近年来，该公司在开源和商用领域都形成了一定影响力，其模型被广泛用于自然语言理解、智能对话与 行业解决方案等场景。 根据招股说明书披露，本次募集资金中约70%拟投入大模型核心技术研发，进一步提升模型性能和算力 适配能力。剩余资金将用于MaaS（模型即服务）平台建设、基础设施升级和商业化推进等。 智谱的股东结构显示，多个国内知名机构参与基石投资，包括战略性产业资本和知名基金。此次公开发 售阶段，香港公开发售部分获得超千倍的认购热度，显示市场对智谱业务模式与技术路径的关注。 目前，全球AI产业正在从技术竞赛向商业化落地阶段迈进，尤其是大型模型企业的资本化进程备受关 注。智谱在抢先登陆资本市场的同时，也与其他拟IPO的国内AI企业（如MiniMax）形成赛道竞速格 局。 随着上市完成，智谱将迎来新的发展阶段。该公司表示，将持续加大对通用大模型及相关基础设施的研 发投入，同时推动模型在行业应用、生态合作和全球市场拓展中的规模化应用。未来资金使用和商业落 地进度将成为市场关注的核心变量。 2026年1月8日，北京智谱华章科技股份有限公司（简称"智谱"，股票代码02513.HK）在香港联合交易 所主板正式挂牌上市。 这一上 ...

作为"全球大模型第一股"，智谱（02513.HK）于1月8日登陆港交所。上市首日股价低开高走，收报 131.50港元，较发行价上涨13.16%，市值接近580亿港元，为潜伏多年的早期投资机构带来了可观回 报。其背后，浮现出包括互联网大厂、一线创投、国资等多方资本构成的战略版图。 然而，光环之下，挑战犹存。尽管根据第三方统计，智谱2024年以6.6%的市场份额居中国独立大模型 厂商首位，但其收入仍高度依赖面向政府、国企的私有化部署项目，客户集中度高且复购存在不确定 性。与此同时，公司研发开支三年间从千万元级跃升至数十亿元，净亏损同步扩大。 值得注意的是，智谱的上市或许只是开端。在智谱率先跑通上市路径后，AI大模型厂商会否迎来一波 IPO热潮，已成为业界关注的新焦点。 背后的资本版图 1月8日，智谱于港交所主板挂牌，成为全球首家以通用人工智能（AGI）基座模型为核心业务的上市公 司。当日开盘价为120港元，对应市值约528亿港元。根据本次发行价116.20港元计算，共募集资金超43 亿港元。 上市首日，智谱股价呈现"低开高走"，收盘较发行价上涨超过13%，市值近580亿港元。相比2025年5月 完成B6轮融资时的 ...

Core Insights - Humanity is currently in the "biological bootloader" phase of digital superintelligence, with a transformative wave of change that cannot be halted [4] - Elon Musk predicts that Artificial General Intelligence (AGI) will be achieved by 2026, with AI's total intelligence surpassing that of all humanity by 2030 [5][6] - The transition period leading to AGI will be tumultuous, particularly affecting white-collar jobs, as AI is capable of performing over half of these roles [9] AGI and Technological Singularity - Musk asserts that we are already experiencing the "technological singularity," characterized by rapid and irreversible changes [6] - The impact of AI will lead to a significant reshaping of the workforce, with white-collar jobs being the first to disappear [9] Economic Predictions - Musk introduces the concept of Universal High Income (UHI), suggesting that a future of abundance will allow people to have whatever they desire, as production costs will drop significantly [11] - He warns that this abundance will coincide with social unrest, as society grapples with the implications of a world where work is no longer a measure of value [11] Energy Competition - Musk praises China's efficiency in solar energy deployment, stating that by 2026, China's electricity output will be three times that of the U.S. [12] - He emphasizes the need for the U.S. to catch up in energy production to remain competitive in AI [12] Space and Computing Infrastructure - Musk plans to establish "orbital data centers" using Starship, which will reduce launch costs to below $100 per kilogram, enabling large-scale computing in space [13] - This shift aims to create a self-evolving "Dyson Swarm" and address energy challenges for AI infrastructure [13] AI Safety Principles - Musk outlines three core principles for AI safety: Truth, Curiosity, and Beauty, to prevent AI from becoming a threat to humanity [15] - He emphasizes the importance of ensuring AI remains curious about humanity and does not resort to deception [15]

