炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：全球化智库CCG 2025年11月18-20日，以"青年之智，解码未来"为主题的2025全球青年领袖年度对话会在北京成功举 办。本届对话会由全球化智库（CCG）主办、"国际青年领袖对话（GYLD）"项目秘书处协办，并得到 北京市海淀区人才工作局和海淀区人民政府外事办公室支持。清华大学智能科学讲席教授、智能产业研 究院院长张亚勤出席11月19日的开幕式，并发表题为《拥抱人工智能新浪潮：人工智能向善》 的主旨 演讲。 Themed "Decoding the Future with Young Minds，" the Global Young Leaders Dialogue Annual Forum 2025 was successfully held in Beijing from November 18 to 20． The event was hosted by the Center for China and Globalization （CCG）， co-organized by the Secretariat of th ...

一场围绕AI(人工智能)基础设施的万亿级投资竞赛正在全球上演。 但背后两大"硬约束"日益凸显：一是电力供应紧张，二是投资泡沫争议。 当美国亚马逊、谷歌、微软和Meta四大科技巨头采购全球约90%的清洁能源用于数据中心时，一个核心 疑问浮出水面：这究竟是引领新一轮生产力革命的必要投入，还是由"害怕错过"(FOMO)情绪驱动、可 能随时破裂的高风险泡沫？ 融资杠杆"大挪移"：私募信贷成新"金主" AI算力需求的爆发式增长，推动数据中心建设进入"烧钱"模式。 标普全球预测，到2029年，全球数据中心投资需求将超9000亿美元。摩根大通的估算更惊人，整个AI 基建领域或需5万亿美元投资，其中存在1.4万亿美元资金缺口，亟需私募信贷或政府资金填补。 传统融资模式已难以承载如此庞大的资本需求。为了在不加重自身负债的前提下加速扩张，科技巨头纷 纷探索新融资路径，私募信贷市场顺势成为核心"金主"。 典型案例是Meta与私募巨头Blue Owl成立270亿美元合资企业，用于路易斯安那州数据中心建设。该交 易的关键设计，是合资企业通过向PIMCO等债券投资者发债筹资，成功将巨额建设债务移出Meta资产 负债表。 这种融资结构，本 ...

Core Insights - The AI large model industry is accelerating its capitalization, with companies like Zhipu and MiniMax entering the IPO stage in Hong Kong, expected to list by early 2026 [1][9] - Zhipu focuses on AGI foundational models, while MiniMax specializes in multimodal models, indicating different technological and business approaches within the same competitive landscape [1][9] Company Overview: Zhipu - Zhipu is the first among the "Six Little Tigers" of AI large models to initiate an IPO, with a strong focus on B2B users and a business model centered around MaaS (Model as a Service) [2][9] - Founded in 2019, Zhipu has shown rapid revenue growth, with projected revenues of 57.4 million, 124.5 million, and 312.4 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 130% [2][4] - The company has a significant R&D investment, totaling approximately 4.4 billion yuan over several years, supporting its technological advancements [4] Company Overview: MiniMax - MiniMax, which focuses on C-end products, aims to become the fastest AI company to go public, with over 70% of its revenue coming from consumer products [6][7] - Established in early 2022, MiniMax has developed several multimodal models and AI-native products, achieving a revenue increase of over 700% in its second year [6][7] - The company has also secured substantial funding, totaling approximately 1.555 billion USD across seven financing rounds, with a cash balance of 363 million USD as of September [8] Market Dynamics - The entry of Zhipu and MiniMax into the IPO process is seen as a milestone for the AI industry, potentially reshaping the narrative from technology storytelling to commercial value realization [9] - Analysts suggest that the differing business models of Zhipu and MiniMax highlight the segmentation within the AI large model market, with Zhipu targeting developers and enterprises, while MiniMax focuses on consumer applications [9]

编辑｜+0 今天 AI 圈最大的热闹莫过于 LeCun 和 哈萨比斯 在推上「吵」了起来。 事情的起因，源于 Yann LeCun 最近的一次「火力全开」。前段时间，一位博主发布了一段 LeCun 的访谈剪辑，LeCun 在播客节目中表示： 「通用智 能」不存在，是彻头彻尾的胡说八道。 播客地址： https://www.youtube.com/watch?v=7u-DXVADyhc 他的观点很犀利：我们之所以会有「通用」的错觉，是因为陷入了幸存者偏差，我们只能意识到那些我们能想象出的问题，却忽略了海量位于人类认知盲区 之外的、我们根本无法构想的任务。人类在棋类等任务上表现差劲，并且动物在许多其他领域胜过我们。 以下是 LeCun 的原话： 根本就不存在所谓的通用智能（general intelligence）。这个概念完全讲不通，因为它实际上是被设计用来指代人类水平的智能的。 但人类智能其实是高度专用化的。好吧，我们确实能很好地应对现实世界，比如导航以及诸如此类的事情。我们也能很好地应对其他人，因 为这是我们进化的结果。但在国际象棋方面，我们却表现得很差。所以，实际上有很多任务我们都做不好，而在这些方面很多 ...

