没想到，2月21日它就整了波大活，发了封致歉信，承认GLM-5发布后犯了三个错。 前两天，才和大家聊了聊在港股创下暴涨神话的智谱AI，就在前一个交易日，这家上市仅一个多月的"全球大模型第一股"，凭着单日暴涨42.72%的行 情，把市值干到3232亿港元，超越一堆老牌互联网大厂，成了开年国内最猛的科技黑马。 一是GLM-5算力消耗高于老模型，公司设置高峰3倍、非高峰2倍的扣费倍率，却未提前完整公示，引发用户反馈用量异常、消耗过快。 二是GLM-5上线后流量远超预期，叠加黑灰产、黄牛恶意占用算力，公司算力扩容没跟上，只能按用户等级分阶段限流，很多付费用户无法正常使用核 心模型。 三是老用户升级机制设计粗糙，不少老用户误升级新套餐后权益受损，公司既无提前风险提示，也未设置回滚通道。 对此，智谱同步推出整改与补偿方案。 整改上，完整公示扣费规则，用量看板刷新缩至10分钟，明确模型分级开放节奏，承诺打击黑灰产、扩容算力。 补偿上，2026年1月1日-2月21日的Lite、Pro付费用户可全额退款，误升级老用户支持一键回滚，全量订阅用户统一延长15天使用期。 如今智谱已搭建起完整产品体系，包括面向普通用户的AI助手智谱清 ...

港股大模型"双雄"智谱、MINIMAX大幅低开，分别跌超13%、10%。 | 代码 | 名称 | | 最新价 涨跌幅 ^ | | --- | --- | --- | --- | | 02513 | 智谱 | (○) | 625.000 -13.79% | | 00100 | MINIMAX-WP | | 873.000 -10.00% | 消息面上，智谱（02513.HK）发布旗下人工智能（AI）程序订阅套餐GLM Coding Plan致歉信，并公布 处理和补偿方案。此次改版主要犯错包括：规则透明度不够、GLM-5灰度节奏太慢及老用户升级机制 设计粗糙。 消息面上，智谱（02513.HK）发布旗下人工智能（AI）程序订阅套餐GLM Coding Plan致歉信，并公布 处理和补偿方案。此次改版主要犯错包括：规则透明度不够、GLM-5灰度节奏太慢及老用户升级机制 设计粗糙。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 港股大模型"双雄"智谱、MINIMAX大幅低开，分别跌超13%、10%。 | 代码 | ...

战略先手：卡位不可替代的垂直入口，破解大模型 2B 落地核心鸿沟 近期开源AI 智能体 Open Claw 创始人斯坦伯格的一则论断，在全球 AI 行业引发轩然大波——其公开断 言，未来 80% 的 APP 将会消失，个人 AI 智能体将成为取代这类应用的核心力量。但他同时明确指 出，医疗、金融、法律等专业垂直领域应用，将成为少数不会被通用 AI 完全替代的核心品类。 智通财经APP获悉，2026年开年的港股市场，AI新股始终是资本追逐的核心主线。继壁仞科技、 MiniMax、智谱 AI 接连引爆打新热潮后，被誉为 "图模融合第一股"、"中国版 Palantir" 的海致科技 (02706) ，上市首日即收涨242.2%，次日、第三日续涨29.6%、28.4%，且成交额放量，二级市场承接力 远超市场预期。 市场热议中，散户投资者的追捧多聚焦于其 "AI 除幻" 的稀缺赛道标签，但鲜少被深度拆解的是，为何 智谱、无极资本等产业资本与顶级机构，愿意以基石投资者身份扎堆入局？ 这绝非单纯的 AI 风口跟风，更不是无逻辑的概念吹捧。 海致科技能在通用大模型内卷的行业红海之中，走出独立的资本热度与成长曲线，核心在于其早 ...

IT之家 2 月 23 日消息，一位熟悉内情的人士 2 月 20 日告诉路透社，OpenAI 计划到 2030 年总共支出约 6000 亿美元（IT之家注：现汇率约合 4.15 万亿元人民币）的计算费用。 该人士表示，OpenAI 在 2025 年的收入总额达到 130 亿美元（现汇率约合 898.46 亿元人民币），超过 了其 100 亿美元的预期，而该年度支出为 80 亿美元（现汇率约合 552.9 亿元人民币），低于其 90 亿美 元的预算目标。 据 CNBC 此前报道，OpenAI 预计到 2030 年总收入将超过 2800 亿美元（现汇率约合 1.94 万亿元人民 币），几乎平均分配在其消费者和企业部门。 另据《The Information》报道，OpenAI 已告知投资者，其运行 AI 模型（即推理）相关的费用在 2025 年增加了四倍，导致其调整后毛利率从 2024 年的 40% 下降至 33%。 ...

