1月8日上午9时30分，港交所锣声敲响，智谱正式挂牌上市，开盘价报120港元，较116.2港元的发行价 上涨3.3%，截至收盘，智谱股价131.5港元，总市值578.9亿港元。作为"大模型第一股"，以实现AGI （通用人工智能）为目标的智谱引发资本市场高度关注，让投资者得以首次近距离观察国产大模型的商 业化路径，也让整个行业被间接推上资本市场的压力测试台。2022—2025年上半年，智谱营收和亏损额 齐涨，2025年上半年营收1.91亿元，同比增长325%；经调整净亏损17.52亿元，同比扩大70%。从技术 狂欢到资本检阅，智谱和同行们还有不少问题要回答。 总市值近580亿港元 半年前，OpenAI在一份官方报告点名智谱，将其列为在主权AI领域取得显著进展的重要对手之一，当 时智谱完成上市辅导备案刚两个月。半年过去，智谱连接推出GLM-4.5、GLM-4.6和GLM-4.7模型，并 在2026年1月8日成为港交所上市企业。 发行价116.2港元，开盘价120港元，上市当天智谱股价的整体趋势向上，最后报131.5港元，总市值 578.9亿港元。 对于智谱当日股价表现，比达分析师李锦清告诉北京商报记者，"虽然公司 ...

魔搭社区为参赛团队提供了100小时免费GPU算力服务和专家小组的技术支持，并有13万个开源模型、 5500+MCP服务和调试工具供参赛者使用。通过赛事机制和丰富的资源扶持，魔搭社区搭建了一个有效 的试验场，让独立开发者、创业团队、公益机构、学生、残障群体等多样化人群都能深度参与，其中年 龄最小的参赛选手仅16岁，他是来自南京金陵中学的高二学生王毅南，获孤独症儿童绘本LoRA训练挑 战赛二等奖。借助魔搭社区搭建的多方高效协作生态系统，AI创新应用也能更快实现在公益领域的成 长和落地，赛事评委、壹基金儿童发展部主任杨建表示："在科技不断进步的同时，魔搭社区作为有企 业担当和社会责任的平台，通过此次赛事切实推动了科技向善的实践。"此次赛事不仅展示了AI技术在 公益领域的创新应用，也体现了社会各界对弱势群体需求的关注与回应。 赛事共有四个赛道，分别是乡村课堂的AI助教挑战赛、孤独症儿童绘本LoRA训练挑战赛、老年生活有 点AI创新挑战赛、无障碍生活创新挑战赛，参赛选手致力于解决这四大公益场景中的实际问题。例 如，乡村助教赛题一等奖获奖作品智绘科普，由中国科学院大学他山学科交叉创新协会打造，参赛团队 表示："从遥不可及 ...

中经记者 曲忠芳 北京报道 智谱方面称，亏损主要是由于对研发作出重大投资。在报告期内，智谱研发投入逐年增加，2022年至 2024年分别是8440万元、5.29亿元、21.95亿元，占收入的百分比分别是147%、425%、703%。2025年上 半年研发支出为15.95亿元，占总收入的百分比高达835%，而2024年上半年这一百分比数字为1913%。 三年半的时间里累计研发投入超过44亿元。 12月19日，港交所官网显示，北京智谱华章科技股份有限公司（以下简称"智谱"）已通过聆讯并公布了 IPO（首次公开募股）招股书等资料，不仅成为业界所称的"大模型六小龙"中率先步入IPO流程的企 业，而且也抢在OpenAI、Anthropic等海外大模型明星企业前面，有望成为"全球大模型第一股"。随着 488页招股书的披露，公众终于得以一窥智谱大模型生意的"成色"。 需要指出的是，就在12月21日一早，"大模型六小龙"中另一家MiniMax也在港交所披露了聆讯资料集。 《中国经营报》记者注意到，不同于此前多数企业在递表时会先公示一个"申请版本"的招股书，智谱与 近日通过聆讯的壁仞科技、天数智芯等，均是直接披露聆讯后资料集， ...

