2026年1月8日，北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合交 易所挂牌上市。这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中 国。 上市首日，智谱开盘价120港元/股，盘中股价上涨16.18%至135港元，市值将近600亿港元。 此前在接受第一财经专访时，智谱CEO张鹏向记者回顾这一路走来的关键节点、坚持基座模型技术路径 的考量，以及面临DeepSeek爆火与大厂"围剿"后的应对。 尤其在2025年大模型应用逐渐成为主角，基座模型的训练成为少数"玩家"的对决，张鹏对记者表示：如 果舍弃基座模型而一味选择调用，舍弃AGI探索而一味追求商业化变现，公司对他来讲，将丧失意义。 实现AGI是终极目标 大模型赛道自2022年底被ChatGPT引爆后，如今已迈入第四个年头。国内市场中，大模型参赛选手正经 历一轮剧烈的"适者生存"筛选：创业公司或冲刺上市抢滩资本市场，或收缩战线聚焦垂直场景深耕，或 黯然退出基座竞赛；大厂则凭借算力、数据与生态优势全面压境，在技术迭代与场景落地中加速收割市 场份额。 在这样的局势中，智谱终于从一级市场迈入二级赛道。 招股 ...

1月8日，君联资本双喜临门——投资企业通用人工智能（AGI）龙头智谱与手术机器人领军企业精锋医 疗同日登陆港交所。 从大模型商业化破局到高端医疗装备国产替代，君联资本以九次加注、三次加持的"长期主义"投资策 略，精准锚定两大赛道龙头企业，不仅彰显其在科技投资领域的前瞻性布局能力，更成为"耐心资本"赋 能硬科技企业穿越周期、登陆资本市场的典型样本。 九次加持 君联陪跑智谱 智谱成立于2019年，自起步便深耕AGI赛道，致力于通过可信AI技术推动机器认知能力的突破。 公司自主研发的GLM系列大模型，在国内率先突破千亿参数规模。其旗舰产品GLM-4.5在推理、编码 与智能体能力上表现突出，在全球12项权威评测中综合得分达63.2，超越部分国际主流模型，稳居国内 第一、全球前列。2025年推出的GLM-4.6专注编码能力，在CodeArena测评中登顶全球榜首，彰显技术 硬实力。 在AA智能指数最新排名中，GLM-4.7以68分的成绩，同时位列开源模型与国产模型之首，全球排名第 六。 不同于多数资本在ChatGPT引爆市场后才布局AI，君联资本早在2022年便前瞻投资智谱，并通过综合成 长基金及管理的社保中关村专项基 ...

2026年1月8日，北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联 合交易所挂牌上市。这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花 落中国。 上市首日，智谱开盘价120港元/股，盘中股价上涨16.18%至135港元，市值将近600亿港元。 此前在接受第一财经专访时，智谱 CEO张鹏向记者回顾这一路走来的关键节点、坚持基座模型技术 路径的考量，以及面临DeepSeek爆火与大厂"围剿"后的应对。 尤其在 2025年大模型应用逐渐成为主角，基座模型的训练成为少数"玩家"的对决，张鹏对记者表 示：如果舍弃基座模型而一味选择调用，舍弃AGI探索而一味追求商业化变现，公司对他来讲，将丧 失意义。 实现AGI是终极目标 大模型赛道自 2022年底被ChatGPT引爆后，如今已迈入第四个年头。国内市场中，大模型参赛选 手正经历一轮剧烈的"适者生存"筛选：创业公司或冲刺上市抢滩资本市场，或收缩战线聚焦垂直场 景深耕，或黯然退出基座竞赛；大厂则凭借算力、数据与生态优势全面压境，在技术迭代与场景落地 中加速收割市场份额。 在这样的局势中，智谱终于从一级市场迈入二级赛道 ...

