IT之家 1 月 12 日消息，"全球大模型第一股"智谱于 1 月 8 日上午在港交所主板挂牌上市，发行价为每股 116.20 港元。 截至IT之家发文，智谱股价涨至每股 205 港元，总市值达 902.47 亿港元。 | 今开 | 182.300 | | 最高 | 214.000 | | 成交量 | 412.98万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 158.600 | | 畳低 | 165.100 | | 成交额 | 7.85亿 | | 换手率 | 1.91% | | 市盈(TTM) | 亏损 | | 总市值 | 902.47亿 | | 分时 | 五日 | 日K | 周K | 月K | 季K | 年K | 更多v | | 213.000 | | | | | | | 83.30% | | 164.600 | | | | | | | 41.65% | | 200 01-08 | 01-09 | | 01-12 | | | | 0.00% | 据新浪财经报道，在《未竟之约》栏目中，智谱 CEO 张鹏回应为何 AGI 还没实现公司 ...

Core Viewpoint - Xiaopeng Motors is preparing for an IPO of its flying car division in Hong Kong, having engaged JPMorgan and Morgan Stanley for the process, with a potential completion as early as this year [1] Group 1: Stock Performance - Xiaopeng Motors' stock rose by 2.04% to HKD 80.15, with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has secretly submitted its IPO application for the flying car division, with plans to complete the process within the year [1] - JPMorgan and Morgan Stanley have been selected to assist in the IPO preparations [1] Group 3: Product Launches - On January 8, Xiaopeng Motors unveiled multiple new models and technology updates at its 2026 Spring Product Launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng announced that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, which is the first in the industry to achieve L4-level initial capabilities [1] Group 4: Future Developments - The company plans to implement physical AI and scale production this year, including the operation of Robotaxi services, humanoid robots, and flying cars [1]

Core Viewpoint - XPeng Motors has engaged banks to assist its flying car division in preparing for an IPO in Hong Kong, with plans to submit a confidential listing application, potentially completing the process within this year [1] Group 1: Stock Performance - XPeng Motors-W (09868) saw a late-session increase of over 2%, after initially dropping more than 2% earlier in the day, closing at HKD 80.15 with a trading volume of HKD 1.318 billion [1] Group 2: IPO Plans - The company has selected JPMorgan and Morgan Stanley to prepare for its IPO [1] - The IPO is part of XPeng's strategy to expand its flying car division, with a confidential application already submitted [1] Group 3: Product Launches - On January 8, XPeng Motors announced multiple new models and technology updates during its 2026 Spring product launch, including the 2026 P7+, G7 Super Extended Range, G6, and G9 [1] - CEO He Xiaopeng stated that these new vehicles will feature the second-generation VLA (Vision-Language-Action) large model, marking a significant advancement in the industry [1] - The company plans to implement physical AI and scale production of Robotaxis, humanoid robots, and flying cars this year [1]

Group 1 - The company, RuYuchen (003010.SZ), has collaborated with AoFei Data to implement a localized large model cluster, ensuring information security and data isolation through dedicated high-performance computing clusters [1] - The DeepSeek model has been professionally adapted and optimized for e-commerce operational scenarios, enhancing its capabilities [1] - This capability has been deeply integrated with the company's self-developed intelligent system, enabling intelligent interactive analysis of data assets in the BI data center and empowering demand forecasting and inventory optimization in the SCM platform [1]

Group 1 - The company, RuYuchen (003010.SZ), has collaborated with AoFei Data to implement a localized large model cluster, ensuring information security and data isolation through dedicated high-performance computing clusters [1] - The DeepSeek model has been professionally adapted and optimized for e-commerce operational scenarios, enhancing its capabilities [1] - This capability has been deeply integrated with the company's self-developed intelligent system, enabling intelligent interactive analysis of data assets in the BI data center and empowering demand forecasting and inventory optimization in the SCM platform [1]

Group 1 - The core viewpoint is that the GEO market in China is expected to grow significantly, with a projected year-on-year increase of over 200% by Q2 2025, and over 78% of business decision-makers prioritizing AI search optimization for digital transformation [1] - According to Guotai Junan Securities, large models are anticipated to serve as traffic entry points, potentially increasing user engagement and advertising space as traffic grows [1] - In the short to medium term, the monetization of large models is primarily through low advertising ratios, with many free consumer traffic in a monetization vacuum, allowing GEO companies to capitalize on this growth phase [1] Group 2 - As of January 12, 2026, the CSI Cloud Computing and Big Data Theme Index (930851) surged by 7.88%, with constituent stocks such as Toray, Hand Information, and Yidian Tianxia each rising by approximately 20% [1] - The Big Data ETF (159739) increased by 8.72%, marking its third consecutive rise, with the latest price reported at 1.91 yuan [1] - The CSI Cloud Computing and Big Data Theme Index tracks 50 listed companies involved in cloud computing and big data services, reflecting the overall performance of these sectors [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech Innovation Artificial Intelligence ETF (589010), which surged by 4.33%, indicating robust market sentiment towards AI investments [1][2] - The ETF's trading volume exceeded 252 million yuan, with a turnover rate of over 8%, reflecting high trading enthusiasm and recognition of long-term value in the AI sector [1] - Key constituent stocks such as New Point Software and Hai Tian Rui Sheng experienced significant gains, with New Point Software hitting a 20% limit up and several others rising over 15%, showcasing excellent profit potential [1] Group 2 - Open Source Securities noted that AI innovation is continuously evolving, with model capabilities improving and costs decreasing, particularly with the rise of Chinese open-source models like DeepSeek and Qwen [2] - The development of multi-modal large models is experiencing rapid breakthroughs, which is expected to further enhance application growth in the AI industry [2] - The Sci-Tech Innovation Artificial Intelligence ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, covering high-quality enterprises across the entire industry chain, benefiting from high R&D investment and policy support [2]

