港股市场近日迎来一场资本热潮——"企业级大模型AI应用第一股"滴普科技(股票代码：1384.HK)强势 登场。公司公开发售认购超7,569倍，创下港股历史纪录，成为名副其实的AI"超购王"。其暗盘收涨 94.67%后，上市前3个交易日再大涨超320%，盘中最高市值突破400亿港元。 这场火爆行情，不仅体现出投资者对滴普科技的高度认可，也折射出市场对"人工智能+"概念下"企业级 大模型AI应用"赛道的浓厚信心。 这一赛道在全球范围内正受到资本追捧。美股大数据与AI应用平台龙头Palantir凭借企业级AI解决方 案，过去三年股价涨幅超过20倍。而滴普科技凭借相似的技术架构与商业模式，被市场普遍视为"中国 版Palantir"。 与此同时，"十五五"规划明确提出"深入推进数字中国建设"，其重点任务包括"全面实施'人工智能+'行 动"以及"健全数据要素基础制度，建设全国一体化数据市场"，为这一新兴赛道进一步确立了需求确定 性与政策弹性。 一、"中国版Palantir"的资本故事 在资本市场的普遍认知中，滴普科技相当于Palantir模式在中国市场的本土化延伸与强化版。 因此，要理解滴普科技的价值，最直接的方式，是将 ...

Core Viewpoint - The recent IPO of Dipu Technology (stock code: 1384.HK) has created a capital frenzy in the Hong Kong stock market, being dubbed the "first stock of enterprise-level large model AI applications" and achieving a subscription rate of over 7,569 times, setting a historical record in Hong Kong [1] Group 1: Company Overview - Dipu Technology is viewed as the "Chinese version of Palantir," with a similar business model focused on "data + AI" infrastructure [2][5] - The company's core products include FastData for data processing and FastAGI for AI model training, which are designed to support various industries with minimal human intervention [2][5] Group 2: Market Performance - Dipu Technology's stock surged over 320% in the first three trading days post-IPO, with a peak market capitalization exceeding 40 billion HKD [1] - The company is experiencing rapid revenue growth, with a projected compound annual growth rate (CAGR) of 55.5% from 2022 to 2024, and a revenue increase of 118.4% in the first half of 2025 [6][8] Group 3: Customer Strategy - Dipu Technology has established a strong customer base, serving 283 enterprise clients as of mid-2025, with 94 being repeat customers, indicating high customer retention [8] - The number of large clients contributing over 1.5 million RMB in annual revenue is increasing, with average revenue per large client rising from 3.8 million RMB in 2022 to 4.8 million RMB in 2024 [8] Group 4: Growth Drivers - Key growth drivers for Dipu Technology include the increasing penetration of FastAGI, expansion into high-value industries, and the trend of domestic substitution for data security [10][11] - The company is also exploring international markets, having initiated operations in Hong Kong and targeting Southeast Asia and the Middle East [11] Group 5: Future Outlook - Dipu Technology has significant growth potential, with a market trajectory similar to that of Palantir, which reached a peak market value of over 480 billion USD [12] - The acceleration of digital transformation in government and enterprises, along with favorable policies from the "14th Five-Year Plan," are expected to enhance the company's growth framework [12]