Core Insights - Zhiyu Technology has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company focused on general AI models, marking a significant milestone for the industry [3][5]. - The IPO was highly successful, with a subscription rate of 1159.46 times for the public offering and 15.28 times for the international offering, raising over HKD 4.3 billion [3][10]. - The company aims to develop general AI models that enable machines to think like humans, a vision articulated by its chairman, Liu Debing [3][5]. Company Overview - Founded in June 2019, Zhiyu Technology has grown to become the largest independent developer of general AI models in China, ranking second among all general AI model vendors, including major internet companies [5][8]. - The company has a strong backing from notable investors, including Meituan, Ant Group, Tencent, and Lenovo, which collectively hold shares through various entities [8][10]. Financial Performance - Zhiyu reported revenues of RMB 0.57 million in 2022, RMB 1.25 million in 2023, and projected revenues of RMB 3.12 million for 2024, with a significant net loss of RMB 62.47 billion over three and a half years [11][13]. - R&D expenses have escalated, reaching RMB 21.95 million in 2024, indicating a focus on high investment and heavy R&D [11][13]. - The company has accumulated a total revenue of RMB 6.85 million and a net loss of RMB 62.47 billion since its inception [13]. Business Model and Revenue Structure - Zhiyu's revenue is primarily derived from localized deployments, which accounted for over 84% of total revenue in the past three and a half years, indicating a strong presence in government and large enterprise sectors [14][15]. - The company offers both localized and cloud deployment options for its models, with revenue recognition occurring upon delivery and acceptance by clients for localized deployments [25][27]. Market Position and Competitive Landscape - Zhiyu Technology is positioned against major competitors such as iFlytek, Alibaba, SenseTime, and Baidu, with a focus on developing a comprehensive AI ecosystem [5][6]. - The company has established a significant technological barrier with its proprietary GLM architecture, which has been recognized in international academic publications [22][23]. Research and Development - The R&D team consists of over 650 members, representing 74% of the total workforce, with a strong academic background from top institutions like Tsinghua University [20][21]. - Zhiyu has published approximately 500 high-impact papers, with over 58,000 citations, and holds 86 authorized patents, showcasing its commitment to innovation [22][23]. Customer Base and Token Consumption - As of 2025, Zhiyu serves over 12,000 institutional clients, with a daily token consumption of 4.2 trillion, reflecting its growing market adoption [35][37]. - The concentration of revenue from the top five clients has decreased over the years, indicating a diversification of its customer base [37][39].

1月8日，北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合 交易所挂牌上市。这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公 司花落中国。恰逢全球资本重新审视AI底层价值的关键节点，其 上市 意义更在于标志着一套 区别于传统企业的大模型定价新体系就此正式确立。 智谱首日开盘报 120港元/股，截至上午收盘，股价上涨约12%至130港元，市值超570亿。 在智谱本次IPO发行中，香港公开发售获1159.46倍认购，国际发售获15.28倍认购 ，显示出 市场的认可。 以每股 116.20港元的发行价计算，智谱本次IPO募资总额超43亿港元（"绿 鞋"前）。 作为被誉为 "中国版 OpenAI"的通用人工智能企业，智谱因"全球大模型第一股"的稀缺标的 属性，获得了资本市场的超高热情关注。 机构亦看好智谱作为 "全球大模型第一股"前景，中 信证券发布研报称，未来 6年国内大语言模型市场规模或将实现 20 倍增长，企业级需求将主 导千亿机会，智谱依托模型能力持续打开企业端市场，中信证券预计智谱 2025/2026/2027 年营业收入为 7.38/16.04/26. ...