12月19日，北京智谱华章科技股份有限公司（下称"智谱"）正式披露聆讯后的招股书。 智谱抢在了MiniMax母公司上海稀宇科技有限公司（下称"MiniMax"）之前公开招股书，亦被不少市场人士视为更有希望冲击"全球大模型第一股"。 其中，MiniMax被报道通过了港交所的聆讯，但迄今尚未公布招股书。 由于"第一股"的名头一般是按照上市日期确定，若此后智谱和MiniMax同日登陆港交所，或许也难言谁是第一。 随着此次招股书的披露，外界对于智谱的经营状况也有了更深层次的了解。 智谱的云端部署类型业务是基于token消耗量计费的合约，以及定价还与订阅时长、模型类型与规模及纳入的计算资源量有关，不过该部分业务目前占比仍不 足2成。 为了支撑上述两种交付模式，智谱构建了一个全栈式的产品矩阵，模型矩阵包括端侧小模型、经济型模型和千亿参数的旗舰大模型等各种参数规模，可以针对 性地解决特定客户需求。 同时该矩阵提供对话、通用智能体、代码生成、图像理解、文生图/视频、语音交互等各类功能，实现对各类模型应用场景的充分覆盖。 2022年至2024年，智谱的收入分别为5740万、1.25亿元、3.12亿元。 具体来看，智谱主打Maa ...

在AGI（通用人工智能）的全球竞赛中，中国大模型独角兽企业的资本化进程终于迈出了实质性的一 步。 12月19日晚间，北京智谱华章科技股份有限公司（简称智谱）披露招股书（申请版本，下同），宣布赴 港冲刺"全球大模型第一股"。 这家成立于2019年的公司，由清华大学技术成果转化而来。招股书显示，智谱的营收在过去三年实现年 均复合增长率超过130%。不过，在营收高歌猛进的同时，作为一家典型技术驱动型企业的智谱也面临 着巨额研发投入带来的亏损挑战。 MaaS支撑下收入高速增长，毛利率高达50% 从财务数据看，近几年，智谱的收入增长呈现出明显的加速态势。 2022年至2024年，智谱收入分别为5740万元、1.25亿元和3.12亿元，年均复合增长率超130%。收入增速 在2025年上半年进一步放大，2025年上半年，智谱实现营收1.91亿元，较2024年同期的4490万元同比增 长325.39%。 毛利率层面，2022年至2024年，智谱的毛利率分别是54.6%、64.6%、56.3%，2025年上半年毛利率为 50.0%。 收入的扩张，与其商业模式高度相关。 招股书显示，智谱的商业模式以模型即服务（MaaS）平台为核 ...

Core Viewpoint - The article discusses the competitive landscape of China's AI industry, highlighting the strategic choices of major players like Alibaba, ByteDance, and Tencent as they navigate a battle for capital efficiency, infrastructure dominance, and traffic entry points. Group 1: Alibaba's Strategy - Alibaba is adopting a "full-stack" approach similar to Google's, with a significant capital expenditure increase of 80% year-on-year, reaching 32 billion RMB in the September quarter [2] - The company's cloud revenue grew by 29% year-on-year, with AI-related revenue achieving triple-digit growth for the ninth consecutive quarter, and is expected to accelerate to 38% growth in the December quarter [3] - Alibaba aims to establish a "full-stack" barrier in the AI market, positioning itself as a dominant player through heavy asset investment [4] Group 2: ByteDance's Approach - ByteDance leverages its massive traffic advantage, with a daily token consumption of 30 trillion, approaching Google's 43 trillion, significantly outpacing competitors like Baidu and DeepSeek [7] - The company's app "Doubao" leads in domestic AI application activity, while its overseas education app Gauth saw a 394% year-on-year revenue increase [8] - ByteDance's strategy creates substantial inference demand, allowing it to encroach on traditional cloud giants in the Model as a Service (MaaS) sector, capturing 49.2% of the public cloud market share for large models [11] Group 3: Tencent's Strategy - Tencent maintains a conservative approach, reducing capital expenditures while focusing on seamlessly integrating AI capabilities into its extensive social and payment ecosystem [12][14] - The company has integrated its AI assistant "Yuanbao" into WeChat Pay, enhancing operational efficiency for small and medium-sized businesses [14] - Tencent's strategy emphasizes high implementation certainty despite lower capital expenditure figures compared to competitors [14] Group 4: Competitive Dynamics - The competition between China and the U.S. in AI has entered a "dynamic alternation" phase, with Chinese models rapidly iterating and catching up within 3-6 months after significant advancements in U.S. models [4][17] - Chinese companies exhibit resilience through unique "Chinese speed" and open-source ecosystems, with 80% of AI startups utilizing open-source models [17] - Cost control is a competitive advantage for Chinese models, as seen with Kuaishou's "Kling" video generation model, which offers significantly lower prices than global counterparts [17] Group 5: Valuation Insights - Goldman Sachs analysts assert that the Chinese AI sector is not in a bubble, with projected P/E ratios for Tencent and Alibaba at 21x and 23x for 2026, respectively, lower than those of major U.S. tech companies [18]

