Core Insights - The report by the China Academy of Information and Communications Technology highlights the rapid growth of computing power in the artificial intelligence (AI) industry, indicating a shift towards a gigawatt-level era, with energy becoming a critical bottleneck for scaling up [1][2] Group 1: Investment Trends - Major companies are increasingly investing in the power sector to support the explosive growth of computing power driven by AI applications, with predictions of a significant increase in global cluster power over the next three years [2] - Notable companies like Amazon, Google, Microsoft, and Nvidia are exploring energy privatization and investing in nuclear fusion, geothermal, and power plant construction to ensure sustainable energy for AI computing clusters [2] - Global AI investment is projected to rise from 8.1% of total industry financing in 2023 to 23% by Q2 2025, with a stark contrast in investment amounts between the US and China [2] Group 2: Model as a Service (MaaS) - MaaS is becoming essential for the industrial application of large models, transitioning from optional to necessary as demand for large models grows across various industries [3] - Major domestic cloud service providers are enhancing their MaaS offerings to optimize resource allocation and improve model inference performance while reducing costs and energy consumption [3] Group 3: AI Penetration in High-Value Sectors - AI applications are expanding into high-value sectors, enhancing productivity in agriculture, transforming industrial manufacturing, and deepening integration in service industries [4] - Different industrial sectors exhibit varied AI adoption characteristics, with significant applications in electronics, consumer goods, and automotive manufacturing, while energy and power sectors are also showing promising trends [4] Group 4: Challenges in AI Implementation - Despite the rapid growth of the AI industry, challenges remain in the practical implementation of AI technologies, with a focus on four core areas: scenario selection, technology adaptation, business integration, and data support [5] - The report emphasizes the need for tailored approaches to AI implementation based on company-specific resources, data foundations, and compliance requirements [5] - The example of State Grid Corporation illustrates a successful top-down strategy for AI integration in power grid scheduling and equipment maintenance, enhancing operational capabilities [6] Group 5: Global AI Development Disparities - The report indicates a widening gap in AI development globally, highlighting the need for international cooperation and the establishment of ESG assessment guidelines for AI [6] - A comprehensive evaluation framework covering algorithm ethics, data privacy, and energy consumption is recommended to ensure inclusivity and applicability across different countries [6]

(1)成立联合实验室，联合开发创新药物管线 东阳光（600673）药(06887)发布公告，本公司于2026年1月26日与深圳晶泰科技有限公司(深圳晶泰)订 立战略合作协议(战略合作协议)。根据战略合作协议，双方拟成立合资公司，共建AI驱动药物研发平 台，聚焦以下合作： 依托深圳晶泰全球化的商业网络和AI平台产品化经验，推广本集团自主开发的"HEC-SynAI药物合成大 模型"和"HEC-PharmAI制剂大模型"，以及全新一代PB-PK大模型。 (3)创建"模型即服务"(MaaS)的商业模式 双方计划以"算力支撑+数据开发+生态共享"模式共建AI超算平台，向学界与业界开放合作成果，将数 据资产和AI产品转化为"模型即服务"(MaaS)的商业模式。 董事会认为，战略合作协议为订约方提供宝贵机会利用各自的资源及专业知识，为彼此创造互利及协同 效应。因此，董事会认为，签订战略合作协议符合本公司及其股东的整体利益。 双方共建联合实验室，以AI驱动的自动化为目标，依托深圳晶泰自动化实验平台技术和部署经验，实 现"设计—构建—测试—学习"研发闭环，聚焦自身免疫性疾病，共同发现候选药物并由合资公司推进。 (2)大模型联合 ...

