将正式推出新一代AI模 型GLM-5，旨在处理复杂的编程和智能体任务，并已与Anthropic的Claude Opus系列进行直接对标测 试。 责任编辑：王永生 ...

Core Insights - The article discusses the recent launch of the GLM-5 model by Zhipu, which has received positive market feedback, with a stock price increase of 28.68% on its first trading day [4] - The GLM-5 model features significant updates, including an increase in pre-training data from 23 trillion to 28.5 trillion and the introduction of a new "Slime" framework to support larger model scales and complex reinforcement learning tasks [4][5] - The article highlights the evolving consensus in the industry regarding large models, indicating a shift from basic coding to more complex engineering tasks [5] Company Developments - Zhipu's GLM-5 model has achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely matching the performance of Claude Opus 4.5 in real programming scenarios [5] - The model's agent capabilities enable various applications, including end-to-end application development and general agent assistance, showcasing its versatility [5] - Other models released around the same time include Step 3.5 Flash by Jieyue Xingchen, Qwen3-Coder-Next by Alibaba, and MiniMax-M2.5, indicating a competitive landscape in AI model development [6] Industry Trends - The updates from multiple model manufacturers reflect a focus on inference efficiency, long context, multimodality, and cost reduction [6] - Technologies such as the MoE architecture and FP8 precision are being implemented, significantly lowering the cost of model calls from "yuan" to "fen" and "li" [6] - DeepSeek's recent updates have increased context length support to a maximum of 1 million tokens, a significant improvement from the previous version's 128,000 tokens [6]

Market Overview - The Shanghai Composite Index experienced a slight increase of 0.12%, while the Shenzhen Component Index rose by 0.81%, and the ChiNext Index increased by 1.18% as of the midday close [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 30.5 billion yuan compared to the previous trading day, with over 2,700 stocks rising across the market [1] Sector Performance - The electric grid equipment sector saw significant gains, with companies like Siyi Electric (002028) and Sifang Co., Ltd. (601126) reaching new highs, and stocks such as Wangbian Electric (603191) and Shun Sodium Co., Ltd. (000533) hitting the daily limit [4] - The liquid cooling server concept also performed strongly, with stocks like Chuanrun Co., Ltd. (002272) and Dayuan Pump Industry (603757) hitting the daily limit. This surge was driven by Nvidia's liquid cooling supplier, Vertiv, reporting better-than-expected earnings and a strong outlook, leading to a 24% increase in its stock price [4] - The non-ferrous metals sector remained active, with companies like Xianglu Tungsten Industry (002842) and Zhangyuan Tungsten Industry (002378) seeing consecutive gains. The China Minmetals Import and Export Chamber announced a conference on rare earth and rare metal export policies scheduled for March 25, 2026 [5] Notable Stocks - CPO concept stocks gained traction, with Jingchen Co., Ltd. rising over 12% and Tianfu Communication (300394) increasing over 10%, reaching a new historical high [6] - The film and cinema sector faced a collective decline, with stocks like Huanrui Century (000892) and Hengdian Film (603103) hitting the daily limit down [7] - In the Hong Kong market, major tech stocks such as NetEase and Meituan fell over 3%, while Kuaishou and Alibaba dropped over 2% [7] Emerging Companies - The AI model company Zhiyu saw its stock price surge over 30%, with a market capitalization exceeding 170 billion HKD, following announcements of price increases and new product launches [8]

