近期，人工智能产业催化信息不断。工信部部长李乐成在接受新华社采访时表示，将深入实施"人工智能+制造"专项行动，统筹布局通用大模型和行业大模 型，培育一批重点行业智能体、智能原生企业。此外，由清华大学基础模型北京市重点实验室、智谱AI发起的AGI—Next前沿峰会近日召开，会议探讨了大 模型向智能体（Agent）阶段演进的发展趋势。 产业层面，全球消费电子盛会CES 2026于1月9日收官，英伟达、AMD等公司展示了在AI算力芯片领域的最新进展。国内方面，智谱、MINIMAX等大模型 算法公司近期陆续登陆资本市场，商业化进程受到关注。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 1月12日，人工智能概念在A股市场呈现普涨格局，相关应用方向受到广泛关注。当日，沪深两市成交额突破3.6万亿元，创下历史新高，市场整体活跃度显 著提升。 从细分领域看，AI营销、多模态AI、AIGC等概念指数涨幅居前。易点天下、蓝色光标、中文在线、昆仑万维等近40只相关个股收获涨停。在港股市场，AI 应用板块同样表现强劲。 ...

在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文 |小戎 哈喽，大家好，小戎这篇解读，主要来分析智谱登陆港股成"全球大模型第一股"，背后是AI行业与资 本市场的博弈，以及其夹在两条商业路径间的困境。 最近AI圈最大的瓜莫过于智谱去港股敲钟了！1月8号正式挂牌，还喜提"全球大模型第一股"的头衔，发 行价116.2港元，募资40多亿，公开发售超购1164倍——这抢筹架势，跟超市打折抢鸡蛋似的疯狂。 智谱成全球大模型第一股 可能有人会问，不就是一家公司上市吗？至于这么大动静？其实关键不在智谱本身，而在这是资本市场 第一次给"大模型"这种新物种打分。 之前2024年出门问问顶着"AIGC第一股"上市就破发，把港股对AI的信心干碎过一次，这次智谱敢上， 纯属带着整个行业的期望"闯关"。 说起来智谱也算AI圈的"老资历"了，2019年就开始捣鼓大模型，比2022年ChatGPT引爆的热潮早了三 年。当年天使轮拿了中科创星4000万，才算凑够钱买显卡训练——这波属于早期入局，熬到上市给投资 人"上岸"交了答卷。 第一个是商汤科技，上一代AI公司的代表，靠给安防、交通做定制 ...

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 1.09% to close at 4165.29 points, the Shenzhen Component Index rising by 1.75% to 14366.91 points, the Sci-Tech 50 up by 2.43% to 1511.84 points, and the ChiNext Index gaining 1.82% to 3388.34 points [1][10] - Overall, 4141 stocks rose while 1179 stocks fell, with a total trading volume of 3601.4 billion yuan, an increase of 478.7 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Media, Computer, National Defense and Military Industry, Social Services, and Communication, with respective increases of 7.80%, 7.26%, 5.66%, 3.21%, and 2.74% [1][14] - Conversely, the Oil and Petrochemical, Coal, and Real Estate sectors experienced declines, with decreases of 1.00%, 0.47%, and 0.29% respectively [1][14] Concept Sectors - The top-performing concept sectors today included Kimi, Pinduoduo partners, Xiaohongshu platform, Satellite Internet, ChatGPT, Intelligent Agents, Virtual Humans, DeepSeek, Chinese Corpus, AIGC, Internet Celebrity Economy, Douyin Doubao, Multimodal Models, WEB3.0, and Commercial Aerospace [2][12]

