文 / 零度 来源 / 节点财经 据港交所12月19日披露，北京智谱华章科技股份有限公司（以下简称"智谱"）向港交所主板递交上市申请，中金公司为独家保荐人。 如果智谱冲击港交所成功，那么它将成为全球首家上市的大模型公司。 而智谱这份招股书，不仅展现了当前大模型企业的盈利情况，也揭示了在百模大战后，大模型企业商业化落地的样本。 值得注意的是，这场"第一股"之争并非独角戏。 12月17日，智谱与同为大模型"六小虎"的MiniMax（上海稀宇极智）双双通过港交所上市聆讯，前者主攻文本基座模型，后者聚焦多模态领域，形成"一 北一南"的竞争格局。 短短两天后，智谱率先披露招股书，被市场解读为在竞速赛中抢占先机。 但资本市场的估值逻辑从来不止于"速度"。对于烧钱属性极强的大模型企业而言，持续亏损的收窄潜力、商业化落地的可持续性，才是决定其能否通过资 本考验的核心。 01 325%营收高增背后，累计亏损62亿 智谱招股书披露的财务数据，精准折射出当前独立大模型厂商的普遍困境。收入高增长与亏损大幅扩大并存，且亏损增速远超收入增速，盈利平衡点尚遥 不可及。 从收入端看，智谱的增长表现堪称亮眼。2022年至2024年，营收分别为 ...

Group 1 - The Hong Kong stock market opened higher on December 22, with major internet stocks showing strength, including Alibaba-W rising over 2% and Bilibili-W and Meituan-W increasing by more than 1% [1] - The Hong Kong Internet ETF (513770) experienced a net inflow of 1.253 billion yuan over the past 10 days, reaching a record high fund size of over 12.2 billion yuan [3][5] - The technology sector is viewed as a long-term investment focus, with expectations of a rebound due to multiple favorable factors after previous adjustments [3] Group 2 - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, heavily investing in leading internet companies like Alibaba-W and Tencent Holdings, with the top 10 holdings accounting for over 73% of the portfolio [5] - The Hong Kong market is currently seen as having high cost-effectiveness, particularly in the technology sector, which is expected to attract more investments as liquidity shocks subside and valuations remain low [3] - The Hong Kong Large Cap 30 ETF (520560) is highlighted as a suitable long-term investment tool, combining high-growth technology stocks with stable dividend-paying companies [6]

Group 1 - The Hong Kong stock market opened higher on December 22, with major internet stocks showing strength, including Alibaba-W rising over 2% and Bilibili-W and Meituan-W increasing by more than 1% [1] - The Hong Kong internet ETF (513770) experienced a price increase of over 1% at one point, currently up 0.95%, and has surpassed the 10-day moving average [1] - Recent inflows into the Hong Kong internet sector have been significant, with the internet ETF (513770) seeing a net inflow of 1.253 billion yuan over the past 10 days, bringing its total fund size to over 12.2 billion yuan, a record high [3] Group 2 - Galaxy Securities noted that external risks are narrowing, and the Hong Kong stock market is expected to trend upwards, with the technology sector remaining a long-term investment focus due to recent valuation corrections and multiple favorable factors [3] - According to China Merchants Securities, the current valuation of Hong Kong stocks is attractive, particularly in the technology sector, suggesting gradual investment in this area [3] - The Hong Kong internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, heavily investing in leading internet companies like Alibaba-W and Tencent Holdings, with the top 10 holdings accounting for over 73% of the portfolio [5] Group 3 - The Hong Kong internet ETF (513770) has an average daily trading volume exceeding 600 million yuan this year, supporting intraday T+0 trading and demonstrating good liquidity [5] - For investors looking to reduce volatility while still focusing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, which combines high-growth tech stocks with stable dividend-paying companies [5]

Group 1 - The U.S. Federal Trade Commission (FTC) has approved a $5 billion collaboration agreement between AI chip giants Nvidia and Intel [1][3] - Nvidia will purchase Intel shares at $23.28 per share to jointly develop AI and chip technologies for next-generation personal computing products and data centers [3] - This partnership aims to integrate Nvidia's GPU technology with Intel's CPU technology, enhancing their competitive position against rivals like TSMC and AMD [3] Group 2 - The communication ETF (515880) has seen significant inflows, with over 1.2 billion yuan net inflow in the past five days, and has risen over 120% year-to-date, making it the top-performing ETF in the market [1][10] - The ETF has a total scale exceeding 13 billion yuan, with nearly 50% of its holdings in optical modules, and over 20% in servers, indicating a strong focus on AI-related infrastructure [10][11] - The demand for AI applications is leading to cost savings of 9% to 11% across various industries, although it may also result in job reductions for certain workers [4]