Core Insights - The report by Goldman Sachs highlights the intense competition in China's AI sector, focusing on the strategic choices of major players like Alibaba, ByteDance, and Tencent, and suggests a new normal of "dynamic alternation" in the US-China AI competition [1][2] Group 1: Alibaba's Strategy - Alibaba is adopting a "full-stack" approach similar to Google's, with a significant increase in capital expenditure, which surged by 80% year-on-year to reach 32 billion RMB in the September quarter [3][4] - The company's cloud revenue grew by 29% year-on-year, with AI-related revenue achieving triple-digit growth for the ninth consecutive quarter, and is expected to accelerate to 38% growth in the December quarter [4][6] Group 2: ByteDance's Approach - ByteDance is leveraging its massive traffic advantage, with a daily token consumption of 30 trillion, approaching Google's 43 trillion, and significantly surpassing competitors like Baidu [9][13] - The company's application "Doubao" leads in domestic AI application activity, while its overseas education app Gauth saw a 394% year-on-year increase in monthly revenue [9][13] Group 3: Tencent's Strategy - Tencent is maintaining a conservative approach, reducing capital expenditure while focusing on seamlessly integrating AI capabilities into its extensive social and payment ecosystem [14][15] - The company has integrated its AI assistant "Yuanbao" into WeChat Pay, enhancing operational efficiency for small and medium-sized businesses [15] Group 4: US-China AI Competition - The report outlines a "dynamic catch-up" cycle in the US-China AI competition, where Chinese models typically follow significant advancements in US models within 3-6 months [16][17] - Chinese companies are noted for their resilience and aggressive cost control, with many leveraging open-source models to enhance their capabilities [17] Group 5: Valuation Insights - Goldman Sachs indicates that the current state of the Chinese AI sector does not reflect a bubble, with projected P/E ratios for Tencent and Alibaba at 21x and 23x respectively, lower than those of major US tech companies [18]

Core Insights - The third Marine Intelligent Computing Conference was held in Guiyang from November 5 to 7, focusing on the integration of high-performance computing and artificial intelligence in marine science [1][3] - The conference aimed to create a global and open platform for technology and academic exchange, gathering experts and leaders in the field [1][3] Group 1: Importance of Marine Intelligent Computing - The ocean is a critical strategic space for national development, covering 71% of the Earth's surface, and marine intelligent computing is essential for understanding and managing marine resources [3] - High-performance computing and AI are transforming marine research paradigms, shifting from "observation-driven" to "computation-driven" and "intelligence-driven" approaches, enhancing capabilities in disaster warning, resource development, and environmental management [3][5] Group 2: Innovations and Applications - The integration of high-performance computing and AI with marine science has led to groundbreaking innovations, such as AI-driven storm surge disaster risk warning systems and high-resolution marine forecasting models [5][6] - The conference featured discussions on marine big data, intelligent forecasting, and new domestic software and hardware technologies, promoting key technological innovations and applications [5][6] Group 3: Expert Contributions and Research - Experts presented cutting-edge research, including advancements in storm surge disaster studies, marine satellite technology, and four-dimensional marine monitoring techniques [6] - The development of large models for marine forecasting is highlighted, showcasing their importance in various applications, including marine environment analysis and ice prediction [6] Group 4: Future Directions and Infrastructure - The demand for computational power in the marine sector is increasing, prompting the need for a robust ecological architecture for new computational bases to support marine model development [8] - The concept of Model as a Service (MaaS) is introduced, allowing users to access AI models as standardized cloud services, significantly lowering the barriers to AI adoption in marine applications [6][8]

