Group 1 - The domestic large model field has seen significant updates, igniting market expectations for a new round of innovation in the AI industry chain [2] - DeepSeek has launched an update that supports a maximum context length of 1 million tokens, enabling the model to process long texts such as entire novels and complex documents, facilitating AI applications in high-value scenarios like financial analysis and legal review [3] - Zhiyu AI has released its flagship model GLM-5, achieving state-of-the-art capabilities in coding and agent functions, bringing its performance close to international leaders, indicating that domestic models are now competitive in execution capabilities [4] Group 2 - The release of new models is part of a concentrated launch window, with several companies including DeepSeek, Kimi, Alibaba, and Baidu unveiling new models, reflecting a shift in the internet value chain towards execution capabilities and new business models [5] - The increasing demand for computing power is supported by significant capital expenditures planned by major companies, with ByteDance planning 160 billion yuan for 2026 and Alibaba investing 380 billion yuan in AI infrastructure over three years [5] - The AI ETF tracking the entrepreneurial board AI index covers the entire AI industry chain, including hardware, software, and applications, with major holdings benefiting from the expansion of cloud vendor capital expenditures [6]

A股早盘走势分化，科技赛道强势爆发，晶晨股份涨超16%，优刻得-W涨超13%，复旦微电涨超4%。 有券商表示，人工智能行业正处于快速发展阶段，技术创新和应用场景不断拓展。随着政策支持力度的 加大以及市场需求的增长，人工智能产业链将迎来新的发展机遇。特别是中上游的基础技术领域如芯 片、算法框架等，将成为未来投资的重点方向，人工智能的长期投资价值显著。 资料显示，科创板人工智能ETF（588930）跟踪上证科创板人工智能指数，该指数从科创板市场中选取 30只市值较大且业务涉及为人工智能提供基础资源、技术以及应用支持的上市公司证券作为指数样本， 以反映科创板市场代表性人工智能产业上市公司证券的整体表现。 （文章来源：每日经济新闻） 受盘面影响，科创板人工智能ETF（588930）早盘涨近2%。 消息面上，2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题 学习。全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力，推动高质量发展。 ...

尊敬的客户: 您好! 感谢您长期以来对智谱的支持。 2月12日，智谱开盘股价大涨，一度涨超12%，周内涨幅已超70%。截至发稿，日内涨超10%，报345港元/股，市值突破1500亿港元。 消息面上，12日，智谱发布GLM Coding Plan价格调整函。智谱表示，近期，GLM Coding Plan市场需求持续强劲增长，用户规模与调用量快速提升。为保 障高负载下的稳定性与服务质量，公司同步加大算力与模型优化投入，产品能力持续升级。基于实际使用情况与资源投入变化，公司决定对GLM Coding Plan套餐价格体系进行结构性调整。 调整内容如下：取消首购优惠，保留按季按年订阅优惠；套餐价格进行结构性调整，整体涨幅自30%起；已订阅用户价格保持不变。 生效时间：2026年2月12日。 我们将持续投入，保障产品能力与服务稳定性。 北京智谱华章科技股份有限公司 2026 年 2 月 12 日 Z.ai · 取消首购优惠,保留按季按年订阅优惠 · 套餐价格进行结构性调整，整体涨幅自 30% 起 • 已订阅用户价格保持不变 此外，2月12日凌晨，智谱正式开源发布其新一代基座模型GLM-5。这宣告大模型编程从"写代码片段 ...

Core Viewpoint - The article highlights the significant stock price increase of Zhipu, which surged over 70% within a week, driven by strong market demand for its GLM Coding Plan and the announcement of a price adjustment for its services [1][3]. Group 1: Stock Performance - On February 12, Zhipu's stock price rose by over 12%, reaching 345 HKD per share, with a market capitalization exceeding 150 billion HKD [1]. - The stock has shown a weekly increase of over 70%, indicating strong investor interest and confidence in the company's growth prospects [1]. Group 2: Price Adjustment Announcement - Zhipu announced a structural adjustment to the pricing of its GLM Coding Plan, effective February 12, 2026, due to strong market demand and increased user engagement [3][6]. - The adjustments include the cancellation of the first purchase discount while retaining quarterly and annual subscription discounts, with an overall price increase starting from 30% [6]. - Existing subscribers will not see a change in their pricing, ensuring customer retention amidst the adjustments [6]. Group 3: Product Development and IPO Progress - Zhipu officially released its new generation base model, GLM-5, marking a transition in programming capabilities from "writing code snippets" to "completing system engineering" [7]. - The company is progressing with its IPO plans, having submitted the third phase of its IPO guidance report to the China Securities Regulatory Commission, indicating ongoing efforts to list on the A-share market after its successful Hong Kong listing [7].

