" 2025，云计算爬出「失速」隧道；2026，AI云大战一触即发。 " 作者丨 胡敏 编辑丨 包永刚 "云计算行业，过去这一年，真的不一样了。"云销售刘琦说。 前几年，他和同行聚会时，话题总绕不开一个沉重的疑问："是不是该离开了？" 看不到头的下行期，把所有人都卷进了一场无休止的内耗：熬夜改方案的产研、疲于应酬的销售、夹缝求 生的合作伙伴，以及背负增长压力的高管，都被同一种焦虑和疲惫笼罩。 更糟的是，大规模的集成项目和无底线的价格战，让云厂商集体陷入"利润黑洞"。当投资者看清这种牺牲 利润换规模的模式无法持续，便用脚投票，导致云计算板块估值跌入谷底。这个曾代表未来的黄金赛道， 一度被资本市场抛弃，光环也日渐暗淡。 "这行，可能真到头了。"刘琦和朋友们常把这句话挂在嘴边。 一边是逐渐触及天花板的现实市场，一边是居高不下的增长军令状。 当增量无法从外部获取，压力便全部 转向内部，演变成一场残酷的"存量绞杀"，订单开始不断在不同厂商之间、不同团队之间"搬来搬去"。 今天你从对手那里抢来一个客户，明天你的后院可能就被另一家突袭。 但云计算的故事，真的就此结束了吗？ 如果到了 2025 年，投资者仍用过去的眼光看待这 ...

Core Viewpoint - The listing of Zhihua Technology on the Hong Kong Stock Exchange marks the first public company focused on General Artificial Intelligence (AGI) in China, highlighting the growing significance of AGI in the global market [1][3]. Company Overview - Zhihua Technology officially listed on January 8, 2026, with an opening price of HKD 120 per share, reaching a peak of HKD 135, resulting in a market capitalization of nearly HKD 60 billion [1][3]. - The company has experienced significant revenue growth, with projected revenues of CNY 0.6 billion, CNY 1.2 billion, and CNY 3.1 billion from 2022 to 2024, reflecting a CAGR of 130% [4]. Business Strategy - CEO Zhang Peng emphasizes the commitment to AGI, stating that abandoning the foundational model for immediate commercialization would undermine the company's purpose [3][5]. - The company has adopted a Model as a Service (MaaS) framework, which has seen explosive growth, with annual recurring revenue (ARR) increasing from CNY 20 million to over CNY 500 million, marking a 25-fold increase [9]. Market Position - The competitive landscape is characterized by a survival of the fittest scenario, with startups either rushing to go public or focusing on niche markets, while larger companies leverage their resources to dominate the market [4][10]. - Zhihua Technology has established a significant presence in the domestic market, serving over 8,000 institutional clients across various sectors, with internet companies contributing over 50% of revenue in 2024 [14]. Industry Trends - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase over ten years, supported by mature domestic policies [12]. - The industry is witnessing a shift towards application deployment and direct model invocation, with major players adjusting their strategies accordingly [6][10]. Technological Development - The company has undergone significant technological adjustments, including a shift from dense models to a Mixture of Experts (MoE) architecture, culminating in the release of the GLM-4.5 model [8]. - The focus on AGI involves integrating various capabilities such as multi-modal processing, coding, and reasoning, which are essential for achieving comprehensive intelligence [7]. Future Outlook - The industry anticipates the emergence of new paradigms in 2026, driven by ongoing discussions about foundational innovations and breakthroughs in AI technology [11]. - As the market matures, there is potential for new business models and valuation systems to emerge, reflecting the evolving landscape of the AI sector [14].

