根据全球公开发售文件，本次上市，智谱引入JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、 Perseverance Asset Management 等11家基石投资者，合计认购29.8亿港元，囊括了一支由北京核心国资、头部保险资金、大型公募基 金、明星私募基金和产业投资人构成的全明星基石投资阵容。 而在IPO之前，智谱已完成了8轮融资，融资规模超83亿元，云集一批主流明星投资机构。参投机构覆盖美团、蚂蚁、阿里、腾讯、小米、 金山等产业资本，君联资本、启明创投、红杉中国、高瓴等头部创投机构，以及各地方政府国资。 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"）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正式花落中国，中国最大的独立大模型厂商智谱由此成为"全 球大模型第一股"。 上市首日开盘， 智谱报 120港元，市值528.28亿港元 。 值得注意的是，在技术上，智谱并未将自身定位为"短期应用红利型公司"，而是明确 ...

Core Insights - The discussion emphasizes that the current AI revolution is unprecedented in scale, comparable to electricity and microprocessors, and is still in its early stages [4][6][12] - The rapid decline in AI costs, described as "hyper deflation," is expected to drive explosive demand growth [4][6][35] - Historical patterns suggest that shortages in AI infrastructure, such as GPUs, will lead to oversupply and further cost reductions in the future [4][6][35] AI Technology Landscape - AI is viewed as a transformative technology that surpasses the internet in magnitude, with its current phase being very early [6][12] - The cost of AI is decreasing at a rate faster than Moore's Law, leading to significant demand growth [6][35] - The future AI market structure will resemble the computer industry, with a few "god-tier models" at the top and numerous low-cost "small models" at the periphery [6][10] US-China Competition - The emergence of Chinese models like DeepSeek and Kimi has surprised both Washington and Silicon Valley, indicating significant progress in open-source models from China [5][7][52] - The competition is characterized as a dual hegemony, with both the US and China being the primary players in AI development [5][7][51] Business Models and Pricing - A shift from "pay-per-token" to "value-based pricing" is occurring in AI applications, allowing companies to capture more value from productivity gains [9][34] - AI startups are moving beyond being mere wrappers around large models and are integrating their own models, enhancing their competitive edge [9][34] AI Democratization - Advanced AI technologies are becoming accessible to the public, breaking down barriers and allowing widespread use [6][21] - Despite public fears about AI replacing jobs, actual behavior shows a rapid adoption of AI technologies [6][21] Regulatory Environment - The regulatory landscape is shifting, with a reduced risk of federal-level restrictions on AI, as there is bipartisan support for innovation [7][59] - State-level regulations are emerging, leading to a fragmented legal environment that could hinder progress [59][60] AI Chip Development - The AI chip market is expected to see significant investment and innovation, with a potential oversupply in the coming years as companies ramp up production [4][45] - The competition in chip development is intensifying, with both established companies and startups entering the market [45][49]

Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks it as the "first stock of AI large models" globally, with a market capitalization exceeding 50 billion HKD, highlighting a significant milestone in the AGI industry [4][6]. Company Overview - Zhiyu, as the first company among China's "six small tigers" in AI large models to initiate an IPO, has attracted considerable attention. The company was founded in 2019 and is based in Zhongguancun, Beijing, emerging from Tsinghua University's technology transfer [8][9]. - The company has developed a full-stack model matrix covering language, code, multimodal, and intelligent agents, adapting to over 40 domestic chip types, maintaining technological parity with global leaders [8]. Financing and Investment - Prior to its IPO, Zhiyu completed eight rounds of financing, raising over 8.3 billion CNY, with a pre-IPO valuation of 24.38 billion CNY, supported by a range of prestigious institutional investors [9][11]. - The shareholder structure includes a mix of top VC/PE firms, industry giants, state-owned platforms, and international capital, showcasing a robust capital path typical for AI hard tech enterprises [11][14]. - Major investors include Sequoia China, Qiming Venture Partners, and Tencent Investment, with Meituan holding 4.27% of shares pre-IPO, indicating strong industry collaboration [16]. IPO Details - Zhiyu's global offering consisted of 37.42 million H-shares, with a public offering portion receiving approximately 1164 times oversubscription, reflecting high market interest [8]. - The IPO price was set at 116.20 HKD per share, leading to a market capitalization of over 51.1 billion HKD at listing [8]. Market Impact and Future Challenges - The successful listing of Zhiyu shifts the narrative in the AI large model sector from a focus on technology to the realization of commercial value, serving as a benchmark for the industry [19]. - Despite the successful financing, the company faces challenges in bridging the gap in R&D costs and accelerating the commercialization process post-IPO, which will be critical for its future growth [19].

