2026年1月8日，北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合交 易所挂牌上市。这意味着，全球首家以通用人工智能（AGI）基座模型为核心业务的上市公司花落中 国。 上市首日，智谱开盘价120港元/股，盘中股价上涨16.18%至135港元，市值将近600亿港元。 此前在接受第一财经专访时，智谱CEO张鹏向记者回顾这一路走来的关键节点、坚持基座模型技术路径 的考量，以及面临DeepSeek爆火与大厂"围剿"后的应对。 尤其在2025年大模型应用逐渐成为主角，基座模型的训练成为少数"玩家"的对决，张鹏对记者表示：如 果舍弃基座模型而一味选择调用，舍弃AGI探索而一味追求商业化变现，公司对他来讲，将丧失意义。 实现AGI是终极目标 大模型赛道自2022年底被ChatGPT引爆后，如今已迈入第四个年头。国内市场中，大模型参赛选手正经 历一轮剧烈的"适者生存"筛选：创业公司或冲刺上市抢滩资本市场，或收缩战线聚焦垂直场景深耕，或 黯然退出基座竞赛；大厂则凭借算力、数据与生态优势全面压境，在技术迭代与场景落地中加速收割市 场份额。 在这样的局势中，智谱终于从一级市场迈入二级赛道。 招股 ...

需要说明的是，企业从事对外投资、技术出口、数据出境、跨境并购等活动，须符合中国法律法规，履行法定程序。 商务部将会同相关部门对此项收购与出口管制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 商务部8日举行例行新闻发布会，商务部新闻发言人何亚东在回应有关审查Meta收购人工智能平台Manus的提问时说，中国政府一贯支持企业依法依 规开展互利共赢的跨国经营与国际技术合作。 ...

1月8日，上证指数盘中翻红，AI板块涨跌互现。截至13：02，云计算50ETF（516630）大幅上涨 1.89%，盘中涨幅一度超2%；创业板人工智能ETF华夏（159381）下跌0.26%；5G通信ETF （515050）回调0.81%，长芯博创、中际旭创、中瓷电子等前期热门个股领跌。 5G通信ETF（515050）跟踪中证5G通信主题指数，最新规模近80亿元，深度聚焦英伟达、苹果、 华为产业链。指数前五大持仓股：中际旭创、新易盛、立讯精密、工业富联、兆易创新。相关ETF全 称：华夏中证5G通信主题ETF（515050），场外联接（A类：008086；C类：008087） 云计算50ETF（516630）跟踪云计算指数（930851）。该指数的AI算力含量较高，覆盖了光模块& 光器件、算力租赁、数据中心、AI服务器、液冷等热门算力概念。云计算50ETF（516630）为跟踪该指 数合计费率最低的ETF。场外联接（A类：019868；C类：019869） 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠 ...

Core Insights - Beijing Zhiyu AI Technology Co., Ltd. (referred to as "Zhiyu AI") officially listed on the Hong Kong Stock Exchange on January 8, 2026, marking it as the world's first IPO of a large model company [1] - The listing signifies a critical breakthrough for China's large model technology, transitioning from laboratory to capital market, and highlights Haidian's role as a global innovation hub [1][10] - Zhiyu AI's IPO raised approximately HKD 4.173 billion, with a share price set at HKD 116.20, and the company experienced a market capitalization of HKD 55 billion shortly after listing [2][1] Group 1: Haidian's Innovation Ecosystem - Zhiyu AI's journey began in Haidian's academic labs, showcasing the integration of research and industry within this innovation-rich area [5] - The company was founded in 2019, evolving from the AMiner project at Tsinghua University, and has established itself as a leader in the large model sector [6][9] - The success of Zhiyu AI is attributed to Haidian's supportive ecosystem, which includes policies that facilitate technology transfer from research to industry [9][17] Group 2: Financial Performance - Zhiyu AI's revenue growth from 2022 to 2025 shows a compound annual growth rate of 130%, with revenues of CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million respectively [8] - In the first half of 2025, the company reported a revenue of CNY 190.9 million, reflecting a year-on-year increase of 325% [8] Group 3: Haidian's Competitive Advantage - Haidian is home to a significant concentration of AI talent, with 37 universities and a large number of AI experts, which fosters innovation and collaboration between academia and industry [12] - The region has developed a comprehensive industrial ecosystem that spans from chip production to application development, enabling a full-cycle support for hard technology companies [13][12] - Market-driven innovation is supported by diverse application scenarios in Haidian, allowing companies to test and iterate their technologies effectively [14]

