Group 1 - The company experienced a significant intraday stock price increase of 20% on February 12 [2] - The company announced an increase in the subscription price for its AI programming package [2] - The company plans to launch a new model as part of its product offerings [2]

港股大模型概念股智谱涨幅扩大至24%，再度刷新上市来新高。消息面上，智谱GLMCoding Plan价格 上调，套餐价格整体涨幅30%起。 ...

Core Viewpoint - The article emphasizes the rapid development and capabilities of the domestic AI ecosystem, particularly highlighting the launch of the GLM-5 model and the MTT S5000 GPU, showcasing their compatibility and performance in AI applications [2][3]. Group 1: Product Launch and Capabilities - On February 11, the company officially released the new generation large model GLM-5, which has been fully adapted and verified on the MTT S5000 GPU [2]. - The MTT S5000 GPU is designed for large model training, inference, and high-performance computing, achieving a maximum AI computing power of 1000 TFLOPS and equipped with 80GB of memory [3]. - The MTT S5000 supports a wide range of frameworks, including PyTorch and Megatron-LM, allowing for "zero-cost" code migration for users [3]. Group 2: Technical Innovations - The MTT S5000 demonstrates high throughput and low latency in long-sequence inference scenarios, thanks to its architecture-level support for sparse attention and the agile MUSA software stack [4]. - The native FP8 acceleration significantly enhances inference efficiency while reducing memory usage, providing a cost-effective solution for large-scale deployments [5]. - The unique Asynchronous Communication Engine (ACE) offloads complex communication tasks from the computing core, improving computational efficiency and system throughput [6]. Group 3: Application in AI Coding - The MTT S5000 is optimized for AI coding tasks, ensuring low response latency while maintaining high code generation quality, making it ideal for complex code analysis and long-term agent tasks [7]. - The combination of GLM-5 and MTT S5000 offers developers a competitive programming experience, excelling in tasks such as function completion and debugging [7].

Core Viewpoint - The core viewpoint of the article emphasizes that model capability is the fundamental element determining long-term competitiveness in the AI industry [6][7]. Group 1: Company Performance and Model Launch - The company Zhiyu (2513.HK) saw its stock price rise over 25% upon the launch of its new model GLM-5, reaching a market capitalization of over 170 billion HKD [2]. - GLM-5 is recognized as the best open-source model in the "Agentic Engineering" era, showcasing significant advancements in coding and agent capabilities, achieving state-of-the-art (SOTA) performance in open-source benchmarks [2][10]. - During anonymous testing, GLM-5 gained attention from global developers, being rated as one of the "strongest anonymous models" [3]. Group 2: Technical Capabilities and Market Position - GLM-5 has achieved high scores in SWE-bench-Verified and Terminal Bench 2.0, with scores of 77.8 and 56.2 respectively, outperforming Gemini 3 Pro [2][10]. - The model's capabilities allow it to autonomously complete long-term planning and execution tasks with minimal human intervention, significantly surpassing its predecessor GLM-4.7 by over 20% on average [12]. - The model has been adapted for various domestic chip platforms, ensuring stable and efficient online services [5]. Group 3: Market Trends and Future Projections - According to a report by JPMorgan, the Chinese AI market is transitioning from a "hundred models battle" to a phase of structural integration, where survival depends on commercial viability and sustainable model iteration [7]. - JPMorgan forecasts a compound annual growth rate (CAGR) of 127% for Zhiyu's revenue from 2025 to 2030, with profitability expected by 2029, indicating significant growth potential [8]. - The strategic direction of Zhiyu, focusing on intelligent systems and developer infrastructure, aligns with global technological advancements, positioning the company favorably in the market [7].

| 智谱 < > જ | | --- | | 02513 | | ３４３.４００ 今开 339.800 最高 351.000 最低 318.800 | | 9.92% 31.000 换手 0.60% 总手 133万 金额 4.48亿 | | 更多 总值 1531亿 市盈 TM -34.66 市净 -22.72 | | 分时 五日 日Ｋ 周Ｋ 月Ｋ 更多】◎ | | 351.000 12.36% 卖 1 343.400 400 | | 351.000 | 12.36% 卖1 343.400 | 400 | | --- | --- | --- | | | 买1 342.600 | 500 | | | 分时成交 | A | | | 10:23 344.200 | 100 | | | 10:23 344.600↑ | 100 | | | 10:23 344.200↓ | 200 | | | 10:23 344.200 | 100 | | | 10:23 344.000↓ | 100 | | 312-400 | 10:23 344.000 | 100 | | | 10:23 344.000 | 100 | | | 10 ...

