行 行业周报 业 大模型融资持续火热，AI 应用生态加速落地 | 研 | | | | ——计算机行业周报 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 究 | 分析师： | 连天龙 | SAC S1150525070002 | 年 | 2026 | 02 | | NO： | 日 | | | 26 | 月 | | | | 计算机 | | 投资要点： | | | | | | | | | | | | | | 证券分析师 | |  行业要闻 | | | | | | | | | | | | | | 连天龙 | | | | | | | | | | | | | | | | liantl@bhzq.com | | 周度 调用量排行榜； （1）国产模型领跑 OpenRouter token | | | | | | | | | | | | | | 022-23861563 | | （2）Kimi 连续融资超 12 亿美元，估值翻倍突破 100 ...

Core Insights - The article highlights the significant breakthroughs achieved by the domestic AI model company, Zhipu, in both capital markets and technological innovation as of early 2026. Zhipu's stock price surged over 15%, with a market capitalization exceeding HKD 300 billion, positioning it as a leader in the Hong Kong TMT sector [1][2]. Market Performance - Zhipu's stock reached a market cap of HKD 323.2 billion on February 20, 2026, surpassing traditional internet giants like JD.com and Kuaishou, marking its ascent to the top tier of the Hong Kong TMT sector [1]. - The AI application sector in Hong Kong showed strong performance, with Zhipu's stock leading the gains [1]. Technological Advancements - Zhipu's GLM-5 model has gained global attention for its capabilities in real-world programming tasks, significantly outperforming previous open-source baseline models [1][2]. - The GLM-5 model has been recognized as the top open-source model in multiple benchmark tests, establishing Zhipu as a key player in the global AI landscape [2][8]. Paradigm Shift in AI Programming - The introduction of GLM-5 signifies a shift from "Vibe Coding" to "Agentic Engineering," redefining AI programming by enabling AI to autonomously handle end-to-end software engineering tasks [4][7]. - This new paradigm allows AI to function as a "virtual engineer," capable of executing complex development tasks without human intervention, thus enhancing productivity in software development [7][8]. Competitive Landscape - The global landscape for Agentic Engineering is evolving, with Zhipu and other domestic startups making significant strides in core technologies and open-source ecosystems [5]. - Major players like Microsoft, OpenAI, and Google DeepMind are currently leading the field, but Zhipu's advancements position it as a formidable competitor [4][5]. Technical Breakthroughs of GLM-5 - Zhipu's GLM-5 has achieved four major breakthroughs: 1. Slime asynchronous reinforcement learning infrastructure, enhancing GPU utilization and training efficiency [23]. 2. AgentRL asynchronous reinforcement learning algorithm, optimizing planning and execution capabilities in dynamic environments [23]. 3. DSA sparse attention mechanism, significantly reducing computation costs while maintaining long-context capabilities [23]. 4. Full-stack adaptation to domestic chips, achieving performance comparable to dual-GPU clusters and reducing processing costs by 50% [23]. Practical Applications - Real-world testing of GLM-5 demonstrated its ability to autonomously create a deployable personal photography website and conduct complex technical analyses, showcasing its practical utility in various scenarios [12][20].

2026-02-12 摘要 智谱 GLM 5 在长期任务中取得显著进步，缩小了与 Cloud OPIUS 4.5 的差距，并在部分 benchmark 测试中超越后者。GLM 5 的 API 和 Coding Plan 已上线，API 定价已公布，Coding Plan 将于 2 月 16 日 正式上线。 智谱推出了特工模式（视角转换、数据分析、AI PPT 支持）、数据洞察 （数据解析、画图、导出多种格式文件）和写作功能（支持多种写入模 式并导出 PDF 和 Word）。 Minimax 发布了 M2.5，是首个为 Agent 场景原生设计的生产级模型， 支持 Excel 处理、深度调研及 PPT 等生产力场景，但 API 尚未上线， 也未公布价格。 GLM 5 的 Output 定价为每百万 Tokens $3.2，GLM 4.6 和 GLM 4.7 从 $1.5 提升至 $2.2，国内 API 价格提升幅度在 33%至 100%之 间，海外市场为 67%至 100%。Coding Plan 国内 Light 和 Max 两个 季度收费版本分别提高了 23%和 18%；海外市场分别提高了 60%和 30% ...