Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first global large model stock" with a closing price increase of 13.17%, reaching HKD 131.5 per share and a market capitalization exceeding HKD 57 billion [1]. Group 1: Listing Performance - The public offering of Zhiyu was oversubscribed by 1,159.46 times, with the international offering recording a subscription rate of 15.28 times, indicating strong market enthusiasm [3]. - Despite a volatile first trading day, where the stock price initially dropped below the issue price of HKD 116.2, it rebounded strongly to stabilize by the end of the day [3][5]. Group 2: Financials and Business Model - Zhiyu's revenue is projected to grow from RMB 57.4 million in 2022 to RMB 312.4 million in 2024, but the company is also facing increasing losses, with a cumulative net loss of approximately RMB 6.2 billion expected by mid-2025 [5]. - The company plans to use about 70% of the net proceeds from its IPO, approximately HKD 29 billion, for further research and development of general AI large models to strengthen its technological moat [5]. - Zhiyu's business model primarily relies on providing localized deployment of large model services to enterprise clients, which accounts for about 70% of its total revenue [6]. Group 3: Market Position and Industry Outlook - Founded in 2019, Zhiyu has a strong technical foundation, emerging from Tsinghua University's Knowledge Engineering Laboratory, and aims to enable machines to think like humans [6]. - According to Frost & Sullivan, Zhiyu holds a 6.6% market share, ranking second among Chinese large model vendors based on projected 2024 revenue [6]. - The industry is experiencing rapid growth, with domestic companies leading in global competition, although no single company has established a dominant technological or market advantage yet [7].

记者丨张伟泽 编辑丨和佳 1月8日，备受瞩目的北京智谱华章科技股份有限公司（下称"智谱"）正式在港交所挂牌上市，成为名副其实的"全球大模型第一股"。尽管上市 首日股价走势跌宕起伏，但最终收盘上涨13.17%，报131.5港元/股，公司市值突破570亿港元大关。 1月8日，香港恒生指数收盘下跌1.17%，衡量科技股表现的恒生科技指数也下跌了1.05%，市场整体情绪偏向谨慎。 对此，伍礼贤指出，智谱股价上市首日表现未完全达到预期，主要受近期市场对芯片供应的担忧。"市场担心美国先进芯片技术能否顺利进入 内地市场。若无法获得如英伟达H200等先进芯片的支持，智谱的运算成本将相对较高，这会直接影响其商业竞争力。" 在狂热的市场情绪背后，是AI大模型公司普遍面临的"高研发、高亏损"的现实。根据招股书，智谱虽然收入从2022年的5740万元高速增长至 2024年的3.124亿元，但亏损也在同步扩大。从2022年到2025年上半年，公司累计净亏损额高达约62亿元人民币。仅2025年上半年，其研发开 支就高达15.95亿元，其中算力服务开支占了11.45亿元。 这种"烧钱"模式是当前大模型技术发展的必经之路，也正是智谱选择上市 ...

Core Insights - The article highlights the significant valuation shifts in the AI sector, particularly with the debut of Zhiyu, which opened at HKD 120 per share and peaked at HKD 135, achieving a market capitalization of nearly HKD 60 billion [1][2] - The rapid valuation increase of AI companies, exemplified by Manus's valuation skyrocketing from USD 14 million to USD 5 billion within nine months, indicates a departure from traditional valuation models in the AI hardware space [1][4][6] - Zhiyu is positioned as China's equivalent to OpenAI, with a focus on foundational technology rather than just application-level innovations [7][9] Company Valuation and Market Position - Zhiyu's market valuation of approximately USD 6.6 billion is modest compared to Manus's USD 5 billion and OpenAI's USD 500 billion, suggesting a potential undervaluation given its technological capabilities [4][6] - Both Zhiyu and Manus are among the few companies with successful pre-trained frameworks, with Zhiyu launching China's first pre-trained model framework, GLM, in 2021 [9] - Zhiyu's business model emphasizes a B2B approach, with over 8,000 enterprise clients, primarily in the internet sector, and less than 20% of revenue from government projects [11] Revenue Growth and Business Model - Zhiyu's revenue from its MaaS platform has seen a significant increase, with annual recurring revenue (ARR) growing from RMB 20 million to over RMB 500 million in just ten months, indicating a robust growth trajectory [12] - The company aims to increase the proportion of MaaS revenue to 50%, leveraging a flywheel effect that attracts developers and enhances model performance through increased usage [19] - Zhiyu's overseas revenue is also growing, accounting for 9.8% of total revenue in the first half of 2025, with significant usage of its models on global platforms [20] Future Outlook and Competitive Landscape - The article suggests that the long-term potential of Zhiyu is validated by the high valuation of Manus, indicating a strong demand for AI applications [26] - Zhiyu's foundational model capabilities position it favorably in the global AI ecosystem, allowing it to benefit from both domestic and international market trends [26] - The valuation disparity between Zhiyu and its competitors like OpenAI and Anthropic highlights its unique position as one of the few companies with self-developed general foundational models [26]

