Market Brief

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馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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智譜 (2513.HK)

Monday, August 24, 2026 Views315

智譜 (2513.HK) 加快 AI 編程生態, 年度經常性收益料達十億美元

 

內地人工智能企業智譜, 近期開發其升級版大模型 GLM-5.2, 據了解該模型已經可以媲美西方閉源前沿模型。

GLM-5.2模型引入一項名為「IndexShare」的創新層池化機制, 並升級多Token預測層, 成功以結構效率取代算力暴力, 大幅降低計算量並提升推理吞吐量。

 

除了實現演算法效率外, 智譜亦同時完成了與華為昇騰、寒武紀等八大國產算力平台的深度適配, 讓這種異構算力國產晶片成為第一梯隊的生產基礎底座, 並讓本土企業的技術發展免受全球晶片供應鏈的衝擊。

有市場人士更認為, 即使智譜面對美國出口管制限制升溫的情況下, 其具競爭力的「Token」定價模型, 有機會能夠於短時期內承接外溢的國際開發者需求。

因此, 智譜在人工智能發展浪潮中佔據有利位置, 而且其拓展定位面向企業端的業務模式, 相信更有助穩定收入。

另一方面, 在下游應用方面, 市場普遍相信9988HK, 9888HK, 700HK 亦會陸續擴大其核心「推理工廠」的業務, 料最新的 GLM-5.2模型將有顯著的流量增長。

 

與此同時, 智譜亦新增四項新功能上線。

智譜的AI編程產品, ZCode已作出全面升級, Goal、Subagents、Remote Control及閒時任務已正式上線, 全面推進其 Coding Agent從對話輔助模式走向自主執行複雜任務。

GLM-5.2在配搭ZCode後, Claude Code 的整體效率提升約 2.39%; ZCode亦通過緩存命中率優化將 GLM Coding Plan 有效額度提升約三成。

 目前, ZCode用戶數目已突破一百萬人次, 整體使用量已接近翻倍。

 

看圖睇勢, 智譜目前股價大約為 $1,200 附近, 短期目標價可上望今年7月16日的下跌裂口 = $1,530, 潛在上升空間大約為 $330, 升幅約27%;止蝕位定於 $1,080.

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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