智谱（02513）今日盘中大跌5.01%，引发市场广泛关注。
消息面上，月之暗面于近期正式开源Kimi K3模型，参数规模由1万亿升至2.8万亿，并开放模型权重及核心Infra技术，国内外多家AI基础设施厂商已宣布Day0适配，中国开源模型竞争显著升温。汇丰发布研报指出，虽然智谱年度经常性收入（ARR）已提前达到10亿美元目标，但考虑竞争加剧及新股摊薄影响，将目标价由1,900港元下调至1,500港元，维持“持有”评级。
此前智谱受纳入恒指预期等多重利好推动曾出现反弹，但行业竞争压力持续压制估值修复空间，导致今日股价承压下行。
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