| 智谱 < > જ | | --- | | 02513 | | ３４３.４００ 今开 339.800 最高 351.000 最低 318.800 | | 9.92% 31.000 换手 0.60% 总手 133万 金额 4.48亿 | | 更多 总值 1531亿 市盈 TM -34.66 市净 -22.72 | | 分时 五日 日Ｋ 周Ｋ 月Ｋ 更多】◎ | | 351.000 12.36% 卖 1 343.400 400 | | 351.000 | 12.36% 卖1 343.400 | 400 | | --- | --- | --- | | | 买1 342.600 | 500 | | | 分时成交 | A | | | 10:23 344.200 | 100 | | | 10:23 344.600↑ | 100 | | | 10:23 344.200↓ | 200 | | | 10:23 344.200 | 100 | | | 10:23 344.000↓ | 100 | | 312-400 | 10:23 344.000 | 100 | | | 10:23 344.000 | 100 | | | 10 ...

2月12日，智谱正式发布并开源新一代旗舰基座模型 GLM-5，定位为面向复杂系统工程与长程Agent任务的基座模型，在大型编程任务中提供 对标顶尖闭源模型的可靠生产力，为懂行的顶尖程序员而生。 几周前，开源社区曾流传一个名为Pony Alpha的模型。它能进行长程交互、拆解复杂任务、在多轮对话中保持稳定上下文，一度引发广泛猜 测。如今答案揭晓，Pony Alpha正是GLM-5的匿名测试版本。 过去一年，AI Coding正在发生一次深层次的能力迁移。前OpenAI研究科学家Andrej Karpathy在 "vibe coding" 实践一周年时提出，开发者的角 色正从"写代码"转向"编排 AI Agent"。 这一趋势在顶尖闭源阵营中已经得到验证。Claude Opus 4.6与 GPT-5.2 在长上下文、复杂编排和工具调用上的表现，推动市场对大模型的"系 统级能力"重新定价。 在开源世界，月之暗面（Moonshot AI）在 2026 年 1 月 27 日正式发布了 Kimi K2.5，是一个主打超长上下文与多智能体协作的原生多模态模 型，能够自主调度上百个子智能体高效完成跨领域的复杂任务。 模型能力 ...

Core Insights - The Chinese AI industry is experiencing an unprecedented wave of flagship model releases, marking a competitive race among major players to convert technological advancements into consumer products [1][10] - The 2026 Spring Festival is anticipated to be a critical period for AI model launches, with multiple companies preparing to unveil significant updates simultaneously [2][10] Group 1: Market Dynamics - The 2025 strategy of DeepSeek's Spring Festival launch has set a precedent, leading other companies to adopt similar tactics for product releases [2] - ByteDance has initiated the competition by launching a trio of models: Seedance 2.0, Seedream 5.0, and Doubao 2.0, with Seedance 2.0 already signaling potential success [2][3] - Alibaba is set to release Qwen 3.5 in mid-February, supported by a substantial customer acquisition incentive of 3 billion yuan [3] - Zhiyu has introduced GLM-5, expanding its parameters from 355 billion to 744 billion [4] - DeepSeek is expected to launch its V4 version in mid-February, focusing on improvements in coding and long prompt handling [6] - MiniMax has recently launched its M2.5 model on the Agent platform [8] Group 2: Competitive Landscape - The simultaneous release of multiple models is likely to create a "winner-takes-all" scenario, where underperforming models may face significant disadvantages [10] - The scarcity of attention during the Spring Festival means that labs failing to present credible flagship updates risk being excluded from developers' consideration [12] - DeepSeek's potential release is seen as pivotal, not just for its chatbot capabilities but for the platform economic benefits it may unlock [12] Group 3: Technological Innovations - DeepSeek's new approach, as outlined in its paper on scalable conditional memory, could enhance model efficiency by shifting expensive computations to cheaper retrieval operations [12][14] - If successful, this could transform AI from an expensive "toy" into an affordable "tool," facilitating broader integration into high-frequency consumer products [14] Group 4: Beneficiaries and Implications - Tencent is projected to be the biggest beneficiary of the model competition, leveraging its high-frequency communication platforms, WeChat and QQ, to enhance user experience through improved model performance [15][16] - For Alibaba and Baidu, while stronger models could enhance user experience, they may also face pricing pressures if DeepSeek instigates a price war in the API service market [17] - Vertical giants like Trip.com, Beike, and Kuaishou stand to benefit from powerful open-source models that lower technical barriers and accelerate product iteration [17] Group 5: Market Sentiment and Future Outlook - Despite the excitement in the capital markets, there is a cautious sentiment regarding the actual performance of consumer-facing AI models, with large-scale user testing during the Spring Festival seen as a critical evaluation point [18][19] - The true signal of adoption will be whether major players integrate AI as a default feature in high-frequency interfaces, which would drive sustained demand for reasoning capabilities [19] Group 6: Valuation and Long-term Perspective - Morgan Stanley maintains an "overweight" rating for model developers Zhiyu and MiniMax, with target prices set at 400 HKD and 700 HKD respectively, based on a 30x P/E ratio for 2030 [21]