另外，智谱于2月12日发布GLM Coding Plan价格调整函，因市场需求增长，用户规模与调用量提升，公司加大算力与模型 优化投入，产品能力持续升级；公司决定对套餐价格体系进行结构性调整，取消首购优惠，保留按季按年订阅优惠，套餐 价格整体涨幅自30%起，已订阅用户价格保持不变。 2月12日，智谱(2513.HK)高开8.77%，报339.8港元，市值达1515亿港元。消息面上，今日凌晨，智谱正式开源发布新一代基 座模型GLM-5，被誉为智能体工程时代最强开源模型。它宣告大模型编程从"写代码片段"的Vibe Coding时代，正式迈入"完 成系统工程"的智能体工程时代。此前，学界与业界已达成共识，Agentic Engineering(智能体工程)时代已经到来。 智谱 GLM-5有望成为国内第一个真正对齐Anthropic Opus系列的模型厂商。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 | 智谱(日线,前复权) | | 设置均线。 | | | --- | --- | --- | --- | | 339.800 +8.77% | | 2026/1/8-2026/2/12(26根) ★ ...

Core Insights - The launch of Seedance 2.0 by ByteDance marks a significant advancement in AI video generation, positioning it as a leader in the global AI landscape [1][6][10] - Seedance 2.0 transforms the AI video creation process from a fragmented, labor-intensive task into a streamlined, efficient workflow, enabling users to produce high-quality videos with minimal effort [3][4][5] Industry Breakthrough - Prior to Seedance 2.0, the AI video sector in China faced limitations, with existing tools being inadequate for professional use and requiring multiple software for basic tasks [3] - Seedance 2.0 introduces a dual-branch diffusion transformer architecture that allows for native synchronization of video and audio, significantly enhancing the quality and coherence of generated content [3][4] - The model's ability to generate complex scenes with high fidelity to real-world physics marks a departure from previous AI video tools, which often produced unrealistic results [4] Global Leadership - Before Seedance, the AI video generation market was dominated by Silicon Valley players like OpenAI and Runway, but Seedance has quickly established itself as a formidable competitor [6][9] - Seedance combines professional-grade output with user-friendly interfaces, making it accessible to a broader audience, including those without prior editing experience [9] - ByteDance's global strategy positions Seedance to leverage its existing user base from TikTok, enhancing its market reach from inception [9][10] ByteDance's Strategic Moves - ByteDance's founder, Zhang Yiming, continues to play a pivotal role in AI development, focusing on foundational research and talent acquisition to drive innovation [12][13] - The company plans to invest 160 billion RMB in AI by 2026, with a significant portion allocated for advanced AI processors, underscoring its commitment to long-term growth in this sector [13] - ByteDance's comprehensive AI ecosystem spans language, image, and video capabilities, creating a robust framework for future developments [14][15] Future Implications - The emergence of Seedance is expected to revolutionize content creation, allowing creators to focus on storytelling and emotional expression rather than technical execution [17] - The AI video generation sector is anticipated to experience intensified competition and transformation, with Seedance setting a new standard for quality and accessibility [17][18]

Core Insights - DiscoX has developed a long-form translation evaluation dataset consisting of 200 texts, with an average length of 1,712 tokens, focusing on translation accuracy, logical and stylistic consistency across paragraphs, terminology precision, and adherence to professional writing standards [4][9][12]. Group 1: Evaluation Framework - Metric-S is introduced as a novel evaluation framework for long-form translation that does not require reference answers, allowing for interpretable results through a multi-agent evaluation system [4][5][16]. - The evaluation process includes three stages: instruction adherence check, comprehensive quality assessment across accuracy, fluency, and appropriateness, and a deduplication and attribution mechanism to ensure fair scoring [17][18][19]. Group 2: Advantages of DiscoX and Metric-S - DiscoX enables precise assessment of long-form translations, revealing the shortcomings of models in handling such tasks, and provides detailed multi-dimensional scoring [7][8]. - The framework reduces the need for expensive manual annotation by utilizing a no-reference evaluation approach, addressing the lack of standard reference translations in business documents and academic papers [8][12]. Group 3: Model Performance - The evaluation of 20 representative models on DiscoX shows that the leading model, GPT-5-high, scored 76.66, which is still below the human expert level of 80.16, indicating that high-quality long-form translation remains a significant challenge for current LLMs [23][24][25]. - The performance of models varies across dimensions, with GPT-5 excelling in accuracy, Kimi-K2 in fluency, and Claude-4 series showing high accuracy but lower fluency [29].

