智谱（02513.HK）今日盘中大涨5.16%，引起了市场的广泛关注。
消息面上，摩根大通在最新发布的研究报告中首次覆盖智谱，并给予“增持”投资评级。报告指出，智谱凭借其技术优势、差异化商业化路径及全球化布局，已成为把握全球AI下一轮价值创造浪潮的核心标的之一，并预测其未来营收将保持高速增长。
与此同时，市场热议的焦点集中在智谱即将发布的新一代大模型GLM-5上。据多家媒体报道，近期在全球模型服务平台OpenRouter上引发技术社区热议的高性能匿名模型“Pony Alpha”，被广泛推测即为GLM-5的测试版。该模型被曝采用了先进的稀疏注意力机制，总参数量大幅提升，在编程和智能体任务等核心场景展现出全球领先的性能，市场预期其将加速公司在金融、医疗等领域的商业化落地。这一技术突破显著增强了投资者对智谱长期竞争力的信心，成为推动股价上涨的关键动力。
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