Group 1 - Geely Auto has obtained the L3 autonomous driving road test license in Hangzhou, covering an area of 9,224 square kilometers, including over 1,500 kilometers of dual-direction expressways, making it the largest in the country [2] - Faraday Future announced a cumulative production and sales target of 400,000 to 500,000 vehicles over the next five years, focusing on the FX Super One and FX 4 models, with a goal of achieving positive operating cash flow and a gross margin exceeding 20% [2] - XPeng Motors launched four new models, including the new XPeng G6 and G9, and plans to scale production of humanoid robots and flying cars, aiming for global deliveries of 429,000 vehicles by 2025, a 126% increase year-on-year [2] Group 2 - Chinese automotive brands are performing well in Ecuador, with a projected new car sales volume of 124,500 units in 2025, a 15% increase from the previous year, and BYD's sales expected to grow by 243.1% [3] - The report indicates that electric vehicle sales in Ecuador will reach 4,276 units in 2025, a 202% increase, with significant growth in hybrid vehicle sales from brands like Dongfeng and Great Wall [3]

来源：四川在线 四川在线记者 罗韬 1月8日，"全球大模型第一股"智谱（02513.HK）在香港证券交易所上市。截至1月8日收盘，智谱股价为131.5港元/股，上涨13.17%，市值达578.9亿港元。 | 智谱 < V 02513 | | --- | | 135.000 最低 131.500 今开 120.000 最高 | | 13.17% 15.300 换手 8.12% 总手 1752万 金额 | | 总值 578.9亿 市盈™ -13.11 市净 -8.59 | 智谱1月8日收盘K线图。choice截图 北京智谱华章科技股份有限公司（简称"智谱"）成立于2019年，由清华大学技术成果转化而来。 根据弗若斯特沙利文数据，按2024年的收入计算，该公司在中国独立通用大模型开发商中位列第一，在所有通用大模型开发商中位列第二，市场份额为 6.6%。 根据1月7日晚间智谱披露发行结果看，其此次公开发售获得1159.46倍超额认购。 根据choice统计，智谱创立发起人唐杰在智谱股权占比约为6.1%，按照市值计算，唐杰身家增至35.31亿港元。 智谱创始人唐杰。清华大学官网 公开资料显示，唐杰还是清华大学计算机科学 ...

Core Viewpoint - The article discusses the emergence of AI companies, particularly focusing on the successful IPOs of Zhiyuan and MiniMax, highlighting the transformative impact of AI in various industries and the changing landscape of the Hong Kong stock market [2][5][15]. Group 1: Investment Background - In 2021, early investors like Qiming Venture Partners recognized the potential of large models, investing in Zhiyuan and MiniMax despite the prevailing focus on carbon neutrality and the metaverse [6][9]. - The founders of Zhiyuan and MiniMax, Tang Jie and Yan Junjie, respectively, were pivotal in attracting early investments due to their ambitious visions and innovative methodologies [10][11][39]. Group 2: IPO Success - Both Zhiyuan and MiniMax went public in January 2026, with Zhiyuan's market value exceeding HKD 57 billion and MiniMax projected to surpass HKD 50 billion [15][16]. - The IPOs generated significant market interest, with Zhiyuan's public offering being oversubscribed by 1,159.46 times and MiniMax attracting over HKD 2.5 trillion in subscription funds [16][17]. Group 3: Market Dynamics - The Hong Kong stock market has seen a resurgence, with 119 new listings in 2025, the highest in five years, driven by a favorable environment for tech companies [24][30]. - The introduction of supportive regulations, such as the "18C" chapter for tech companies, has facilitated the listing of unprofitable firms, enhancing the attractiveness of the Hong Kong market for AI companies [29][30]. Group 4: Future Outlook - The rapid evolution of AI technology necessitates significant funding, with many companies transitioning from unicorns to valuations exceeding RMB 20 billion within a year [32][34]. - The IPOs of Zhiyuan and MiniMax are expected to encourage further investments in innovative tech companies, fostering a more vibrant startup ecosystem in China [66][68].

