（来源：新华日报） 图为南京新春首场招聘会现场。 高启航 摄 本报讯 （记者 黄红芳） 2月22日下午，南京新春才市首场招聘会——2026年度"春风行动"留宁返宁高 校毕业生专场招聘活动火爆开场。2000个岗位吸引了众多高校毕业生进场求职，收到简历近2500份。 当天下午两点多，记者来到位于北京东路的南京人才大厦时，门口已停满了车辆。走进招聘现场，只见 招聘区聚集了江苏集萃智能制造技术研究所有限公司、国睿科技股份有限公司、南京波长光电科技股份 有限公司等近100家优质单位，覆盖人工智能、软件和信息服务、制造业、现代服务业等多个重点领 域。 南京中比新能源科技有限公司当天招聘工艺工程师、结构工程师、品牌营销专员等86人，本科生月薪在 6000—8000元，硕士研究生月薪1万元左右。不到1个小时，现场招聘负责人孙秀莲就收到了30多份简 历，其中近一半是硕士研究生。 南京财经大学旅游管理专业硕士研究生胡婷婷老家在安徽芜湖，这两天正和父母在南京游玩。碰到小胡 时，她已经从招聘会现场挤了出来，"投了一个培训的岗位，跟招聘经理谈得十分投缘，约好开学后面 试。"在现场工作人员的推荐下，胡婷婷注册了南京今年为青年人才特别推出 ...

AI Scales Up as the Biggest Players Battle for Supremacy  The AI industry is careening headlong towards a huge shakeout that’s going to separate the haves from the have-nots and concentrate power in the hands of just a few major players. Just as we saw in the public cloud infrastructure battle, when the dust settles, only a few, all-powerful companies will emerge unscathed, ready to dominate the AI industry for decades to come.  Acquisitions in AI are picking up pace. In the last few months, numerous multi ...

01 AI全民首秀第一年，机器人在秀肌肉，谁在默默赚钱？ 文｜牛慧 周享玥 编｜赵艳秋 今年春节，AI下凡了！ 各路AI助手发红包、抽奖、请喝奶茶，大家忙着下载、绑定支付工具来体验。人形机器人在春晚舞台 上秀功夫，空翻、双截棍表演惊艳，人们惊叹它的进步速度。"机器人何时能走入家庭"成为亲友聚会的 话题。数字表演者与真人演员同屏共舞，水袖翻飞、舞姿同步，带来虚实交织的视觉奇观。人人都能用 AI一键生成专属的拜年视频、新春头像和祝福歌曲。 就连大年初五迎财神，也被AI闯了进去。千万网友在屏幕前接"AI财神"，感受AI+峨眉山"华夏第一正 财神"带来的人文交互，#大年初五遇到了心软的AI财神#话题冲上微博热搜。 AI不再是遥不可及的高科技，而是实实在在融入团圆、祝福和烟火气中，让这个春节，成为最有AI味 的中国年。 AI应用首次全民上线，谁在真正落地？ 春节AI浓度爆表背后，其实是一场"蓄谋已久"的爆发。历经三年狂飙，AI已在模型、算力等底层能力上 逐步强大，在多个真实场景中跑通验证，真正具备了下场干活的能力。业界普遍认为，2026年有望成为 AI产业从烧钱到赚钱、形成规模收益的第一年。 这波热潮中，人形机器人热度 ...

Group 1 - Cantor Fitzgerald has invested $126 million in Iren Limited, highlighting its transition from a bitcoin miner to a significant player in AI infrastructure [1][4][5] - Cantor Fitzgerald's portfolio market value has decreased to $6.59 billion from $10.3 billion, reflecting a 20.75% net outflow [2][5] - The firm made 88 new stock purchases, added to 58 stocks, sold out of 241 stocks, and reduced holdings in 52 stocks, with a turnover rate of 72.95% [5][6] Group 2 - Other notable investors, such as Citadel and Appaloosa, have also made significant investments in AI-related stocks, with Citadel investing $2.52 billion in Amazon and increasing its Nvidia stake to nearly $4 billion [2][3] - David Tepper's Appaloosa invested nearly $285 million in Micron, while Renaissance Technologies added $520 million to its Micron holdings [3] - Ray Dalio's Bridgewater made a $253 million addition to Nvidia, focusing on AI infrastructure alongside Oracle and Micron [3]