Core Viewpoint - The Hong Kong stock market in early 2026 is heavily focused on AI IPOs, with HaiZhi Technology (02706) experiencing a significant surge in its stock price, indicating strong market interest and potential for growth [1] Group 1: Market Dynamics - The AI IPOs have become a central theme for capital chasing, with HaiZhi Technology's first-day increase of 242.2% and subsequent gains of 29.6% and 28.4% on the following days [1] - The market's enthusiasm is driven by retail investors attracted to the "AI de-illusion" niche, while institutional investors recognize the strategic value of investing in HaiZhi Technology [1][4] Group 2: Strategic Positioning - HaiZhi Technology has positioned itself uniquely by identifying the core contradictions in the large model industry's application, focusing on vertical integration rather than following the general model trend [3] - The company’s Atlas AI system is compatible with over 100 large language models, enhancing its adaptability and market reach [3] Group 3: Competitive Advantages - HaiZhi Technology has established a strong customer retention rate of 92% for its government clients, indicating high customer loyalty and significant switching costs for clients [3] - The company has built a robust client base, with over 360 government and enterprise clients, which provides a solid foundation for future growth [11] Group 4: Technological Edge - The company has developed a unique technology stack in knowledge graphs and graph computing, which is difficult for competitors to replicate [5] - HaiZhi Technology's approach aligns closely with global leaders like Palantir, focusing on building enterprise decision-making systems through graph-based methodologies [5][7] Group 5: Financial Performance - HaiZhi Technology's revenue for 2024 is projected to reach 5.03 billion RMB, significantly outperforming competitors like MiniMax and Zhipu AI [11] - The company has achieved a compound annual growth rate of 26.8% from 2022 to 2024, with a remarkable revenue growth of 872.2% for its core Atlas AI product in 2024 [11] Group 6: Market Valuation - Current market valuations suggest that HaiZhi Technology is significantly undervalued compared to its peers, with potential for a market capitalization exceeding 100 billion RMB [12][15] - Analysts predict that the company's market value could approach 120 billion RMB by the end of 2026, driven by its strong positioning in the B2B AI application market [15]

来源：券商中国 "AI大牛股"公开技术细节。 "全球大模型第一股"智谱正式发布了GLM-5技术报告。智谱表示，GLM-5能够实现性能的大幅跃升，主要得益于四大技术创新。GLM-5在真实世界编程 任务中展现出前所未有的能力，在处理端到端软件工程挑战方面超越了此前所有开源基线。 股价表现方面，周五（2月20日），智谱股价单日大涨42.72%，报725港元/股，股价再创新高，总市值达3232亿港元，上市43天股价累计涨幅已超500%。 消息面上，在发布GLM-5后，由于供不应求，智谱宣布上调GLM Coding Plan套餐价格，中国区涨价30%，海外版涨价超100%。 智谱最新发布 2月22日下午，据智谱官微消息，智谱推出了GLM-5，这是一款旨在推动编程范式从"VibeCoding"（氛围编程）转向"AgenticEngineering"（智能体工程） 的下一代基础模型。GLM-5在前代模型GLM-4.5的智能体、推理与编程（Agentic，ReasoningandCoding，ARC）能力基础上，采用稀疏注意力 （DeepSeekSparseAttention，DSA）以大幅降低推理成本，同时保持长上下文能力 ...

Core Insights - The article highlights the success of OpenClaw, an AI tool developed by Peter Steinberger, which has significantly impacted the sales of the Mac Mini and the stock prices of related industries, demonstrating the potential of user-driven innovation in the AI sector [1][4]. Group 1: OpenClaw's Impact - OpenClaw achieved 60,000 stars on GitHub within 72 hours of launch and has surpassed 180,000 stars, leading to global Mac Mini sellouts and a 20% increase in related stock prices [1]. - The tool is capable of handling various tasks such as email replies, schedule management, code writing, and even negotiating car prices, showcasing its practical utility beyond typical chatbot functions [1]. Group 2: Innovation Driven by User Needs - Peter Steinberger emphasizes the importance of agile development and user feedback, iterating features based on direct user needs rather than complex technical specifications [2]. - The AI's ability to autonomously process voice messages and fulfill implicit user requirements reflects a deep understanding of user experience, which is often overlooked by larger companies [2]. Group 3: Challenges and Strategic Decisions - Despite facing challenges such as harassment and financial difficulties, Peter received acquisition offers from major companies like OpenAI and Meta but chose to maintain OpenClaw's open-source nature [3]. - The collaboration with OpenAI is seen as a way to integrate innovative, interest-driven development into a larger technological framework, potentially leading to breakthroughs in robotics [4]. Group 4: Industry Reflection - The article suggests that the AI industry is shifting from a focus on technical specifications to a greater emphasis on understanding and addressing user needs, highlighting a gap in how larger companies operate compared to individual developers [4]. - The success of OpenClaw illustrates that innovation driven by genuine interest can effectively meet user demands, presenting both opportunities for individual developers and a need for larger companies to rethink their innovation strategies [4].

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8] - The article suggests that there is an opportunity to invest in a smaller company that is enhancing the technology essential for the AI revolution, which may yield significant returns in the future [6][9]

本月发布新模型或升级现有产品的国内公司成为投资者宠儿。MiniMax和智谱AI最为典型，两家公司股价在2月均翻倍。摩根士丹利等华尔街投行的看涨评 级进一步推高市场热情，纯AI概念股正从传统互联网巨头手中抢夺资金。 这种市场分化背后是投资逻辑的差异。盛宝市场首席投资策略师Charu Chanana表示，中国市场仍专注于AI能带来什么帮助，而非它会从现有企业手中夺走 什么。美国投资者焦虑于丰厚利润池面临竞争威胁，而中国关注的仍是市场渗透。 新上市AI股领涨 MINIMAX-WP(00100)和智谱(02513)AI受到投资者青睐，部分原因在于全球范围内构建大模型的上市公司稀缺。两家公司均于1月在香港上市，智谱AI股价 此后一度飙升524%，MiniMax大涨488%。相比之下，被视为行业先驱的OpenAI和Anthropic仍未上市。 当美国市场陷入"AI恐慌交易"，投资者抛售软件公司和财富管理机构之际，中国投资者却在大举追捧人工智能概念股。这种截然不同的市场情绪反映出两地 投资者对AI技术的根本性分歧：美国担忧既有商业模式被颠覆，中国则聚焦于增长机遇和降本潜力。 新模型发布和融资数据推动了估值重估。Jeffer ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the multi-trillion-dollar potential of AI, suggesting a broad consensus on its economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, with its technology posing a threat to competitors [4][6] - Prominent figures in technology and investment, including Bill Gates and Warren Buffett, recognize AI as a significant advancement with the potential for substantial social benefits [8]