Core Viewpoint - The article highlights the significance of Zhihua Huazhang Technology Co., Ltd. as the first publicly listed company focused on General Artificial Intelligence (AGI) in Hong Kong, emphasizing its commitment to foundational model technology despite market challenges and competition from larger firms [1][3][4]. Company Overview - Zhihua's stock debuted at 120 HKD per share, rising 16.18% to 135 HKD, with a market capitalization nearing 60 billion HKD on its first day [3]. - The company has experienced rapid revenue growth, with projections showing revenues of 0.6 million, 1.2 million, and 3.1 million from 2022 to 2024, achieving a CAGR of 130% [7]. - R&D expenses have significantly increased, with figures of 0.8 billion, 5.3 billion, and 22.0 billion for the same period, indicating a strong commitment to innovation [7]. Industry Context - The large model sector has entered a survival phase since the rise of ChatGPT, with companies either striving for market entry, focusing on niche applications, or exiting the competition [5][6]. - The competitive landscape is characterized by larger firms leveraging their resources to dominate the market, while smaller players like Zhihua aim to innovate and explore AGI [10][15]. Strategic Direction - The CEO emphasizes the importance of pursuing AGI as a long-term goal, rejecting the notion of abandoning foundational model exploration for immediate commercial gains [8][9]. - Despite the pressures from larger competitors, Zhihua maintains its focus on developing a comprehensive model that integrates various capabilities essential for achieving AGI [10][12]. Technological Evolution - The company has adapted its technology strategy in response to industry shifts, transitioning from dense models to a Mixture of Experts (MoE) architecture, culminating in the release of the GLM-4.5 model [11][12]. - The introduction of a Model as a Service (MaaS) framework has led to significant revenue growth, with annual recurring revenue increasing from 20 million to over 500 million within ten months [12][13]. Market Dynamics - The global AI market is projected to grow from 189 billion USD in 2023 to 4.8 trillion USD by 2033, indicating a substantial opportunity for companies like Zhihua [17]. - The domestic market is complex, with a mix of established players and emerging startups, leading to varied competitive dynamics [15][20]. Customer Base - Zhihua serves over 8,000 institutional clients across various sectors, with internet companies contributing over 50% of its revenue in 2024 [20]. - Concerns about customer concentration are addressed, with the CEO asserting that the industry has not yet reached a stage where such concentration poses a significant risk [20].

智谱(2513.HK)上市首日股价开盘报120港元/股，市值突破528亿港元。此次智谱IPO发行中，市场认购 踊跃，获得约1160倍超额认购。凭借"全球大模型第一股"标的的独特稀缺性，智谱此次IPO吸引了一支 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，JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、Perseverance Asset Management 等11家基石投资者合计认购29.8亿港元。在商业模式上，智谱并未走重交付、强定制的传 统企业AI路线，而是形成了以MaaS为核心的标准化产品体系，通过API调用、模型订阅及本地化部署等 方式，向企业及开发者交付"通用智能能力"，而非单一场景应用。这一模式在香港及国际资本市场中更 容易被理解与对标，也被认为具备与OpenAI、Anthropic等海外龙头相近的可扩展（scaling）属性。弗 若斯特沙利文报告显示，按2024年收入计算，智谱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 ...

Core Viewpoint - The company Zhiyu Huazhang Technology Co., Ltd. (智谱) has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion upon listing [2][3]. Group 1: IPO Details - Zhiyu plans to issue a total of 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 [3]. - The IPO price is set at HKD 116.20 per share, leading to an estimated fundraising scale of around HKD 4.3 billion after deducting related issuance costs [3]. - The company has raised a cumulative financing amount of approximately CNY 8.34 billion in the private market, with a latest valuation of CNY 24.38 billion, indicating a near doubling of its market value as it approaches listing [3]. Group 2: Investor Participation - The cornerstone investor lineup is notable, with total subscriptions amounting to HKD 2.98 billion, accounting for nearly 70% of the total issuance scale [4]. - Participating cornerstone investors include 11 institutions such as JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC, and others [4]. Group 3: Market Context and Challenges - The high proportion of cornerstone subscriptions comes amid a challenging environment for tech assets in the Hong Kong stock market, highlighting the significance of this IPO in the context of the "global large model first stock" race [5]. - The company faces ongoing challenges in the AI large model sector, with some competitors opting to exit the foundational model competition and focus on vertical applications [7]. - Zhiyu primarily targets enterprise-level solutions (to B), having already implemented services in various industries including finance, internet, smart devices, and healthcare [7]. Group 4: Financial Performance - In the first half of the year, Zhiyu reported revenues of CNY 191 million but incurred a significant loss of CNY 2.36 billion, with R&D costs reaching CNY 1.6 billion [7]. - The market is shifting towards a clearer focus on model capabilities and commercialization pathways, which poses challenges even for leading companies in the sector [7]. Group 5: Technological Advancements - Zhiyu's technology framework is centered around the GLM model, which integrates autoregressive generation and masked prediction for unified modeling of understanding and generation tasks [11]. - The company has released several iterations of its GLM series, with the latest GLM-4.7 model showing significant improvements in various benchmarks compared to its predecessors [12][16]. - The company has also developed multimodal models and an AI agent model named AutoGLM, which supports over 8,000 institutional clients and approximately 80 million devices [17]. Group 6: Future Outlook - The transition to the public market is seen as a critical test for the company, as it will face scrutiny regarding its high R&D investments, rising computing costs, and the still-evolving commercialization path for general large models [17].