本文自南都。 采写 | 南都N视频记者 林文琪 2月21日，"全球大模型第一股"智谱AI（02513.HK）发布致歉信称，GLM-5发布后GLM Coding Plan存在透明度不够、GLM-5灰度节奏太慢、老用户升级 机制设计粗糙三大问题，表示"挨打要立正"，并提出了相应的处理和补偿方案。致歉信提到，GLM-5发布后，流量超出预期，智谱扩容节奏没有跟上，不 得已将GLM-5按照Max、Pro、Lite的顺序逐步开放。 值得一提的是，截至最新交易日（2月20日），智谱股价暴涨42.72%至725港元，市值突破3200亿港元。 | 今开 | 534.000 | | 最高 | 725.000 | | | 成交量 526.69万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 508.000 | | 最低 | 532.500 | | 成交额 | 32.41亿 | | 换手率 | 2.38% | | 市盈(TTM) | 亏损 | | 总市值 | 3232亿 | | / \ r _ L | Friday of the pro- | I | - | ...

Core Viewpoint - The stock prices of AI companies Zhipu and MiniMax have surged significantly, with Zhipu's market capitalization exceeding 323.2 billion HKD and MiniMax surpassing 300 billion HKD, reflecting a strong investor interest in AI models despite both companies being in a loss-making position [1][2][3]. Market Performance - On February 20, the first trading day of the Lunar New Year, Zhipu's stock rose by 42.72% to 725 HKD per share, while MiniMax's stock increased by 14.52% to 970 HKD per share [3][8]. - Since their listings in January 2026, Zhipu's stock has increased by 523% and MiniMax's by 487.88% [8][12]. Market Capitalization - Both companies have surpassed the market capitalizations of major firms like Ctrip and Kuaishou, approaching the valuations of Pop Mart and Baidu [2][19]. - The market capitalization of Zhipu is approximately 413 billion USD, while MiniMax stands at about 389 billion USD [19]. Financial Metrics - Both companies are currently operating at significant losses, with Zhipu reporting a cumulative loss of 6.238 billion CNY from 2022 to mid-2025, and MiniMax showing a net loss of 512 million USD (approximately 3.605 billion CNY) in the first nine months of 2025 [18][21]. - Their price-to-sales ratios exceed 700, which is substantially higher than OpenAI's ratio of 65 [19]. Technological Developments - Zhipu recently launched its flagship model GLM-5, which has shown a performance improvement of over 20% compared to its predecessor, while MiniMax introduced its M2.5 model, designed for agent scenarios, achieving significant benchmarks in various tests [13][14]. - Both companies have seen a surge in model usage, with MiniMax's M2.5 model recording a token usage of 3.07 trillion, a 524% increase, and GLM-5 reaching 1.03 trillion tokens, a 462% increase [16][20]. Market Dynamics - The recent price increases for Zhipu's GLM Coding Plan indicate a shift in the AI market where token consumption is becoming a critical metric for value, moving away from traditional user engagement metrics [20]. - The rise of AI agents, which require extensive token usage for complex tasks, is expected to drive demand for these models significantly [20]. Competitive Landscape - Both companies face intense competition from established global players like OpenAI, Claude, and Gemini, which may impact their pricing power and market position [21]. - The scarcity of AI stocks in the Hong Kong market has contributed to the high valuations of Zhipu and MiniMax, attracting significant investment interest [21].

智谱称，这次改版主要犯了三个错：规则透明度不够、GLM-5灰度节奏太慢、老用户升级机制设计粗 糙。 智谱介绍，GLM-5发布后，流量超出预期，公司扩容节奏没有跟上，不得已将GLM-5按照Max、Pro、 Lite的顺序逐步开放。目前Max用户已经全面开放，Pro用户虽已开放，但高峰期可能会因集群负载较高 遇到限流，Lite用户将会在节后非高峰期逐步灰度开放。 2月21日，有"全球大模型第一股"之称的智谱发布GLM Coding Plan致歉信，并公布处理和补偿方案。 同日，智谱发布GLM Coding Plan价格调整函，成为国内首家对大模型商业化服务进行提价的AI原生企 业。 智谱称，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。 针对受到影响的Lite和Pro用户，公司支持自主申请退款，如不选择退款，则包括Max在内的所有用户统 一延期15天。 2月12日，智谱正式推出新一代旗舰模型GLM-5，其编程能力实现了对 Claude Opus 4.5 的对齐，在业内 公认的主流基准测试中取 ...

