在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文 |小戎 哈喽，大家好，小戎这篇解读，主要来分析智谱AI与MiniMax竞速港股IPO抢"全球大模型第一股"，折 射港股科技股复苏，同时聊聊背后的机遇与挑战。 家人们谁懂啊！现在AI圈的内卷已经卷到港交所门口了，俩中国AI大佬正上演"百米冲刺"，就为抢 个"全球大模型第一股"的名头，胜负可能就差几天，比电视剧还刺激！ 全球大模型第一股要出中国？ 先冲线的种子选手是智谱AI，清华系出身，妥妥的"学霸班底"。12月30号已经敲锣启动发售，116.2港 元一股，计划募资5.6亿美元，目标1月8号正式挂牌。 美团、阿里这些巨头都给它投过钱，估值早早就破了200亿人民币，简直是"AI界的火箭生"。 说真的，谁能拿下"第一股"名头，不光是俩公司的面子问题，象征意义拉满——毕竟OpenAI那些美国 巨头还没上市，中国公司先冲去资本市场，相当于在AI商业化赛道上先抢了个"发球权"。 但这第一的位置还没坐热，上海的MiniMax就追上来了，堪称"竞速黑马"，人家走的是另一条路，不跟 智谱抢企业客户，专做面向消费者的AI聊天应用， ...

Core Viewpoint - The article highlights the strategic investment in Zhipu AI, marking a significant move in the generative AI sector in Hangzhou, with over 1 billion yuan raised from local investment funds, indicating a strong governmental push towards AI development [1]. Group 1: Zhipu AI's Strategic Positioning - Zhipu AI's open-source model is reshaping the global AI innovation landscape, showcasing two main paths for domestic AI breakthroughs: algorithm innovation reducing computational power dependency and building an open-source ecosystem that attracts global developers [2]. - The DeepSeek-R1 model demonstrates a cost-effective approach, achieving performance comparable to billion-dollar models at a cost of $5.6 million, challenging the traditional paradigm of "computational power equals competitiveness" [2]. - Zhipu AI's ChatGLM series has gained significant traction, with over 50,000 stars on GitHub and 30 million downloads, reflecting the value of open-source models as a technological foundation [3]. Group 2: Technological Advancements and Market Trends - The shift towards multi-modal interaction and physical world manipulation is evident, with Zhipu's GLM series models capable of understanding various inputs and executing complex tasks, enhancing efficiency in sectors like finance and education [6]. - The anticipated "open-source week" by DeepSeek and Zhipu's upcoming AutoGLM framework signify a transition from single-model to toolchain open-sourcing, potentially transforming development paradigms and innovation focus [3]. - The AI Agent technology is expected to see significant advancements by 2025, with applications in both enterprise efficiency and personalized consumer services, indicating a structural shift in organizational roles and decision-making processes [5]. Group 3: Regional Economic Impact - Hangzhou's digital economy now accounts for over 28.8% of its GDP, transitioning from e-commerce to hard technology, with strategic goals to become a hub for computational power and AI industry development [7]. - The collaboration between Zhipu AI and local industries is set to enhance the integration of large model technology into various sectors, driving intelligent upgrades across manufacturing, healthcare, finance, and government [8].