| | | 智谱(日线,前复权) ✿✪ MA MA5:290.000 ↑MA9:262.356 ↑ MA19:238.042 ↑ | | 设置均线~ | | | --- | --- | --- | --- | --- | --- | | 339.800 +8.77% | | | 2026/1/8-2026/2/12(26根) ★ | | | | 演 | 黄黄 | | | | 354.000 | | | | 354.000 | | | | | | | | | | 314.350 | | | | | | | 274.700 | | | | | | | 235.050 | | | | | | | 195.400 | | | | | | | 155.750 | | 116.100 | | | | | 116.100 | | | | VOL(5,10) VOLUME:51200.000 ↓ MAVOL1:2461270.600 ↓ MAVOL2:1985425.800 | 加指标 换指标 * 8 | | 1752万 | | | | | | | 0.000 | | << 02 | | | | | » | 智谱(2513. ...

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, the ChiNext Index up 0.30%, and the Sci-Tech Innovation Index up 0.43% [1] Sector Performance - Sectors such as fiberglass, cloud computing, and semiconductors saw significant gains, while the film and television industry and cultural media concepts continued to decline, with Hengdian Film and Television hitting the daily limit down [2][3] Specific Company Updates - Jili Sogou, a popular stock in the commercial aerospace sector, opened with a limit down, with a sealed order amount exceeding 1.2 billion yuan. The company announced it had not signed a 458 million yuan project in Hainan and reported cumulative orders of 996.51 thousand yuan in the commercial aerospace sector for 2025 [3][4] Hong Kong Market - The Hong Kong stock market opened slightly lower, with the Hang Seng Index down 0.2% and the Hang Seng Technology Index down 0.47%. Zhiyuan opened with an increase of over 8%, as the company adjusted the pricing structure of its GLM Coding Plan package, resulting in an overall increase of at least 30% [4]

2月12日，智谱正式发布并开源新一代旗舰基座模型 GLM-5，定位为面向复杂系统工程与长程Agent任务的基座模型，在大型编程任务中提供 对标顶尖闭源模型的可靠生产力，为懂行的顶尖程序员而生。 几周前，开源社区曾流传一个名为Pony Alpha的模型。它能进行长程交互、拆解复杂任务、在多轮对话中保持稳定上下文，一度引发广泛猜 测。如今答案揭晓，Pony Alpha正是GLM-5的匿名测试版本。 过去一年，AI Coding正在发生一次深层次的能力迁移。前OpenAI研究科学家Andrej Karpathy在 "vibe coding" 实践一周年时提出，开发者的角 色正从"写代码"转向"编排 AI Agent"。 这一趋势在顶尖闭源阵营中已经得到验证。Claude Opus 4.6与 GPT-5.2 在长上下文、复杂编排和工具调用上的表现，推动市场对大模型的"系 统级能力"重新定价。 在开源世界，月之暗面（Moonshot AI）在 2026 年 1 月 27 日正式发布了 Kimi K2.5，是一个主打超长上下文与多智能体协作的原生多模态模 型，能够自主调度上百个子智能体高效完成跨领域的复杂任务。 模型能力 ...

Core Viewpoint - Moore Threads has successfully completed the full-process adaptation and verification of the new generation large model GLM-5 on its flagship AI training and inference GPU MTT S5000, which is designed for large model training, inference, and high-performance computing [1] Group 1 - The MTT S5000 is a fully functional AI computing card based on the fourth-generation MUSA architecture "Pinghu" [1] - The MTT S5000 offers a maximum AI computing power of 1000 TFLOPS per card [1]

Core Insights - The Chinese AI industry is experiencing an unprecedented wave of flagship model releases, marking a competitive race among major players to convert technological advancements into consumer products [1][10] - The 2026 Spring Festival is anticipated to be a critical period for AI model launches, with multiple companies preparing to unveil significant updates simultaneously [2][10] Group 1: Market Dynamics - The 2025 strategy of DeepSeek's Spring Festival launch has set a precedent, leading other companies to adopt similar tactics for product releases [2] - ByteDance has initiated the competition by launching a trio of models: Seedance 2.0, Seedream 5.0, and Doubao 2.0, with Seedance 2.0 already signaling potential success [2][3] - Alibaba is set to release Qwen 3.5 in mid-February, supported by a substantial customer acquisition incentive of 3 billion yuan [3] - Zhiyu has introduced GLM-5, expanding its parameters from 355 billion to 744 billion [4] - DeepSeek is expected to launch its V4 version in mid-February, focusing on improvements in coding and long prompt handling [6] - MiniMax has recently launched its M2.5 model on the Agent platform [8] Group 2: Competitive Landscape - The simultaneous release of multiple models is likely to create a "winner-takes-all" scenario, where underperforming models may face significant disadvantages [10] - The scarcity of attention during the Spring Festival means that labs failing to present credible flagship updates risk being excluded from developers' consideration [12] - DeepSeek's potential release is seen as pivotal, not just for its chatbot capabilities but for the platform economic benefits it may unlock [12] Group 3: Technological Innovations - DeepSeek's new approach, as outlined in its paper on scalable conditional memory, could enhance model efficiency by shifting expensive computations to cheaper retrieval operations [12][14] - If successful, this could transform AI from an expensive "toy" into an affordable "tool," facilitating broader integration into high-frequency consumer products [14] Group 4: Beneficiaries and Implications - Tencent is projected to be the biggest beneficiary of the model competition, leveraging its high-frequency communication platforms, WeChat and QQ, to enhance user experience through improved model performance [15][16] - For Alibaba and Baidu, while stronger models could enhance user experience, they may also face pricing pressures if DeepSeek instigates a price war in the API service market [17] - Vertical giants like Trip.com, Beike, and Kuaishou stand to benefit from powerful open-source models that lower technical barriers and accelerate product iteration [17] Group 5: Market Sentiment and Future Outlook - Despite the excitement in the capital markets, there is a cautious sentiment regarding the actual performance of consumer-facing AI models, with large-scale user testing during the Spring Festival seen as a critical evaluation point [18][19] - The true signal of adoption will be whether major players integrate AI as a default feature in high-frequency interfaces, which would drive sustained demand for reasoning capabilities [19] Group 6: Valuation and Long-term Perspective - Morgan Stanley maintains an "overweight" rating for model developers Zhiyu and MiniMax, with target prices set at 400 HKD and 700 HKD respectively, based on a 30x P/E ratio for 2030 [21]

