2026年1月8日，上城资本集团产业基金战略投资的北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合交易所挂牌上市， 首日开盘价120港元/股，市值528.28亿港元。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花落中国。 这一聚焦世界目光的资本事件，不仅让中国AI领军企业领跑在国际前列，也将千里之外的杭州上城推向了产业观察的前台——除了上城资本直投智谱之 外，智谱浙江总部浙江智谱新篇科技有限公司也早已落户上城，成为区域人工智能生态的关键拼图。 这不是跟风，而是一次基于深度研判的精准"下注"。上城看中的，是智谱作为国内领先、国际前沿通用大模型开发商的硬核实力，更是其作为产业链主所 能激发的集群效应。 回溯合作历程，令人不禁思考：在风起云涌的AI赛道，上城为何又一次提前"押题"，精准"命中"明日之星？ 上城的投资并非追逐短期热点。早在2025年初，大模型产业尚处于规模化落地前期时，上城已悄然落子——联合杭州城投产业基金，与智谱签署投资落地 协议，将其浙江总部浙江智谱落户钱江新城二期。 更具重要意义的是，政务数字化改革走在前列的上城，为智谱的"AI+政务" ...

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"）正式在香港联合 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 司花落中国。恰逢全球资本重新审视AI底层价值的关键节点，其 上市 意义更在于标志着一套 区别于传统企业的大模型定价新体系就此正式确立。 智谱首日开盘报 120港元/股，截至上午收盘，股价上涨约12%至130港元，市值超570亿。 在智谱本次IPO发行中，香港公开发售获1159.46倍认购，国际发售获15.28倍认购 ，显示出 市场的认可。 以每股 116.20港元的发行价计算，智谱本次IPO募资总额超43亿港元（"绿 鞋"前）。 作为被誉为 "中国版 OpenAI"的通用人工智能企业，智谱因"全球大模型第一股"的稀缺标的 属性，获得了资本市场的超高热情关注。 机构亦看好智谱作为 "全球大模型第一股"前景，中 信证券发布研报称，未来 6年国内大语言模型市场规模或将实现 20 倍增长，企业级需求将主 导千亿机会，智谱依托模型能力持续打开企业端市场，中信证券预计智谱 2025/2026/2027 年营业收入为 7.38/16.04/26. ...

中国版OpenAI、北京智谱华章科技股份有限公司（简称"智谱"，股票代码："02513"）今日在港交所上市，成全球大模型第一股。 智谱此次发行3741.95万股，发行价为116.2港元，募资总额为43亿港元；扣除上市应付费用1.75亿港元，募资净额为41.73亿港元。 智谱此次上市，吸引国际长线基金、知名产业资本及投资机构作为基石投资者，包括北京金融控股集团有限公司旗下JSC International Investment Fund SPC，JinYi Capital Multi-Strategy Fund SPC、PerseverancAsset Management、上海高毅、WT Asset Management、泰康人寿、广发基金、3W Fund Management等11家投资机构为基石投资者，共拟认购29.8亿港元，基石占比近7成。智谱已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。 | | | | | 假設超額配股權未獲行使 | | 假設超額配股權獲悉數行使 | | | --- | --- | --- | --- | --- | -- ...

今天，智谱AI终于要上市了。 | | | 真的蛮感慨的。 第一次去智谱参观，跟他们见面，还是2023年的4月。 公司技术根基来自清华大学计算机系知识工程实验室，也就是KEG Lab。 时间真的眨眼而过。 好梦幻的三年。 作为中国大模型第一股，作为曾经AI六小龙里，最闪耀的新星，我想，对智谱AI你也有一定有很多好奇。 在今天这个时刻，我想，也用这一篇文章，6个信息。 帮你了解关于智谱AI的一切。 话不多说，我们，开始。 一. 智谱AI是谁？ 智谱 AI，全称"北京智谱华章科技股份有限公司"。 2019年6月11日成立，出身非常标准的清华系。 这个实验室十几年一直在做知识图谱、NLP、多模态等底层研究，最早做出来的东西之一是学术搜索平台AMiner。 CEO张鹏算是学术出身+创业型的典型，原来就在KEG做AMiner，2019年出来把团队改造升级成智谱，把很多的科研成果，往商业公司方向重构。 而智谱的灵魂人物，首席科学家唐杰老师，之前就是实验室的领头人。 实验室里除了智谱的人之外，还有一个AI圈的非常有名的创业大佬，跟KEG有千丝万缕的关系，名字我就不提了，但是你们肯定都知道。 所以，说KEG Lab是中国AI的 ...