Core Insights - AI is described as a civilization-level technology that should involve the entire global population, not just a select few [4][5][6] - The rapid development of AI has exceeded many expectations, creating a sense of responsibility to ensure diverse perspectives are included in its evolution [6][7] - The importance of localizing AI to understand different languages and cultures is emphasized, as it affects who is included or excluded from AI systems [9][10] Group 1: AI's Impact and Responsibility - AI is a new generation of computing that will eventually be integrated into any device or system that relies on chips [5][8] - The societal implications of AI are vast, affecting various sectors such as healthcare, agriculture, and education [7][8] - The need for diverse voices in AI development is crucial, as it shapes how the technology will influence the real world [7][9] Group 2: Future of AI and Spatial Intelligence - Spatial perceptual intelligence is identified as a key frontier for AI, moving beyond language models to immersive, three-dimensional interactions [11][12] - World Labs aims to develop next-generation models that enable AI to reason, understand, and interact in three-dimensional spaces, impacting various applications [12][13] - The evolution of AI will allow for more active and agentic capabilities, enhancing its ability to model real-world interactions [13][14] Group 3: Market Applications and Innovations - The gaming industry is highlighted as a significant market for AI innovations, with World Labs already engaging developers to enhance creativity and innovation [14][15] - The tools developed by World Labs are currently being utilized by game developers, indicating a positive reception and potential for future growth in this sector [14][15]

华泰证券指出，字节跳动于2月7日推出Seedance 2.0，其核心突破在于实现从低确定性的"抽盲盒式生 成"向高可控、可复用创作流程的跃迁。华泰证券认为Seedance 2.0有望为国内AI漫剧、AI短剧等的规模 化落地，及AI电影等的行业发展提供技术支撑。AI视频工业化能力逐步成熟将推动内容产业链价值分 配结构变化。 截至2026年2月12日 09:54，创业板人工智能ETF南方(159382)上涨2.96%，盘中换手2.33%，成交5284.31 万元。跟踪指数成分股太辰光上涨13.32%，天孚通信上涨11.66%，致尚科技上涨9.98%，光库科技，协 创数据等个股跟涨。 消息面上，豆包App开启Seedance 2.0灰度测试。点击豆包App进入"AI创作"，选择"视频生成"，被纳入 灰度测试的用户已经可以看到模型2.0（Seedance 2.0）的选项。据了解，目前在豆包App上可以使用 Seedance2.0制作5秒或10秒的视频。而在字节一站式AI创作平台"即梦"上则可以选择制作4—15秒的视 频。 创业板人工智能ETF南方(159382)紧密跟踪创业板人工智能指数，创业板人工智能指数反映创业板 ...

Group 1 - The core viewpoint highlights the strong performance of AI-related ETFs, particularly the创业板人工智能ETF华宝 (159363) and科创人工智能ETF华宝 (589520), which are benefiting from the commercialization of AI technology [1][2] - The创业板人工智能ETF has approximately 60% of its portfolio allocated to computing power and 40% to AI applications, indicating a balanced approach to both sectors [2] - The科创人工智能ETF focuses on the domestic AI industry chain, with significant holdings in domestic GPU and ASIC leaders, as well as AI application leaders, showcasing its aggressive investment strategy [2] Group 2 - Citic Securities notes structural highlights in AI applications, particularly in AI fintech, AI healthcare, and AI data sectors, with overall profitability expected to improve significantly [1] - Guotai Junan Securities expresses optimism about AI investment opportunities, supported by four dimensions: increased capital expenditure by tech giants, the transition of AI assistants to executors, ongoing supply-demand tension in computing infrastructure, and the acceleration of AI application demand [1] - The AI sector is entering a phase of application landing and demand acceleration, indicating a positive outlook for the overall AI industry trend [1]