机器之心编辑部 AI 大新闻，一桩接一桩。 早上刚传来 Manus 被 Meta 收购的消息，很快，围绕「全球大模型第一股」的竞速，也传来靴子落地的声响。 12 月 30 日，北京智谱华章科技股份有限公司（以下简称「智谱」）正式启动港股招股。招股期将持续至 2026 年 1 月 5 日，并计划于 2026 年 1 月 8 日以股票代码 "2513" 在香港联交所主板挂牌上市。 根据招股安排，智谱拟进行全球发售 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。 IPO 的定价与募资规模也随之揭晓 —— 每股发行价定为 116.20 港元。在扣除相关发行费用后，预计本次募资规模约 43 亿港元，对应的 IPO 市值预计将超过 511 亿港元。 公开信息显示，智谱在私募市场的累计融资额已达 83.44 亿元，最新估值攀升至 243.77 亿元。这意味着，在迈向上市的关键一跃中，智谱的市值几乎实现翻倍， 如此幅度的「溢价上市」，也是一次难度不低的市场挑战。 基石投资者阵容同样颇为亮眼。公告显示，基石投资者合计拟认购 29.8 亿港元，占本次发行规模近七 ...

Core Viewpoint - The rapid development of artificial intelligence large models is highlighted, with a focus on the importance of Token generated by computing power rather than direct computing operations [1] Company Strategy - The establishment of a new entity in Wuhan by Parallel Technology, focusing on MaaS (Model as a Service) and computing power operations, signifies a strategic shift from basic computing supply to application service layers [1] - The new company will primarily offer Token output and computing power operations, aiming to assist users in efficiently and cost-effectively accessing large model capabilities [1]

Group 1: Gold and Liquor Market Trends - Domestic gold jewelry prices have dropped significantly, with Chow Tai Fook's price adjusted to 1198 RMB per gram, down 25 RMB from the previous day, and Luk Fook's price falling to 1189 RMB per gram, down 34 RMB [1] - The wholesale price of Moutai has fallen below 1700 RMB per bottle for the first time, with a reference price of 1690 RMB, marking a cumulative decline of over 31% from its initial price [1] Group 2: Market Growth and Technology Developments - The Chinese MaaS market experienced explosive growth in the first half of 2025, reaching 1.29 billion RMB, a year-on-year increase of 421.2% [2] - The AI large model solution market also saw significant growth, with a market size of 3.07 billion RMB, up 122.1% year-on-year [2] - Samsung has cut the price of its HBM3E chips by 30% to regain market share amid rising demand for AI technologies [2] Group 3: Corporate Developments and Legal Matters - Hesai Technology has filed a lawsuit against Tudatong for patent infringement related to its products showcased at CES 2025 [3] - Zhongtong Express has committed to comprehensive inspections and rectifications following a regulatory interview regarding its operational practices [4] Group 4: Financial Performance Reports - China Satellite reported a net profit of 14.81 million RMB for the first three quarters of 2025, marking a turnaround from losses [6] - Kang En Bei's net profit increased by 12.65% year-on-year to 584 million RMB in the first three quarters [7] - Zhongwei Semiconductor's net profit grew by 36.78% year-on-year to 152 million RMB in the first three quarters [8] - Jiao Cheng Ultrasonic reported a remarkable net profit increase of 359.81% year-on-year, reaching 94.03 million RMB [10] - Keda Li's net profit rose by 16.55% year-on-year to 1.185 billion RMB in the first three quarters [11] - Xian Da's net profit surged by 3064.56% year-on-year to 196 million RMB [12] - Longxin General's net profit increased by 75.45% year-on-year to 1.577 billion RMB [13] - China Ceramics Electronics reported a net profit growth of 20.07% year-on-year to 443 million RMB [14] - Haixing's net profit rose by 41.41% year-on-year to 147 million RMB [15] - Tiancheng Control's net profit increased by 91.73% year-on-year to 50.33 million RMB [16] - Suli's net profit skyrocketed by 1522.38% year-on-year to 139 million RMB [17] Group 5: Market Performance Overview - The market experienced a pullback with all major indices turning negative, while the Shanghai Composite Index briefly surpassed 4000 points [18] - The market saw rapid rotation of hotspots, with significant gains in the Fujian sector and active performance in the nuclear power and robotics sectors [19]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The rapid development of large model technology is fundamentally transforming the global computing paradigm, with a shift from traditional CPU cloud computing to GPU-centric intelligent computing [3] - The cloud service industry's value chain is being reshaped, with profound changes in the business logic, commercial models, and competitive factors across IaaS, PaaS, and SaaS layers [3] - The industry is transitioning from a "compute-first" approach to building model ecosystems and commercializing applications, with a significant application explosion expected around 2025 [16][19] Summary by Sections Industry Overview - The intelligent computing industry has formed a four-layer structure: hardware, cloud, model, and application, currently transitioning from "compute-first" to "model ecosystem building" and "application commercialization" [10][16] - The industry value transfer trend indicates a shift from heavy investment in infrastructure to a focus on model ecosystem construction and the commercialization of industry-specific agents [19] IaaS Layer Opportunities - The core value of the IaaS layer lies in selling GPU computing power, with high-end card retention and vertical industry capability construction being key to capturing high-value clients [30][33] - Major clients include internet giants, government enterprises, and AI-driven emerging industries, all of which have significant demand for GPU computing power [31] - The growth path for IaaS involves selling bundled solutions of IaaS, PaaS, and MaaS to industry clients, enhancing customer stickiness and increasing average transaction value [36] PaaS Layer Opportunities - MaaS is becoming the core revenue entry point for cloud vendors, with those possessing self-research capabilities needing to adopt a dual strategy of open and closed source to lock in customers [41][42] - The success of MaaS hinges on the ability to provide a rich model marketplace and a comprehensive toolchain for clients, driving resource consumption in IaaS and PaaS layers [42][44] SaaS Layer Opportunities - The SaaS market is shifting towards deep vertical integration, where the ability to build industry-specific products is crucial for customer retention [52][55] - Large cloud vendors face challenges from smaller firms that leverage low prices and localized services to capture market segments that larger companies cannot reach [55] - Effective strategies for entering the SaaS market include "soft-hard integration" and building Agent platforms to transform from direct competitors to value integrators and ecosystem enablers [57][59]