据悉，GLM-5是面向"智能体工程"时代打造的领先开源模型。它在SWE-bench等权威编程基准中成为得 分最高的开源模型，真实编程体验已逼近Claude Opus 4.5。 智谱(2513.HK)今日盘中一度涨超33%至418港元，创上市新高，市值一度突破1800亿港元；截至半日收 盘涨24.84%，报390港元。消息面上，今日凌晨，智谱正式开源发布新一代基座模型GLM-5，被誉为智 能体工程时代最强开源模型。 在工程落地层面，GLM-5已完成与华为昇腾、摩尔线程、寒武纪、昆仑芯、沐曦、燧原、海光等主流 国产芯片平台的深度推理适配与算子级优化，能够在国产算力集群上实现高吞吐、低延迟的稳定运行。 业内人士指出，这背后的意义不止是一次工程适配，更关乎AI算力供应链的自主可控，叠加国产算力 平台的可控供给，使得开源Agentic Engineering级生产力工具第一次具备可大规模交付的现实条件。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - Domestic large models have been intensively released around the Spring Festival, initiating an AI arms race. Notable releases include DeepSeek's new model with a context processing capability of 1 million tokens, GLM-5 which ranks first globally in programming and agent testing, and ByteDance's Seedance 2.0 aimed at revolutionizing video creation [1][2] - The usability of agents is increasing, with large models transitioning from chat to collaboration. Claude Opus 4.5 can autonomously program for 5 hours, and AI coding agents are expected to double their task handling time every 4 months starting from 2024-2025, compared to a 7-month doubling period from 2019-2024 [2] - The demand for inference is expected to rise due to large-scale applications, with significant increases in token consumption for agent execution compared to dialogue scenarios. The cost of generating a 5-second 720P video is approximately 4 RMB, with Seedance costing about 2.3 RMB, indicating a substantial cost advantage over manual production [3] Summary by Sections Model Updates - MiniMax's M2.5 model is set to launch soon, currently in internal testing for the MiniMax Agent product. Other updates include GLM-5 from Zhizhu, which has achieved state-of-the-art capabilities in coding and agent functions, and DeepSeek's new model with a context window increased to 1 million tokens [7] Related Companies - Key companies mentioned include MiniMax, Zhizhu, Yunsai Zhilian, UCloud, Capital Online, Qingyun Technology, Wangsu Technology, and Nanxing Co. [4]

Core Viewpoint - The article highlights the successful launch of Zhipu's new model GLM-5, which has received positive market feedback, evidenced by a 28.68% increase in stock price on its first trading day [5]. Group 1: Model Features and Updates - Zhipu's GLM-5 model has enhanced programming and agent capabilities, increasing pre-training data from 23 trillion to 28.5 trillion [6]. - The model introduces a new "Slime" framework to support larger model scales and complex reinforcement learning tasks, along with an asynchronous reinforcement learning algorithm for continuous learning from long-term interactions [6]. - GLM-5 has achieved state-of-the-art (SOTA) performance in coding and agent capabilities, closely matching the user experience of Claude Opus 4.5 in real programming scenarios [6]. Group 2: Applications and Integrations - Typical applications of GLM-5 in agent engineering include end-to-end application development, general agent assistants, and direct output of office documents [7]. - The model can be integrated into the popular open-source AI agent system OpenClaw, allowing users to have a smart intern for various tasks such as web searching and programming [7]. - Zhipu has also launched an AutoGLM version of OpenClaw, enabling seamless integration with Feishu robots [7]. Group 3: Industry Trends - The article notes that multiple model updates are occurring in the industry, focusing on inference efficiency, long context, multimodality, and cost reduction [7]. - Other models released around the same time include Step 3.5 Flash, Qwen3-Coder-Next, and MiniMax-M2.5, all emphasizing similar advancements [7]. - DeepSeek's recent updates have increased context length support to 1 million tokens, a significant improvement from the previous 128,000 tokens [8].

Market Overview - The Shanghai Composite Index experienced a slight increase of 0.12%, while the Shenzhen Component Index rose by 0.81%, and the ChiNext Index increased by 1.18% as of the midday close on February 12 [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.34 trillion yuan, an increase of 30.5 billion yuan compared to the previous trading day, with over 2,700 stocks rising across the market [1] Sector Performance - The electric grid equipment sector saw significant gains, with companies like Siyi Electric and Sifang Co. reaching new highs, and stocks such as Wangbian Electric and Shun Sodium hitting the daily limit [5] - The liquid cooling server concept performed strongly, with stocks like Chuanrun Co., Dayuan Pump Industry, and Ningbo Jingda hitting the daily limit. The surge was driven by Nvidia's liquid cooling supplier, Vantage Technology, which reported better-than-expected earnings and guidance, leading to a 24% increase in its stock price [5] - The non-ferrous metals sector was active, with companies like Xianglu Tungsten and Zhangyuan Tungsten seeing consecutive gains. The China Minmetals Import and Export Chamber announced a conference on rare earth and rare metal export policies scheduled for March 25, 2026 [5] Notable Stocks - The CPO concept saw a resurgence, with Jingchen Co. rising over 12% and Tianfu Communication increasing over 10%, both reaching new historical highs [6] - In contrast, the film and cinema sector faced a collective decline, with stocks like Huanrui Century and Hengdian Film experiencing limit-downs [6] - The commercial aerospace concept stock, Jili Rigging, faced a limit-down after the company denied false media claims regarding its involvement in significant aerospace projects [6] - In the Hong Kong market, the Hang Seng Index and Hang Seng Tech Index both fell, with major tech stocks like NetEase and Meituan dropping over 3% [6] - The AI model company, Zhipu Technology, saw a surge of over 30% in its stock price, with a market capitalization exceeding 170 billion HKD following announcements of price increases and new product launches [6]