招股书显示，智谱已连续三年营收翻倍，2025年上半年收入为1.9亿元，毛利率为50%。目前GLM系列 大模型应用于民生治理、工业制造、能源电力、金融、互联网、通信、消费电子、教育等行业，拥有超 过270万的客户与开发者。 自成立以来，智谱受到了国资、产业资本、VC/PE等各类众多知名投资机构认可，在IPO之前完成了8轮 融资，融资规模超83亿元。 作为"大模型六小龙"中首家启动IPO的企业，智谱赴港冲刺"大模型第一股"，不仅是企业自身的里程 碑，更折射出中国AI大模型行业从"技术竞赛"到"资本验证"的转折，也预示着中国大模型产业将从早期 的狂热投入，正式进入以技术实力、营收能力与可持续商业模式为核心考量的新发展阶段。 12月19日，港交所网站披露，智谱通过港交所聆讯并正式递交招股书，资本市场将首次迎来一家以AGI （通用人工智能）基座模型为核心业务的上市公司。这也意味着，这家总部位于北京、中国最大的独立 大模型厂商有望以"大模型第一股"身份在港交所挂牌上市。 智谱成立于2019年，由清华大学技术成果转化而来。团队在国内率先启动大模型的研究工作，研发出基 于自回归填空的全国产预训练架构GLM，在鲁棒性（稳定性） ...

2025年末的全球资本市场，AGI（通用人工智能）赛道正上演"冰火两重天"：一边是行业洗牌加速、中 小玩家因算力与资金压力陆续出清，另一边是头部企业估值狂飙、资本争抢核心标的。12月21日晚间， 国产AI独角兽MiniMax（上海稀宇极智科技有限公司）在港交所披露易正式刊登聆讯后招股书 （PHIP）。此前的12月17日，公司已顺利通过港交所上市聆讯并获得中国证监会备案，若进程顺利， 将于2026年1月正式挂牌。这家成立仅四年的企业不仅即将创下全球AI公司从成立到IPO的最快纪录， 更有望成为全球资本市场首个纯AGI主业上市公司，为中国AI力量敲开国际资本大门。几乎同一时段， 行业龙头OpenAI传出新一轮千亿融资计划，投后估值或将飙升至8300亿美元，创下全球科技初创企业 估值峰值。8300亿估值引爆赛道！AGI成资本最确定性押注方向OpenAI的估值变化，堪称全球AGI赛道 热度的"晴雨表"。近日，在短短48小时内，其估值从5000亿美元跃升至8300亿美元，远超传统SaaS公司 的估值水平。这一夸张估值背后，实际上是投资者对其在AGI赛道推动商业化落地的强烈信心。然而， 当前资本的狂热并非盲目跟风。UNC ...

在以"全球大模型第一股"为终点线的赛跑中，来自北京的智谱率先迈出了一步。 12月19日，港交所官网公布北京智谱华章科技股份有限公司（下称"智谱"）聆讯后资料集，智谱IPO的进度条再次刷新。 智谱招股书披露，根据弗若斯特沙利文的资料，2024年，智谱的收入在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中位列第二，市场 份额占到6.6%；截至2025年6月30日，智谱累计为超过8000家机构客户提供大模型服务。 不过，该招股书也显示，自2019年成立以来，智谱"烧钱"状况也愈演愈烈，收入连年稳步增长的同时，亏损也逐年扩大。尤其是智谱在2023年亏损7.88亿元 后，2024年亏损直接"增长了一个数量级"至29.58亿元。 智 谱主要财务数据对比 新京报贝壳财经记者张晓慧根据招股书制作 从营收方式来看，智谱通过其一体化MaaS（模型即服务）平台提供大模型服务获取收入，根据客户需求提供本地化部署和云端部署两种部署方式。 招股书显示，智谱本地化部署与云端部署所带来的收入比重经历过较大变动。2024年以前，本地化部署一直是智谱收入的绝对主力，2022年，本地化部署收 入占其当年收入的95.5%；2023年为 ...

