这一表现与同期上市的国产GPU（图形处理器）企业形成了鲜明对比。就在数日前，壁仞科技在港上市 首日录得75.82%的涨幅；前一阵AI芯片的上市潮中，摩尔线程首日大涨469%、沐曦首日大涨693%，一 来源：市场资讯 （来源：荷马财经） 头顶"全球大模型第一股"光环，北京智谱华章科技股份有限公司（02513.HK，下称"智谱AI"）今日登 陆港交所，却在热闹中迎来一丝凉意。 智谱AI股票发行价定为116.20港元，开盘小幅上涨3.27%至120港元，但随后震荡下行，并于上午9时50 分左右触及116.10港元的日内低点，跌破发行价。 （图片来源：网络，侵删） 截至午间收盘，股价回升至129.8港元，涨幅定格在11.70%，总市值571.42亿港元。 度为打新投资者带来近40万元的浮盈。 为何未能复制GPU"神话"？ 从政策与产业逻辑看，GPU作为AI算力的核心硬件，直接处于"国产替代"和"科技自主"的风口。在外部 高端芯片供应受限的背景下，国产GPU厂商获得了确定性的市场窗口和明确的客户需求（数据中心、云 厂商）。其商业模式清晰——销售芯片及解决方案，盈利路径相对较短。 而大模型作为AI的应用层，虽然同样备受政 ...

Core Viewpoint - The listing of Zhipu on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first publicly traded company focused on AGI (Artificial General Intelligence) core business, highlighting a shift in the AI industry towards foundational model companies [2][5][16]. Company Overview - Zhipu opened at HKD 120 per share and peaked at HKD 135, achieving a market capitalization of nearly HKD 60 billion on its first trading day [2]. - The company is often referred to as the "Chinese version of OpenAI" and has been recognized as the "first stock of global large models" [2]. Business Model and Growth - Zhipu's revenue for the first half of 2025 reached CNY 191 million, a 325% year-on-year increase, indicating a transition from a research phase to a revenue-generating phase [6]. - The company's growth is primarily driven by its Model as a Service (MaaS) model, which has seen its annual recurring revenue (ARR) surge from CNY 20 million to over CNY 500 million, reflecting a 25-fold increase in just 10 months [6][14]. - Zhipu's MaaS business is experiencing explosive growth, with a projected year-on-year increase of over 900% for the full year of 2025 [6]. Technological Innovation - Zhipu's GLM (General Language Model) architecture has been adapted to over 40 domestic chipsets, showcasing its versatility and independence from a single computational framework [4]. - The GLM series models are designed to iterate every 2 to 3 months, maintaining Zhipu's position among the top tier of domestic models [9]. Market Position and Competitive Edge - Zhipu's unique approach of focusing on foundational architecture rather than immediate commercialization has positioned it favorably in the competitive landscape of AI [3][5]. - The company has achieved significant recognition in global model evaluations, with its GLM-4.7 model ranking first in both open-source and domestic categories [10][12]. Investment and Future Outlook - Zhipu plans to allocate 70% of the net proceeds from its IPO to continue investing in AGI model research, with 10% directed towards the development of its MaaS platform [16]. - The successful IPO signals a shift in capital market focus towards foundational AI infrastructure, indicating a growing recognition of the long-term value of such investments [16][17].

Core Viewpoint - The IPO of AI companies like Zhipu and MiniMax signifies a positive signal for innovation in the AI sector, indicating that innovators will not be easily discarded by the times [10][40][45] Group 1: IPO Significance - Zhipu officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first stock of global large models" [3] - The IPO is seen as a badge of honor for companies in the AI sector, representing a milestone in their journey [10][45] - The expected fundraising scale for Zhipu is approximately HKD 4.3 billion, which is significantly more efficient than financing through primary markets [43] Group 2: Industry Dynamics - The AI industry has experienced rapid technological changes over the past three years, with companies facing intense scrutiny and competition [4][6] - The emergence of DeepSeek has forced several companies, including the "Six Little Tigers," to quickly adjust their business strategies and teams [6][12] - Despite initial setbacks, the "Six Little Tigers" have shown remarkable resilience and innovation, leading to a resurgence in their market presence [14][19] Group 3: Financial Performance - Zhipu and MiniMax have incurred nearly RMB 11 billion in losses over the past three years, with around 70% of expenditures allocated to model research and development [36] - Zhipu's annual recurring revenue (ARR) from its MaaS platform surged from RMB 20 million to over RMB 500 million, marking a 25-fold increase in just 10 months [19] - The revenue from localized deployments accounted for 84.8% of Zhipu's income in the first half of 2025, highlighting the importance of tailored services for enterprise clients [22] Group 4: Global Recognition - Chinese models are gaining international recognition, with MiniMax reporting that 73.1% of its revenue came from overseas by September 30, 2025 [27] - The competitive pricing of Chinese models, such as Zhipu's GLM-4.5, offers significant cost advantages compared to international counterparts [29][31] - The emergence of independent model developers is crucial for providing diverse model options and establishing a healthy commercial ecosystem [32] Group 5: Long-term Commitment - The AI sector's long-termism emphasizes the need for continuous innovation and investment, with companies like Zhipu and MiniMax embodying this spirit [39] - The IPO serves as a reward for those committed to climbing the AGI peak, reinforcing the notion that the journey of innovation is fraught with challenges but ultimately rewarding [45]

