在大语言模型(LLM)集体陷入"越练越大、越用越虚"的困局之际，1月9日，人工智能领军企业范式智能(06682)震撼发布Phanthy平台(中文名：万神殿)，宣告 一个新智能范式的诞生。这不仅是对当前主流AI路线的彻底颠覆，更是一条绕过"通用幻觉"、直通可信赖、可行动、可验证通用人工智能(AGI)的工程化高 速路。 面对银行风控系统，无法解释一笔贷款为何高风险；在工厂产线上，看不懂设备振动频谱与故障的因果关联；问及患者病史与用药冲突，只能给出模糊概 率，无法进行临床级推理；更致命的是——它们不知道自己不知道什么，常以自信口吻输出错误结论。 "大语言模型本质上是一个超大规模的'互联网记忆压缩器'，它没有世界模型，没有因果机制，没有责任边界。"范式智能首席科学家指出，"你可以让它写一 篇关于核电站安全的论文，但它绝不能参与真正的核控决策——因为它不懂物理，也不懂后果。" 而Phanthy的答案是：把AI从'全知全能的神'还原为'各有所长的专家'。 不是更大，而是更深：Phanthy如何做到LLM做不到的事? Phanthy并非又一个千亿参数的语言模型，而是一个由生成式协调中枢+多个垂直世界模型构成的智能操作系统。 ...

虽然无法确定这一消一长的流量趋势是否存在直接因果关联，但这些数据无疑凸显出人工智能赛道的竞 争格局正在发生转变。不过，目前ChatGPT仍保有显著优势。数据显示，去年12月ChatGPT 的访问量达 到55亿人次，Gemini以17亿人次的访问量位居第二。 尽管在使用规模上仍处于领先地位，但OpenAI已经意识到了谷歌带来的"巨大威胁"。去年12月初， OpenAI首席执行官萨姆·奥特曼(Sam Altman)在内部发出"红色警报(code red)"后，要求公司暂停包括Sora 视频生成项目在内的多个侧线项目，为期约八周，全力投入ChatGPT的改进工作，以应对日益激烈的竞 争。他认为，为了确保OpenAI的生存，公司必须将用户满意度置于其最初追求通用人工智能(AGI)的目 标之上。 奥特曼在内部警告员工称，谷歌在AI领域的强势回归可能会给OpenAI带来"短期经济压力"。尽管 OpenAI拥有巨额投资与先发优势，但奥特曼坦言，谷歌依然让他感到畏惧。他指出，虽然谷歌在 ChatGPT问世时曾经历了自己的"红色警报"危机，且最初并未给予OpenAI足够的重视，但这并不影响其 作为"极其强大的公司"的本质。在奥 ...

智谱(02513.HK)今日成功在港交所主板上市，正式成为"全球大模型第一股"，中金公司为独家保荐人。智谱本次IPO香港公开发售获1159.46倍认购，国际 发售获15.28倍认购。 作为国内商业化起步较早的大模型厂商，智谱以MaaS模式，即通过API调用向开发者和企业输出智能能力。智谱云端MaaS和订阅业务呈现指数级增长趋 势，MaaS平台的企业和开发者用户数超290万。截至目前，智谱大模型已赋能了全球12000家企业客户、逾8000万台终端用户设备及超4500万名开发者， 是中国赋能终端设备最多的独立通用大模型厂商，在中国独立通用大模型开发商中位列第一。 本次智谱香港IPO引入基石投资者包括JSC International Investment Fund SPC(为及代表Qizhi SP行事)、JinYi Capital Multi-Strategy Fund SPC Ltd.(为及代表 Structured Credit SP Fund行事)、PerseverancAsset Management、上海高毅及CICC Financial Trading Limited(就高毅场外掉期而言)、WT As ...