尊敬的客户: 您好! 感谢您长期以来对智谱的支持。 2月12日，智谱开盘股价大涨，一度涨超12%，周内涨幅已超70%。截至发稿，日内涨超10%，报345港元/股，市值突破1500亿港元。 消息面上，12日，智谱发布GLM Coding Plan价格调整函。智谱表示，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速提升。为保 障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持不变。 生效时间：2026年2月12日。 我们将持续投入，保障产品能力与服务稳定性。 北京智谱华章科技股份有限公司 2026 年 2 月 12 日 Z.ai · 取消首购优惠,保留按季按年订阅优惠 · 套餐价格进行结构性调整，整体涨幅自 30% 起 • 已订阅用户价格保持不变 此外，2月12日凌晨，智谱正式开源发布其新一代基座模型GLM-5。这宣告大模型编程从"写代码片段 ...

另外，智谱于2月12日发布GLM Coding Plan价格调整函，因市场需求增长，用户规模与调用量提升，公司加大算力与模型 优化投入，产品能力持续升级；公司决定对套餐价格体系进行结构性调整，取消首购优惠，保留按季按年订阅优惠，套餐 价格整体涨幅自30%起，已订阅用户价格保持不变。 2月12日，智谱(2513.HK)高开8.77%，报339.8港元，市值达1515亿港元。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。它宣告大模型编程从"写代码片段"的Vibe Coding时代，正式迈入"完 成系统工程"的智能体工程时代。此前，学界与业界已达成共识，Agentic Engineering(智能体工程)时代已经到来。 智谱 GLM-5有望成为国内第一个真正对齐Anthropic Opus系列的模型厂商。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 智谱(日线,前复权) | | 设置均线。 | | | --- | --- | --- | --- | | 339.800 +8.77% | | 2026/1/8-2026/2/12(26根) ★ ...

智谱2月12日发布GLM Coding Plan价格调整函称，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速 提升。 为保障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源 投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保 持不变。生效时间：2026年2月12日。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Group 1: Technology Developments - Zhipu released its next-generation flagship model GLM-5, achieving state-of-the-art performance in coding and agent capabilities, leading to a 36.22% stock price increase on February 9 [2] - DeepSeek is conducting a gray test for a maximum context length of 1 million tokens, with its knowledge base updated to May 2025 [3] - Meituan launched a native "Deep Research" agent with a usability rate of 61.1%, surpassing ChatGPT's 42.8% [6] Group 2: Consumer Electronics - Apple plans to maintain the same starting prices for the iPhone 18 Pro and Pro Max as the iPhone 17 series, leveraging supply chain management to control costs despite rising DRAM and NAND prices [4] Group 3: Financial Updates - NetEase reported a total revenue of 112.6 billion yuan for 2025, with R&D investment reaching 17.7 billion yuan, marking six consecutive years of over 10 billion yuan in R&D [11] - StarSea completed a 1 billion yuan Series B financing round, achieving a valuation of 10 billion yuan, becoming a unicorn in the embodied intelligence sector [12] - AGILINK announced the completion of a new financing round worth several hundred million yuan, led by major internet companies and involving top-tier capital [13] Group 4: Infrastructure Investments - Meta announced the construction of a new data center in Lebanon, Indiana, which will bring over 10 billion USD in investments and create approximately 4,000 construction jobs and over 300 operational jobs [9]

Core Viewpoint - The stock price of Zhipu surged by 8.19% to 338 HKD per share, with a market capitalization of approximately 150.69 billion HKD, following the announcement of significant product updates and price adjustments for their GLM Coding Plan [1][2]. Group 1: Stock Performance - As of February 12, Zhipu's stock price increased by 8.19%, reaching 338 HKD per share, resulting in a market capitalization of about 150.69 billion HKD [1][2]. Group 2: Product Updates - On February 12, Zhipu announced a structural price adjustment for the GLM Coding Plan due to strong market demand and increased user engagement, with an overall price increase starting from 30% [3]. - The company has decided to cancel the first purchase discount while retaining seasonal and annual subscription discounts, ensuring that existing subscribers will not see a price increase [3]. Group 3: Technological Advancements - Zhipu launched and open-sourced its next-generation flagship model, GLM-5, which has been optimized for compatibility with major domestic chip platforms, enabling high throughput and low latency on domestic computing clusters [8]. - GLM-5 ranks fourth globally and first in open-source on the authoritative Artificial Analysis leaderboard, indicating its competitive position in the market [9].