当地时间1月6日，联想集团董事长兼CEO杨元庆在CES媒体见面会上对智通财经等媒体表示，AI的价值 在于解决问题，将成为推动业务持续增长的核心动力。针对近期豆包手机所引起的关于硬件厂商与模型 厂商之间关系的争议，杨元庆也做出了回应，称两者应当是互补关系。 联想集团董事长兼CEO杨元庆和联想集团首席技术官Tolga Kurtoglu。 杨元庆表示，如果用一个关键词来概括本届 CES，自己会选择AI。但在联想看来，重点是"合适的 AI"，也就是个性化的AI："我们相信，将来每一个人都有一个自己的AI，AI能够为每一家企业提高相 应业务流程的工作效率，作用于各条价值链。" 前一天，联想集团史上最大规模的全球创新科技大会（Tech World）在拉斯维加斯举办。大会上，联想 面向全球发布被称为"首款个人超级智能体"的Lenovo Qira和一系列硬件新品，并携手英伟达推出全新 的"联想人工智能云超级工厂"合作计划。 被问到对于AGI（通用人工智能）的看法，杨元庆认为，当前距离真正意义上的AGI仍有很长的路要 走，仅靠堆叠数据和算力或许不足以实现AI"在所有方面都超越人类"的智能目标。 杨元庆进一步指出："假设在技术上 ...

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has become the world's first publicly listed company focused on general artificial intelligence (AGI) foundational models, marking a significant milestone in the AI industry [1][2] Group 1: IPO and Market Performance - The company's stock price closed at HKD 129.8 on January 8, with an intraday peak increase of nearly 12%, resulting in a market capitalization exceeding HKD 57 billion [1] - The IPO was highly successful, with the Hong Kong public offering being oversubscribed by 1,159.46 times and the international offering by 15.28 times, raising over HKD 4.3 billion [1] Group 2: Business Model and R&D Investment - The company aims to enable machines to think like humans, with its GLM algorithm architecture being a key component of its strategy [2] - The total R&D investment from 2022 to 2025 is projected to be approximately HKD 4.4 billion, with 70% of the IPO proceeds allocated to further development of general AI foundational models [2] Group 3: Financial Performance - Revenue projections show significant growth, with expected revenues of HKD 57.4 million in 2022, HKD 124.5 million in 2023, and HKD 312.4 million in 2024, reflecting a compound annual growth rate of about 130% [3] - The gross profit margins are projected to be 54.6% in 2022, 64.6% in 2023, and 56.3% in 2024, with a margin of 50% expected in the first half of 2025 [3] Group 4: Strategic Positioning and Client Base - The company has established a strong client base, serving over 8,000 institutional clients, with internet companies contributing the largest share of revenue [4] - The MaaS (Model as a Service) platform has become one of the most active large model API platforms in China, aggregating over 3 million enterprises and application developers [4] Group 5: Future Outlook - The company is expected to release the GLM-5 model in 2026, which is anticipated to enhance performance and accelerate the growth of cloud business [5] - The global AI market is projected to grow significantly, with estimates suggesting an increase from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold growth over the next decade [6]

转自：北京日报客户端 1月8日，海淀企业北京智谱华章科技股份有限公司正式在香港联合交易所挂牌上市，"全球大模型第一 股"——全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中国北京。 智谱（02513.HK）是一家成立于2019年、由清华大学技术成果转化而来的科技企业，一直以"让机器像 人一样思考"为愿景，专注通用人工智能（AGI）的研发。 2025年，智谱推出新一代旗舰模型GLM-4.5/4.6，首次实现在一个模型中原生融合推理、编码和智能体 能力，模型立即在12项权威评测中综合排名取得国内第一、全球开源第一的效果。在全球大模型超市 OpenRouter（体现全球大模型真实调用量）上，GLM-4.5/4.6自上线以来调用量稳居全球前10，同时付 费API收入超过所有国产模型之和。 当下处于发展初期的大模型行业还未在商业化上形成清晰、具有共识的盈利路径。截至2025年6月，智 谱的基座模型能力已覆盖约8,000万台终端设备，并实现日均约4.6万亿Token的调用规模。该运行强度意 味着模型长期处于高并发、长链路、真实业务环境中，表明其已跨越演示或试验阶段，进入可规模化、 可长期运行的商业化阶段 ...