谷歌(GOOGL.US)在去年11月发布的AI模型Gemini3重新点燃了投资者、企业以及更广泛科技圈对这家 科技巨头的热情。尽管OpenAI的ChatGPT在使用规模上仍领先于Gemini，但法国巴黎银行认为，两者之 间的差距正在迅速缩小。 法国巴黎银行分析师Nick Jones援引第三方数据表示："去年12月，Gemini在网站访问量中的份额和应用 的月均日活跃用户数分别从11月的17.7%和11.7%，以及2024年12月的6.5%和11.2%，增长至22.5%和 13.2%。"他补充称，Gemini3在去年11月的发布似乎是用户增长的"关键催化剂"，他对谷歌的增长加速 感到"振奋"。他还指出，这家科技巨头正成为"主导性AI平台"，这对OpenAI和Meta(META.US)具有重 要影响，特别是考虑到Meta AI的"用户采纳度极低"。他同时强调，上个月在全球范围内推出的 Gemini3Flash现已集成至搜索的AI模式，这对该科技巨头构成利好，"支持了我们关于谷歌拥有多种AI 变现渠道的观点"。 OpenAI正面临竞争对手愈发强劲的追赶势头。Similarweb的数据显示，自Gemini3Pro发布 ...

Core Viewpoint - The company, a leading AI firm in China, is set to launch an IPO for 37.42 million H-shares at a price of HKD 116.20 per share, aiming to raise approximately HKD 4.173 billion, with a significant portion allocated to enhancing its AI model development capabilities [1][4]. Group 1: Company Overview - The company was founded in 2019 with a focus on developing general artificial intelligence (AGI) and has made significant advancements in AI research and commercial applications [1]. - It operates in the large language model (LLM) market, providing services to both institutional clients and individual users [1]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of over 130% [2]. - As of June 30, 2025, the company supported over 8,000 institutional clients and approximately 80 million devices, holding a market share of 6.6% among general model developers in China [2]. Group 3: Strategic Partnerships - The company has entered cornerstone investment agreements with several notable investors, including JSC International Investment Fund and JinYi Capital, who have committed to purchasing shares worth approximately HKD 2.984 billion [3]. - These partnerships are expected to enhance the company's visibility and demonstrate investor confidence in its business and future prospects [3]. Group 4: Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: approximately 70% for enhancing AI model R&D capabilities, 10% for optimizing the MaaS platform, 10% for developing business partnerships and strategic investments, and 10% for working capital and general corporate purposes [4].

Core Viewpoint - The company, a leading AI firm in China, is set to launch an IPO for 37.42 million H-shares, aiming to raise approximately HKD 4.173 billion to enhance its capabilities in general AI model development and expand its business operations [1][4]. Group 1: Company Overview - The company was founded in 2019 with a focus on developing general artificial intelligence (AGI) and has made significant advancements in AI research and commercial applications [1]. - It operates in the large language model (LLM) market, providing services to both institutional clients and individual users [1]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of over 130% [2]. - As of June 30, 2025, the company supported over 8,000 institutional clients and approximately 80 million devices, holding a market share of 6.6% among general model developers in China [2]. Group 3: IPO Details - The IPO will consist of 5% of shares being offered in Hong Kong and 95% internationally, with an over-allotment option of 15% [1]. - The estimated net proceeds from the global offering will be approximately HKD 4.173 billion, with 70% allocated to R&D in general AI models, 10% for optimizing the MaaS platform, 10% for developing business partnerships, and 10% for working capital [4]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, including JSC International Investment Fund and JinYi Capital, who have committed to subscribe for shares worth approximately HKD 2.984 billion [3]. - The involvement of cornerstone investors is expected to enhance the company's visibility and demonstrate confidence in its business prospects [3].

