智通财经APP获悉，中金发布研报称，首次覆盖MINIMAX-WP(00100)给予跑赢行业评级，目标价 1,109.00港元，基于P/S估值法，对应2027年估值倍数75x。公司是目前国内少数在基础模型能力、全球 化AI原生应用商业化两端同时跑通的公司，在AI赛道中具备稀缺性。 公司将AI能力深度嵌入内部工作流;截至3Q25，公司仅385人，研发占比73.8%;CEO以下设立不超过三层 职级。AI原生、扁平、高效组织支持模型与产品的高效迭代。 该行与市场的最大不同? 中金主要观点如下： 国内最早押注原生全模态融合路线的基模厂商之一 随着Agent、世界模型推进，全模态理解与生成正逐步成为重要的基础能力。公司从成立初期即同步推 进文本、语音、视频模型研发，押注全模态融合、形成统一技术栈、积累了先发经验。 国内少有的验证海外市场规模化变现能力的基模厂商 25年前三季度，海外收入占比超73%，覆盖200+国家及地区。通过AI原生产品、开发者平台直接触达高 付费意愿用户，在欧美等成熟市场快速拓展，实现自我造血并获取真实市场反馈。 坚定执行"技术即产品"路线，"前店后厂"模式加速模型与产品的拟合迭代 公司要求模型能力直 ...

Core Viewpoint - The report from CICC forecasts that Zhiyu (02513) will achieve revenues of 720 million, 1.75 billion, 3.67 billion, and 7.67 billion yuan from 2025 to 2028, with a CAGR of 120% [1] Group 1: Company Overview - Zhiyu is a leading large model vendor in China and globally, founded in 2019, focusing on the GLM series foundational models [1] - The latest foundational model, GLM-5, has achieved state-of-the-art (SOTA) performance in multiple benchmark scores and has received widespread acclaim from domestic and international users [1] Group 2: Revenue Growth and Business Model - The company is expected to see a revenue CAGR of over 130% from 2023 to 2027, driven by its MaaS platform and API revenue, which is projected to become a major growth engine [2] - By early 2026, the annual recurring revenue (ARR) from API-related services is estimated to approach 600 million yuan, reflecting several times growth compared to the previous year [2] Group 3: Market Potential and Competitive Advantage - The total addressable market (TAM) for AI Coding is estimated to reach one trillion yuan, with Zhiyu positioned to lead in this early penetration stage [3] - The company has core advantages in the Coding scenario, including low hallucination rates, high stability, and strong reasoning and tool usage capabilities, which are expected to help it maintain a leading position [3] Group 4: Differentiation from Market Perspectives - CICC's outlook differs from the market by emphasizing Zhiyu's foundational model capabilities and its ongoing leadership in the AI Coding space, which is likely to attract a broader domestic and international customer base [4] Group 5: Potential Catalysts - Potential catalysts for growth include the release of new generation models and high growth in API and Coding ARR [5]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Haizhi Technology (02706), which rose over 27% in early trading, reaching a new high of 154.4 HKD, representing an increase of over 4 times from its IPO price of 27.06 HKD [1] - Haizhi Technology is recognized as a leading provider of industrial-grade artificial intelligence solutions in China, focusing on graph-model fusion technology and has developed two core product matrices: the Atlas graph solution and the Atlas intelligent agent [1] - The revenue from Haizhi's "Atlas intelligent agent" is experiencing rapid growth, with projections indicating an increase of nearly 9 times in 2024 compared to 2023, and an increase of nearly 5 times in the first half of 2025 [1] Group 2 - The article mentions that AI has gained significant public attention, particularly following its prominent role in the 2026 CCTV Spring Festival Gala, where the skit "AI Partner" raised awareness about the safety risks associated with deepfake technology, making "AI trustworthiness and safety" a key technological topic at the start of the year [1] - According to Guotou Securities International, the industrial-grade AI intelligent agent sector where Haizhi operates has substantial growth potential, and the company possesses significant barriers and a leading market position in the graph-model fusion technology field, with rapid revenue growth from its core products providing strong support for long-term development [1]

Core Insights - Nvidia is in discussions to invest up to $30 billion in OpenAI, potentially valuing the AI startup at a $730 billion pre-money valuation [1] - This investment is separate from the previously announced $100 billion infrastructure agreement between OpenAI and Nvidia [2] - The $30 billion investment is not tied to any deployment milestones and is still subject to change [4] Investment Details - The $30 billion investment is distinct from the September agreement, which involved Nvidia investing over several years as new supercomputing facilities come online [3] - Nvidia's first investment of $10 billion from the September agreement was contingent upon the completion of its first gigawatt [3] - The potential $30 billion deal is not finalized, and further details are still being discussed [4] Agreement Status - There have been questions regarding the status of the $100 billion infrastructure agreement, especially after reports indicated that the deal was "on ice" [5]