此前中金公司刘刚认为："对于那些因为外部或者个股意外因素已经大幅回调的，倒不妨逢低再介入， 毕竟每次假期期间看似突然拉升的"传统"其实也都是经历了前期较长时间低迷的铺垫。"并维持"恒生指 数28000~29000"的点位预测。 招商证券张夏也指出：从流动性看，海外流动性冲击高峰已过，"buy the dip"是有效策略；从相对估值 看，目前港股科技相对于A股科技的折价接近历史最高水平，或将迎来触底反弹；从绝对估值来看，目 前恒生科技PE位于上市以来24.3%分位数，若回到中位数水平，对应恒生科技指数点位7431，涨幅为 39%；从产业趋势看，大模型百花齐放，积跬步以至千里。往后看去，逢低买入、持股过节或是较为有 效策略。 相关ETF：恒生科技指数ETF(513180.SH)恒生互联网ETF(513330.SH)港股通科技ETF基金(159101.SZ)港 股通互联网ETF基金(520910.SH)。 2月11日(周三)，南向资金单日净流入48.2亿港元，2月以来累计净流入590.8亿港元，节前维持温和流入 态势。与往年春节当月相比，今年南向资金净流入规模仅次于2025年春节。 南向资金是指内地投资者通过沪港通 ...

2月12日早晨，摩尔线程表示，已经在旗舰级AI训推一体GPU MTT S5000上，完成了对智谱新一代 大模型GLM-5的全流程适配与验证。MTT S5000是专为大模型训练、推理及高性能计算而设计的全 功能GPU智算卡，基于第四代MUSA架构"平湖"打造，单卡AI算力最高1000 TFLOPS。 记者｜一财科技 编辑 ｜ 钉钉 ...

Core Viewpoint - The article emphasizes the significant advancements of the GLM-5 model in the AI coding landscape, positioning it as a competitive alternative to leading models like GPT-5.3-codex and Claude Opus 4.6, particularly in terms of performance and cost-effectiveness [3][72]. Performance and Capabilities - GLM-5 has expanded its parameters from 355 billion to 744 billion, resulting in a substantial increase in intelligence and capabilities, while keeping costs relatively low [7]. - In benchmark tests, GLM-5 scored 75.9 in the BrowseComp benchmark, surpassing GPT-5.2 by 10 points and approaching the top models like GPT-5.2 Pro and Opus 4.6 [12]. - The model shows strong performance in various tasks, including long-term planning and execution, indicating its capability to handle complex tasks effectively [16][64]. Cost and Accessibility - GLM-5 offers a significantly lower price point compared to its competitors, with input and output costs being much cheaper, making it more accessible for users [17][18]. - The subscription model for GLM-5 is priced at two-thirds of the Claude Max package while offering three times the token limit, indicating a strong value proposition [20]. Development and Use Cases - The article discusses practical applications of GLM-5, including the development of a cross-platform content distribution tool, showcasing its ability to handle real-world coding tasks effectively [27][36]. - Another example includes the creation of a card counting plugin for a game, demonstrating GLM-5's capability to engage in complex problem-solving and iterative development [42][64]. Market Position and Future Outlook - The emergence of GLM-5 signifies a narrowing gap between domestic models and leading international counterparts, suggesting a shift in the competitive landscape of AI coding tools [70][72]. - The open-source nature of GLM-5, combined with its affordability, is expected to democratize access to advanced AI coding capabilities, fostering a more vibrant community and accelerating model iterations [73].