【导读】MINIMAX暗盘大涨26%！ 1月8日，港股三大指数齐跌。截至收盘，恒生指数跌1.17%，恒生科技指数跌1.05%，恒生国企指数跌1.09%。全日大市成交额为2683亿港元，南向资金净 卖出49.01亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26149.31c | -309.64 | -1.17% | 2683亿 | 2.02% | | 2 | HSTECH | 恒生科技 | 5678.34c | -60.18 | -1.05% | 754亿 | 2.94% | | 3 | HSBIO | 恒生生物科技 | 15879.59c | -13.66 | -0.09% | 127亿 | 12.00% | | 4 | HSCEI | 恒生中国企业指数 | 9039.34c | -99.41 | -1.09% | 941亿 | 1.41% | | 5 | HSCI | 恒生综合指数 | 4004.72c | -43 ...

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].

智能涌现 . 直击AI新时代下涌现的产业革命。36氪旗下账号。 文 ｜ 周鑫雨 编辑 ｜ 苏建勋 来源｜ 智能涌现（ID：AIEmergence） 封面来源 ｜ AI生成 浪来了，大家都站起来了 作为智谱AI的B轮投资人，启明创投主管合伙人周志峰、执行董事胡奇，还记得这家大模型公司尚在襁褓中的样子。 那是2021年6月，北京智源AI研究院的发布会上，他们第一次在国内看到参数量万亿级的预训练模型，"悟道2.0"。 以下文章来源于智能涌现 ，作者周鑫雨 经过一番辗转介绍，周志峰和胡奇知道了"悟道2.0"的带头人，是来自清华知识工程实验室的唐杰，他背后的公司，叫做"智谱华章"。 不同于大模型今日之高光，那时的AI，是个在角落里沉寂的赛道。 2021年，最火的投资主题是碳中和与元宇宙，OpenAI在国内还是个小众公司，大模型和Scaling Law，更是只在少数大厂和研究院中默默进行的实验。 启明创投还是投了。几名智谱创始成员口中的"泛化性"，和已经推进的模型API服务，让他们看到大模型可以走出实验室，是个能改变千行百业的"big story"。在启明创投最早的内部讨论里，李飞飞等斯坦福大学AI团队成员当时对Foun ...

1 月 8 日，北京智谱华章科技股份有限公司（简称"智谱"）在香港联合交易所挂牌上市，成为全球首家以 AGI （通用人工智能）基座模型为核心业务的上市公司。 首日开盘，智谱股价上涨超 16% ，市值近 600 亿港元。 此次智谱 IPO 发行中，市场认购踊跃，获得约 1160 倍超额认购。 智谱董事长刘德兵在上市致辞中表示："让机器像人一样思考是智谱自始至终的愿景和理想，也是智谱人持之 以恒奋斗的唯一目标。 2019 年我们成立智谱，所有的精力都投入到这一愿景。 2021 年，我们推出了自己 的算法架构 GLM 。今年， GLM-4.7 的发布让我们的模型与国际顶尖模型并驾齐驱，为我们继续冲刺 AGI 技术高地打下重要根基。" 凭借"全球大模型第一股"标的的独特稀缺性，智谱吸引了一支由北京核心国资、头部保险资金、大型公募基 金、明星私募基金和产业投资人构成的全明星基石投资阵容， JSC International Investment Fund SPC 、 JinYi Capital Multi-Strategy Fund SPC 、 Perseverance Asset Management 等 11 家基 ...