Core Viewpoint - The company Zhiyu Huazhang Technology Co., Ltd. is set to become the first publicly listed company focused on large AI models globally, with its IPO expected to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1][2]. Group 1: IPO Details - Zhiyu plans to issue 37.42 million H-shares, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international offering, priced at HKD 116.20 per share [1]. - The company has raised over 8 rounds of financing, accumulating more than RMB 8.3 billion prior to the IPO [1]. Group 2: Market Position and Investor Interest - According to Frost & Sullivan, Zhiyu ranks first among independent general-purpose large model developers in China and second globally based on projected revenue for 2024 [2]. - The IPO has attracted significant interest from international long-term funds and notable industry capital, with cornerstone investors committing approximately HKD 2.98 billion, representing nearly 70% of the total offering [3]. Group 3: Use of Proceeds - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to research and development of general AI models, while about 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform [3]. Group 4: Revenue Growth and Business Model - Zhiyu's revenue primarily comes from its MaaS (Model as a Service) model, which has shown exponential growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 130% [4]. - The company has empowered over 12,000 enterprise clients and more than 45 million developers, making it the largest independent general-purpose large model provider in China [4]. Group 5: R&D Investment and Market Outlook - The company faces cost pressures related to its foundational models, with R&D investments of RMB 844 million, RMB 5.289 billion, and RMB 21.954 billion for 2022, 2023, and 2024 respectively, totaling approximately RMB 4.4 billion [5]. - The global AI market is projected to exceed USD 500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [5].

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！ 新京报贝壳财经记者 罗亦丹 编辑 杨娟娟 校对 陈荻雁 记者获悉，"全球大模型第一股"即将登陆港股。北京智谱华章科技股份有限公司（下称"智谱"）今起招 股，预计2026年1月5日结束，并计划于2026年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。 全球公开发售文件显示，智谱计划在本次IPO中发行3741.95万股H股。其中，香港公开发售187.1万股H 股，国际发售3554.85万股H股。以每股116.20港元发行价计算，智谱本次IPO募资总额预计将达43亿港 元，IPO市值预计超511亿港元。 新京报此前报道： 冲刺"全球大模型第一股"，智谱靠什么？ 新京报贝壳财经记者 张晓慧 罗亦丹 编辑 白昊天 校对 付春愔 在以"全球大模型第一股"为终点线的赛跑中，来自北京的智谱率先迈出了一步。 12月19日，港交所官网公布北京智谱华章科技股份有限公司（下称"智谱"）聆讯后资料集，智谱IPO的 进度条再次刷新。 智谱招股书披露，根据弗若斯特沙利文的资料，2024年，智谱的收入在中国独立通用大模型开发商中排 名第一，在所有通用大模型 ...

编者按：AI产业的竞争不是比谁跑得更快，而是比谁跑得更稳、更远。2025年，人工智能正以势如破 竹之势重塑未来。从DeepSeek开源大模型的火热"出圈"，到多场人形机器人赛事"极限破圈"，再到"千 问速度"引爆科技圈，AI正以前所未有的速度穿透虚拟与现实、串联技术与产业。站在AI技术革命的拐 点，我们正目睹一场从技术奇迹到实用价值的深刻范式转移，资本市场对人工智能的追逐已从概念炒作 转向价值重估。站在2025年末，新华财经从上游芯片和算力、中游大模型研发、下游端侧应用等角度纵 观这一年的非凡答卷，也以理性视角审视这场浪潮中的真实与泡影，探寻中国人工智能产业升级的关键 路径。 新华财经北京12月29日电（可达） 2025年无论是在资本市场上还是生活中的方方面面，人工智能都占 据着最重要的"风口"。其中，热度最高的无疑就是"大模型"，从"深度求索（DeepSeek）"当选年度国内 词，到"大模型"入选年度十大科普热词，都无一例外地证明了这一点。 这一年，作为大模型发展的关键之年，其发展已然超脱出技术上的范畴，开始成为人们身边的智能助 理，办公室、生产线上的"生产力"工具。智能变革的大幕正徐徐拉开。 而在岁末更替 ...

