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- 侍魂侍魂
  ·08-10
  张口就来
  智谱获摩根士丹利上调目标价近72%
  大摩将智谱目标价上调近72%至1700港元，理由是算力获取能力提升及新融资支持。同时表示，中国大模型行业商业化逻辑正从价格战转向依靠模型智能变现，行业生态比市场预期更健康。该行对MiniMax维持建设性观点但下调目标价至900港元，并继续看好阿里巴巴的全链条AI布局。
  智谱获摩根士丹利上调目标价近72%
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Yu等在报告中写道：“中国大模型行业正建立起更健康的商业化环境。”</p><p style=\"text-align: left;\">这与市场此前的主流担忧截然相反。过去，市场普遍认为，中国开放式权重模型（open-weight model）的盛行，将导致产品同质化，进而引发持续的价格战。</p><p style=\"text-align: left;\">但该行判断是，行业正在以更积极的方式推动商业化，&#34;从价格竞争转向依靠模型智能实现变现&#34;。换句话说，谁的模型更聪明、更好用，谁就能赚到钱——而不是谁的价格更低。</p><p style=\"text-align: left;\">这一逻辑转变，对整个中国AI板块的估值都具有重新定价的意义。</p><h2 style=\"text-align: left;\">MiniMax：看好但目标价下调，增长后置</h2><p style=\"text-align: left;\">同一份报告中，摩根士丹利对MiniMax的态度则更为复杂。</p><p style=\"text-align: left;\">分析师表示继续对MiniMax持&#34;建设性观点&#34;，并将即将发布的M3升级版本及M3 Pro视为重要催化剂。</p><p style=\"text-align: left;\">但与此同时，该行将MiniMax目标价下调至900港元。理由是：MiniMax的增长&#34;更多将在后期释放&#34;，即短期兑现节奏慢于智谱。</p><p style=\"text-align: left;\">报告还提及<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，该行表示看好<a href=\"https://laohu8.com/S/09988\">阿里</a>，理由包括：覆盖全产业链的AI能力、算力方面的优势，以及多年云业务增长积累和完整的利润扩张空间。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n智谱获摩根士丹利上调目标价近72%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-08-10 10:25</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">一份大行报告，让<a href=\"https://laohu8.com/S/02513\">智谱</a>股价曾跳涨5%。</p><p style=\"text-align: left;\">周四，摩根士丹利发布研究报告，将智谱目标价从约990港元大幅上调近72%至1700港元。消息刺激智谱盘中涨超4%，过去5个交易日累计涨幅已超37%。</p><p style=\"text-align: left;\">摩根士丹利认为，智谱算力获取能力持续提升，叠加新一轮融资落地，两者共同支撑智谱实现更强劲的增长。没有足够的算力，模型训练和推理都无从谈起。融资则解决了“烧钱”阶段的弹药问题。两个制约因素同步改善，是该行上调评级的直接触发点。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/871e2173f591b0de4e68782eb197b1f2\" data-align=\"center\" tg-width=\"967\" tg-height=\"605\"/><span></span></p><h2 style=\"text-align: left;\">行业叙事转变：从价格战到智能变现</h2><p style=\"text-align: left;\">摩根士丹利分析师Gary Yu等在报告中写道：“中国大模型行业正建立起更健康的商业化环境。”</p><p style=\"text-align: left;\">这与市场此前的主流担忧截然相反。过去，市场普遍认为，中国开放式权重模型（open-weight model）的盛行，将导致产品同质化，进而引发持续的价格战。</p><p style=\"text-align: left;\">但该行判断是，行业正在以更积极的方式推动商业化，&#34;从价格竞争转向依靠模型智能实现变现&#34;。换句话说，谁的模型更聪明、更好用，谁就能赚到钱——而不是谁的价格更低。</p><p style=\"text-align: left;\">这一逻辑转变，对整个中国AI板块的估值都具有重新定价的意义。</p><h2 style=\"text-align: left;\">MiniMax：看好但目标价下调，增长后置</h2><p style=\"text-align: left;\">同一份报告中，摩根士丹利对MiniMax的态度则更为复杂。</p><p style=\"text-align: left;\">分析师表示继续对MiniMax持&#34;建设性观点&#34;，并将即将发布的M3升级版本及M3 Pro视为重要催化剂。</p><p style=\"text-align: left;\">但与此同时，该行将MiniMax目标价下调至900港元。理由是：MiniMax的增长&#34;更多将在后期释放&#34;，即短期兑现节奏慢于智谱。</p><p style=\"text-align: left;\">报告还提及<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>，该行表示看好<a href=\"https://laohu8.com/S/09988\">阿里</a>，理由包括：覆盖全产业链的AI能力、算力方面的优势，以及多年云业务增长积累和完整的利润扩张空间。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/61acaedc56e1a899fef3f1a3351d2a0d","relate_stocks":{"02513":"智谱"},"source_url":"https://wallstreetcn.com/articles/3779048","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2658018066","content_text":"一份大行报告，让智谱股价曾跳涨5%。周四，摩根士丹利发布研究报告，将智谱目标价从约990港元大幅上调近72%至1700港元。消息刺激智谱盘中涨超4%，过去5个交易日累计涨幅已超37%。摩根士丹利认为，智谱算力获取能力持续提升，叠加新一轮融资落地，两者共同支撑智谱实现更强劲的增长。没有足够的算力，模型训练和推理都无从谈起。融资则解决了“烧钱”阶段的弹药问题。两个制约因素同步改善，是该行上调评级的直接触发点。行业叙事转变：从价格战到智能变现摩根士丹利分析师Gary Yu等在报告中写道：“中国大模型行业正建立起更健康的商业化环境。”这与市场此前的主流担忧截然相反。过去，市场普遍认为，中国开放式权重模型（open-weight model）的盛行，将导致产品同质化，进而引发持续的价格战。但该行判断是，行业正在以更积极的方式推动商业化，\"从价格竞争转向依靠模型智能实现变现\"。换句话说，谁的模型更聪明、更好用，谁就能赚到钱——而不是谁的价格更低。这一逻辑转变，对整个中国AI板块的估值都具有重新定价的意义。MiniMax：看好但目标价下调，增长后置同一份报告中，摩根士丹利对MiniMax的态度则更为复杂。分析师表示继续对MiniMax持\"建设性观点\"，并将即将发布的M3升级版本及M3 Pro视为重要催化剂。但与此同时，该行将MiniMax目标价下调至900港元。理由是：MiniMax的增长\"更多将在后期释放\"，即短期兑现节奏慢于智谱。报告还提及阿里巴巴，该行表示看好阿里，理由包括：覆盖全产业链的AI能力、算力方面的优势，以及多年云业务增长积累和完整的利润扩张空间。","news_type":1,"symbols_score_info":{"02513":2.1}},"isVote":1,"tweetType":1,"viewCount":88,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}