Core Viewpoint - Dongyangguang Pharmaceutical (06887.HK) has entered into a strategic cooperation agreement with Shenzhen Jingtai Technology Co., Ltd. to establish a joint venture focused on AI-driven drug research and development [1][2] Group 1: Joint Laboratory and Drug Development - The agreement includes the establishment of a joint laboratory aimed at developing innovative drug pipelines, focusing on autoimmune diseases through an AI-driven automated research process [1] - The collaboration will leverage Shenzhen Jingtai's automated experimental platform technology to create a closed-loop R&D process encompassing design, construction, testing, and learning [1] Group 2: AI Model Development and Promotion - The partnership aims to develop and promote a PB-PK predictive model that aligns with industry-leading commercial software, utilizing high-quality non-clinical data from the company and AI algorithms from Shenzhen Jingtai [1] - A comprehensive AI drug development engine covering the entire drug development lifecycle will be co-created, incorporating the company's proprietary models such as HEC-SynAI and HEC-PharmAI [1] Group 3: Business Model Creation - The companies plan to establish a "Model as a Service" (MaaS) business model, which will involve building an AI supercomputing platform that supports collaboration with academia and industry [2] - The strategic cooperation is expected to create mutual benefits and synergies by leveraging each party's resources and expertise, aligning with the overall interests of the company and its shareholders [2]

Group 1 - The core point of the article is the strategic cooperation agreement between Dongyangguang Pharmaceutical and Shenzhen Jingtai Technology to establish a joint venture focused on AI-driven drug development [1][2][3] Group 2 - The joint laboratory will be established to develop innovative drug pipelines, focusing on autoimmune diseases, utilizing AI-driven automation for a closed-loop R&D process [1] - The collaboration aims to develop a PB-PK predictive model that aligns with industry-leading commercial software, leveraging high-quality non-clinical data and AI algorithm capabilities [2] - A "Model as a Service" (MaaS) business model will be created, providing an AI supercomputing platform that opens collaboration results to academia and industry, transforming data assets and AI products into a service model [3]

（在中華人民共和國註冊成立之股份有限公司） （股份代號：6887） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SUNSHINE LAKE PHARMA CO., LTD. 廣 東 東 陽 光 藥 業 股 份 有 限 公 司 雙方共建聯合實驗室，以AI驅動的自動化為目標，依託深圳晶泰自動化實驗 平台技術和部署經驗，實現「設計 — 構建 — 測試 — 學習」研發閉環，聚焦 自身免疫性疾病，共同發現候選藥物並由合資公司推進。 (2) 大模型聯合開發及推廣 基於本公司多靶點的高質量非臨床數據，與深圳晶泰的AI算法平台與大模型 訓 練 能 力 結 合， 開 發 對 標 行 業 前 沿 主 流 商 業 軟 件 的 PB -PK 預 測 大 模 型 ， 並 共 建覆蓋藥物研發全生命周期的AI藥物研發引擎。 依託深圳晶泰全球化的商業網絡和AI平台產品化經驗，推廣本集團自主開發 的「HEC -Sy ...

A股上市辅导持续推进 辅导报告显示，智谱第三期辅导时间为2025年10月1日至2025年12月31日。主要辅导内容包括持续沟通了解公司经营情况及财务情况，对辅导对象 开展全面尽职调查工作，系统、深入地了解公司基本情况和业务发展情况。 智谱原计划于A股上市，最初于2025年4月3日向北京证监局提交辅导备案并于2025年4月14日获得辅导备案受理，但其后调整了计划，先行登陆港 股。下一阶段，辅导工作小组预计将进一步深化尽职调查程度，持续按照上市相关法律法规要求对发行人的规范运作进行核查。 与此同时，智谱在资本市场的布局也在提速。中国证监会官网近日更新信息显示，辅导机构中金公司已于1月15日递交智谱第三期IPO辅导工作进 展报告，这家于1月8日完成港股上市的公司正继续推进A股上市计划，向"A+H"两地上市目标迈进。 | | | | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | | A ...