被称为中国版OpenAI的智谱 正式挂牌上市 | 今开 | 120.000 | 最高 | 120.000 | 成交量 612.45万股 | | | --- | --- | --- | --- | --- | --- | | 昨收 | 116.200 | 最低 | 120.000 | 成交额 | 8.13亿 | | 换手率 | 2.84% | 市盈(TTM) | 亏损 | 总市值 | 528.28亿 | 智谱华章上市背后，有着梁溪资本的深度参与。2024年1月，产发梁溪数字基金投资智谱1亿元，投前估值120亿元，持股比例0.58%。 该基金于2022年11月设立，基金规模10.05亿元。由梁溪区广益建发集团、无锡产业发展集团等共同出资。 投资的目的远不止于财务回报，更在于以投资引产业，以资本聚人才。通过成为顶尖科技公司的"战略股东"，有望将智谱的技术、生态与梁溪本地的人工 智能产业，与无锡雄厚的制造业基础、物联网产业集群深度融合，开辟AI赋能实体经济的新场景。 智谱AI成立于2019年，脱胎于清华大学知识工程实验室，专注于GLM（通用语言模型）系列预训练架构的研发，构建了覆盖语言、代码、多模态及智能 体的全栈模 ...

Core Viewpoint - SoundHound AI's stock experienced a significant decline of 39.4% in December 2025, primarily influenced by market sentiment rather than the company's actual performance [1]. Company Performance - SoundHound AI reported a 68% year-over-year revenue growth in its Q3 2025 earnings, indicating a strong growth trajectory despite the stock's poor performance in December [5]. - The company has a market capitalization of $4.7 billion and operates with $269 million in debt-free cash reserves [2][4]. Market Sentiment - The overall market shifted away from unprofitable growth stocks in mid-December, impacting SoundHound AI, which is categorized as a higher-risk investment due to its recent revenue generation from long-term contracts [4]. - The trading volume for SoundHound AI decreased by 48% over three months, suggesting a transition from a meme stock to a more stable growth stock narrative [6]. Strategic Partnerships - SoundHound AI formed a significant partnership with Booking Holdings' subsidiary OpenTable, integrating its restaurant booking systems and adding over 60,000 restaurant locations to its platform [2]. Competitive Landscape - The company faces competition from larger rivals like Microsoft and Apple, which could threaten its market position if it fails to deliver high-quality AI systems [7]. - The management team, including CEO Keyvan Mohajer, has strong industry connections, such as receiving business advice from Nvidia's CEO Jensen Huang [7]. Investment Outlook - There is a belief that SoundHound AI presents a viable investment opportunity, especially for those looking to enter early in the AI tools market [8].

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！ 来源：AI前线 今天，北京智谱华章科技股份有限公司（以下简称"智谱"，股票代码 02513）在港交所正式挂牌上市。 发行价为 116.2 港元 / 每股，募资规模预计将达 43 亿港元，预估市值 511 亿港元。开盘后，智谱股价涨 超3%，但随后有所回落。截至发文，股票价格为116.5 港元 / 每股。 | 24 175 | | | | | | --- | --- | --- | --- | --- | | 02513 交易中 01-08 09:31:35 北京 | | | | | | 116.5 +0.3 +0.26% | | 2846人加自选 > | нк го | | | 高 121.0 开 120.0 量 678.16万股 | | 总市值 512.87亿 - | | | | 低 116.3 换 3.14% 额 8.91亿 | | 市盈TTM 亏损 | | | | 股价异动 历史新高 +3.10% 现价119.8 | | | 09:30 | | | 分时 五日 日K 周K 月K 李K 年K 分钟, | | | | | | 均价:1 ...