Market Performance - The Shanghai Composite Index rose by 0.12% to 4136.99, while the Shenzhen Component Index also increased by 0.12% to 14177.97. The ChiNext Index saw a rise of 0.30% to 3294.57, and the STAR Market Index increased by 0.43% to 1795.95 [1][2][3]. Sector Performance - The computing power leasing sector showed strong performance, with notable gains in communication services and liquid cooling servers. The AI sector, particularly Zhizhu, was active, while the film and theater sector experienced declines [2][4]. Hong Kong Market - The Hang Seng Index fell by 0.20% to 27210.56, and the Hang Seng Tech Index decreased by 0.47% to 5474.25. Major tech stocks like Meituan, Tencent, and Baidu dropped over 2%, while NetEase and Alibaba fell by more than 1%. Zhizhu saw a significant increase of 8.77% following the launch and open-sourcing of GLM-5 [4][5].

2月12日早晨，摩尔线程表示，已经在旗舰级AI训推一体GPU MTT S5000上，完成了对智谱新一代 大模型GLM-5的全流程适配与验证。MTT S5000是专为大模型训练、推理及高性能计算而设计的全 功能GPU智算卡，基于第四代MUSA架构"平湖"打造，单卡AI算力最高1000 TFLOPS。 记者｜一财科技 编辑 ｜ 钉钉 ...

此外，智谱今日发布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。生效时间为2026年2月12日。 智谱(02513)高开近9%，截至发稿，涨8.77%，报339.8港元，成交额1739.78万港元。 消息面上，2月11日， 智谱正式推出新一代旗舰模型GLM-5，主攻编程与智能体能力，官方称已实现开 源领域最优表现。据悉，GLM-5参数规模由上一代的355B扩展至744B，激活参数从32B提升至40B。智 谱方面证实，此前在全球模型服务平台OpenRouter登顶热度榜首的神秘模型"Pony Alpha"即为GLM-5。 内部评估显示，GLM-5在前端、后端、长程任务等编程开发场景中，平均性能较上一代提升超20%，真 实编程体 ...

新浪科技讯 2月12日上午消息，智谱发布新一代旗舰模型 GLM-5，并宣布基于实际使用情况与资源投 入变化对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。 据悉，GLM-5定位"复杂系统工程"与"长周期智能体任务"，代码能力逼近 Claude Opus 4.5，已在SWE- bench等权威编程基准中成为得分最高的开源模型，并在部分基准上超过 Gemini 3 Pro等旗舰模型。 据内部人士透露，目前GLM-5已率先在海外版上新，在已公布的海外版价格中，Coding plan订阅价格提 高30%-60%，API调用价格提升67%-100%，这是国产大模型近期来的首次大幅提价，显示出国产模型 的技术能力和市场竞争力正在快速提升。（文猛） GLM Coding Plan 价格调整函 尊敬的客户: 您好! 感谢您长期以来对智谱的支持。 新浪科技讯 2月12日上午消息，智谱发布新一代旗舰模型 GLM-5，并宣布基于实际使用情况与资源投 入变化对GLM C ...

Group 1 - The core viewpoint of the article is the launch of the new flagship model GLM-5 by the company, which focuses on programming and intelligent agent capabilities, claiming to achieve optimal performance in the open-source field [2][5] - The parameter scale of GLM-5 has been expanded from 355 billion to 744 billion, and the activation parameters have increased from 32 billion to 40 billion [2][5] - Internal evaluations indicate that GLM-5 has improved average performance by over 20% compared to its predecessor in various programming development scenarios, approaching the performance level of Claude Opus 4.5 [2][5] Group 2 - The company has announced a structural adjustment to the pricing system of the GLM Coding Plan due to strong market demand and rapid growth in user scale and usage [6] - The adjustments include the cancellation of the first purchase discount while retaining quarterly and annual subscription discounts, with an overall price increase starting from 30% [6] - The new pricing structure will take effect on February 12, 2026, while existing subscribers will not see a change in their prices [6]