Core Viewpoint - The successful listing of Zhipu marks a significant milestone for China's AGI industry, indicating a key transition from laboratory research to commercialization, and highlights the symbiotic relationship between Zhipu and its nurturing environment in Haidian District [3][6]. Group 1: Company Overview - Zhipu officially listed on the Hong Kong Stock Exchange on January 8, becoming the "first stock of global large models," with its stock price increasing nearly 77% and a market capitalization reaching 100 billion HKD [3]. - The company was founded in 2019 by Tsinghua University alumni, focusing on AGI and has achieved several milestones, including the launch of China's first hundred-billion model and the first open-source trillion model [5][6]. - Zhipu's revenue is projected to grow from 57.4 million RMB in 2022 to 312.4 million RMB in 2024, reflecting a compound annual growth rate of 130% [6]. Group 2: Ecosystem and Support - Haidian District provides a rich ecosystem for AI talent, housing approximately 43% of China's top AI talent, with over 80% located in Haidian [8]. - The district has established a diverse incubation system with 193 incubators, offering comprehensive support through mentorship, resources, and capital [9]. - Haidian has set up a technology growth fund totaling 20 billion RMB to accelerate the development of key industries and projects [9]. Group 3: Policy and Infrastructure - In June 2023, Haidian issued measures to support AI model innovation, including subsidies of up to 2 million RMB for innovative models [10]. - The district launched a public computing power platform in 2024, enhancing its AI infrastructure and supporting the development of AI applications across various sectors [10]. - Haidian's AI ecosystem is characterized by a high density of research institutions and companies, facilitating collaboration and innovation [14][15]. Group 4: Feedback Loop and Future Prospects - Zhipu has initiated the "Z Plan" to support entrepreneurs in the large model field, providing funding, technology, and resources [19]. - The company has invested in numerous startups, with over half of them establishing their headquarters or core R&D in Haidian [19]. - Haidian aims to continue nurturing future industries such as embodied intelligence and quantum information, suggesting that more leading companies will emerge from this innovative environment [20].

Core Viewpoint - The stock price of Zhipu (2513.HK), known as the "first global large model stock," surged by 45.34% to 230.6 HKD on its third trading day, reaching a market capitalization of 101.4 billion HKD [1] Group 1: Strategic Partnerships - Zhipu has announced a strategic partnership with Didi to explore key technologies in General Artificial Intelligence (AGI) and their applications in the transportation sector [1] - The collaboration aims to advance the implementation of Agent scenarios and talent development in the large model field, enhancing intention alignment and reasoning capabilities in transportation contexts [1] Group 2: Company Achievements - Zhipu is one of the earliest companies in China to engage in large model research, having introduced the GLM pre-training paradigm and released several significant models, including the first hundred-billion model and the first open-source trillion model [1] - The company is recognized for maintaining a comprehensive model system that aligns with global top-tier standards, earning it the title of "China's OpenAI" [1] Group 3: Financial Projections - Zhipu is projected to exceed 100 million USD in revenue by 2025, with local deployment revenue accounting for 85% and cloud revenue increasing from 0% to 15% over the past two years [1] - The cloud revenue share is expected to continue rising this year, driven by high-cost performance coding tools [1]

大模型不赚钱，这事不多说，但简单回顾： OpenAI据说得2029年盈利，每年亏140亿刀。 Anthropic据说2028年能盈利，也亏损。 刚上市的MiniMax每年亏5个亿刀。 智谱和MiniMax差不多，也是每年亏这么多。 据说DeepSeek能赚钱，但这行当基础模型基本亏损是确定的。 不能赚钱就主要靠VC，国内VC不给力所以就导致了基模发展的一系列问题。 但基模属于非典型产品，不多说了，下面重点说智能体。（包括做基础模型也做应用的） 智能体也先说结果： 就拿我比较熟悉的Glean举例子，ARR最新报道过了2亿美金，我们就假设每年都是这么多收入，那现在 有1000个人，所以每个人对应收入是20万美金。这在AI行当基本会亏损。对应的事件呢，我觉得接下 来大概率会继续融资。 类似的，其他明星智能体公司也基本这样，大额融资的包括并购的... 如果就这么多，那就和上波AI有点像，还好不全是，比如： Midjourney一年赚了5亿美金的时候只有40个人，这就怎么都赚钱的。因为它流量基本还是自然流。 你比如Base44，一年350万美金，还就1个人，这怎么也是赚钱的，不太可能都是投流投出来的。 这样题目从结果看 ...