智譜宣佈漲價。 $智譜 (02513.HK)$ 2月12日發佈GLM Coding Plan 價格調整函稱，近期，GLM Coding Plan市場需求持續強勁增長，用戶規模與調用量快速提升。 爲保障高負載下的穩定性與服務質量，公司同步加大算力與模型優化投入，產品能力持續升級。基於實際使用情況與資源投入變化，公司決定對GLM Coding Plan套餐價格體系進行結構性調整。 調整內容如下：取消首購優惠，保留按季按年訂閱優惠；套餐價格進行結構性調整，整體漲幅自30%起；已訂閱用戶價格保持不變。生效時間：2026年2月12日。 除智譜外， $MINIMAX-WP (00100.HK)$ 等衆多人工智能企業也成爲港股投資者追捧的對象。隨着近期多個科技大廠升級大模型，以及越來越多人工智能應用的推出，人工智能企業的投資價值正得到越來越多投資者的關注。 二級市場方面，今年1月才登陸港交所的「大模型第一股」智譜近期漲勢喜人。市值一度突破1500億港元。週四港股，大模型「雙雄」延續近期強勢， $智譜 (02513.HK)$ 一度暴漲30%， $MINIMAX-WP (00100.HK)$ 漲超15%，盤中股價均刷新歷史新高。 大模型「雙雄」獲追捧 智譜近期上漲始於公司即將推出新模型的傳聞。全球模型服務平台OpenRouter近期上線了一款代號爲「Pony Alpha」的匿名模型，該模型因爲編寫代碼能力達到全球第一梯隊級別而引起了高度關注，而市場普遍認爲該新模型爲智譜GLM-5。此前，智譜首席科學家唐傑在社交平台上喊話「GLM快了」，也被市場解讀爲新模型發佈前的「預告」。證券時報記者就相關傳聞向智譜進行求證但未獲公司回應。 「智譜上市前一直比較低調，它主要面向的都是政府和企業的客戶。不管這個匿名模型是否屬於智譜，但公司在大模型的研發能力非常強。」一位長期跟蹤國內大模型發展的分析師對證券時報記者表示。而廣發證券在其最新研報中也指出，智譜已構建起以自研GLM基座模型爲核心的完整技術矩陣，覆蓋多模態、智能體（Agent）和代碼生成三大方向，並通過API服務、本地化部署與垂直行業解決方案，形成多元變現路徑。 「除了新模型外，港股稀缺性標的也是引發市場追捧的原因之一。智譜作爲港股『大模型第一股』，再加上同樣在1月上市的MiniMax，兩者並稱港股『大模型雙雄』。兩家企業的上市填補了港股AI基座標的空白，成爲全球資金配置的剛需標的。疊加市場對AI熱點的放大效應及遊資短線套利行爲，進一步推動了股價的短期快速上漲。」前述分析師表示。 而外資投行對於近期大模型公司股價的上漲也表示樂觀。摩根大通分析師徐文韜近期發佈研報就首次覆蓋智譜及MiniMax，均予「增持」評級，目標價分別爲400港元及700港元，並將其視爲捕捉下一波全球人工智能價值創造的首選標的。報告認爲，中國AI行業正邁向以商業化執行力、模型創新及全球拓展能力定義成功的新時期，相信兩家企業正脫穎而出，成爲最具特色且全球佈局加速的兩家獨立大模型開發商。 