Core Insights - The global AI model market is witnessing significant capital activity, highlighted by the debut of Zhipu as the "first stock of global large models" on the Hong Kong Stock Exchange, opening at HKD 120 per share and peaking at HKD 135, with a market capitalization nearing HKD 60 billion [2][49][99] - This event marks a competitive rush among Chinese AI companies, with another company, MiniMax, set to list shortly after Zhipu, reflecting a broader trend in global AI capital investment [50][145] - Zhipu's listing establishes a valuation benchmark for the AI model industry, indicating a shift in the narrative from capability validation to scale expansion in AI investments [4][100] Company Performance - Zhipu has achieved several technological milestones, including the release of China's first proprietary pre-trained model framework, GLM, in 2021, and the open-sourcing of the first 100 billion parameter model, GLM-130B, in 2022 [4][101] - The latest model, GLM-4.7, has topped both global open-source and domestic model rankings, outperforming competitors like GPT-5.2 in blind tests [6][102] - Zhipu's models have been recognized for their unique architecture, which emphasizes bidirectional context modeling, enhancing understanding in Chinese language tasks and achieving a low hallucination rate [8][105] Market Dynamics - The Chinese AI language model market is projected to reach approximately CNY 5.3 billion by 2024, with B-end clients contributing CNY 4.7 billion, indicating a focus on enterprise solutions rather than consumer-facing products [11][107] - Zhipu's business model, which includes a significant portion of localized deployment projects (85%), allows for a high gross margin of over 60% [12][114] - The company has established a dual-engine business structure combining localized deployment and cloud API services, positioning itself effectively in the B-end market [11][123] Competitive Landscape - Zhipu's growth trajectory is impressive, with revenues increasing from CNY 57.4 million in 2022 to CNY 1.91 billion in the first half of 2025, reflecting a compound annual growth rate of approximately 130% [39][136] - The company is expected to continue its rapid growth, with projections indicating a potential for exponential revenue increases similar to those seen by industry peers like Anthropic [41][139] - Zhipu's international expansion efforts include forming alliances with countries along the Belt and Road Initiative, enhancing its global presence and revenue, which is expected to reach nearly 12% from overseas by mid-2025 [33][130] Future Outlook - The global AI market is anticipated to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, suggesting a vast opportunity for companies like Zhipu [37][133] - As Zhipu continues to innovate and maintain its technological leadership, it is well-positioned to compete with major players like OpenAI, which has identified Zhipu as a significant competitor [35][131] - The ongoing evolution of AI technology and market dynamics will likely lead to a comprehensive competition based on commercial capabilities, ecosystem development, and resource integration [40][140]

Core Viewpoint - The successful listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on the Hong Kong Stock Exchange marks a significant milestone for the domestic large model industry, providing a valuable reference for valuation and investment opportunities in similar companies [1][2]. Company Overview - Zhiyu Huazhang officially listed on the Hong Kong Stock Exchange on January 8, with its stock price experiencing volatility, opening at HK$120, dipping to a low of HK$116.1, and closing at HK$131.5, a 13.17% increase, giving it a market capitalization of HK$28.365 billion [1][2]. - The company has achieved rapid revenue growth, with projected revenues of RMB 57.4 million in 2022, RMB 124.5 million in 2023, and RMB 312.4 million in 2024, reflecting a compound annual growth rate of 130% [6][9]. Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, with a market share of only 6.6%, indicating a highly competitive and fragmented market [7]. - The company has established a B-end business covering 16 major industries, with over 8,000 signed enterprise users, focusing on enhancing the "intelligent upper limit" of its foundational models [5][6]. Industry Trends - The global large model commercialization is still in its early exploratory stage, with no clear profitable business model established yet. However, the industry is transitioning from homogeneous competition to collaborative competition, indicating a healthy development phase [3][5]. - The listing of Zhiyu and other large model companies like MiniMax is reigniting interest in the AI sector, with the global AI market projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033 [9][10]. Future Outlook - The next three years are seen as a critical window for large model companies, where the interplay of technological barriers, data advantages, and commercialization capabilities will reshape the industry landscape [10].

