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 - OpenClaw, an open-source AI Agent project, has rapidly gained popularity, with monthly user visits skyrocketing to 2.63 million, a 10,000% increase in just two weeks, leading to significant demand for cloud services and MaaS orders [1] - Major cloud providers like Alibaba Cloud, ByteDance's Volcano Engine, and Baidu Intelligent Cloud are competing fiercely to support OpenClaw deployments, indicating a shift in the cloud market dynamics [1][2] - The MaaS market is projected to grow significantly, with a year-on-year increase of 421.2% expected by mid-2025, driven by the rise of AI Agents and the associated token economy [2][3] Group 1: Market Dynamics - ByteDance's Volcano Engine leads the domestic market with a 46% share of the public cloud model market, actively expanding its sales team to capitalize on the growing demand for MaaS [2][8] - Baidu's Wenxin model has seen substantial growth, with daily API calls reaching 500 million in Q4 2023, and projected to exceed 1.65 billion by December 2024 [4] - The competition among cloud providers is intensifying as they seek to capture market share in the rapidly expanding MaaS sector, with Alibaba focusing on reclaiming lost ground [15][17] Group 2: Technological Advancements - The concept of "Token efficiency" is becoming crucial as the demand for AI applications grows, emphasizing the need for cloud providers to offer low latency, high stability, and transparent cost structures [3] - Companies are exploring new architectures to improve token efficiency, which is essential for handling complex tasks with fewer tokens [3] - The integration of AI models with cloud services and proprietary chips is seen as a strategic advantage for companies like Alibaba, aiming to create a comprehensive AI cloud ecosystem [17][18] Group 3: Future Projections - The token economy is expected to reach trillions in value as the demand for AI Agents increases, with OpenClaw serving as a catalyst for this growth [2][3] - By 2027, the daily token consumption for ByteDance's Doubao model is predicted to exceed 100 trillion, highlighting the immense potential for growth in the MaaS market [10] - The competition will not only be about token consumption but also about the ability to provide efficient and effective AI solutions that meet developer needs [21]

证券日报网讯 2月11日，首都在线在互动平台回答投资者提问时表示，公司与燧原科技建立了深度合作 关系，双方联合打造了燧原曜图文生图MaaS平台服务产品。该产品依托燧原科技邃思®系列芯片的算 力支撑，结合公司的计算服务能力，为企业级客户提供开箱即用的文本生成图像服务，通过软硬一体方 案有效降低客户的应用难度与算力成本。此外，双方还基于技术优势联合攻关大模型MaaS领域，为开 发者提供便捷经济的大模型API调用解决方案，并共同发起MaaS产业联盟，持续推动相关领域生态建 设。 （文章来源：证券日报） ...

Core Insights - Qiniu Intelligent (02567) saw a significant intraday increase of nearly 17%, with a current rise of 7.55% to HKD 0.57, and a trading volume of HKD 8.0614 million [1] Group 1: Company Developments - Qiniu Intelligent has officially launched its MaaS platform "AI Model Plaza," which is perceived as the "Chinese version of OpenRouter" [1] - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral hub for AI development [1] Group 2: User Growth and Market Position - Since the launch of the MaaS platform in 2025, the number of MaaS-related users has rapidly exceeded 180,000, with the total registered users on Qiniu Cloud surpassing 1.92 million as of January 14, 2026 [1] - The growth rate of users is showing non-linear expansion, indicating that Qiniu Intelligent's MaaS ecosystem is achieving economies of scale [1] - With the anticipated explosion in demand for multi-agent reasoning in 2026, Qiniu Intelligent is expected to evolve from a "service provider" to the "core of the ecosystem" [1]