Core Viewpoint - The Hong Kong stock market is showing positive momentum, particularly in the internet sector, with major companies like Alibaba and Tencent experiencing gains, indicating a potential rebound in the market [1][9]. Group 1: Market Performance - On December 22, the Hong Kong stock market opened higher, with internet giants like Alibaba-W rising over 2% and others like Bilibili-W and Meituan-W increasing by more than 1% [1]. - The Hong Kong Internet ETF (513770) saw a price increase of over 1% at one point, currently up 0.95%, indicating strong market interest [1]. - The Hong Kong Internet ETF has recorded a net inflow of 1.253 billion yuan over the past 10 days, with its latest fund size exceeding 12.2 billion yuan, marking a historical high [9]. Group 2: Investment Insights - Galaxy Securities suggests that external risks are diminishing, and the Hong Kong stock market is expected to trend upwards, with the technology sector remaining a key focus for medium to long-term investments [3][9]. - According to China Merchants Securities, the current valuation of Hong Kong stocks is attractive, particularly in the technology sector, which is expected to rebound as liquidity shocks subside [3][9]. - The Hong Kong Internet ETF is designed to passively track the CSI Hong Kong Internet Index, heavily investing in leading companies like Alibaba and Tencent, with over 73% of its top holdings focused on AI and cloud computing [5][11]. Group 3: Trading and Liquidity - The Hong Kong Internet ETF has an average daily trading volume exceeding 600 million yuan, supporting T+0 trading and offering good liquidity without QDII quota restrictions [11]. - For investors looking to reduce volatility while still focusing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [12]. Group 4: Historical Performance - The CSI Hong Kong Internet Index has shown significant fluctuations over the past five years, with annual returns of 109.31% in 2020, -36.61% in 2021, -23.01% in 2022, -24.74% in 2023, and a projected 23.04% in 2024 [6][12].

Core Viewpoint - The article discusses the simultaneous IPOs of two major domestic AI model companies, MiniMax and Zhiyu, highlighting their distinct business models and financial performances as they approach the capital market [4][24]. Revenue Performance - MiniMax reported revenues of $3.46 million (approximately RMB 24.36 million) in 2023 and $30.52 million (approximately RMB 210 million) in 2024, reflecting a year-on-year growth of 782.08%. By September 30, 2025, revenues reached $53.44 million (approximately RMB 377 million), with a year-on-year growth of 174.76% [4][11]. - In contrast, Zhiyu's revenue growth rates were 116.93% in 2023 and 150.85% in 2024, with a further increase to 325.03% by June 30, 2025 [11][16]. Losses and Financial Health - MiniMax's losses were $269 million (approximately RMB 1.89 billion) in 2023 and $465 million (approximately RMB 3.27 billion) in 2024, with losses decreasing to nine times its revenue by September 30, 2025 [16][17]. - Zhiyu's losses were RMB 787 million in 2023 and RMB 2.96 billion in 2024, with losses at approximately six times its revenue in 2023 and twelve times in 2025 [16][17]. Gross Margin Analysis - MiniMax's gross margins were -24.7% in 2023 and 12.2% in 2024, improving to 23.3% by September 30, 2025, indicating a positive trend [18]. - Zhiyu maintained a stable gross margin around 50% throughout the reporting period, reflecting its strong pricing power and project delivery capabilities [19][21]. Cash Flow and Funding - MiniMax has raised over $1.5 billion since its inception, with approximately $1.1 billion in cash on hand, indicating a cumulative cash burn of about $500 million [22]. - Zhiyu did not disclose detailed cash flow data in its prospectus, making direct comparisons challenging [23]. Business Model Differences - MiniMax focuses on C-end products, with 71.4% of its revenue from AI native products by 2024, while Zhiyu's revenue is primarily from private deployments, with 82% from this segment by June 30, 2025 [21][24]. - The two companies represent different paths in the AI model landscape: MiniMax emphasizes rapid user growth and product scalability, while Zhiyu focuses on engineering and infrastructure development [30][34]. Market Positioning and Future Outlook - The article suggests that both companies face different uncertainties: MiniMax's growth depends on sustainable user expansion, while Zhiyu's success hinges on the maturation of its model capabilities [36]. - The upcoming release of DeepSeek R2 may impact both companies, with potential challenges for Zhiyu's private deployments and increased competition for MiniMax's C-end products [41][42].