智谱宣布涨价。 智谱2月12日发布GLM Coding Plan 价格调整函称，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速提升。 为保障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司 决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持不变。生效 时间：2026年2月12日。 除智谱外，MiniMax等众多人工智能企业也成为港股投资者追捧的对象。随着近期多个科技大厂升级大模型，以及越来越多人工智能应用的推出，人工智 能企业的投资价值正得到越来越多投资者的关注。 大模型"双雄"获追捧 智谱近期上涨始于公司即将推出新模型的传闻。全球模型服务平台OpenRouter近期上线了一款代号为"Pony Alpha"的匿名模型，该模型因为编写代码能力 二级市场方面， 今年1月才登陆港交所的"大模型第一股"智谱近期涨势喜人。市值一度突破1500亿港元。 达到全球第一梯队级别而引起了高度关注，而市场普 ...

Core Insights - The article highlights the official release of the new generation large model GLM-5 by Zhiyuan on February 11 [1] - It emphasizes the full-process adaptation and verification achieved by Moole Thread on the AI training and inference integrated GPU MTT S5000 using the SGLang inference framework [1] Group 1 - Moole Thread utilizes the MUSA architecture to enhance system throughput while ensuring precision through hardware-native FP8 acceleration capabilities and the ACE asynchronous communication engine [1]

Core Viewpoint - Korean investors are aggressively purchasing Chinese AI stocks, particularly leading companies in the large model sector, indicating a strong interest in the Chinese market and AI technology [1]. Group 1: Investment Trends - As of February 10, 2026, Korean investors have significantly increased their buying activity in Chinese stocks compared to the previous year [1]. - The top ten stocks purchased by Korean investors include MiniMax-WP, 华夏沪深300ETF, 澜起科技, and others, reflecting a diverse interest in various sectors [1]. Group 2: Purchase Amounts - The purchase amounts for key stocks are as follows: MiniMax-WP at $2,067.12 million, 华夏沪深300ETF at $1,918.22 million, and 澜起科技 at $1,864.71 million [2]. - Other notable purchases include 安硕恒生科技ETF at $736.47 million and 南方东英每日杠杆三星电子 at $732.50 million, showcasing a strong preference for technology and ETF products [2].

Group 1 - The U.S. non-farm payrolls increased by 130,000 in January, significantly exceeding market expectations of 70,000, marking the largest increase since April 2025 [25] - The unemployment rate in January fell to 4.3%, the lowest since August 2025, with expectations and previous values both at 4.4% [25] Group 2 - The Chinese CPI for January rose by 0.2% year-on-year, lower than expected, while the core CPI increased by 0.8%, the highest in six months [28] - The PPI decreased by 1.4% year-on-year, slightly better than the expected decline of 1.5% [28] Group 3 - The Indonesian nickel mine is required to cut production by 70% to 12 million tons, impacting global nickel supply [11] - Meta announced an investment of over $10 billion to build a new data center in Lebanon, Indiana, creating over 4,000 construction jobs and 300 operational jobs [12] Group 4 - The OPEC maintained its global oil demand growth forecast for this year and next, despite a decline in overall production due to reduced output from countries like Venezuela and Iran [32] - South Korea's semiconductor exports surged by 137.6% in early February, driven by strong demand [34]