Core Insights - The AI sector in the Hong Kong stock market is undergoing a significant value reassessment as it transitions from a parameter arms race to large-scale application deployment, with Qiniu Intelligent (02567) emerging as a focal point due to its explosive growth in the MaaS (Model as a Service) platform [1] - Qiniu Intelligent's recent launch of the upgraded "AI Model Plaza" marks a milestone in its transformation from a traditional cloud service provider to a "China MaaS Dispatch Hub," filling a critical gap in the AI ecosystem [1][2] Company Positioning - Qiniu Intelligent's neutral dispatch positioning allows it to fill the domestic "model dispatch layer" gap, providing developers with a unified scheduling entry point that breaks down physical barriers between different model vendors [2] - Unlike major players like AWS and Azure, which are tied to specific model vendors, Qiniu maintains absolute neutrality, making it an ultimate platform for developers to conduct A/B testing and performance benchmarking [2] User Growth and Market Dynamics - Since the launch of the MaaS platform in 2025, the number of users has seen non-linear expansion, surpassing 180,000, with total registered users exceeding 1.92 million by January 14, 2026, indicating significant scale effects in its ecosystem [3] - The AI sector is characterized by a "long slope, thick snow" feature driven by policy and technology, with Qiniu Intelligent gaining a first-mover advantage due to its multi-model comparison capabilities [3] Future Outlook - The capital market views 2026 as a breakout year for multi-agent reasoning, with increasing demand for multi-model scheduling as production paradigms evolve towards complex reasoning tasks [4] - Qiniu Intelligent's proactive layout of Agent+MCP services is expected to drive exponential growth in the frequency of MaaS platform calls and context consistency requirements [4] Competitive Advantage - Qiniu Intelligent offers a transparent and refined resource management capability based on actual developer call success rates, which is highly attractive to enterprise clients [5] - The company is positioned at the intersection of "audio-video + AI + cloud services," with AI-related revenue surpassing 184 million yuan in the first half of 2025, contributing 22.2% to total revenue, reflecting its successful transition to AI infrastructure [5] Market Position and Valuation - The Chinese MaaS market reached 1.29 billion yuan in the first half of 2025, growing over 400% year-on-year, indicating a booming sector where Qiniu Intelligent stands out as the only Hong Kong stock with AI hub attributes [5] - As the market for "model dispatch layers" grows exponentially, Qiniu Intelligent's business model is evolving from simple transaction fees to an "ecosystem empowerment" strategy, suggesting a shift in valuation from traditional PS metrics to platform premiums [6]

Core Insights - The AI sector in the Hong Kong stock market is undergoing a significant value reassessment as it transitions from a parameter arms race to large-scale application deployment, with Qiniu Intelligent (02567) emerging as a focal point due to its explosive growth in the MaaS (Model as a Service) platform [1] - Qiniu Intelligent's recent launch of the upgraded "AI Model Plaza" marks a milestone in its transformation from a traditional cloud service provider to a "China MaaS Dispatch Hub," filling a critical gap in the domestic AI ecosystem [1][2] - The company's neutral positioning allows it to serve as a platform for developers to conduct A/B testing and performance benchmarking without representing any specific model vendor's interests [2] Company Developments - Since the launch of the MaaS platform in 2025, the number of users has experienced non-linear growth, surpassing 180,000, with total registered users exceeding 1.92 million by January 14, 2026, indicating significant scale effects in its ecosystem [2] - Qiniu Intelligent's AI-related revenue reached 184 million yuan in the first half of 2025, contributing 22.2% to total revenue, reflecting the success of its transition from traditional audio and video cloud services to AI infrastructure [4] - The company is building a robust data moat through its all-stack management console, allowing enterprises to manage resources effectively and compare model performance, which enhances user stickiness and attracts more developers [4] Industry Trends - The market for large models is undergoing dynamic changes, with the rise of open-source models altering user habits from reliance on single models to using multiple models in various scenarios [1][3] - The MaaS platform's call frequency and contextual consistency requirements are expected to grow exponentially as multi-agent reasoning becomes more prevalent, positioning Qiniu Intelligent favorably in the competitive landscape [3][5] - The Chinese MaaS market reached 1.29 billion yuan in the first half of 2025, growing over 400% year-on-year, highlighting the explosive growth potential in this blue ocean market [4] Strategic Outlook - As the market for multi-agent applications enters a phase of large-scale deployment, the reliance on "model dispatch layers" is anticipated to increase significantly, prompting Qiniu Intelligent to evolve its business model from simple transaction fees to an "ecosystem empowerment" strategy [5] - The company's unique positioning as the only AI hub in the Hong Kong stock market is drawing increasing attention from capital markets, with institutions like Guotai Junan and Shenwan Hongyuan assigning "buy" ratings [4][5]

