异动解读｜智谱盘中下跌3.36%，杰富瑞大幅下调估值倍数叠加行业竞争加剧持续承压

行情直击09-11 10:31

9月11日，智谱盘中下跌3.36%，报791.5港元，成交额18.28亿港元，延续9月以来的持续走弱态势，股价较6月高点2980港元累计跌幅已超七成。

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，明确指出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。与此同时，摩根士丹利研报指出DeepSeek最新Flash系列降价很可能因阿里Qwen及智谱GLM等Flash模型带来的竞争压力，Flash模型价格战或进一步加剧。此外，杰富瑞对智谱年底24亿美元ARR指引的可持续性提出质疑，认为客户高度集中、算力供给不均及下半年毛利率可能回落等风险仍存。

（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。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/1188216448?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-09-11 10:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1188216448","market":"hk","top_or_hot":-1,"title":"异动解读｜智谱盘中下跌3.36%，杰富瑞大幅下调估值倍数叠加行业竞争加剧持续承压","media":"行情直击","content":"<p><p>9月11日，智谱盘中下跌3.36%，报791.5港元，成交额18.28亿港元，延续9月以来的持续走弱态势，股价较6月高点2980港元累计跌幅已超七成。</p><p>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，明确指出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。与此同时，摩根士丹利研报指出DeepSeek最新Flash系列降价很可能因阿里Qwen及智谱GLM等Flash模型带来的竞争压力，Flash模型价格战或进一步加剧。此外，杰富瑞对智谱年底24亿美元ARR指引的可持续性提出质疑，认为客户高度集中、算力供给不均及下半年毛利率可能回落等风险仍存。</p><p>（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。）</p></p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>异动解读｜智谱盘中下跌3.36%，杰富瑞大幅下调估值倍数叠加行业竞争加剧持续承压</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n异动解读｜智谱盘中下跌3.36%，杰富瑞大幅下调估值倍数叠加行业竞争加剧持续承压\n</h2>\n\n<h4 class=\"meta\">\n\n2026-09-11 10:31 北京时间&nbsp;&nbsp;&nbsp;<strong>行情直击</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月11日，智谱盘中下跌3.36%，报791.5港元，成交额18.28亿港元，延续9月以来的持续走弱态势，股价较6月高点2980港元累计跌幅已超七成。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，明确指出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。与此同时，摩根士丹利研报指出DeepSeek最新...</p>\n\n<a href=\"\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02513","symbol_name":"智谱","start_time":0,"source_url":"","article_id":"1188216448","we_media_id":"1059448697","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1188216448","pubTimestamp":1789093868,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"行情直击","introduction":"个股异动一手消息解读","home_visible":1,"id":"1059448697","head_image":"https://static.tigerbbs.com/51943b2858f75e05ca2ebb144b4e626a"},"summary":"9月11日，智谱盘中下跌3.36%，报791.5港元，成交额18.28亿港元，延续9月以来的持续走弱态势，股价较6月高点2980港元累计跌幅已超七成。此外，杰富瑞对智谱年底24亿美元ARR指引的可持续性提出质疑，认为客户高度集中、算力供给不均及下半年毛利率可能回落等风险仍存。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"02513":"智谱"},"translate_title":"Analysis of Unusual Movements | Zhipu fell 3.36% intraday as Jefferies significantly lowered its valuation multiple, coupled with intensified industry competition and continued pressure.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02513":1},"content_text":"9月11日，智谱盘中下跌3.36%，报791.5港元，成交额18.28亿港元，延续9月以来的持续走弱态势，股价较6月高点2980港元累计跌幅已超七成。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，明确指出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。与此同时，摩根士丹利研报指出DeepSeek最新Flash系列降价很可能因阿里Qwen及智谱GLM等Flash模型带来的竞争压力，Flash模型价格战或进一步加剧。此外，杰富瑞对智谱年底24亿美元ARR指引的可持续性提出质疑，认为客户高度集中、算力供给不均及下半年毛利率可能回落等风险仍存。（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。）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1188216448","isCrawlerRequest":true}