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. and MiniMax have recently passed the hearing for their IPOs, marking a significant step for China's AI startup ecosystem, particularly in the large model sector [1][3] - The listings of Zhiyu and MiniMax are seen as a pivotal moment in establishing a closed loop of "technology research and development - capital financing - commercial realization" for large model enterprises, potentially setting a valuation benchmark for future entrants [3] - The entry of Chinese large model companies into the capital market signifies a new phase in the US-China AI competition, extending beyond technological rivalry to capital market dynamics [3] Company Overview - Zhiyu was founded in 2019, focusing on cognitive intelligence large model development, and is a partner for standardized innovation in AI chips for small and medium-sized enterprises in Beijing [4] - The company launched China's first proprietary pre-trained large model framework, GLM, in 2021, and has since developed a model-as-a-service (MaaS) platform [5] - As of June 30, 2025, Zhiyu's models have supported over 8,000 institutional clients and approximately 80 million devices [5] Financial Performance - Zhiyu's revenue has shown significant growth, with figures of 57.4 million, 124.5 million, and 312.4 million for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of over 130% [12] - Despite revenue growth, the company has experienced increasing net losses, with figures of 143.7 million, 788.0 million, and 2,958.0 million for 2022, 2023, and 2024 respectively [12][14] - Research and development expenses have surged, constituting a significant percentage of total revenue, indicating a strong focus on innovation [14] Market Dynamics - The large model market is rapidly evolving, with projections indicating that the global market could exceed $300 billion by 2030 [15] - The Chinese large language model market reached 5.3 billion in 2024, with expectations to grow to 101.1 billion by 2030, driven primarily by institutional clients [17] - Independent providers like Zhiyu face different competitive dynamics compared to non-independent providers, as they rely on their native technology and business models [17] Technological Advancements - The AI landscape is undergoing a significant transformation, with large models emerging as a key technology paradigm shift, addressing the need for general-purpose AI [18] - The frequency of model updates among leading companies is accelerating, with major advancements in capabilities and performance [19] - Open-source developments are fostering rapid iteration among closed-source developers, enhancing the competitive landscape [20]

Core Insights - MiniMax, a Shanghai-based AI unicorn, has officially launched its flagship Coding & Agent model M2.1, which features 10 billion activation parameters and achieved a score of 49.4% on the Multi-SWE-bench leaderboard, surpassing top competitors like Claude Sonnet 4.5 and claiming the global SOTA [1] Company Overview - MiniMax was established in early 2022 and focuses on the research and development of multimodal models, positioning itself as one of the "only four global multimodal companies in the first tier" [1] Product Features - The newly released M2.1 model enhances usability across various programming languages and office scenarios, showcasing superior capabilities in multilingual programming, web and mobile development, and improved compliance with complex instruction constraints, receiving unanimous praise from developers both domestically and internationally [1]

美团、蚂蚁、腾讯、雷军、联想都投了。 全球首个大模型IPO，要在中国诞生了。 12月19日晚间，北京大模型企业智谱披露港交所聆讯后资料集，中金公司担任独家保荐人。 *公众号后台回复"智谱"获取完整招股书。 这意味着，港股与全球AI即将迎来"大模型第一股"。 作为大模型"六小虎"中首家启动IPO的企业，智谱上市进程将为长期缺乏公开市场估值参照的大模型行业，提供可量化的市盈率、市销率等估值锚点，填 补此前"无公开标的"的行业空白。 从全球竞争格局看，智谱的上市将使中国AI企业首次在资本市场节奏上领先于OpenAI、Anthropic等美国巨头，标志着中国大模型产业从"技术竞赛"进 入"资本验证"的新阶段。 自2019年成立以来，智谱融资8轮，累计筹资超83亿元，IPO前估值已达243.8亿元。背后明星资本云集，吸引了高瓴资本、启明创投、君联资本等知名机 构，以及美团、腾讯、小米、蚂蚁等互联网巨头。仅在2024年12月以来的半年内，智谱就密集完成了超50亿元人民币的融资。 | | 天使輪融资 | A輪融资 | B1輪磁资 | B2輪 酸 | B3輪磁资 | B4输费资 | B5帕磁资 | B6輪避资 | | --- ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責， 對其準確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何 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。 Knowledge Atlas Technology Joint Stock Company Limited 北京智譜華章科技股份有限公司 （「本公司」） （於中華人民共和國成立之股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽 本文件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷 團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處 處長登記的本公司招股章程作出投資決定，其文本將於發售期內供公眾人士查閱。 62799 \ (Project 777_PHIP) \ 19/12/2025 \ M11 (a) 本文 ...