2026年1月8日，成立六年的智谱AI（HK02513）正式登陆港交所，成为全球首家以通用大模型为核心业务的上市公司。发行价为每股116.20港元，开盘120 港元，首日市值为528.28亿港元，其公开发售部分获约1164倍超额认购，募资超43亿港元。 仅隔一天，1月9日，成立仅4年的MiniMax（HK00100）接力挂牌，发行价165港元，开盘即大涨，盘中涨幅一度超109%，市值突破1000亿港元。公开发售 部分获1837倍超额认购，募资约55.4亿港元，刷新近年港股AI新股热度纪录。 短短两天，两家中国大模型头部企业接连上市，累计募资近百亿港元，市值总和逼近1700亿港元。这场资本盛宴背后，两家头部公司迥异的商业路径与尚未 盈利的现实，将中国AI大模型的商业叙事、持续投入逻辑及其即将面临的公众与监管审视，完整推至台前。 商业模式上，二者已现分野。智谱AI以企业级和本地化部署业务为主要收入来源，并在稳固政企客户的基础上，加速向云端与模型即服务（MaaS）模式转 型，试图通过标准化产品降低边际成本、提升规模效应。MiniMax则更强调面向消费者市场的产品化路线，超七成收入来自海外，其C端产品已覆盖全球超 2 ...

Core Viewpoint - The successful IPO of "Zhipu," one of the "Six Little Tigers" in China's AI sector, marks a significant milestone for the industry, raising approximately 4.348 billion HKD (around 38.985 billion RMB) and shifting global attention towards Hong Kong from Silicon Valley and London [1][3]. Company Overview - Zhipu, founded in 2019 from Tsinghua University's technology transfer, is a technology-driven unicorn and the world's first publicly listed company focused on self-developed general artificial intelligence (AGI) base models [3][4]. - The company ranks first among independent general model developers in China and second globally, with a market share of 6.6% and projected annual revenue of 312.4 million RMB in 2024 [4]. Financial Performance - Zhipu has invested approximately 4.4 billion RMB in R&D, with a projected R&D expenditure of 1.59 billion RMB in the first half of 2025, and 74% of its workforce dedicated to R&D [5]. - The company aims to allocate 70% of the IPO proceeds to the development of the next generation of general models [5]. Market Position and Challenges - The IPO signifies a transition from a technology idealism phase to a capitalized operational model, amidst increasing competition and pressure for profitability in the AI sector [6][7]. - Zhipu faces significant challenges, including the need to demonstrate a healthy and scalable economic model, manage high training and inference costs, and maintain technological leadership against global competitors [7][8]. Industry Impact - Zhipu's listing is a pivotal moment for China's AI industry, showcasing the capability of Chinese tech teams to reach world-class levels in core model development and engage in global capital and business dialogues [9]. - The company is expanding its international presence, establishing foundational infrastructure in countries like Malaysia, Singapore, UAE, and Saudi Arabia, and aims to increase its API business revenue share [9]. Competitive Landscape - Zhipu is not the only player in the market; its competitor MiniMax is also pursuing an IPO, highlighting the competitive dynamics within the Chinese AI sector [10][11]. - The emergence of Zhipu and MiniMax represents a shift towards a more transparent and competitive environment in the AI industry, where both companies are seen as leaders in the global AI landscape [11].