Core Viewpoint - The stock of Zhiyu (02513) opened over 5% higher and is currently up 5.12%, trading at 534 HKD with a transaction volume of 24.6174 million HKD, indicating positive market sentiment following recent developments in AI technology integration and pricing strategies [1] Group 1: Company Developments - Zhiyu has integrated the Zhiyu GLM-5 and Alibaba Qwen3.5 large models into its AI platform, enhancing the construction and operational processes for enterprise AI [1] - The company announced a price increase of at least 30% for its GLM Coding Plan subscription, reflecting a shift in industry pricing logic as cloud service providers have also raised their prices [1] Group 2: Industry Insights - The recent price adjustments in the AI sector suggest that computational resources are becoming a critical production factor, allowing model providers to convert "computational scarcity" into gross profit and cash flow through tiered pricing and subscription models [1]

新浪科技讯 2月20日上午消息，Kimi Claw Beta近日于Kimi官网上线，宣布可一键云端部署或关联设置 好的 OpenClaw ，支持一键调用 ClawHub 5000+社区插件，包括开发与代码类、浏览器相关、办公工作 流、专家角色等。 新浪科技讯 2月20日上午消息，Kimi Claw Beta近日于Kimi官网上线，宣布可一键云端部署或关联设置 好的 OpenClaw ，支持一键调用 ClawHub 5000+社区插件，包括开发与代码类、浏览器相关、办公工作 流、专家角色等。 OpenClaw是一款可以部署在个人电脑上的AI代理，可调用多种大型语言模型，并作为网关使用户通过 聊天软件与之交互，它结合了Claude的对话能力与执行操作的功能，可在Mac、Windows电脑或树莓派 等本地设备上运行，其可运行于Mac、Windows、Linux本地电脑，并支持接入Anthropic、OpenAI或本 地模型，通过Telegram、iMessage等通讯软件进行操作，用户可通过手机APP（如WhatsApp、 Telegram、iMessage）发送文本指令，远程操控电脑执行安装软件、管理文件、发邮件 ...

Group 1 - Nvidia is nearing the completion of a $30 billion investment in OpenAI, which will replace a previously agreed long-term commitment of $100 billion from last year [1] - This investment is part of a new funding round for the AI startup OpenAI [1]

格隆汇2月20日｜OpenAI表示，在芯片供应方面，公司"对于未来的需求有清晰认知"，同时强调民主国 家有必要为人工智能制定共享的安全标准。OpenAI全球事务总裁克里斯·勒汉表示，公司正与战略合作 伙伴合作，这些合作伙伴将在提供芯片方面"给予支持"。他补充说，OpenAI高管们对供应链问题保持 警惕，确保"睁着一只眼睡觉"，以核实供应情况。勒汉与公司CEO奥尔特曼目前在印度参加AI峰会。勒 汉还强调了在治理方面进行国际合作的重要性，指出美国、英国和日本正在建立人工智能安全机构，并 将其与国际原子能机构相提并论。 ...

机器之心编译 如果把人生看作一个开放式的大型多人在线游戏（MMO），那么游戏服务器在刚刚完成一次重大更新的时刻，规则改变了。 自 2022 年 ChatGPT 惊艳亮相以来，世界已经发生了深刻变化。在短短几年内，人工智能正从模仿语言的统计机器，迈向理解与操纵逻辑的思考系统。如果 说早期的大语言模型更像是在进行高维概率空间中的词汇拼贴，那么新一代推理模型，则开始学会在生成之前停下来想一想，在沉默中评估因果、权衡可 能性。 Eric Jang，前 1X Technologies 机器人公司副总裁、长期活跃在机器人与通用智能交叉领域的研究者（2026 年 1 月官宣离职）在最新文章中指出：真正的变 化不在于模型会说什么，而在于它们开始系统性地思考。在他看来，当推理被自动化、被规模化、被当作一种可调度的算力资源时，人类社会所面临的将 不再只是效率提升，而是一场关于生产力、组织形态乃至权力结构的重构。 原文链接：https://evjang.com/2026/02/04/rocks.html 接下来，我们看全文内容。 机器现在已经相当擅长编程和思考了 最重要的变化在于：机器现在已经相当擅长编程和思考了。 和许多人一样， ...

格隆汇2月20日｜在印度新德里举行的人工智能高峰会，周四上演一幕重头戏，由印度总理莫迪安排与 13位商界和政界领袖大合照，所有人排成一列，彼此牵手高举。不过，这条人链来到OpenAI的阿尔特 曼(Sam Altman)和Anthropic PBC的阿莫迪(Dario Amodei)便断了，两人并肩而立，交叉手臂举起双手， 却拒绝牵手，且避开眼神交流。这张照片随即在全球各大社交平台疯传，并且掀起热议。 这两家公司现时分别是全球市值最高的非上市人工智能企业，OpenAI的估值约为5000亿美元， Anthropic的估值约为3800亿美元。今年，随着Anthropic的一系列进展，两家公司的竞争愈演愈烈，其 中最引人注目的是其Claude Code日益受欢迎，在市场应用方面领先于OpenAI的Codex。 ...