Investment Rating - The report does not explicitly provide an investment rating for the cloud computing industry Core Insights - Cloud computing is a critical infrastructure in the AI era, facilitating the deep integration of AI into various industries and driving the digital economy forward [7][8] - The global cloud computing market is projected to reach nearly $2 trillion by 2030, with a significant contribution from AI applications [8][20] - China's cloud computing market is expected to exceed 3 trillion yuan by 2030, driven by the integration of quantum computing, blockchain, and AI [9][45] Summary by Sections Global Cloud Computing Development Overview - Countries are accelerating cloud computing strategies to enhance competitiveness in the AI era, with the US investing over $100 billion in cloud infrastructure since 2018 [14][15] - The global cloud computing market is experiencing stable growth, with a market size of $692.9 billion in 2024, reflecting a year-on-year growth of 20.3% [19][20] - Cloud computing technologies are continuously integrating, becoming the engine for innovative development across various sectors [27] China's Cloud Computing Development Overview - China's cloud computing market reached 828.8 billion yuan in 2024, growing by 34.4% year-on-year, with public cloud services accounting for 621.6 billion yuan [45][46] - The integration of AI with cloud computing is becoming a key driver for market growth, with significant advancements in IaaS and SaaS sectors [48][51] - The dual drive of "cloud + AI" is accelerating the adoption of intelligent applications across industries, with a focus on government and transportation sectors [52][56] Cloud Computing Driving Service Paradigm Innovation - New service models such as AIIaaS, AIPaaS, and AIMSP are emerging, reflecting the evolution of cloud services towards AI integration [9][24] - The concept of "one cloud, multiple calculations" is gaining traction, allowing for efficient resource management and data integration across various computing needs [29][30] - The cloud excellence architecture is helping enterprises optimize their cloud usage, focusing on security, stability, and operational efficiency [34][35] Development Outlook - The report emphasizes the importance of cloud computing in supporting the digital transformation of traditional industries, with a focus on enhancing operational efficiency and service quality [57][58] - The integration of cloud computing with AI technologies is expected to create new business models and enhance the overall productivity of various sectors [36][38]