1月8日，智谱AI（02513.HK）正式登陆港交所主板，打响了"AI六小虎"资本化的第一枪。 智谱发行价为116.2港元/股，当日报收131.5港元/股，涨幅为13.17%，总市值约579亿港元。智谱上市也给背后的股东阵营带来收益， 按照收盘价计算，大厂中持股比例较高的美团，其持股市值达22.63亿港元，浮盈近20亿港元。 值得关注的是，早在2023年，智谱AI已经获得包括美团、腾讯、阿里等互联网大厂的投资，核心创始团队成员唐杰、张鹏、刘德兵等 人均出自清华。IPO前，成立6年的智谱AI历经8轮融资，累计融资超83亿元，其中超九成融资发生在Chat GPT发布后，备受资本青 睐。 智谱董事长刘德兵上市前公开表示，IPO最重要的是对"技术逻辑能否跑通商业逻辑"的实战检验。智谱在内部复盘时，主要看收入结 构和增长质量、底层技术到底在什么位置、看生态的实际渗透率这三个维度的表现。2025年智谱加大开源力度，智谱开源系列在全球 的累计下载量已经超过6000万次，这个生态实际渗透率意味着模型已真正进入开发者的工作流里。 当下正值一波AI企业上市热潮，此前国产GPU企业摩尔线程和沐曦股份上市一度引爆市场。国产大模型赛道 ...

Core Viewpoint - The company Zhiyuan Huazhang has become the first publicly listed company in the global large model sector, achieving a market capitalization of HKD 57.9 billion, with significant returns for early investors, but faces challenges due to rising costs and increasing losses [1][2]. Group 1: IPO and Market Performance - Zhiyuan Huazhang's IPO was priced at HKD 116.2 per share, raising a total of HKD 4.348 billion, ranking fourth in terms of fundraising scale among Hong Kong IPOs in 2026 [2]. - The company's market valuation post-IPO was approximately HKD 579 billion, reflecting a 2.1 times increase from its last funding round valuation of HKD 244 billion [2][3]. - The stock price rose by 13.17% on its first trading day, indicating strong market interest despite initial fluctuations [1]. Group 2: Financial Performance and Growth - Revenue for Zhiyuan Huazhang grew from HKD 57.4 million in 2022 to HKD 312 million in 2024, with a projected revenue of HKD 1.33 billion for 2025 [15][17]. - The company has a significant number of institutional clients, increasing from 48 in 2022 to over 12,000 by mid-2025, driven by its cloud deployment services [18][19]. - The revenue from localized deployment, which serves B2B clients, has maintained a gross margin above 50%, while cloud deployment revenue has rapidly increased, contributing to overall growth [17][18]. Group 3: Investment and Valuation - The company has attracted substantial investment, with 11 cornerstone investors subscribing to nearly 70% of the new shares, resulting in an overall floating profit of 3.4 times for 57 external investors [3][4]. - The valuation of Zhiyuan Huazhang corresponds to a price-to-sales ratio of approximately 147 times based on 2024 revenue, which is higher than some competitors [3][4]. - The company has completed 14 rounds of financing, raising over HKD 8.36 billion, with a valuation increase of 60 times since its inception [31][32]. Group 4: Research and Development - Zhiyuan Huazhang's R&D expenditure significantly exceeds its revenue, with R&D costs reaching HKD 21.95 billion in 2024, which is seven times its revenue for that year [22][23]. - The company employs a large R&D team, comprising 74.4% of its total workforce, emphasizing its commitment to innovation [23]. - The company holds numerous patents and has a strong technical foundation, collaborating closely with Tsinghua University's research teams [20][21]. Group 5: Challenges and Risks - Despite rapid revenue growth, the company faces challenges with rising operational costs, particularly in computing services, which have surged to over HKD 15 billion [24][25]. - The gross margin for cloud deployment has declined significantly, indicating potential profitability issues in a competitive market [18][24]. - The company's total liabilities reached HKD 112.52 billion, with a net asset value of -HKD 61.51 billion, raising concerns about its financial sustainability [1].