2026年央视春晚已确定由字节跳动旗下火山引擎成为独家AI云合作伙伴，其旗下的AI智能助手豆包将 深度参与互动，为AI应用(包括漫剧)提供了巨大的用户土壤和变现想象空间。字节发布的多模态模型 让"造剧"变得"白菜价"，在25年12月的火山引擎Force大会上，字节发布了豆包大模型1.8及 Seedance1.5Pro视频生成模型，Draft样片创作提效65%、无效创造成本下降60%，视频生成成本进一步 下降为规模化复制爆款提供了坚实的技术底座。 风险提示：宏观经济不及预期、AI应用落地不及预期等的风险。 因为26年上半年，服务商预计集中推出产品或战略，大模型厂商将在信源治理、GEO优化治理层面推 出新政策。国内GEO市场从2025年下半年起步，服务模式未定型，暂无法给出明确毛利率。市场上主 流的GEO商业化路径以满足提升AI推荐率的营销需求为主，按照主题词和AI推荐持续时间收费。 AI漫剧：从"降本增效"到"平台扶持"再到"春晚风口" 浙商证券（601878）发布研报称，AI催化流量获取与内容生产的根本性变革，重点关注GEO和AI漫剧 两大主题，生成式引擎优化(GEO)正从技术概念快速演变为营销刚需，AI漫剧 ...

MACD金叉信号形成，这些股涨势不错！ 消息面上，上周，被称为中国"AI六小虎"的智谱与稀宇科技(MiniMax)相继登陆港交所，而百度年初亦宣布分拆昆仑芯赴港上市，相关利好持续引爆AI板 块。热潮下，多家AI视频领域企业近期成为市场关注焦点。其中，AIGC软件A股上市公司万兴科技因在大模型和AI应用的落地表现，受到广泛关注。 万兴科技(300624.SZ)今日午后强势拉升并封死20cm涨停，最终收报99.06元，股价创2023年6月27日以来逾30个月新高；该股2026年喜获开门红，开年以来6 个交易日已累涨超40%，远远跑赢大盘表现(同期A股三大指数涨幅4%~6%)。 万兴科技业务覆盖全球200多个国家和地区，累计活跃用户超过20亿，在全球视频创意工具市场中具备广泛的用户基础。2025年6月，公司推出万兴天幕音视 频多媒体大模型2.0，其海外版本在VBench-2.0文生视频评测中跻身全球前三。而公司旗下多款海外产品已接入谷歌新一代图像生成与编辑模型Nano Banana Pro、新一代AI视频生成模型Veo 3.1，以及OpenAI新一代视频生成模型Sora 2。此外，在AIGC软件领域，万兴科技已推出 ...

消息面上，上周，被称为中国"AI六小虎"的智谱与稀宇科技(MiniMax)相继登陆港交所，而百度年初亦宣布分拆昆仑芯赴港 上市，相关利好持续引爆AI板块。热潮下，多家AI视频领域企业近期成为市场关注焦点。其中，AIGC软件A股上市公司万 兴科技因在大模型和AI应用的落地表现，受到广泛关注。万兴科技业务覆盖全球200多个国家和地区，累计活跃用户超过20 亿，在全球视频创意工具市场中具备广泛的用户基础。2025年6月，公司推出万兴天幕音视频多媒体大模型2.0，其海外版本 在VBench-2.0文生视频评测中跻身全球前三。而公司旗下多款海外产品已接入谷歌新一代图像生成与编辑模型Nano Banana Pro、新一代AI视频生成模型Veo 3.1，以及OpenAI新一代视频生成模型Sora 2。此外，在AIGC软件领域，万兴科技已推出万 兴喵影、万兴图示等爆火创意设计软件产品。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 1月12日，万兴科技(300624.SZ)今日午后强势拉升并封死20cm涨停，最终收报99.06元，股价创2023年6月27日以来逾30个月 新高；该股2026年喜获开门红，开年以 ...

Group 1 - The A-share market's AI application sector experienced a collective surge, with the AI application index rising nearly 8% on January 12, 2023, and several stocks, including BlueFocus, Topwise, Kunlun Wanwei, and Zhidema, hitting the daily limit [1] - Notable stocks such as Yidian Tianxia, Zhongwen Online, and Tianlong Group formed a new "Yizhongtian" combination, indicating a trend in the market [1] - Recent developments in the AI industry include significant financing rounds for overseas companies like xAI and Anthropic, as well as the introduction of domestic "Artificial Intelligence + Manufacturing" policies, which are expected to drive further growth in AI applications [1] Group 2 - Citic Securities highlighted that as model capabilities improve, particularly with significant reductions in inference and long-window costs, the commercialization of AI downstream application scenarios is accelerating [1] - Key areas of focus for commercialization include search & marketing, coding, multimodal applications, agents, and AI for science, suggesting that related companies are likely to see accelerated progress in their commercialization efforts [1] Group 3 - The AIGC concept stocks showed impressive performance, with BlueFocus and Topwise both increasing by 20.02%, and other stocks like Yidian Tianxia and Zhongwen Online also achieving a 20% rise [2] - The total market capitalization of BlueFocus reached 740 billion, while Topwise's market cap stood at 231 billion, indicating strong investor interest and confidence in these companies [2] - Year-to-date performance for these stocks has been notable, with BlueFocus up 78.99% and Topwise up 32.86%, reflecting a robust trend in the AI application sector [2]