在以"全球大模型第一股"为终点线的赛跑中，来自北京的智谱率先迈出了一步。 12月19日，港交所官网公布北京智谱华章科技股份有限公司（下称"智谱"）聆讯后资料集，智谱IPO的进度条再次刷新。 智谱招股书披露，根据弗若斯特沙利文的资料，2024年，智谱的收入在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中位列第二，市场 份额占到6.6%；截至2025年6月30日，智谱累计为超过8000家机构客户提供大模型服务。 不过，该招股书也显示，自2019年成立以来，智谱"烧钱"状况也愈演愈烈，收入连年稳步增长的同时，亏损也逐年扩大。尤其是智谱在2023年亏损7.88亿元 后，2024年亏损直接"增长了一个数量级"至29.58亿元。 智 谱主要财务数据对比 新京报贝壳财经记者张晓慧根据招股书制作 从营收方式来看，智谱通过其一体化MaaS（模型即服务）平台提供大模型服务获取收入，根据客户需求提供本地化部署和云端部署两种部署方式。 招股书显示，智谱本地化部署与云端部署所带来的收入比重经历过较大变动。2024年以前，本地化部署一直是智谱收入的绝对主力，2022年，本地化部署收 入占其当年收入的95.5%；2023年为 ...

Core Insights - The article highlights the significant investment activity in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the region's cultural industry as a new investment frontier [2][8][41] - The event serves as a platform for capital and projects to connect, showcasing a collective movement of investors towards the Bay Area [3][9][12] Investment Landscape - Over 1,000 attendees, including 350 cultural enterprise leaders and 200+ investors, participated in the event, with 17 major institutions managing over 20 billion yuan [2][12] - The event is characterized by a dual focus on finding projects for funding and vice versa, creating a dynamic environment for investment [3][5] Policy and Government Support - The Guangdong government has introduced 87 cultural industry policies covering various sectors, aiming to enhance innovation and support for the cultural economy [14][20] - The region's strategic positioning and government backing are seen as critical factors driving investment confidence [11][41] Cultural Industry Growth - The cultural industry in Guangdong is projected to generate over 3 trillion yuan in revenue by 2024, maintaining its status as the largest in the country [20] - The Bay Area's cultural manufacturing sector is expected to reach 12.639 billion yuan in revenue by 2024, accounting for 25.5% of the national total [21] Emerging Trends and Opportunities - The report indicates a shift in investment focus towards "cultural + technology" integration, with a growing emphasis on long-term value and cultural premium [28][30] - The event showcased successful case studies, such as the use of AI in cultural projects, highlighting the innovative potential within the industry [26][28] International Expansion - The Bay Area is positioned as a key hub for cultural exports, accounting for 40% of the national total, with a focus on IP-driven global outreach [34][38] - The article notes a transition from simple product exports to a more integrated approach involving IP and ecosystem development [39][42] Future Outlook - The article concludes that the ongoing investment momentum and policy support will continue to drive the cultural industry's growth, positioning the Bay Area as a leading player in the global cultural landscape [41][51]

Core Insights - The World Internet Conference Leading Technology Award aims to promote technological innovation and collaboration in the internet sector, with 17 award-winning projects announced this year from 424 submissions across 34 countries and regions [1][2] Group 1: Award Categories - The award is divided into three main categories: basic research, key technologies, and engineering research and development [1] - Basic research is highlighted as the foundation of technological innovation, exemplified by the "Enlightenment: Fully Automated Design of Processor Chips" project, which integrates AI to automate chip design [1][2] Group 2: Key Technologies - The first fully automated CPU chip design, "Enlightenment 1," can complete the front-end design of a 32-bit RISC-V CPU in 5 hours, achieving performance comparable to Intel 486 [2] - Baidu's project on "Script-Driven Multi-Modal Collaborative High-Fidelity Digital Human Technology" continues to win awards, showcasing the integration of large language models and multi-modal technologies [2] - The "Synthetic Data and Real Data Driven VLA Embodied Intelligent Model" project addresses core challenges in embodied intelligence, introducing a new paradigm of virtual-real fusion [2][3] Group 3: Engineering Research and Development - The engineering research category includes five projects recognized for their high technological maturity and effective application, contributing significantly to technological innovation and industrial upgrades [3] - Alibaba's "Tongyi Qianwen: Open Source Foundation Large Model" project has won for the ninth time, demonstrating versatility across various applications including code development and drug research [4][5] Group 4: Industry Impact - The "Beidou-3 Satellite Navigation Signal Key Technology and Application" project has been successfully applied to all 35 Beidou-3 satellites, serving billions globally and driving China's satellite navigation industry to exceed 500 billion [3] - RAER Therapeutics focuses on innovative treatments for rare diseases, addressing the challenge that less than 5% of rare diseases have effective therapies [5]