Core Viewpoint - Zhongsheng Group predicts that Yunzhisheng (09678) will experience accelerated revenue growth over the next three years, with projected revenues of 1.236 billion, 1.923 billion, and 2.918 billion yuan for 2025, 2026, and 2027 respectively, representing growth rates of 31.6%, 55.6%, and 51.7%, and expects the company to achieve profitability in 2026 [1] Group 1 - Yunzhisheng is a pioneer in AGI technology in China, being one of the first companies to commercialize deep learning voice technology and integrate multimodal technology [2] - The company has developed a matrix of multimodal large models and specialized industry large models, with its UniGPT-Med ranking first in three projects in the latest MedBench 4.0 evaluation, demonstrating a hallucination rate of less than 3%, leading the industry [2] Group 2 - The company has established partnerships with top-tier hospitals such as Peking Union Medical College Hospital and Hunan Xiangya Hospital, covering 40% of the top 100 hospitals in China, creating a solid competitive advantage through its vast medical data assets [3] - The high-quality data training forms an efficient data flywheel, with significant application potential in medical insurance and commercial health insurance cost reduction [3] Group 3 - The company employs a dual-platform strategy, utilizing MaaS for high-end clients through private deployment of regional/industry large models, while SaaS focuses on standardized applications for small and medium clients, facilitating commercial monetization [4] Group 4 - The smart living business continues to grow steadily, with multimodal interactions implemented in various transportation sectors, and deep collaborations with leading companies like TCL and Gree in the home appliance sector [5] - Smart cockpit solutions have been widely adopted in mainstream vehicle models such as SAIC's Zhiji L6 and Geely's Xingrui [5]

证券日报网讯 1月28日，首都在线在互动平台回答投资者提问时表示，公司与燧原科技联合打造了燧原 曜图™文生图MaaS平台服务产品。该产品以燧原科技邃思®系列芯片为算力支撑、公司提供计算服 务，是面向企业级文生图服务产品，具备开箱即用、所见即所得的文本生成图像能力，通过软硬一体方 案降低客户应用难度与算力成本。此外，双方还基于各自技术优势联合攻关大模型MaaS领域，为开发 者提供便捷经济的大模型API调用解决方案，并共同发起MaaS产业联盟。 （编辑 姚尧） ...

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Plaza" is set to launch on January 19, 2026, aiming to establish a foundational base for AI Native development through comprehensive model coverage, compatible API architecture, and advanced services [1] - The year 2026 is anticipated to be a breakout year for Multi-Agent reasoning, with a shift towards multi-step reasoning in AI tasks, leading to increased user engagement and token consumption on the MaaS platform [1] User Growth and Financial Performance - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, with a total of over 1.92 million registered users on Qiniu Cloud as of January 14, 2026, marking a significant non-linear growth [2] - AI-related revenue for Qiniu Intelligent surpassed 184 million yuan, contributing 22.2% to total revenue in the first half of 2025, indicating a competitive advantage in the AI reasoning ecosystem [2] Market Position and Competitive Advantage - Qiniu Intelligent is evolving from a cloud service provider to a "MaaS scheduling hub" in the rapidly changing large model market, where open-source models are gaining traction due to cost-effectiveness and flexibility [3] - The MaaS platform allows users to call different models on demand, providing a neutral entry point for developers to conduct A/B testing and performance benchmarking without being tied to specific model vendors [4] Data Accumulation and User Engagement - The MaaS platform is building a "data moat" by accumulating real-world performance data of AI models across various scenarios, enhancing user stickiness and providing tailored recommendations for model usage [6] - The platform's management console offers transparent resource control, enabling enterprises to compare model performance and manage budgets effectively, thus supporting compliance and cost control [6] Market Growth and Future Outlook - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion yuan, a year-on-year increase of 421.2%, positioning Qiniu Intelligent uniquely in a competitive landscape [8] - As Multi-Agent applications enter a phase of large-scale deployment in 2026, the demand for multi-model scheduling and long-range reasoning is expected to grow exponentially, enhancing Qiniu's core value as a model scheduling layer [8]