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index down 0.89% to 27,024.06 points, the Hang Seng Tech Index down 1.68% to 5,407.59 points, and the China Enterprises Index down 0.96% to 9,179.06 points [1] - Major technology stocks fell, including Alibaba down 2.12%, Tencent down 2.65%, and Meituan down 4.16% [1] Sector Performance - AI application stocks showed resilience, with Zhiyuan (智谱) surging over 33% after the release of its new flagship model GLM-5, which achieved state-of-the-art performance [2] - New energy and resource stocks were active, with CATL (宁德时代) rising over 4% due to a partnership with Changan Automobile to introduce sodium-ion batteries [2] - Precious metals and mining stocks also saw gains, with Zijin Mining (紫金矿业) up over 4% after a target price upgrade from Citigroup [2] Individual Stock Movements - Capital Airport (首都机场) fell over 3% due to a negative earnings forecast, with expected net losses for 2025 reaching 600 to 760 million yuan [3] - Budweiser APAC (百威亚太) dropped over 4% as its 2025 revenue is projected to decline by 7.7% [3] - Dongfeng Motor Group (东风集团股份) rose over 3% after meeting all conditions for privatization and the spin-off of its Lantu brand [3] Institutional Insights - Analysts noted that the market is in a phase of volume contraction, with a focus on structural opportunities in essential retail and tech hardware sectors [4] - Despite inflows from southbound funds, the overall trading volume in the Hong Kong market remains low, indicating a cautious market sentiment [4] - The Hang Seng Index is currently at a historical low valuation, with a PE ratio of only 12 times, suggesting potential for a rebound in quality stocks that have been oversold [4]

Market Overview - The Hang Seng Index fell by 0.89%, down 242 points, closing at 27,024 points, while the Hang Seng Tech Index dropped by 1.68% [1] - The trading volume in the Hong Kong stock market reached HKD 127.3 billion in the morning session [1] Company Highlights - Zhizhong (02513) saw its stock price increase by over 24% after its flagship model GLM-5 was adapted to several mainstream domestic chip platforms, including Huawei Ascend [1] - MiniMax (00100) experienced a rise of over 14% [1] - Optical communication stocks performed well, with Zhongji Xuchuang rising by 11%, Changfei Optical Fiber and Cable increasing by 11%, and Huiju Technology gaining over 6% [1] - Dongfang Electric (01072.HK) rose by over 11% due to expectations of new orders from Southeast Asian data centers or utility customers, as noted by Citigroup [1] - Harbin Electric (01133.HK) increased by 7.8% [1] - Tianyu Semiconductor (02658) rose by 4.9% after forming a strategic partnership with EYEQ Lab to focus on silicon carbide epitaxial wafer supply and applications [1] - Zhaoyi Innovation (03986) increased by over 7% following a surge in the U.S. memory sector, with strong demand expected to continue into next year [1] Sector Developments - The construction boom in U.S. data centers has led to an electricity shortage, with over 29 GW of natural gas power generation capacity under construction in the U.S. as of January 2026, more than doubling in one year [1] - CIMC Enric (03899) rose by 2.8% as JPMorgan expressed positive expectations for its Indonesian coke oven gas project, indicating the company's overseas expansion is moving into the execution phase [2] - COSCO Shipping Energy (01138) surged by over 10%, with an annual increase of over 80%, amid reports that the U.S. is considering seizing Iranian oil tankers to exert pressure [2] - China Nuclear International (02302) increased by over 6% due to a rise in uranium trade transaction volumes, significantly boosting annual revenue and profit [3] - Budweiser APAC (01876) fell by over 4%, dragging down the Hang Seng Index, as its fourth-quarter loss widened to USD 105 million [4]