颠覆传统互联网的免费路径 传统互联网软件的典型路径是先用免费换用户规模，凭借"用户数和时长"换议价权，然后在广告、会员 订阅、增值服务、交易抽佣里变现，免费背后的底层原因无非是边际成本极低。即多一个用户或多一次 点击，成本却可以被带宽与存储规模效应稀释，从而达到近似为零的边际成本。 云计算时代也出现过类似的"先免费/低价再扩张"，但云的计费单位很快变成 CPU/存储/带宽/请求数， 客户也习惯了"按量计费"。云能收费，是因为它交付的是明确的资源和SLA(服务提供商与客户签订的 服务等级协议)。但当行业依旧处在"模型价格战"时，智谱却出现了涨价的信号，这意味着大模型时代 的"计量单位"从流量(DAU/时长)转向Token(推理消耗)，而Token的消耗在越来越多场景里是刚需。 大模型时代的变化：Token变成"可计量的生产资料"，不再是"免费流量" 大模型把"对话/写代码/生成内容"这类看似是由软件供应商提供的服务，变成了强依赖算力的在线推理 服务。对模型厂商而言，每一次回答都要实打实地消耗GPU、显存、带宽与电力；对用户来说，每一 次"让模型多想一会儿、写一段更长的代码、跑一个更复杂的任务"都对应更多Toke ...

Core Insights - The two AI companies, Zhipu and MiniMax, have seen significant stock price increases, with Zhipu rising over 42% on the first trading day of the Year of the Horse, and MiniMax increasing over 14% on the same day, leading to market capitalizations exceeding 300 billion HKD [1][2][7] - Both companies have experienced substantial growth since their IPOs, with Zhipu's stock price increasing by 523% and MiniMax's by 487.88% within a month of their listings [1][7] - Despite their high valuations, both companies are currently operating at a loss, with a price-to-sales ratio (PS) exceeding 700, significantly higher than OpenAI's 65 [2][17] Company Performance - Zhipu's stock closed at 725 HKD per share, with a market capitalization surpassing 323.2 billion HKD, while MiniMax closed at 970 HKD per share, reaching a market cap of 304.2 billion HKD [2][11] - Zhipu's cumulative losses from 2022 to mid-2025 amount to approximately 6.238 billion CNY, while MiniMax reported a net loss of 512 million USD (around 3.605 billion CNY) for the first nine months of 2025 [17][20] Market Position - Zhipu and MiniMax's market capitalizations have surpassed those of major companies like Ctrip and Kuaishou, and are approaching the valuations of Pop Mart and Baidu [2][11] - The market's enthusiasm for these companies is attributed to their technological advancements and product breakthroughs, particularly in AI model development [12][19] Technological Advancements - Zhipu launched its flagship model GLM-5, which has shown over a 20% performance improvement compared to its predecessor, while MiniMax introduced M2.5, designed for full-stack programming development [12][13] - Both models have achieved significant performance metrics in industry benchmarks, with MiniMax M2.5 being the most called model in a recent week, reaching 3.07 trillion tokens [14][16] Pricing Strategy - Following the launch of GLM-5, Zhipu raised the prices of its coding plans by 30% in China and over 100% internationally, indicating strong demand for its services [12][19] - MiniMax's pricing for token usage is significantly lower than that of competitors like Claude Opus 4.6, making it an attractive option for users [14][15] Future Outlook - The market is betting on the future potential of these companies, as the demand for AI capabilities continues to grow, particularly in areas requiring high token consumption for complex tasks [19][20] - Analysts suggest that the transition of AI from simple tasks to more complex operations will drive up token consumption, positioning these companies favorably in the evolving AI landscape [19]

Group 1 - The company has secured orders for its connectivity business until the fourth quarter of 2026, indicating strong demand and a robust order backlog [1] - The AI high-speed optical module production line is operating at full capacity 24 hours a day, reflecting the company's commitment to meeting market needs [1] Group 2 - Alibaba Cloud's Coding Plan supports various models including Q&A 3.5, GLM-4.7, and Kimi-K2.5, showcasing advancements in AI technology [1] - Zhiyuan released a technical report on GLM-5, providing full disclosure of technical details, which may enhance transparency and trust in their AI solutions [1]