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the world's first publicly traded company focused on large language models, with an initial share price of HKD 116.20 [1][11]. Investment Background - Zhiyu received early investment from Zhongke Chuangxing, which recognized the potential of the AI team even before the company was established, investing CNY 40 million during its angel round [1][4]. - The investment was made during a challenging period for the AI sector, with Zhongke Chuangxing's average investment typically around CNY 10 million, highlighting the confidence in Zhiyu's long-term potential [5][6]. Growth and Development - Zhiyu has shown rapid growth, with revenue increasing from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, achieving a compound annual growth rate of 130% [11]. - The company has developed a series of advanced models, including GLM-10B and GLM-130B, and has shifted its focus towards intelligent agents since 2025 [7][8]. Market Position and Strategy - As of 2024, Zhiyu holds the largest market share among independent general-purpose large model developers in China, with a market share of 6.6% [11]. - The company has adopted an open-source strategy, empowering over 12,000 enterprise clients and 45 million developers globally [9]. Future Outlook - The listing of Zhiyu is seen as a new beginning, indicating a shift in China's hard technology investment landscape from academic research to capital market engagement [12]. - The AI industry is transitioning into a new phase of commercialization, with significant opportunities for innovation in AI software and hardware emerging from the advancements in large model capabilities [13].

Core Insights - The article highlights the launch of G-ASD, a new advanced driving assistance brand developed by Qianli Zhijia and Geely, which aims to cover driving capabilities from L2 to L4 levels, marking a significant step in the smart driving market [1][11]. Group 1: Technology and Innovation - Qianli Zhijia emphasizes a "high model content" approach, which refers to the proportion of AI-driven decision-making in the driving system, aiming for a more flexible and safer system compared to traditional methods that rely heavily on manual rules and high-precision maps [3][5]. - The company has integrated advanced AI technologies, including multimodal base models and reinforcement learning, into its G-ASD system, which is designed to enhance the overall driving experience and safety [3][9]. - Qianli Zhijia's system is built on a foundation of over 25 million real driving video segments, allowing for efficient data feedback and training of AI models to understand complex real-world scenarios [6][9]. Group 2: Market Position and Strategy - G-ASD has already been deployed in over 300,000 vehicles, with expectations to exceed 1 million units in the current year, positioning it among the top tier of advanced driving solutions [11][12]. - The company aims to establish deep partnerships with leading automotive manufacturers rather than focusing solely on customer quantity, which is seen as a strategy to solidify its market position [12]. - Qianli Zhijia's collaboration with major players like Geely and Mercedes-Benz is indicative of its strategy to create a robust ecosystem and enhance its competitive edge in the global market [12][14]. Group 3: Future Outlook - The company anticipates significant trends in the integration of cabin and driving experiences, aiming to create a seamless user experience by 2026 [13]. - The potential growth of the Robotaxi market is also highlighted, with expectations for explosive growth in the coming years, particularly in international markets [13]. - The competition in the smart driving sector will increasingly revolve around the integration of big data, large models, and large-scale engineering capabilities, with Qianli Zhijia positioning itself as a leader in this domain [14].

目前，智谱正加速向海外拓展用户和知名度。 和硅谷AI公司相比，中国创业公司在运营资金、计算资源和人员规模上要小得多，但它们正通过持续 升级，并向程序员和企业客户提供性能相当但价格低得多的服务，不断缩小差距。以智谱为例，其AI 编程助手每月收费仅20元人民币(不到3美元)，大约是Anthropic旗下Claude的七分之一。 "中国市场竞争异常激烈，这自然会把价格拉低到这个水平。但随着我们在全球范围内竞争，国际用户 无疑会认识到其中的价值。如果我们能持续保持对手七分之一的价格，我们将拥有一个全球市场必然会 接受的独特优势。"刘德兵称。 智谱此次通过在港交所上市融资5亿多美元，其对手MiniMax也将于周五在港交所上市。(综合整理｜箫 雨) 北京时间1月8日，据彭博社报道，智谱今天正式在港交所挂牌上市，成为"全球大模型第一股"。智谱董 事长刘德兵在接受采访时表示，AI价格战将会扩大到国际市场。 目前，智谱正加速向海外拓展用户和知名度。智谱联合创始人兼董事长刘德兵在接受彭博电视采访时表 示："一旦市场通过充分竞争而成熟，更多人将会了解这些模型的能力、性能和定价，市场将达到一种 均衡状态。" ...