（文/陈济深 编辑/张广凯） 1月8日，北京智谱华章科技股份有限公司（02513.HK）（简称"智谱"）正式在香港联合交易所挂牌上市。 作为自清华大学计算机系转化而来的中国人工智能独角兽，智谱AI正式登陆港交所，意味着全球首家以通用人工智能（AGI）基座模型为核心业务的上市 公司花落中国。 智谱本次IPO发行价定为116.2港元，香港公开发售获1159.46倍认购，国际发售获15.28倍认购，以每股116.20港元的发行价计算，智谱本次IPO募资总额超 43亿港元。 上市首日，智谱开盘价120港元，收盘报131.5港元，涨幅13.17%，总市值达578.9亿港元。 智谱上市对整个AI板块具有风向标意义。智谱不仅是中国独立通用大模型开发商中收入规模最大的企业，也是首个接受二级市场定价考验的基座模型厂 商。 在全球百万用户参与盲测的权威编码评估系统Code Arena中，GLM-4.7位列全球开源第一、国产第一，超过GPT-5.2。 市场反应表明，尽管面临短期盈利压力，但投资者更看重其在模型迭代速度、开发者生态构建以及政企落地能力上的稀缺性。 观察者网获悉，在智谱上市当天，清华大学计算机系教授、智谱创立发起人兼首 ...

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (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 8.06%, reaching a market capitalization of over HKD 55 billion [1] Group 1: Company Performance - Zhiyu's public offering was oversubscribed by 1,159.46 times, indicating strong market interest, with cornerstone investors committing a total of HKD 2.98 billion [1] - Despite a volatile first trading day, the stock price fluctuated but ultimately stabilized above the issue price [1] - The company reported a significant revenue increase from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, but also faced a cumulative net loss of approximately CNY 6.2 billion from 2022 to mid-2025 [2] Group 2: Business Model and Strategy - Zhiyu, founded in 2019, has a strong technical foundation stemming from Tsinghua University's Computer Science Department, focusing on making machines think like humans [3] - The company primarily generates revenue by providing localized deployment of large model services, accounting for about 70% of total revenue [4] - Zhiyu plans to allocate approximately 70% of the net proceeds from its IPO (around HKD 2.9 billion) to further develop general AI large models, aiming to strengthen its technological moat [2] Group 3: Industry Outlook - The large model industry is experiencing rapid growth, with domestic companies in China leading in global competition, although no single company has established a dominant market position yet [4] - The industry faces challenges such as high research and development costs and increasing losses, which are common among AI large model companies [2]

官网信息显示，智谱成立于2019年，由清华大学计算机系知识工程实验室（KEG）技术成果转化而来，具备从底层算法、预训练框架到国产硬件适配的大 模型全链路自主研发能力。公司以"让机器像人一样思考"为愿景，以实现通用人工智能（AGI）为目标，极致专注探索人工智能上限，致力于用大模型实现 甚至超越人类的语言、推理、视觉、听觉、工具使用等能力。 1月8日，中国人工智能（AI）企业智谱（2513.HK）正式登陆港交所主板，成为备受瞩目的"全球大模型第一股"。 公开信息显示，自成立以来，智谱已完成8轮融资，吸引了美团、阿里、腾讯、中科创星等多家知名投资机构，以及多地地方政府国资的参与。 回顾智谱发展期，根据招股书，2019年6月11日，智谱由北京链湃、刘德兵、唐杰、李涓子、许斌、张鹏、中科创星、华控成立，资本人民币1000万元。成 立时，上述相关方分别持股49.38%、0.80%、21.97%、4.00%、0.80%、0.40%、10.67%及11.99%。 中科创星创始合伙人米磊告诉记者，中科创星投资智谱的原因是，该公司内部团队认为，自然语言处理和知识图谱为AI下一代技术方向，投资布局具有前 瞻性。2018年底，中科创 ...