Core Viewpoint - The SaaS industry is undergoing a significant transformation driven by the rise of intelligent agents, which will fundamentally change human-computer interaction and business processes over the next 2 to 5 years [4][5][10]. Group 1: Transformation of SaaS - The shift from human-operated systems to a model where intelligent agents execute tasks based on human instructions is expected to redefine SaaS operations [10][11]. - Initially, the workload will be divided with humans handling 80% and intelligent agents assisting with 20%, gradually transitioning to a model where agents manage 80-90% of the workload [5][11]. - The integration of intelligent agents into existing business processes will be a gradual process, particularly in regulated industries like finance and taxation, which may slow down the overall transformation [6][22]. Group 2: Role of Data - Data is identified as the core asset for SaaS companies, particularly in the financial and taxation sectors, where transaction-level data provides significant competitive advantages [7][27]. - Companies must focus on transforming their private data into high-value datasets to support specialized models and intelligent agents [30]. - The strategic approach of companies like 百望 is to leverage data from electronic invoicing to build a moat around their intelligent capabilities [27][28]. Group 3: Challenges and Opportunities - The emergence of new AI-native companies poses a challenge to traditional SaaS firms, which must adapt to survive [26][31]. - Regulatory constraints in sectors like finance and state-owned enterprises hinder the rapid deployment of intelligent agents, necessitating a more flexible regulatory environment [8][26]. - The competitive landscape may lead to a decline in profit margins for SaaS and intelligent agent companies, but it could also democratize access to advanced technologies for users [16][18]. Group 4: Future of SaaS - SaaS is unlikely to disappear in the next five years but will evolve towards embedded and localized intelligent applications [14][20]. - The future may see a blend of traditional interfaces and intelligent agents, with some processes remaining manual due to regulatory requirements [14][22]. - The transition to intelligent agents will not only change operational models but also influence payment structures, potentially moving towards outcome-based pricing [13][30].

Group 1 - The company confirmed that its intelligent agent development platform supports integration with the Zhiyu Huazhang open-source large model, including the GLM-4 series models [2] - Currently, there are no existing collaborations with Zhiyu Huazhang [2]

Market Overview - The Hang Seng Index (HSI) rose by 1.44% to close at 26,608.48, with a trading volume of 306.2 billion [1] - The Hang Seng Tech Index (HSTECH) increased by 3.10% to 5,863.20, with a trading volume of 103.8 billion [1] - The Hang Seng China Enterprises Index (HSCEI) gained 1.90% to 9,220.08, with a trading volume of 121.1 billion [1] - The Hang Seng Composite Index (HSCI) rose by 1.48% to 4,084.35, with a trading volume of 223.7 billion [1] Notable Stock Performances - Kingdee International surged by 12.16% to 16.230, with a trading volume of 1.357 billion [2] - Alibaba Health increased by 10.23% to 6.360, with a trading volume of 2.211 billion [2] - Kuaishou rose by 7.43% to 80.250, with a trading volume of 6.691 billion [2] - SenseTime gained 6.88% to 2.640, with a trading volume of 3.011 billion [2] - Meituan increased by 6.60% to 105.000, with a trading volume of 11.310 billion [2] - Bilibili rose by 6.54% to 238.000, with a trading volume of 1.470 billion [2] - Alibaba (9988) saw a rise of 5.32% to 154.300, with a trading volume of 25.051 billion [2] - Baidu Group (9888) increased by 5.31% to 144.700, with a trading volume of 2.661 billion [2] AI Application Stocks - AI application concept stocks showed strong performance, with Zhipu AI, referred to as the "first global large model stock," rising over 31% to close at 208.4 HKD per share [2] - MINIMAX also saw an increase of over 15% [2]

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 ...

IT之家 1 月 12 日消息，"全球大模型第一股"智谱于 1 月 8 日上午在港交所主板挂牌上市，发行价为每股 116.20 港元。 截至IT之家发文，智谱股价涨至每股 205 港元，总市值达 902.47 亿港元。 | 今开 | 182.300 | | 最高 | 214.000 | | 成交量 | 412.98万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 158.600 | | 畳低 | 165.100 | | 成交额 | 7.85亿 | | 换手率 | 1.91% | | 市盈(TTM) | 亏损 | | 总市值 | 902.47亿 | | 分时 | 五日 | 日K | 周K | 月K | 季K | 年K | 更多v | | 213.000 | | | | | | | 83.30% | | 164.600 | | | | | | | 41.65% | | 200 01-08 | 01-09 | | 01-12 | | | | 0.00% | 据新浪财经报道，在《未竟之约》栏目中，智谱 CEO 张鹏回应为何 AGI 还没实现公司 ...