Core Insights - Zhiyuan Huazhang has become the "first global model stock," with participating investors in its three rounds of financing earning an average of 3.4 times their investment, including major firms like Meituan, Ant Group, and Tencent [1][2] - Despite rapid revenue growth, Zhiyuan Huazhang faces structural issues in its business model, with local deployment as its revenue backbone and a fast-growing cloud deployment segment that is experiencing price declines due to intense competition [1][2] - The company is projected to incur a loss of nearly 3 billion yuan in 2024, with liabilities rising to 11.25 billion yuan and negative net assets of 6.15 billion yuan by June 2025 [1][2] IPO Details - Zhiyuan Huazhang's IPO was priced at 116.2 HKD per share, raising a total of 4.348 billion HKD, ranking fourth in terms of fundraising scale among Hong Kong IPOs in 2026 [2] - The IPO valuation exceeded 51.1 billion HKD, representing a 2.1 times increase from its last financing round valuation of 24.4 billion HKD in May 2025 [2] Financial Performance - The company reported a revenue increase from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, with a projected revenue of 1.33 billion yuan in 2025 [20][21] - Revenue from local deployment is the primary source, growing from 54.8 million yuan in 2022 to 264 million yuan in 2024, while cloud deployment revenue increased from 2.6 million yuan to 48.5 million yuan in the same period [22][23] Business Model and Market Position - Zhiyuan Huazhang has developed a comprehensive model matrix, including base models, reflection models, multimodal models, and AI agents, positioning itself as a leader in the AI service market [12][13] - The company holds a significant market share of 6.6% among independent general model developers in China, ranking first in the country [12][20] R&D and Cost Structure - The company's R&D expenditure significantly exceeds its revenue, with 2.195 billion yuan spent in 2024, seven times its revenue for that year [31] - The rising costs of computing services have become a major expense, with costs increasing from 15 million yuan in 2022 to 1.553 billion yuan in 2024 [33][34] Investor Sentiment and Market Dynamics - The IPO attracted a strong base of cornerstone investors, who collectively subscribed to 29.84 billion HKD worth of shares, accounting for 68.63% of the total fundraising [4][5] - The competitive landscape for cloud deployment is intensifying, with the company facing challenges in maintaining profitability due to rising costs and declining margins [26][27]

Market Overview - The Hong Kong stock market continued its downward trend on January 8, with the Hang Seng Index and Hang Seng Tech Index both falling over 1% [1][9] - Major tech stocks such as Meituan, Alibaba, and Tencent experienced declines, while Bilibili saw a rise of over 2% [1][9] - The Hong Kong Internet ETF (513770) closed down 0.93%, indicating a persistent premium and a positive attitude from buyers, with over 500 million yuan net inflow in the last three days [1][9] Alibaba Developments - Alibaba announced significant progress in its Taobao Flash Sales in the latest quarter and plans to increase investments to achieve market leadership [3][11] - Forecasts suggest that the market share of Taobao Flash Sales will continue to grow strongly by Q4 2025, with a faster reduction in losses compared to competitors [3][11] - The Ministry of Commerce predicts that China's instant retail market will exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030 [3][11] AI Advancements - Alibaba's Amap has upgraded its "Street Scanning List" with new features, leveraging self-developed world model technology to introduce a "Flying Street View" function [3][11] - Industry experts believe Amap is building a continuously evolving "true" digital asset pool, positioning itself as a super hub in the AI era [3][11] - The profitability cycle of the AI industry is expected to drive growth for major internet companies like Alibaba and Tencent, with a projected 34% EPS growth for the Hang Seng Tech Index by 2026 [3][11] Capital Inflows - Since the beginning of the year, southbound funds have significantly purchased Hong Kong stocks, with a net inflow of 30.78 billion HKD in the first three trading days of 2026 [4][12] - Major beneficiaries include Xiaomi, which received a net inflow of 3.148 billion HKD, and Alibaba, which saw over 2 billion HKD in net purchases [4][12] - Goldman Sachs forecasts that southbound fund inflows will reach a new high of 200 billion USD in 2026, driven by the current 37% premium of AH shares, highlighting the valuation advantages of Hong Kong stocks [4][12] Market Outlook - According to Guangfa Securities, the rise in Hong Kong assets is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024 [4][12] - The shift from liquidity-driven growth to a combination of profitability and liquidity is anticipated, especially with the decline of food delivery subsidies and the emergence of AI-driven advertising and cloud services as new growth points [4][12] - The Hong Kong Internet ETF and its linked funds track the CSI Hong Kong Internet Index, with major holdings in Alibaba, Tencent, and Xiaomi, accounting for over 78% of the top ten weighted stocks [4][12] Top Holdings in Hong Kong Internet ETF - Tencent Holdings (0700.HK) - 15.42% [5][13] - Alibaba (0988.HK) - 14.50% [5][13] - Xiaomi Group (1810.HK) - 13.11% [5][13] - Meituan (3690.HK) - 12.03% [5][13] - Kuaishou (1024.HK) - 4.24% [5][13]