异动解读｜智谱盘中下跌3.83%，杰富瑞下调估值倍数叠加连续走弱持续承压

行情直击09-10 09:33

9月10日，智谱盘中下跌3.83%，报879.0港元，成交额1.54亿港元，延续中报发布以来的持续走弱态势。

消息面上，杰富瑞此前将智谱云业务估值倍数从50倍大幅下调至30倍，目标价由1299.8港元降至1183.79港元，维持持有评级。该行指出，智谱8月ARR冲至16亿美元存在Coding Plan恢复及新品集中放量等"脉冲"成分，可持续性存疑；同时客户集中度较高、API切换成本有限，下半年新GPU集群上线或拖累毛利率。杰富瑞还明确表示中国大模型赛道过于拥挤，更看好全栈云平台大厂而非独立AI实验室，这一逻辑转向对智谱及MiniMax形成"连坐式"估值重估。智谱自9月1日以来已连续多个交易日下跌，股价较6月高点2980港元累计跌幅已超七成。

（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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