Core Insights - Zhiyu Technology has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company focused on general AI models, marking a significant milestone for the industry [3][5]. - The IPO was highly successful, with a subscription rate of 1159.46 times for the public offering and 15.28 times for the international offering, raising over HKD 4.3 billion [3][10]. - The company aims to develop general AI models that enable machines to think like humans, a vision articulated by its chairman, Liu Debing [3][5]. Company Overview - Founded in June 2019, Zhiyu Technology has grown to become the largest independent developer of general AI models in China, ranking second among all general AI model vendors, including major internet companies [5][8]. - The company has a strong backing from notable investors, including Meituan, Ant Group, Tencent, and Lenovo, which collectively hold shares through various entities [8][10]. Financial Performance - Zhiyu reported revenues of RMB 0.57 million in 2022, RMB 1.25 million in 2023, and projected revenues of RMB 3.12 million for 2024, with a significant net loss of RMB 62.47 billion over three and a half years [11][13]. - R&D expenses have escalated, reaching RMB 21.95 million in 2024, indicating a focus on high investment and heavy R&D [11][13]. - The company has accumulated a total revenue of RMB 6.85 million and a net loss of RMB 62.47 billion since its inception [13]. Business Model and Revenue Structure - Zhiyu's revenue is primarily derived from localized deployments, which accounted for over 84% of total revenue in the past three and a half years, indicating a strong presence in government and large enterprise sectors [14][15]. - The company offers both localized and cloud deployment options for its models, with revenue recognition occurring upon delivery and acceptance by clients for localized deployments [25][27]. Market Position and Competitive Landscape - Zhiyu Technology is positioned against major competitors such as iFlytek, Alibaba, SenseTime, and Baidu, with a focus on developing a comprehensive AI ecosystem [5][6]. - The company has established a significant technological barrier with its proprietary GLM architecture, which has been recognized in international academic publications [22][23]. Research and Development - The R&D team consists of over 650 members, representing 74% of the total workforce, with a strong academic background from top institutions like Tsinghua University [20][21]. - Zhiyu has published approximately 500 high-impact papers, with over 58,000 citations, and holds 86 authorized patents, showcasing its commitment to innovation [22][23]. Customer Base and Token Consumption - As of 2025, Zhiyu serves over 12,000 institutional clients, with a daily token consumption of 4.2 trillion, reflecting its growing market adoption [35][37]. - The concentration of revenue from the top five clients has decreased over the years, indicating a diversification of its customer base [37][39].

Core Insights - The article discusses the evolution of AI applications and the potential for large models to dominate various application scenarios by 2026, emphasizing the need for a deeper understanding of AI's application layer [3] - It highlights the distinction between execution tools and thinking tools, predicting that the future will see a shift towards tools that facilitate exploration and creativity rather than just execution [9][10] Group 1: AI Application Landscape - Acharya notes that while the cost of coding has decreased, this benefit has not yet permeated the entire industry, suggesting that the understanding of future company structures and software types is still limited [7] - The future of AI applications will be a combination of top models' scheduling capabilities, specialized user interfaces, and abundant functionalities, leading to a clear differentiation between applications and underlying models [22] - The emergence of "Narrow Startups" will dominate the market, focusing on deep and specialized products rather than broad consumer applications [22] Group 2: Tool Evolution - The next generation of programming and productivity tools will shift from execution to exploration, with tools like Cursor and Google's Antigravity leading this change [12][14] - Acharya emphasizes that every team within a company will need to adopt a "software-first" approach, transforming all departments into software teams [18] - The introduction of AI programming agents will significantly expand the ambitions of companies, allowing for a re-evaluation of product development and prioritization processes [18] Group 3: Market Dynamics - The article argues that applications will not be consumed by models, as evidenced by a thriving entrepreneurial ecosystem in programming, with new revenue exceeding $1 billion in 2025 [28] - Companies with unique datasets, network effects, and complex ecosystems will have significant advantages in the market [30][32] - The article suggests that the future of AI applications will be characterized by extreme specialization, allowing applications to exist independently from models [27] Group 4: Consumer Engagement - The article discusses how ordinary consumers are beginning to engage with AI capabilities, moving beyond traditional command-line interfaces to more accessible tools [34] - Acharya believes that enabling consumers to create with AI will change perceptions and increase engagement with AI technologies [34] - The article concludes with recommendations for CEOs on leveraging AI to enhance operational efficiency and product innovation [36][38]

NICE Ltd. (NASDAQ:NICE) ranks among the best big data stocks to invest in. On December 23, Piper Sandler reiterated its Neutral rating and $122 price target for NICE Ltd. (NASDAQ:NICE), voicing concern about NICE’s capability to meet its Cloud targets for 2028 without significant M&A operations. Piper Sandler praised NICE’s recent acquisition of Cognigy as an important move toward the conversational AI sector, though it pointed out that private competitors like Sierra.AI seem to have more traction across ...

