2月24日，港股大模型“双雄”盘中齐拉升！智谱涨超13%、MINIMAX-WP涨超7%。
消息面上，OpenRouter最新周度数据显示，平台前十模型总token量约8.7万亿，中国模型独占5.3万亿，占比61%。MiniMax M2.5以2.45万亿token空降榜首，Kimi K2.5以1.21万亿紧随其后，智谱GLM 5和DeepSeek V3.2分列第三、第五。
国联民生证券认为，年内AI产业趋势并未改变，且正从技术研发加速迈向规模化商业落地。长期来看，随着推理、多模态大模型持续迭代、大厂生态融合及各行业渗透率不断提升，Token调用量有望保持快速增长，大模型规模化商业应用及产业落地值得期待。
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