近日，AI大模型领域又迎来重磅合作消息！海致科技集团(02706)与智谱(02513)强强联手，正式订立战 略合作框架协议，双方将在模型训练、应用场景落地等领域开展深度战略合作，依托海致的图模融合技 术(如Atlas图谱)与智谱的大模型能力互补。 从整个行业层面观察，AI大模型正从技术研发加速迈向规模化商业落地的关键阶段，政策与市场双重 利好持续释放。OpenRouter最新周度数据显示，平台前十模型总token量约8.7万亿，中国模型独占5.3万 亿，占比高达61%。国联民生（601456）证券指出，长期来看，随着推理、多模态大模型持续迭代、大 厂生态融合及各行业渗透率不断提升，Token调用量有望保持快速增长，大模型规模化商业应用及产业 落地值得期待。 在这一轮AI资本热潮中，相关概念股表现抢眼。智谱近期凭借其新一代旗舰模型GLM-5的发布，迅速 引爆二级市场，2月12日当日大涨近30%，4天股价飚涨超1倍。而作为"AI除幻第一股"海致科技自2月13 日上市以来便备受追捧，上市首日高开高走，盘中一度涨幅高达268%，最终收盘上涨242%，成为年内 港股表现最好的新股。此后股价持续攀升，截至2月20日收盘， ...

战略先手：卡位不可替代的垂直入口，破解大模型 2B 落地核心鸿沟 近期开源AI 智能体 Open Claw 创始人斯坦伯格的一则论断，在全球 AI 行业引发轩然大波——其公开断 言，未来 80% 的 APP 将会消失，个人 AI 智能体将成为取代这类应用的核心力量。但他同时明确指 出，医疗、金融、法律等专业垂直领域应用，将成为少数不会被通用 AI 完全替代的核心品类。 智通财经APP获悉，2026年开年的港股市场，AI新股始终是资本追逐的核心主线。继壁仞科技、 MiniMax、智谱 AI 接连引爆打新热潮后，被誉为 "图模融合第一股"、"中国版 Palantir" 的海致科技 (02706) ，上市首日即收涨242.2%，次日、第三日续涨29.6%、28.4%，且成交额放量，二级市场承接力 远超市场预期。 市场热议中，散户投资者的追捧多聚焦于其 "AI 除幻" 的稀缺赛道标签，但鲜少被深度拆解的是，为何 智谱、无极资本等产业资本与顶级机构，愿意以基石投资者身份扎堆入局？ 这绝非单纯的 AI 风口跟风，更不是无逻辑的概念吹捧。 海致科技能在通用大模型内卷的行业红海之中，走出独立的资本热度与成长曲线，核心在于其早 ...

Core Viewpoint - The Hong Kong stock market in early 2026 is heavily focused on AI IPOs, with HaiZhi Technology (02706) experiencing a significant surge in its stock price, indicating strong market interest and potential for growth [1] Group 1: Market Dynamics - The AI IPOs have become a central theme for capital chasing, with HaiZhi Technology's first-day increase of 242.2% and subsequent gains of 29.6% and 28.4% on the following days [1] - The market's enthusiasm is driven by retail investors attracted to the "AI de-illusion" niche, while institutional investors recognize the strategic value of investing in HaiZhi Technology [1][4] Group 2: Strategic Positioning - HaiZhi Technology has positioned itself uniquely by identifying the core contradictions in the large model industry's application, focusing on vertical integration rather than following the general model trend [3] - The company’s Atlas AI system is compatible with over 100 large language models, enhancing its adaptability and market reach [3] Group 3: Competitive Advantages - HaiZhi Technology has established a strong customer retention rate of 92% for its government clients, indicating high customer loyalty and significant switching costs for clients [3] - The company has built a robust client base, with over 360 government and enterprise clients, which provides a solid foundation for future growth [11] Group 4: Technological Edge - The company has developed a unique technology stack in knowledge graphs and graph computing, which is difficult for competitors to replicate [5] - HaiZhi Technology's approach aligns closely with global leaders like Palantir, focusing on building enterprise decision-making systems through graph-based methodologies [5][7] Group 5: Financial Performance - HaiZhi Technology's revenue for 2024 is projected to reach 5.03 billion RMB, significantly outperforming competitors like MiniMax and Zhipu AI [11] - The company has achieved a compound annual growth rate of 26.8% from 2022 to 2024, with a remarkable revenue growth of 872.2% for its core Atlas AI product in 2024 [11] Group 6: Market Valuation - Current market valuations suggest that HaiZhi Technology is significantly undervalued compared to its peers, with potential for a market capitalization exceeding 100 billion RMB [12][15] - Analysts predict that the company's market value could approach 120 billion RMB by the end of 2026, driven by its strong positioning in the B2B AI application market [15]