但對於兩家企業近期股價的大幅上漲，深圳一位投資港股的私募基金經理向記者表示要注意風險：「過往也有不少次新股在上市後被資金炒作股價大幅上漲，主要是爲了達到納入主要股票指數標準，以及進一步納入港股通。但隨後股價大概率會出現回調。」 人工智能應用密集推出 事實上，近期多家科技大廠密集升級新模型，以及推出新應用也極大提升了投資者對人工智能板塊的關注。 證券時報記者了解到，字節跳動、 $阿里巴巴 (BABA.US)$ 等國內頭部科技大廠均在春節前後迎來密集更新。其中，字節跳動已在近日發佈AI視頻生成模型Seedance2.0，該模型支持文本或圖像輸入，60秒內生成帶原生音頻的多鏡頭序列視頻；阿里千問新一代旗艦 AI 模型Qwen 3.5則計劃在春節期間發佈；DeepSeek在時隔一年後，也計劃於同期推出其新一代大模型。在產品前端，元寶、豆包、千問正在打響春節AI紅包大戰。而在海外，開源項目Clawdbot引發關注，它因能通過本地Mac或服務器運行扮演個人AI助手而迅速爆紅。 「短期來看，現有底層模型不會有根本性變化，主要提升方向是降低成本、提高連貫性。長期來看，真實世界模型等會成爲趨勢。」基石資本投資部執行董事張任奇告訴證券時報記者。基石資本早在2023年便投資了MiniMax，並在人工智能領域有深入研究和投資。 但在行業高歌猛進之際，行業發展仍面臨多重挑戰，特別是高投入高虧損問題突出，目前多數AI企業仍處於「燒錢」階段。 「商業化是當前行業重點。隨着智譜、MiniMax登陸港股，大模型行業正式進入資本市場驗證期。行業已經告別野蠻生長，進入『模型與產品並重、通用與垂類並行』的成熟階段。垂類應用會是重要增長點。一方面是社交娛樂、情感陪伴等已經驗證的場景，這類產品用戶黏性雖未達剛需，但仍有穩定受衆；另一方面是醫療、金融等專業化場景。以醫療領域爲例，今年市場熱度很高，螞蟻阿福、百川等企業都在佈局。」張任奇說。 全球化競爭時代到來 「從行業競爭格局來看，2023—2024年那種『每天都有新模型更新』的高速迭代期已經過去，訓練模型的技術增長趨於平緩。現在國內市場基本形成了幾家大廠+幾家頭部獨立廠商的競爭格局。」對於行業未來的發展前景，張任奇這樣表示。 摩根大通的研報也認爲，中國人工智能行業正從「百模大戰」階段，邁向以商業化落地能力、模型創新實力及全球化佈局爲決定成敗之關鍵的階段。中國AI市場正在迅速整合，「具備實力且資金充足的模型開發商數量已從超過200家縮減至不足10家。」摩根大通還指出，國內AI行業最大的利潤池恐將流向掌握分發的平台巨頭；而獨立廠商的突圍，則取決於誰能通過「結構性中立」找到生存縫隙。 但在全球人工智能競爭中，美國科技巨頭在投入上仍然不遺餘力。 $亞馬遜 (AMZN.US)$ 計劃全年支出2000億美元， $谷歌-C (GOOG.US)$ 預計達到1750億至1850億美元， $Meta Platforms