Core Viewpoint - Qiniu Intelligent officially launched its MaaS platform "AI Model Plaza" on January 19, 2023, which is regarded as the "Chinese version of OpenRouter" [1] Group 1: Platform Features - The platform features a unified API architecture, multi-model scheduling capabilities, and agent services, establishing itself as a neutral scheduling hub for AI development [1] Group 2: User Growth and Ecosystem Development - Since the launch of the MaaS platform in 2025, the number of related users has rapidly exceeded 180,000, and as of January 14, 2026, the total registered users on Qiniu Cloud surpassed 1.92 million, indicating a non-linear growth trend [1] - The rapid user growth signifies that Qiniu Intelligent's MaaS ecosystem is achieving economies of scale [1] Group 3: Future Outlook - With the anticipated explosion in demand for multi-agent reasoning in 2026, Qiniu Intelligent is expected to evolve from a "service provider" to the "core of the ecosystem" [1]

Core Insights - Qiniu Intelligent's MaaS platform "AI Model Square" has been newly launched, providing a comprehensive development foundation for the AI Native era through a model square with full-scenario coverage, highly compatible API architecture, forward-looking Agent + MCP services, and a full-stack management console [1] Group 1 - The year 2026 is widely regarded by the capital market as the breakout year for Multi-Agent reasoning, with new tools emerging and production paradigms shifting towards more step-by-step reasoning [1] - The MaaS platform is transitioning from being dominated by single-turn dialogues to being driven by long sequences and multi-step intelligent agent tasks, leading to a significant increase in model invocation frequency and higher demands for contextual consistency [1] Group 2 - Since the launch of the MaaS platform in 2025, the number of MaaS-related users has rapidly exceeded 180,000, with the total registered users on Qiniu Cloud surpassing 1.92 million as of January 14, 2026, indicating a non-linear expansion and the emergence of scale effects in the Qiniu Intelligent MaaS ecosystem [2] - In the first half of 2025, Qiniu Intelligent's AI-related revenue surpassed 184 million yuan, contributing 22.2% to total revenue, demonstrating the company's competitive advantage and leading potential in the AI reasoning ecosystem [2]

Core Viewpoint - The article discusses the significance of the Spring Festival Gala (Spring Festival) as a pivotal moment for companies, particularly in the context of AI and cloud services, highlighting the competitive landscape and strategic positioning of ByteDance's Volcano Engine in the AI cloud market [1][2][3]. Group 1: AI Cloud Market Dynamics - The Spring Festival Gala has become a platform for AI companies, with Volcano Engine set to showcase its capabilities, marking a competitive shift in the cloud market [2][3]. - Alibaba aims to capture 80% of the incremental growth in China's AI cloud market this year, intensifying competition for cloud service providers [2][10]. - The AI cloud market is projected to exceed 120 billion yuan by mid-2025, with significant contributions from sectors like finance, government, and manufacturing [10]. Group 2: Strategic Positioning of ByteDance - ByteDance is shifting its focus from consumer (C-end) products to business (B-end) capabilities, using the Spring Festival as a platform to correct public perception and emphasize its B-end offerings [4][9]. - The decision to feature Volcano Engine at the Spring Festival reflects ByteDance's strategy to enhance its B-end presence and showcase its technological capabilities [4][9]. - The company aims to break the stereotype of being "C-end heavy" by demonstrating its commitment to B-end growth through high-profile events [9]. Group 3: Technical Capabilities and Challenges - The Spring Festival presents extreme technical challenges for cloud service providers, requiring high concurrency and zero-error performance, which will test Volcano Engine's capabilities [12][16]. - Historical data indicates that the Spring Festival Gala could reach 168 billion interactions, necessitating robust technical infrastructure to handle peak loads [12][16]. - Volcano Engine has demonstrated its technical prowess through past collaborations, including supporting Douyin's Spring Festival Gala with significant interaction volumes [12][16]. Group 4: Competitive Landscape - The competition between Volcano Engine and Alibaba Cloud is intensifying, with both companies vying for market share in the rapidly evolving AI cloud sector [16][19]. - Alibaba Cloud has established a strong market presence, with a reported market share of 35.8% in the AI cloud sector, compared to Volcano Engine's position in the following tier [21][19]. - The future of the cloud services market is expected to be characterized by differentiated competition among various players, each leveraging unique technological strengths [22].