异动解读｜智谱盘中下跌4.81%，杰富瑞下调目标价叠加中报不及预期持续承压

行情直击09-08

9月8日，智谱盘中下跌4.81%，报969.5港元，成交额14.45亿港元，延续中报发布以来的持续走弱态势。

消息面上，杰富瑞于9月7日将智谱目标价由1299.8港元下调至1183.79港元，维持持有评级，指出公司年底24亿美元ARR指引虽超预期，但可持续性存疑，并认为中国大模型行业过于拥挤，下半年毛利率或因新GPU集群上线而回落。此前智谱上半年收入9.54亿元人民币，同比增长399.7%，但低于多家机构超50亿元的全年营收预期，股价自6月高点2980港元以来累计跌幅已超60%，市场对大模型商业化盈利路径的分歧持续压制估值。

（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

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