智谱(02513)今日盘中大幅反弹，涨幅达到9.82%，引发市场广泛关注。此前该股开盘一度下跌近5%，但随后迅速止跌转涨，展现出强劲的日内修复动能。
消息面上，摩根大通发布最新研报指出，尽管随着月之暗面发布Kimi K3模型，智谱的股票叙事已从“持续的国产模型领导者”调整为“中国前沿AI实验室之一”，但该行仍维持对智谱的“增持”评级。摩根大通认为，近期智谱估值的下调已在很大程度上反映了市场对其较低的估值倍数预期，当前市场对其商业化路径存在过度悲观情绪，且这种情绪已充分消化。
此外，摩根大通强调，智谱当前的GLM-5.2模型仍稳居中国顶级前沿模型行列，而GLM-5.3及全新2T+旗舰模型预计将在未来几个月内发布。该行相信，随着新模型的陆续推出和商业化进展的兑现，智谱有望重新获得市场认可，在当前算力受限的市场环境中支撑年度经常性收入(ARR)的持续扩张。
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