Group 1 - Baidu's "Xiao Du AI Glasses" will start pre-sale on November 1, with official release on November 10, featuring functions like AI translation, AI object recognition, AI reminders, and AI recording [1] - The initial release will include the Boston sunglasses model, with other styles to follow, indicating a strategic approach to market entry and product diversification [1] - The product's success will depend on continuous updates and enhancements to meet the evolving expectations of consumers in the smart wearable device market [1] Group 2 - Qualcomm has launched AI chips, the AI200 and AI250, aiming to compete with AMD and NVIDIA, with commercial use expected in 2026 and 2027 respectively [2] - NVIDIA currently holds approximately 70% market share in the AI inference market, primarily through its H100 and H200 GPUs, highlighting the competitive landscape [2] - Qualcomm's shift from mobile to data center with dedicated inference chips is expected to intensify competition in the data center AI chip market and challenge NVIDIA's dominance [2] Group 3 - IDC reported that China's MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion RMB, a year-on-year increase of 421.2% [3] - The AI large model solution market also showed significant growth, with a market size of 3.07 billion RMB, reflecting a 122.1% year-on-year increase [3] - The rapid growth of MaaS and AI large model solutions is attributed to continuous breakthroughs in AI technology, making deployment more accessible and cost-effective for businesses [3]

Group 1: Gold and Liquor Market Trends - Domestic gold jewelry prices have dropped significantly, with Chow Tai Fook's price adjusted to 1198 RMB per gram, down 25 RMB from the previous day, and Luk Fook's price falling to 1189 RMB per gram, down 34 RMB [1] - The wholesale price of Moutai has fallen below 1700 RMB per bottle for the first time, with a reference price of 1690 RMB, marking a cumulative decline of over 31% from its initial price [1] Group 2: Market Growth and Technology Developments - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion RMB, a year-on-year increase of 421.2% [2] - The AI large model solution market also saw significant growth, with a market size of 3.07 billion RMB, up 122.1% year-on-year [2] - Samsung has cut the price of its HBM3E chips by 30% to regain market share amid rising demand for AI technologies [2] Group 3: Corporate Developments and Legal Matters - Hesai Technology has filed a lawsuit against Tudatong for patent infringement related to its products showcased at CES 2025 [3] - Zhongtong Express has committed to comprehensive inspections and rectifications following a regulatory interview regarding its operational practices [4] Group 4: Financial Performance Reports - China Satellite reported a net profit of 14.81 million RMB for the first three quarters of 2025, marking a turnaround from losses [6] - Kang En Bei's net profit increased by 12.65% year-on-year to 584 million RMB in the first three quarters [7] - Zhongwei Semiconductor's net profit grew by 36.78% year-on-year to 152 million RMB in the first three quarters [8] - Jiao Cheng Ultrasonic reported a remarkable net profit increase of 359.81% year-on-year, reaching 94.03 million RMB [10] - Keda Li's net profit rose by 16.55% year-on-year to 1.185 billion RMB in the first three quarters [11] - Xian Da's net profit surged by 3064.56% year-on-year to 196 million RMB [12] - Longxin General's net profit increased by 75.45% year-on-year to 1.577 billion RMB [13] - China Ceramics Electronics reported a net profit growth of 20.07% year-on-year to 443 million RMB [14] - Haixing's net profit rose by 41.41% year-on-year to 147 million RMB [15] - Tiancheng Control's net profit increased by 91.73% year-on-year to 50.33 million RMB [16] - Suli's net profit skyrocketed by 1522.38% year-on-year to 139 million RMB [17] Group 5: Market Performance Overview - The market experienced a pullback with all major indices turning negative, while the Shanghai Composite Index briefly surpassed 4000 points [18] - The market saw rapid rotation of hotspots, with significant gains in the Fujian sector and active performance in the nuclear power and robotics sectors [19]