Core Viewpoint - The successful IPO of Zhiyuan Technology marks a significant milestone in the hard technology sector, demonstrating that core technological innovation can attract capital market recognition despite short-term losses [11]. Group 1: Company Overview - Zhiyuan Technology, known as the "first global large model stock," debuted on the Hong Kong Stock Exchange on January 8, 2026, with an opening price of 120 HKD, a 3.27% increase from its issue price of 116.20 HKD, and a market capitalization that briefly exceeded 52.8 billion HKD [2]. - The company originated from Tsinghua University's Knowledge Engineering Laboratory, with a strong foundation in data and knowledge graph technology, and was officially established in 2019 [3]. - The core team, referred to as the "Tsinghua team," includes many members with Tsinghua backgrounds, and the team has published over 500 high-impact papers with more than 58,000 citations [3]. Group 2: Technological Development - Zhiyuan Technology chose to pursue independent innovation by developing its own GLM (General Language Model) pre-training architecture, which outperforms existing Western technologies in robustness and controllability [6]. - The company released China's first open-source model, GLM-130B, in 2022, which was recognized in global evaluations and has since launched several other models, achieving over 60 million downloads globally by 2025 [6]. Group 3: Business Model and Financial Performance - Zhiyuan Technology employs a unique "three-legged" business model targeting enterprise clients (To B), developers (To D), and end consumers (To Device), serving over 12,000 enterprises and 2.7 million developers [7]. - Financially, the company's revenue grew from 57.4 million RMB in 2022 to 312.4 million RMB in 2024, with a compound annual growth rate of 130% and a gross margin of 64.6% in 2023 [7]. - Despite significant revenue growth, the company reported increasing adjusted net losses, from 97 million RMB in 2022 to 2.466 billion RMB in 2024, primarily due to high R&D costs [7]. Group 4: Investment and Market Impact - Prior to its IPO, Zhiyuan Technology completed eight rounds of financing, raising over 8.3 billion RMB, with investments from major players like Meituan, Ant Group, and Tencent [8]. - The company's market valuation increased significantly, with its valuation rising from 2.8 billion RMB in the B round to over 50 billion HKD post-IPO, reflecting a 17-fold increase [8]. - The IPO of Zhiyuan Technology is expected to reshape investment logic in the hard technology sector, encouraging further capital inflow into Chinese AI core assets [11]. Group 5: Future Outlook - Zhiyuan Technology plans to allocate 70% of the IPO proceeds to the development of general AI models and 10% to optimizing its MaaS platform [12]. - The company aims to enhance its core capabilities and expand its applications, with a focus on domestic chip optimization and training [12]. - The successful IPO of Zhiyuan Technology is anticipated to pave the way for other large model companies to go public, indicating a sustained investment trend in hard technology [12].

21世纪经济报道记者 方海平 上海报道 当下，人人都对快速迭代的各类技术的巨大能量有了初体验，也深信其终将渗透并重塑经济和社会生活 的各个领域，在金融行业亦不例外。作为"金融五篇大文章"之一，金融机构尤其是银行对数字金融的重 视和投入似乎怎么强调都不为过。 如今银行业的数字化进程到了哪一步？大模型等新兴技术强势来袭，银行业有怎样的思考和顾虑？新的 数字化地基更新建成，下一步在技术应用上会有怎样的突破？对此，21世纪经济报道《对话数字金融30 人》高端访谈栏目近期专访了上海银行（601229）副行长、首席信息官胡德斌。 胡德斌拥有十分深厚的银行业数字化经历，拥有吉林大学软件工程博士学位。其职业生涯深度贯穿中国 银行业信息化与数字化历程，曾历任中国工商银行软件开发中心副总经理、数据中心（上海）副总经理 等关键职务。自2016年出任上海银行副行长，并于2021年兼任首席信息官以来，他主导推动了该行一系 列重大科技战略工程。 近期，上海银行历时27个月的"智芯工程"圆满收官，新一代全栈信创核心系统成功投产。该工程不仅实 现了从底层硬件到应用软件的全面自主可控，更依托腾讯云TDSQL数据库与TCE专有云平台，完成了 核 ...