2026年的港股开年格外热闹，两只创业公司为了"AI大模型第一股"的称号，从场外斗法于此。 最终还是智谱（02513.HK）拔得头筹。1月8日，智谱董事长刘德兵率先在港交所敲钟，发行价为116.2 港元，截至发稿股价来到122.5港元，市值突破500亿港元。募资总额为43亿港元，其公开发售部分录得 1164倍超额认购，吸引超20万人疯狂"围猎"。 而MiniMax几乎贴身紧逼，顺利的话，一天后，创始人闫俊杰也将站上同一片土地，发行估值预期也会 突破500亿港元。 他们各自代表着AI实现商业化的两条不同路径：一条是智谱勠力的"B端G端基座模型+国产化"路径，另 一条则是MiniMax践行的"C端多模态应用+全球化"路径。 两者IPO仅隔一天。这也意味着，中国大模型的资本化竞争依然逃不过群雄竞速。 上市当然不只是为了争一个"第一股"的名头。在盈利进程依然处于黎明前夜之时，大模型公司该如何向 资本市场阐述自己的价值，更引人侧目。 各自圈地找盟友 细看为智谱和MiniMax护航的投资阵容不难发现，资本派系正各自跑马圈地，而选择押注的对象，其实 与AI企业创始人的出身、引领的方向，以及他的领袖气质息息相关。 智谱身上， ...

Group 1 - The "Go Global AI 100" list was unveiled, focusing on global native enterprises with over 50% overseas revenue, evaluated based on TPEG four-dimensional model [17] - The forum featured over 2000 participants, including 800 AI companies and 400 founders, highlighting the growing interest in AI globalization [2][4] - Keynote speeches emphasized the shift from "selling tools" to "selling results," indicating a new paradigm in AI applications [4][6] Group 2 - Discussions on AI's evolution from simple automation to complex workflows showcased the importance of human-centric services [9] - The concept of "process results" was introduced, emphasizing the need for standardized service delivery in the B2B AI sector [6] - The role of AI in enhancing emotional connections and addressing human needs was explored, particularly in the context of companionship and mental health [13] Group 3 - The panel discussions revealed a consensus that competition in the AI space is shifting from mere technology to deep vertical data pools and user retention [15][29] - The importance of localization and understanding cultural differences in AI education and application was highlighted [25] - The need for AI applications to deliver tangible business results was reiterated across various discussions, emphasizing the transition to "Result as a Service" [27][29] Group 4 - The forum also addressed the rapid evolution of AI coding and the emergence of new roles such as "business logic engineers" [20] - The significance of digital employees in solving real business problems was emphasized, with a focus on strategic motivations for AI adoption [23] - The discussions on AI hardware globalization underscored the challenges and opportunities in privacy and payment scenarios for wearable AI [33] Group 5 - The event concluded with a strong emphasis on confidence in local products outperforming foreign giants and the belief in AI's potential to create a more efficient and human-centric future [53] - The forum served as a platform for exploring various AI applications, from emotional intelligence to outdoor exploration, showcasing the diverse potential of AI technologies [39][47]