深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后

Z Finance02-20

现在的二级市场，投资者们的口味变了。不要全能大厂，只要纯 AI 标的。作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳3232 亿港元和3042 亿港元。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量...

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滚车轮的人
02-27
滚车轮的人
连逻辑都讲不圆，你告诉我AI时代怎么影响电商和游戏了？你是能拿AI重做三角洲还是凭空生产服务器啊？

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18:58","market":"hk","language":"zh","title":"深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后","url":"https://stock-news.laohu8.com/highlight/detail?id=2612266007","media":"Z Finance","summary":"作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。","content":"<html><body><article><p>现在的二级市场，投资者们的口味变了。<strong>不要全能大厂，只要纯 AI 标的。</strong></p><p>作为港股市场的 AI 双子星，<strong><a href=\"https://laohu8.com/S/02513\">智谱</a></strong><strong>和</strong><strong>MiniMax</strong>的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳<strong>3232 亿港元</strong>和<strong>3042 亿港元</strong>。而智谱的股价也反超了<strong>MiniMax。</strong></p><p><strong>3000 亿港元是个分水岭。</strong>这意味着成立仅数年的 AI 新势力，体量已甩开<a href=\"https://laohu8.com/S/01024\">快手</a>、<a href=\"https://laohu8.com/S/TCOM\">携程</a>，直逼<a href=\"https://laohu8.com/S/NTES\">网易</a>和<a href=\"https://laohu8.com/S/BIDU\">百度</a>。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了<strong>四倍</strong>。</p><p>这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从<a href=\"https://laohu8.com/S/BABA\">阿里</a>、<a href=\"https://laohu8.com/S/00700\">腾讯</a>这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260220190510895v206iwhtsk8n30z\"/><p>但版图之上还悬停着巨舰<strong>字节跳动</strong>。按最近 5000 亿美元估值换算，其体量高达<strong>3.9 万亿港元</strong>，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。</p><p>一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过<strong>100 亿美元（约 780 亿港元）</strong>。领投方依然见得<a href=\"https://laohu8.com/S/09988\">阿里</a>与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。</p><p>巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？</p><p>焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。</p><p>港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 成为新锚点，中国互联网叙事逻辑已彻底改变。新纪元里，规模不再是绝对护城河，对底层技术的绝对掌控才是唯一船票。</p></article></body></html>","source":"tencent","collect":0,"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>深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后</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{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n深度丨中国互联网叙事逻辑改写，智谱、MiniMax 杀入3000亿俱乐部，快手携程被甩身后\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-20 18:58 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b><strong>Z Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>现在的二级市场，投资者们的口味变了。不要全能大厂，只要纯 AI 标的。作为港股市场的 AI 双子星，智谱和MiniMax的表现简直可以用狂飙来形容。智谱盘中一度大涨 25%，MiniMax 也不甘示弱涨了 16%。这两家 1 月刚上市的公司，复市后市值分别站稳3232 亿港元和3042 亿港元。而智谱的股价也反超了MiniMax。3000 亿港元是个分水岭。这意味着成立仅数年的 AI 新势力，体量...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260220190522a70d2714&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81024":"快手-WR","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0516423174.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES 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新势力，体量已甩开快手、携程，直逼网易和百度。中国前10大互联网公司的次序，正在重构。而如果你在今年 1 月这两家公司上市时就入场，现在的收益已经翻了四倍。这种繁荣背后，是资金的暴力轮动。就像 Global X Management 的策略师所言：资金正在从阿里、腾讯这种业务多元的巨头中撤出，反手填进了这些基础模型龙头的口袋。但版图之上还悬停着巨舰字节跳动。按最近 5000 亿美元估值换算，其体量高达3.9 万亿港元，依然是中国 AI 的“无冕之王”。它的存在提醒所有玩家：拥有最强研发能力和流量分发能力的巨头，依然是 AI 牌桌上最大的变量。一级市场同样狂热。月之暗面（Kimi）完成新一轮融资，估值跨过100 亿美元（约 780 亿港元）。领投方依然见得阿里与腾讯身影。“前线死磕，后方送钱”的局面，折射出巨头们的底层焦虑。巨头春节战报不差。阿里千问处理 1.3 亿笔订单，腾讯元宝日活破 5000 万。但在投资者眼里，这更像“昂贵的防御”。市场逻辑已变，大家不再只看存量流量，而在审视：曾经贡献巨额利润的电商、广告与游戏业务，是否正成为冲向 AI 时代的“负资产”？焦虑还来自监管与竞争。主管部门上周约谈头部平台，要求整治“内卷式”竞争，宣告烧钱抢市场的旧剧本失效。同时，DeepSeek 的每一次更新预告，都在迫使玩家提前透支未来预期。港股震荡本质上是关于未来底座的共识裂变。当 3000 亿市值的智谱、MiniMax 与百亿美元估值的 Kimi 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