炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月13日，港股"大模型第一股"智谱盘中股价冲击新高，截至当日收盘，5个交易日内股价涨幅超 138.68%。 与此同时，其A股IPO也迎来新进展。证监会官网显示，近日，北京智谱华章科技股份有限公司更新了 《首次公开发行股票并上市辅导备案报告》，新增国泰海通证券为辅导券商。 至此，智谱A股IPO的辅导券商由原来的中金公司变更为国泰海通证券和中金公司两家，上市辅导阵容 再升级。 值得注意的是，随着"大模型双雄""GPU四小龙"等AI科技公司接连走向资本舞台，在AI赛道的IPO服务 上，头部券商的竞争也更加激烈。 受访的业内人士指出，"既要抓住时间窗口'快'上，又要确保申报质量'稳'上"，是这类公司的共同需 求。而这也对券商的综合能力提出更高的要求。 国泰海通"加盟"智谱A股IPO辅导 证监会最新披露的信息显示，智谱撤回了其于2025年4月提交的辅导备案，并办理了新的辅导备案登 记。 该备案登记显示，智谱拟首次公开发行股票并在上海证券交易所科创板上市，IPO辅导机构新增国泰海 通证券，由原来的中金公司变更为国泰海通证券和中金公司两家。 值得注 ...

Core Viewpoint - The article highlights the rapid growth and strategic moves of Zhiyu Technology, which has recently seen its stock price surge over 138.68% in just five trading days, marking it as a significant player in the AI sector and the first "large model" stock in Hong Kong [1]. Group 1: IPO Developments - Zhiyu Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, indicating an upgrade in its IPO advisory team [3][4]. - The company had initially aimed for an A-share listing earlier but shifted its strategy to list on the Hong Kong Stock Exchange first, which it achieved in January 2026 [6]. - The inclusion of Guotai Junan Securities is expected to accelerate Zhiyu's A-share IPO process, leveraging the firm's strong track record in the tech sector [6][7]. Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with firms like CICC and CITIC Securities holding significant positions in both Hong Kong and A-share markets [10]. - Guotai Junan Securities has been involved in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count, compared to CICC's 12 projects [6][7]. - The article notes that the collaboration between CICC and Guotai Junan Securities is not new, as they have previously worked together on significant IPOs in the "hard tech" sector [8][9]. Group 3: Market Trends and Challenges - The current market environment is favorable for AI companies seeking IPOs, but the complexity of their technologies and business models means that they face rigorous scrutiny during the application process [11]. - The article emphasizes that while the policy environment has opened doors for unprofitable "hard tech" companies, the requirements for high-quality submissions remain stringent [11].

Core Viewpoint - The stock price of Zhiyu Technology, known as the "first stock of large models" in Hong Kong, surged over 138.68% within five trading days, indicating strong market interest and momentum for AI-related companies [1][6]. Group 1: Company Developments - Zhiyu Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside China International Capital Corporation (CICC) [2][4]. - The company previously submitted an IPO guidance report in April 2025 but has since adjusted its plans to prioritize a listing on the Hong Kong Stock Exchange in January 2026 [5][6]. - The addition of Guotai Junan Securities is expected to enhance the A-share IPO process, leveraging its strong track record in technology sector IPOs [6][8]. Group 2: Market Context - The competition among leading securities firms for IPO services in the AI sector is intensifying, with firms needing to balance speed and quality in their submissions [2][10]. - Guotai Junan Securities has been involved in 19 IPO projects in the Sci-Tech Innovation Board over the past three years, leading the market in terms of project numbers [6][7]. - The current environment allows unprofitable "hard tech" companies, including AI firms, to pursue IPOs, but the complexity of their technologies and business models means they face rigorous scrutiny during the application process [10].