（原标题：【早知道】我国实现新一代光计算芯片研究新突破；智谱正式披露招股书） 人民财讯12月22日电，【摘要】国家网信办会同中国证监会深入整治涉资本市场网上虚假不实信息。 《互联网平台价格行为规则》印发。我国科学家实现新一代光计算芯片研究新突破。商务部：深化外商 投资促进体制机制改革，优化自由贸易试验区布局范围。我国首块L3级自动驾驶专用正式号牌颁发。 央行发布《金融机构客户受益所有人识别管理办法》。突破250亿元，2025年成中国影史动画电影票房 最高一年。智谱正式披露招股书，或将成"全球大模型第一股"。 ...

【市场数据】 截至12月19日收盘，上证综指涨0.36%，报3890.45点；科创50指数涨0.2%，报1308.59点；深证成指涨 0.66%，报13140.21点；创业板指涨0.49%，报3122.24点。 5、据新华社，记者12月19日获悉，近期，国家网信办会同中国证监会深入整治涉资本市场网上不实信 息，依法处置一批炮制谣言、非法荐股的账号。这些账号涉及的情况包括：散布涉资本市场监管政策谣 言；集纳炒作上市公司和金融机构不实信息；利用AI编造资本市场虚假信息；炒作股市走势，随意预 测涨跌，博取流量；非法推荐股票，谋取利益。网信部门和证券监管部门提醒广大网民，树立正确投资 理念，增强风险防范意识，加强金融信息辨别，不造谣、不传谣、不信谣，共同营造清朗的网络空间。 纽约股市三大股指12月19日上涨。截至当天收盘，道琼斯工业平均指数比前一交易日上涨183.04点，收 于48134.89点，涨幅为0.38%；标准普尔500种股票指数上涨59.74点，收于6834.50点，涨幅为0.88%；纳 斯达克综合指数上涨301.26点，收于23307.62点，涨幅为1.31%。 【财经要闻】 1、据新华社，国务院总理李强 ...

大家早上壕！ 先看海外要闻： 上周五美股反弹，道指收涨0.38%，纳指收涨1.31%，标普500收涨0.88%；甲骨文收涨6.63%、博通收涨3.18%、英伟达收涨3.93%、谷歌A涨 1.55%、特斯拉则收跌0.45%，Meta跌0.85%。 此外，美光科技收涨涨约7%，CoreWeave涨超22%，超威半导体、超微电脑涨超6%。 摩根士丹利有望牵头SpaceX IPO。 美军宣布35亿美元采购72颗导弹预警和跟踪卫星，是迄今为止美军低地球轨道星座最大一笔交易。 美国"星链"一颗卫星或爆炸失联。 高盛在最新报告中重申看涨黄金，预测金价将在2026年12月冲击每盎司4900美元历史新高。 国内重大事件汇总： 5、《互联网平台价格行为规则》印发，不得强制或者变相强制平台内经营者开通自动跟价、自动降价或者类似系统，平台经营者、平台内经营 者不得以低于成本的价格销售商品或者提供服务。 一周券商策略前瞻： 本周券商策略分析师对春季躁动依旧看好，随时或到来，只缺一个有效信号。 点评：国盛证券表示，商业航天是太空算力成立的核心成本变量，太空算力是商业航天释放价值弹性的关键应用场景，当前低轨与深空应用场景 正从"可行性验证 ...

【钛媒体综合】近日，国家发展改革委、市场监管总局、国家网信办联合发布《互联网平台价格行为规 则》，旨在健全互联网平台常态化价格监管机制，规范相关价格行为，保护消费者和经营者合法权益。 《行为规则》共计7章29条，主要规定了平台经营者、平台内经营者实施价格行为应当遵守的规范。其 中，平台经营者，是指提供网络经营场所、交易撮合、信息发布等平台服务的法人或者非法人组织；平 台内经营者，是指通过平台销售商品或者提供服务的经营者。 具体来看，围绕经营者自主定价，《行为规则》提出，平台经营者不得强制或者变相强制平台内经营者 降价或者以让利、返现等方式进行促销，不得强制或者变相强制平台内经营者开通自动跟价、自动降价 或者类似系统。 在规范经营者价格标示行为方面，《行为规则》重申"明码标价"要求。比如，针对各平台广泛实施的价 格促销行为，《行为规则》要求"以方便消费者认知的方式标明促销价格或者价格促销规则"。同时， 《行为规则》还提到，标示预估价格应当公开预估价格的构成，充分提示预估价格与最终结算价格之间 可能存在差异；对于竞价排名的商品或者服务，应当显著标明"广告"。 规范平台经济领域的价格竞争行为是文件的重点内容。《行为 ...