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　　海通国际发布研报称，智谱（02513）近期年度经常性收入（ARR）加速增长，进一步证明其核心能力与模型迭代表现。海通国际将智谱目标价由1，200港元上调至2，300港元，相当于2027年预测市销率30倍，并重申“优于大市”评级。

　　创始人唐杰于内部信宣布启动为期两年的“Touch High”倡议，公司将暂缓短期的应用端商业化，集中资源推进通用人工智能（AGI）所需的基础技术研发，为投资者释放出管理层专注于提升长期模型能力强烈讯号。

　　该行表示，根据IDC 2026年企业用户调查数据，仅有18%的中国企业将AI Agent整合至核心业务流程中，显示企业采用AI尚处于初期，实际预算渗透率仍极低。虽然近期市场有Kimi K3、Qwen 3.8及DeepSeek V4等模型推出，但预计智谱将在未来数月继续扩展其模型能力，对零和竞争并不担忧。

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