虽然无法确定这一消一长的流量趋势是否存在直接因果关联，但这些数据无疑凸显出人工智能赛道的竞 争格局正在发生转变。不过，目前ChatGPT仍保有显著优势。数据显示，去年12月ChatGPT 的访问量达 到55亿人次，Gemini以17亿人次的访问量位居第二。 尽管在使用规模上仍处于领先地位，但OpenAI已经意识到了谷歌带来的"巨大威胁"。去年12月初， OpenAI首席执行官萨姆·奥特曼(Sam Altman)在内部发出"红色警报(code red)"后，要求公司暂停包括Sora 视频生成项目在内的多个侧线项目，为期约八周，全力投入ChatGPT的改进工作，以应对日益激烈的竞 争。他认为，为了确保OpenAI的生存，公司必须将用户满意度置于其最初追求通用人工智能(AGI)的目 标之上。 奥特曼在内部警告员工称，谷歌在AI领域的强势回归可能会给OpenAI带来"短期经济压力"。尽管 OpenAI拥有巨额投资与先发优势，但奥特曼坦言，谷歌依然让他感到畏惧。他指出，虽然谷歌在 ChatGPT问世时曾经历了自己的"红色警报"危机，且最初并未给予OpenAI足够的重视，但这并不影响其 作为"极其强大的公司"的本质。在奥 ...

Core Viewpoint - The competition for the title of "first AI large model stock" in the Hong Kong market is heating up, with two companies, Zhiyu (02513.HK) and MiniMax, vying for dominance in the AI commercialization space, each representing different paths in the industry [1][3][20]. Group 1: Company Overview - Zhiyu successfully launched its IPO on January 8, 2026, with an issue price of 116.2 HKD, reaching a market capitalization of over 50 billion HKD and raising a total of 4.3 billion HKD, with a staggering 1164 times oversubscription [1][4]. - MiniMax, founded in 2021 by former SenseTime executive Yan Junjie, is expected to follow closely behind in its IPO, with a valuation anticipated to exceed 50 billion HKD [3][10]. - Both companies represent distinct approaches to AI commercialization: Zhiyu focuses on a "B-end and G-end foundational model + localization" strategy, while MiniMax emphasizes a "C-end multi-modal application + globalization" approach [3][20]. Group 2: Investment and Development Strategies - Zhiyu's investment strategy is characterized by a strong emphasis on R&D, with expenditures increasing from 84.4 million HKD in 2022 to an expected 2.195 billion HKD in 2024, and a cumulative investment of over 4.4 billion HKD in three and a half years [8][20]. - The company has a traditional revenue model, primarily from localized and privatized deployments, which accounted for 95.5% of its revenue in 2022, although it is gradually shifting towards cloud-based API services to enhance stability and growth [14][15]. - In contrast, MiniMax adopts a lighter asset model, focusing on consumer applications and global expansion, with over 70% of its revenue coming from international markets [12][17]. Group 3: Market Position and Future Outlook - Both companies are now positioned in the global AI first tier but face significant competition from both international giants like OpenAI and domestic players like ByteDance and Baidu [20]. - MiniMax's strategy includes targeting overseas markets with products like Talkie and Hai Luo AI, which have gained substantial traction, generating over 5.9 billion videos and covering 200 countries [17][19]. - The ongoing competition and differing strategies of Zhiyu and MiniMax highlight the diverse paths available in the AI industry, with both companies aiming to shorten their profitability timelines while navigating a challenging market landscape [20].

本报讯 （记者梁傲男）1月7日，中信证券发布研报称，北京智谱华章科技股份有限公司（以下简称"智 谱"，股票代码HK2513）是国内通用大模型领军企业，过去两年以互联网和科技企业为核心市场，收入 实现持续翻倍以上增长，2025年收入超1亿美元。未来6年国内大语言模型市场规模或将实现同比20倍增 长，企业级需求将主导千亿元机会，智谱在相关市场拥有一定身位优势，该行看好应用落地继续推动模 型需求快速增长，智谱依托优异模型能力持续打开企业端市场，带动收入保持高速增长，中信证券预计 智谱2025年、2026年、2027年营业收入分别为7.38亿元、16.04亿元、26.86亿元。 据Frost&Sullivan预测，2024年中国大语言模型市场规模达到53亿元，预计到2030年增至1011亿元， 2024年至2030年的复合年均增长率为63.7%。FrostSullivan预估到2030年中国企业级大语言模型市场规模 将达到904亿元，企业端市场占比接近90%。根据Frost&Sullivan，按2024年大语言模型收入计，智谱市 占率6.6%，是最大的独立大语言模型厂商。 研报认为，智谱的模型能力性价比高、幻觉率低， ...