Core Insights - The company Zhipu (02513), known as the "first global large model stock," officially listed on the Hong Kong stock market, experiencing a price increase of over 9% during trading, with a current price of 126 HKD and a trading volume of 1.503 billion HKD [1] Group 1: Company Developments - On the day of its listing, Zhipu's founder and chief scientist, Professor Tang Jie from Tsinghua University, announced the upcoming launch of the next-generation model GLM-5 [1] - The internal communication highlighted three technical directions for Zhipu to focus on by 2026: new model architecture design, a more general reinforcement learning (RL) paradigm, and exploration of continuous learning and autonomous evolution of models, all aimed at enhancing foundational model capabilities [1] Group 2: Market Position and Future Outlook - The GLM-4.7 base model was launched and open-sourced on December 23, 2025, ranking first among domestic models and tied for sixth globally with Claude 4.5 Sonnet according to the Artificial Analysis (AA Intelligence Index [1] - Dongwu Securities' research report expresses optimism about Zhipu's strengths in domestic large model technology, open-source ecosystem layout, and local implementation capabilities for government and enterprise, suggesting the company is well-positioned to benefit from the long-term trend of transitioning from localized deployment to cloud services in China's large model industry [1]

大模型第一股 。 作者/周佳丽 报道/投资界PEdaily 开年火爆。 今日（1月8日），北京智谱华章科技股份有限公司（简称：智谱）正式登陆港交所，缔造"全球大模型第一股"。此次I PO，智谱发行 价每股11 6 . 2 0港元， 开盘上涨，市值超5 5 0亿港元。 此次上市，智谱基石阵容豪华，11家基石投资机构共拟认购约3 0亿港元，同时收获11 6 4倍超额认购。 回想2 0 1 9年，一群科学家从实验室走出来，共同创立了智谱，彼时中科创星一笔投入4 0 0 0万元，成为最早投资方。一年后，大模型 赛道被彻底点燃，智谱也掀起融资狂潮，集结了一个豪华的投资方阵营。 随着今日I PO锣声敲响，智谱为身后投资机构创造了h ome -r u n级回报。身处AI爆发时代，更大想象空间正在打开。 清华大牛带队 今天智谱敲锣，市值550亿 这是一段始于清华实验室的技术理想故事。 时间回到2 0 0 6年，清华大学计算机系知识工程实验室（KEG）发布了名为AMi n e r的产品，其核心是利用人工智能挖掘科研规律。当 时，清华创新领军工程博士张鹏就参与其中。此后的十余年，这支队伍在该系统上持续迭代。直到2 0 1 8年底 ...

消息方面，在CES国际消费电子展首日，智元正式发布首个大语言模型驱动的开源仿真平台—— Genie Sim 3.0。其基于NVIDIA Isaac Sim，Genie Sim 3.0 融合三维重建与视觉生成，打造数字孪生级的 高保真环境；首创大语言模型驱动的场景泛化技术，万级场景生成仅需几分钟。伴随此次发布，智元还 将同步开源包含真机作业场景的上万小时仿真数据集，构建覆盖10万+场景的多维度智能评估体系，为 模型能力绘制全景画像。目前，所有仿真资产、数据集及自动化评测源代码均已完全开源。 爱建证券表示，随着AI大模型在音视频功能上的持续升级，未来音视频制作的成本将大幅下降， 这对于下游广告传媒行业的发展十分有利。同时，AI生成音视频也将推动数据流量的加速爆发，建议 关注存储行业的投资机会。 【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、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创人工智能ETF华夏（589010）紧密跟踪上证科创板人工智能指数 ...

Group 1 - Anthropic, an AI startup known for developing the chatbot Claude, is negotiating a new funding round with a pre-investment valuation expected to reach $350 billion [1] - The company is in talks to raise $10 billion, with Singapore's sovereign wealth fund GIC and hedge fund Coatue Management planning to lead this round [1] - Microsoft and Nvidia, which previously announced a joint investment of up to $15 billion in Anthropic, are also expected to participate in this funding round [1] Group 2 - Founded in 2021 by former OpenAI employees, Anthropic positions itself as a trustworthy and safety-focused AI company [2] - Anthropic has over 300,000 enterprise clients using its models to streamline workplace tasks, particularly in computer programming, where it has become a market leader [2] - The company launched a new version of its AI model, Claude Opus 4.5, which is designed to automate coding and office tasks more effectively than previous versions [2]