来源：滚动播报 （来源：千龙网） 这里集聚了全国顶尖的 高校、科研机构与高新技术企业 1月8日，海淀企业北京智谱华章科技股份有限公司（以下简称"智谱"，股票代码02513.HK）在香港交 易所主板成功上市，成为全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司。 开盘股价涨超3%，报120港元/股，总市值为528.28亿港元。市场的热烈反响，充分体现了投资者对这家 AI大模型领军企业未来成长空间的高度认可与期待。 从清华实验室走出的"AGI第一股" 智谱的成功上市 印证了北京海淀 作为中国科技创新策源地的深厚底蕴 始终走在技术革命的前沿 智谱的渊源最早可以追溯到1996年成立的清华大学计算机系知识工程实验室（KEG），这是国内最早 开展自然语言处理、知识图谱研究的实验室之一。 2019年6月，在全球AI大潮兴起前夕，现任北京智谱华章科技股份有限公司首席科学家唐杰决定将实验 室的技术成果进行产业化转化，与清华校友张鹏、刘德兵等人在清华园附近共同创立了。公司成立之初 便确立了"让机器像人一样思考"的愿景，致力于打造认知智能大模型，专注于做大模型的中国创新。 正是这种"学院派"底色，让智谱在技术路径上展现 ...

Core Viewpoint - The debut of Zhipu AI as the first global large model stock on the Hong Kong Stock Exchange marks a significant milestone in the AI industry, with its stock price rising over 11.88% on the first day of trading, reaching a market capitalization of HKD 57.2 billion [1][3]. Group 1: Company Overview - Zhipu AI has successfully positioned itself as the "first global large model stock," attracting significant institutional investment, with cornerstone investors subscribing to over 70% of the IPO [3]. - The company has raised a total of CNY 8.344 billion in private markets prior to its IPO, showcasing strong financial backing [3]. - Zhipu AI is one of the few domestic AI startups that continues to develop its foundational models independently, achieving top-tier model capabilities with R&D investments only around 1%-2% of those of competitors like OpenAI [3][4]. Group 2: Financial Performance - For the first half of 2025, Zhipu AI reported revenues of CNY 191 million but incurred a net loss of CNY 2.358 billion, with computing expenses reaching CNY 1.145 billion, indicating a significant loss exceeding revenue [4]. - The company’s localization deployment business has been a major revenue source, contributing 84.5% of total revenue in 2024, with a gross margin above 50% over the past three years [11][12]. Group 3: Market Position and Strategy - Zhipu AI is recognized as a "national team" in the domestic large model sector, receiving strategic investments from state-owned capital across multiple cities, which solidifies its market position [4][5]. - The company is actively expanding its services to government and public institutions, both domestically and internationally, establishing partnerships to build secure AI infrastructure [5][13]. - Zhipu AI aims to enhance its revenue from its MaaS (Model as a Service) platform, which has seen explosive growth, with annual recurring revenue (ARR) increasing from CNY 20 million to over CNY 500 million within ten months [12][14]. Group 4: Technological Advancements - Since its establishment in 2019, Zhipu AI has introduced several pioneering models, including the first pre-trained large model framework in China and the first open-source trillion-parameter model [7]. - The latest flagship models, GLM 4.5/4.6/4.7, have achieved significant recognition, ranking first in both global open-source and domestic model evaluations [9][10]. - Zhipu AI is focused on achieving AGI (Artificial General Intelligence) and continues to innovate in AI technology, positioning itself as a flexible and independent player in the market [6][7]. Group 5: Global Expansion - Zhipu AI is actively pursuing international collaborations, having initiated the "International Alliance for Autonomous Large Models" with ASEAN countries and Belt and Road nations to develop controllable national-level AI infrastructure [13]. - The company has begun generating revenue from overseas markets, with Southeast Asia contributing significantly to its localization deployment income [13].