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]

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Company Overview - Haizhi Technology (02706) experienced a significant stock price increase of over 30% on its second day of trading, reaching a high of 123.3 HKD, which is more than 3.5 times its IPO price of 27.06 HKD [1] - As of the latest update, the stock is trading at 121 HKD with a transaction volume of 1.23 million HKD [1] Product and Technology - Haizhi Technology is a leading provider of industrial-grade artificial intelligence solutions in China, focusing on graph-model integration technology [1] - The company has developed two core product matrices: the Atlas Graph Solution and the Atlas Intelligent Agent [1] - The Atlas Graph Solution includes the DMC Data Intelligence Platform, Atlas Knowledge Graph Platform, and AtlasGraph Database, enabling multi-source data integration, knowledge graph construction, and complex relationship analysis [1] - The Atlas Intelligent Agent combines large language model reasoning capabilities with the accuracy of knowledge graphs, empowering enterprises with intelligent automation and scenario-based reasoning [1] Market Growth and Potential - The industrial-grade AI solution market in China is in a rapid expansion phase, with a projected compound annual growth rate (CAGR) of 44.6% from 2025 to 2029, increasing from 65.4 billion CNY to 286.1 billion CNY [2] - The market for integrated knowledge graph industrial-grade AI agents is expected to see a staggering CAGR of 140.0% from 2024 to 2029, growing from 200 million CNY to 13.2 billion CNY [2] - Haizhi Technology is positioned in a high-growth segment with significant barriers to entry in the graph-model integration technology field, indicating strong long-term development support [2]

智通财经APP获悉，海致科技(02706)上市次日大涨超30%，高见123.3港元较招股价27.06港元涨超3.5 倍。截至发稿，涨30.67%，报121港元，成交额1.23亿港元。 公开资料显示，海致科技是中国领先的产业级人工智能解决方案提供商，核心聚焦图模融合技术，打造 了Atlas图谱解决方案与Atlas智能体两大核心产品矩阵。Atlas图谱解决方案包含DMC数据智能平台、 Atlas知识图谱平台及AtlasGraph图数据库，可实现多源数据整合、知识图谱构建与复杂关系分析；Atlas 智能体则融合大语言模型推理能力与知识图谱的准确性，赋能企业智能自动化与场景化推理。随着AI 大模型应用的逐步推广，海致科技近年相关除幻收入，即"Atlas智能体"呈现快速增长状态，其中2024年 相比2023年增幅超近9倍，2025年上半年增幅近5倍。 根据弗若斯特沙利文的资料，中国产业级人工智能解决方案市场正处于高速扩张期，预计2025-2029年 复合年增长率达44.6%，从654亿元增至2861亿元。其中，集成知识图谱的产业级AI智能体作为细分赛 道，因能有效减少大语言模型"幻觉"问题，市场需求尤为旺盛，预计202 ...

公开资料显示，海致科技是中国领先的产业级人工智能解决方案提供商，核心聚焦图模融合技术，打造 了Atlas图谱解决方案与Atlas智能体两大核心产品矩阵。Atlas图谱解决方案包含DMC数据智能平台、 Atlas知识图谱平台及AtlasGraph图数据库，可实现多源数据整合、知识图谱构建与复杂关系分析；Atlas 智能体则融合大语言模型推理能力与知识图谱的准确性，赋能企业智能自动化与场景化推理。随着AI 大模型应用的逐步推广，海致科技近年相关除幻收入，即"Atlas智能体"呈现快速增长状态，其中2024年 相比2023年增幅超近9倍，2025年上半年增幅近5倍。 根据弗若斯特沙利文的资料，中国产业级人工智能解决方案市场正处于高速扩张期，预计2025-2029年 复合年增长率达44.6%，从654亿元增至2861亿元。其中，集成知识图谱的产业级AI智能体作为细分赛 道，因能有效减少大语言模型"幻觉"问题，市场需求尤为旺盛，预计2024-2029年复合年增长率高达 140.0%，规模从2亿元增至132亿元。国投证券国际此前指，海致所处的产业级AI智能体赛道增长潜力 巨大，公司在图模融合技术领域具备显著壁垒与领先市场 ...