The company’s CEO might be a bit too optimistic. In 2007, Apple launched the first iPhone, a device that eventually became the model for other smartphones. The iPhone wasn’t the first smartphone, but it completely changed the industry and made Apple immensely successful. It remains its largest source of sales to this day. Meta Platforms

Micron stock is having a massive day on the market. Micron (MU +10.04%) stock is moving higher in Wednesday’s trading. The memory-chip company’s share price was up 9.7% as of 2:45 p.m. ET amid flat trading for both the S&P 500 and the Nasdaq Composite. Micron is getting a valuation boost today thanks to bullish

Software stocks have tumbled over the last few weeks, but they’re not all buys. Software stocks are beginning to crawl out of a deep hole, following a brutal sell-off over the last two weeks. The panic picked up following less-than-perfect earnings reports from sector leaders like Microsoft and ServiceNow and as fears of agentic AI

S&P 500 futures were up marginally this morning after the index closed down 0.33% yesterday. The index is up 1.41% year to date, which isn’t bad given that we’re only 42 days into the new year … unless you compare that to foreign stocks.  Global stocks are up nearly 9% year to date, as tracked

Image source: Getty Images Is the stock market going to crash? It might seem a strange question to ask, given the S&P 500 and FTSE 100 are both still riding high. However, all’s not well under the surface, with the software component of the S&P 500 down by around 30% since October. This has been

New York  —  A brief rally in US stocks paused Wednesday morning after new data showed the economy added 130,000 jobs in January, exceeding economists’ expectations. Stocks were mixed after opening higher. The Dow was down 219 points, or 0.44%. The S&P 500 rose 0.05%. The tech-heavy Nasdaq Composite was down 0.1%. The US economy

(Bloomberg) — On Wall Street, rising fears about artificial intelligence keep pummeling shares of companies at risk of being caught on the wrong side of it all, from small software makers to big wealth-management firms. Most Read from Bloomberg The latest selloff came on Wednesday with European wealth management firms St James’s Place Plc and

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is a vice-president at Dimensional Fund Advisors and co-host of the “Informed Investor” podcast The rationale for investing in the stocks of small companies is well established through empirical record, academic literature and

Imported beer, including Heineken, for sale at a store in New York City on April 10, 2025.  Timothy A. Clary | Afp | Getty Images European equities edged lower on Wednesday, as regional investors assessed another flurry of corporate earnings. By 9:10 a.m. in London (4:10 a.m. ET), the pan-European Stoxx 600 was around 0.2%

And it could have plenty more upside ahead. Despite some volatility, SoFi Technologies (SOFI 0.84%), a fintech specialist, has performed well over the past three years, with its shares jumping more than 76% during that period. SoFi still has plenty of upside left, given its outstanding financial results and attractive long-term opportunities. Here’s why the

The tech stock has been falling, despite posting another strong quarter. Palantir Technologies (PLTR 2.38%) stock is struggling in 2026. Although the business itself remains in great shape, investors aren’t buying it up as rapidly as they were last year. As of Monday’s close, the data analytics stock has fallen by 20%. While the stock

Before Nvidia, there was Cisco Systems. On Feb. 16, 1990, Cisco Systems (CSCO 0.56%) went public at $18 per share. The then-$224 million company, whose software enabled computer networks to link up over greater distances, was created by two computer support staffers at Stanford University who had been tasked with helping to expand the computer

Rising economic and political uncertainty is starting to make stock market investors jittery. The benchmark S&P 500 (^GSPC 0.39%) stock market index is down fractionally from its all-time high as I write this, but a wave of uncertainty is washing over the market right now, which has triggered some volatility over the last couple of

Prepare for stocks to rocket higher then suffer a crushing decline, the boss of a “Black Swan” fund says. “I’ve been looking for a blow-off in equities for over three years now — followed by the worst crash since 1929,” Mark Spitznagel, the founder and chief investor of Universa Investments, told Business Insider in a

Today, Feb. 9, 2026, investors confront a rare mix of accounting review, leadership shake-up, and legal scrutiny at this IT services giant. Today’s Change (-54.87%) $-12.89 Current Price $10.60 Key Data Points Market Cap $2.4B Day’s Range $10.11 – $11.42 52wk Range $10.10 – $44.20 Volume 3K Avg Vol 3.2M Gross Margin 35.77% Kyndryl (KD

Key events Show key events only Please turn on JavaScript to use this feature Barclays hikes bonuses for 12-year high Kalyeena Makortoff Barclays bankers will be popping the champagne corks after the lender hiked bonuses to their highest level in 12 years. Bankers will be sharing £2.2bn worth of bonuses for the 2025 financial year,

New York  —  For years, anything exposed to artificial intelligence was a hot trade on Wall Street. But today’s investors are more selective, demanding stronger evidence that companies are poised to benefit from the AI boom. Wall Street is debating whether software companies can protect their market share from AI startups’ new tools. Investors have

The first week of February was a doozy in markets. Anthropic, one of the more outspoken companies in the artificial intelligence space, rattled stocks with the seeming superpowers of its Claude chatbot, prompting a selloff across the software sector with potential obsolescence suddenly knocking at its door. Marta Norton, chief investment strategist at Empower Investments,