Core Viewpoint - Xiaopeng Motors is preparing for an IPO of its flying car division in Hong Kong, having engaged JPMorgan and Morgan Stanley for the process, with a potential completion as early as this year [1] Group 1: Stock Performance - Xiaopeng Motors' stock rose by 2.04% to HKD 80.15, with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has secretly submitted its IPO application for the flying car division, with plans to complete the process within the year [1] - JPMorgan and Morgan Stanley have been selected to assist in the IPO preparations [1] Group 3: Product Launches - On January 8, Xiaopeng Motors unveiled multiple new models and technology updates at its 2026 Spring Product Launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng announced that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, which is the first in the industry to achieve L4-level initial capabilities [1] Group 4: Future Developments - The company plans to implement physical AI and scale production this year, including the operation of Robotaxi services, humanoid robots, and flying cars [1]

Core Viewpoint - XPeng Motors has engaged banks to assist its flying car division in preparing for an IPO in Hong Kong, with plans to submit a confidential listing application, potentially completing the process within this year [1] Group 1: Stock Performance - XPeng Motors-W (09868) saw a late-session increase of over 2%, after initially dropping more than 2% earlier in the day, closing at HKD 80.15 with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has selected JPMorgan and Morgan Stanley to prepare for its IPO [1] - The IPO is part of XPeng's strategy to expand its flying car division, with a confidential application already submitted [1] Group 3: Product Launches - On January 8, XPeng Motors announced multiple new models and technology updates during its 2026 Spring product launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng stated that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, marking a significant advancement in the industry [1] - The company plans to implement physical AI and scale production of Robotaxis, humanoid robots, and flying cars this year [1]

Group 1 - The company, RuYuchen (003010.SZ), has collaborated with AoFei Data to implement a localized large model cluster, ensuring information security and data isolation through dedicated high-performance computing clusters [1] - The DeepSeek model has been professionally adapted and optimized for e-commerce operational scenarios, enhancing its capabilities [1] - This capability has been deeply integrated with the company's self-developed intelligent system, enabling intelligent interactive analysis of data assets in the BI data center and empowering demand forecasting and inventory optimization in the SCM platform [1]

Group 1 - The company, RuYuchen (003010.SZ), has collaborated with AoFei Data to implement a localized large model cluster, ensuring information security and data isolation through dedicated high-performance computing clusters [1] - The DeepSeek model has been professionally adapted and optimized for e-commerce operational scenarios, enhancing its capabilities [1] - This capability has been deeply integrated with the company's self-developed intelligent system, enabling intelligent interactive analysis of data assets in the BI data center and empowering demand forecasting and inventory optimization in the SCM platform [1]

Group 1 - The core viewpoint is that the GEO market in China is expected to grow significantly, with a projected year-on-year increase of over 200% by Q2 2025, and over 78% of business decision-makers prioritizing AI search optimization for digital transformation [1] - According to Guotai Junan Securities, large models are anticipated to serve as traffic entry points, potentially increasing user engagement and advertising space as traffic grows [1] - In the short to medium term, the monetization of large models is primarily through low advertising ratios, with many free consumer traffic in a monetization vacuum, allowing GEO companies to capitalize on this growth phase [1] Group 2 - As of January 12, 2026, the CSI Cloud Computing and Big Data Theme Index (930851) surged by 7.88%, with constituent stocks such as Toray, Hand Information, and Yidian Tianxia each rising by approximately 20% [1] - The Big Data ETF (159739) increased by 8.72%, marking its third consecutive rise, with the latest price reported at 1.91 yuan [1] - The CSI Cloud Computing and Big Data Theme Index tracks 50 listed companies involved in cloud computing and big data services, reflecting the overall performance of these sectors [2]