Company Overview - Haizhi Technology (02706) experienced a significant stock price increase of over 30% on its second day of trading, reaching a high of 123.3 HKD, which is more than 3.5 times its IPO price of 27.06 HKD [1] - As of the latest report, the stock is up 30.67%, trading at 121 HKD with a transaction volume of 1.23 million HKD [1] Product and Technology - Haizhi Technology is a leading provider of industrial-grade artificial intelligence solutions in China, focusing on graph-model integration technology [1] - The company has developed two core product matrices: the Atlas Graph Solution and the Atlas Intelligent Agent [1] - The Atlas Graph Solution includes the DMC Data Intelligence Platform, Atlas Knowledge Graph Platform, and AtlasGraph Database, enabling multi-source data integration, knowledge graph construction, and complex relationship analysis [1] - The Atlas Intelligent Agent combines large language model reasoning capabilities with the accuracy of knowledge graphs, empowering enterprises with intelligent automation and scenario-based reasoning [1] Market Growth and Potential - The industrial-grade AI solution market in China is in a rapid expansion phase, with a projected compound annual growth rate (CAGR) of 44.6% from 2025 to 2029, increasing from 65.4 billion CNY to 286.1 billion CNY [2] - The segment of integrated knowledge graph industrial-grade AI agents is expected to see even higher demand, with a CAGR of 140.0% from 2024 to 2029, growing from 200 million CNY to 13.2 billion CNY [2] - Haizhi Technology is positioned in a high-growth segment with significant barriers to entry in the graph-model integration technology field, indicating strong long-term development support [2]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their market positions in the AI and technology sectors. Group 1: Aixin Yuan Zhi - Aixin Yuan Zhi Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange on February 10, 2026, under the stock code "0600," becoming the first Chinese edge AI chip company to go public [2] - Since its establishment in 2019, Aixin Yuan Zhi has delivered over 165 million SoCs, with significant growth in sales of its edge computing and terminal computing SoCs, which increased by approximately 69% and 400% respectively in 2024 compared to 2023 [3] - By 2024, Aixin Yuan Zhi became the fifth largest supplier of visual edge AI inference chips globally, holding a market share of 24.1% in the mid-to-high-end segment [3][4] - The company's revenue grew from 0.50 billion yuan in 2022 to 4.73 billion yuan in 2024, with a compound annual growth rate of 206.8% [4] Group 2: Haizhi Technology - Haizhi Technology Group Co., Ltd. listed on the Hong Kong Stock Exchange on February 13, 2026, under the stock code "2706," becoming the first company to focus on AI graph computing technology to eliminate large model hallucinations [6] - The company has developed the Atlas graph solution and industry-level intelligent agents, achieving a market share of approximately 50% among AI intelligent agent providers in China [7] - Revenue from Haizhi Technology increased from 3.13 billion yuan in 2022 to 5.03 billion yuan in 2024, with a significant growth of 872.2% in revenue from the Atlas intelligent agent in 2024 [8] Group 3: Qunkong Technology - Qunkong Technology received a listing application notice from the China Securities Regulatory Commission on February 14, 2026, aiming to become the first "Hangzhou Six Little Dragons" company to complete an IPO [10] - The company focuses on spatial intelligence solutions and has developed the SpatialVerse platform, which integrates core capabilities in spatial reconstruction and generation [10][11] - Qunkong Technology's revenue reached 400 million yuan in the first half of 2025, with a gross margin of 82.1%, marking a significant improvement from 72.7% in 2022 [12] Group 4: Hairou Innovation - Hairou Innovation submitted its prospectus to the Hong Kong Stock Exchange on February 13, 2026, aiming for a main board listing [13] - The company has developed the HaiPick system, which revolutionizes warehouse automation, achieving a global market share increase from 24.2% in 2023 to 31.4% in 2024 [15] - By the end of September 2025, Hairou Innovation had signed contracts with over 800 clients, including more than 70 companies listed in the Fortune Global 500 [16] Group 5: Magnesium Health - Magnesium Health updated its prospectus for a main board listing on the Hong Kong Stock Exchange, reporting a revenue increase of 33.85% to 1.873 billion yuan in the first ten months of 2025 [18] - The company aims to transform China's medical payment system by linking patients, insurers, and pharmaceutical companies, with a focus on innovative drug and insurance solutions [20] - By October 31, 2025, Magnesium Health had served approximately 2 million patients and partnered with all top 20 insurance companies in China by premium income [22]