Group 1 - The media and computer industries continue to show strength, with applications like Kimi, DeepSeek, and AIGC gaining traction [1] - The cloud computing ETF Huaxia (516630) has risen over 3% and has seen a net inflow of over 70 million yuan in the past two days [1] - The AGI-Next summit initiated by Tsinghua University highlights a shift in large model competition from "Chat" to "Agent" phase, with a focus on executing complex tasks in real environments [1] Group 2 - The strategy team at Industrial Securities notes that global giants are significantly increasing capital expenditures, shifting market focus towards the commercialization of AI applications [2] - Domestic AI commercialization is supported by a large market scale and diverse application scenarios, positioning China for potential "curve overtaking" in AI application development [2] - The Huaxia cloud computing ETF tracks the cloud computing index, which focuses on domestic AI hardware and software capabilities, with DeepSeek and AI applications comprising over 40% of its content [2]

中信证券认为，以MiniMax为代表的中国独立第三方模型厂商在商业化进展上，相比美国领先玩家有较 多潜力，相比OpenAI的120亿美元ARR对应5000亿美元估值、Anthropic的50亿美元对应1830亿美元估 值，MiniMax2025年前三季度5344万美元意味着未来在收入端有着跨数量级的潜力，而在市值层面，相 比腾讯/阿里/字节从成立到千亿美元市值分别耗时15/15/8年，新一代AI企业将有望加速这一进程。 相关产品：创业板软件ETF华夏（159256）、创业板200ETF华夏（159573）、人工智能AIETF （515070） 1月12日盘中，A股股指涨跌分化，大科技板块表现强势，Sora概念、AIGC概念、AI智能体板块涨幅持 续扩大，软件开发板块异动拉升，创业板软件ETF华夏（159256）大涨超4%，其持仓股昆仑万维、汉 得信息、拓尔思、润泽科技、每日互动、卫宁健康、万兴科技均涨超10%。 消息方面，1月9日，全球化AI第一股MiniMax（股票代码：0100.HK）正式登陆香港联合交易所。 MiniMax本次IPO发行价定为发行上限的165港元，市场认购反响极为热烈，公开发售部分获得1 ...

Group 1 - The A-share market showed mixed performance on January 12, with the Shanghai Composite Index reaching a nearly 10-year high, while the ChiNext Index experienced a notable decline. The AI application sector saw a significant surge, with concepts like virtual humans, DeepSeek, AIGC, and intelligent agents collectively rising [1] - The only electric grid equipment ETF (159326) in the market experienced a slight decline of 0.44% with a trading volume of 215 million yuan. Key holdings such as China Xidian surged over 7%, along with other stocks like Baosheng Co., Sanhui Electric, Tongguang Cable, and McCaw [1] - The electric grid equipment ETF (159326) has seen a net inflow of over 200 million yuan this year, reaching a new high of 4.353 billion yuan, making it the largest power-related ETF in the market [1] Group 2 - The global data center power shortage has become a consensus, with tech giants like Microsoft and Nvidia acknowledging that power is a bottleneck for AI. Coupled with aging power grids in Europe and the U.S., Goldman Sachs estimates that investments in global digital infrastructure and energy systems driven by AI will reach 5 trillion dollars over the next decade, with electric grid equipment being a direct beneficiary of this investment wave [1] - CITIC Securities predicts that global investment in power grids will exceed 400 billion dollars, indicating sustained high demand. AI is expected to significantly drive global electricity demand growth, leading to a marked increase in the demand for supporting electrical equipment [1]