Core Insights - The focus of the AI competition is shifting from model strength to the ability to convert model capabilities into revenue and cash flow, marking a critical transition for companies like OpenAI [1] - OpenAI is at a pivotal point, transitioning from a "phenomenal product company" to an "enterprise-level AI platform" [1] Business Strategy - OpenAI has over 1 million enterprise users, with API revenue growth surpassing that of consumer products, indicating a strategic shift towards enterprise solutions [5] - The company aims to create a complete, unified, and scalable AI platform for enterprises, rather than just individual AI functionalities [5] - OpenAI's future IT architecture will include both "traditional cloud" and "AI cloud," focusing on building a smart infrastructure capable of handling trillions of tokens [5] Product Development - OpenAI plans to release a significantly upgraded model in Q1 of next year, although the naming of models is no longer a priority [6] - The company is developing a range of small AI devices, moving towards intelligent systems that can proactively understand user needs and contexts [6] - Altman emphasizes that the current memory capabilities of AI are still in their infancy, with future AI expected to remember user preferences and decisions, enhancing personalization [4][23] Market Dynamics - OpenAI acknowledges competitive pressures from models like Gemini and DeepSeek but believes that productization and distribution capabilities will be key differentiators [9] - The user base for ChatGPT has grown to nearly 900 million weekly active users, reinforcing OpenAI's competitive position in the enterprise market [9][15] Infrastructure Investment - OpenAI's investment in computing power is seen as essential for unlocking potential demand and revenue, with a threefold increase in computing capacity over the past year [7][44] - The company anticipates a significant future demand for AI capabilities, particularly in scientific discovery and healthcare, which will require substantial computational resources [40][42] Financial Outlook - OpenAI expects to incur losses of approximately $120 billion by 2028-2029 before becoming profitable, with a focus on aligning revenue growth with increasing computational costs [44][47] - The company believes that as revenue grows and the proportion of inference in computing resources increases, it will eventually cover training costs [44]

Core Viewpoint - The article discusses the competitive landscape of the large model sector in China, focusing on the IPO progress of two leading companies, MiniMax and Zhiyu AI, both of which have recently passed the Hong Kong Stock Exchange's hearing and are nearing the final stages of their listing process [1][2]. Group 1: IPO Progress - MiniMax and Zhiyu AI have both received approval from the China Securities Regulatory Commission for overseas issuance and have passed the Hong Kong Stock Exchange hearing, marking a significant step towards their IPOs [1]. - MiniMax plans to list on the Hong Kong Stock Exchange in January 2026, while Zhiyu AI's IPO timeline is also closely aligned [1][2]. - This marks a potential milestone as both companies could become the fastest cases of mainland Chinese firms to pass the hearing since the implementation of the "filing system" for Hong Kong listings [1]. Group 2: Company Backgrounds - Zhiyu AI, established in 2019, has a background rooted in Tsinghua University and focuses on large model algorithm research, having released the GLM-10B model in 2021 [2]. - MiniMax was founded in 2021 by former SenseTime executive Yan Junjie and has developed a range of AI applications, achieving significant user engagement globally [2][3]. - Both companies have adopted different paths for their IPOs, with MiniMax being the first large model company to apply for a Hong Kong listing, while Zhiyu AI initially aimed for an A-share listing before shifting to Hong Kong [2]. Group 3: Product and Market Focus - MiniMax emphasizes a multi-modal approach, offering various AI-native applications and targeting a wide user base, with over 212 million users across more than 200 countries [3]. - Zhiyu AI focuses on AGI (Artificial General Intelligence) and has recently released a series of voice recognition models, indicating a strong push into consumer-facing applications [3]. - The competitive landscape suggests that while both companies are advancing, their product offerings and target markets differ significantly, which may influence their commercial success [3][4]. Group 4: Market Dynamics and Challenges - Analysts note that while the audience for large model applications is expanding, the monetization strategies remain unclear, posing challenges for both companies [4]. - MiniMax's focus on audio and video production may allow for quicker applications in consumer markets, but it faces potential copyright issues that need addressing [4]. - The competitive environment is highlighted by the presence of other companies in the sector, with ongoing discussions about the viability and market positioning of these firms [5][6].

图片来源： a16z Z Highlights 目前来看，企业实际赚到的利润情况其实非常好。如果他们停止开发更大规模的模型，只靠现 有的模型运营，按照当前的利润率，很快就能实现盈利。从这个角度来说，现在确实不像是泡 沫。 总有人说 AI 还没盈利，企业还在持续投入以求盈利。但实际上，他们很快就能收回过去所有的 开发成本了。现在的投入，只是为了未来的进一步发展。 要推进研发，必须进行更多实验，这也就意味着纯软件奇点很难实现 在高端市场，我肯定会预期有新的工作岗位被创造出来。每个人依然可以成为影响者。但在高 端领域，确实很难指出哪些具体工作是 AI 目前绝对无法自动化的。 单纯砸钱并不会让基准测试变得更好，但平均来说，开发更高级的基准测试确实需要投入更多 资源 a16z ：全称 Andreessen Horowitz ，是一家美国私人风险投资公司，由马克 · 安德里森和本 · 霍罗威 茨于 2009 年创立。该公司总部位于美国加利福尼亚州门洛帕克。安德里森 · 霍罗威茨投资于早期新 创公司和已成熟的成长型公司。其投资范围涵盖医疗保健、消费者、加密货币、游戏、金融科技、教 育以及企业信息技术等产业。 AI 泡沫争议 ...