金吾财讯 | 智谱(02513)盘中止跌转涨，开盘一度跌4.9%，现报1265港元，涨8.03%。
摩根大通在研报中指出，随着月之暗面发布Kimi K3模型，其对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”。尽管模型竞争格局发生变化，该行仍维持对智谱的“增持”评级，认为其在国内大模型领域的领先地位未受根本动摇。
研报强调，智谱当前的GLM-5.2模型仍稳居中国顶级前沿模型行列，且GLM-5.3及全新2T+旗舰模型预计将在未来几个月内发布。摩根大通据此判断，智谱有能力在下一轮模型周期中继续保持国内领先，从而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。
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，并指出当前市场对其商业化路径存在过度悲观情绪。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。
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