智谱拟回购上限为40亿港元的H股

2026-11-12 · 元华证券

жүӢжңәжҹҘзңӢиҙўз»Ҹеҝ«и®Ҝ дёҖжүӢжҺҢжҸЎеёӮеңәи„үжҗҸ гҖҖгҖҖ11жңҲ10ж—Ҙжҷҡй—ҙпјҢеҢ—дә¬ жҷәи°ұ еҚҺз« з§‘жҠҖ иӮЎд»Ҫжңүйҷҗе…¬еҸёпјҲд»ҘдёӢз®Җз§°вҖң жҷәи°ұ вҖқпјүеҸ‘еёғе…¬е‘Ҡз§°пјҢе…¬еҸёж”¶е

жүӢжңәжҹҘзңӢиҙўз»Ҹеҝ«и®Ҝ

дёҖжүӢжҺҢжҸЎеёӮеңәи„үжҗҸ

гҖҖгҖҖ11жңҲ10ж—Ҙжҷҡй—ҙпјҢеҢ—дә¬ жҷәи°ұ еҚҺз« з§‘жҠҖ иӮЎд»Ҫжңүйҷҗе…¬еҸёпјҲд»ҘдёӢз®Җз§°вҖң жҷәи°ұ вҖқпјүеҸ‘еёғе…¬е‘Ҡз§°пјҢе…¬еҸёж”¶еҲ°и‘ЈдәӢй•ҝеҲҳеҫ·е…өзҡ„иӮЎд»ҪеӣһиҙӯжҸҗи®®еҗҺпјҢжӢҹж №жҚ®е…¬еҸёиӮЎдёңдәҺ2026е№ҙ6жңҲ22ж—ҘдёҫиЎҢзҡ„е№ҙеәҰиӮЎдёңдјҡдёҠжҺҲдәҲзҡ„еӣһиҙӯHиӮЎзҡ„дёҖиҲ¬жҺҲжқғпјҢеңЁе…¬ејҖеёӮеңәеӣһиҙӯе…¬еҸёзҡ„HиӮЎгҖӮ

гҖҖгҖҖж №жҚ®е…¬е‘ҠпјҢиӮЎд»Ҫеӣһиҙӯи®ЎеҲ’йў„и®ЎжҖ»йҮ‘йўқдёҠйҷҗдёә40дәҝжёҜе…ғпјҢеӣһиҙӯзҡ„HиӮЎжҖ»ж•°дёҚи¶…иҝҮе…¬еҸёе·ІеҸ‘иЎҢиӮЎд»ҪжҖ»ж•°зҡ„1%гҖӮ

гҖҖгҖҖ жҷәи°ұ ж–№йқўеҜ№гҖҠиҜҒеҲёж—ҘжҠҘгҖӢи®°иҖ…иЎЁзӨәпјҢе…¬еҸёе°ҶдјҡиҖғиҷ‘йӣҶеӣўзҡ„иҙўеҠЎзҠ¶еҶөгҖҒиҗҘиҝҗиө„йҮ‘иҰҒжұӮеҸҠдёҡеҠЎеҸ‘еұ•йңҖжұӮпјҢд»Ҙз»ҙжҢҒе……и¶ізҡ„иҙўеҠЎиө„жәҗжҢҒз»ӯиҗҘиҝҗеҸҠеўһй•ҝгҖӮ

гҖҖгҖҖвҖңиӮЎд»ҪеӣһиҙӯжҳҜдёҠеёӮе…¬еҸёиҝӣиЎҢеёӮеҖјз®ЎзҗҶзҡ„жңүж•ҲжүӢж®өд№ӢдёҖгҖӮе…¬еҸёз»ҸиҗҘеҹәжң¬йқўдёҺиӮЎдёңеӣһжҠҘеҪўжҲҗжӯЈеҗ‘е…ұжҢҜпјҢеҗ‘еёӮеңәдј йҖ’й•ҝжңҹеҸ‘еұ•дҝЎеҝғпјҢжңүеҲ©дәҺзЁіе®ҡеёӮеңәйў„жңҹгҖӮвҖқе·Ёдё°жҠ•йЎҫй«ҳзә§жҠ•иө„йЎҫй—®дёҒиҮ»е®ҮеҜ№гҖҠиҜҒеҲёж—ҘжҠҘгҖӢи®°иҖ…иЎЁзӨәгҖӮ

гҖҖгҖҖд»Һз»ҸиҗҘеҹәжң¬йқўзңӢпјҢд»Ҡе№ҙдёҠеҚҠе№ҙпјҢжҷәи°ұе®һзҺ°ж”¶е…Ҙ9.54дәҝе…ғпјҢеҗҢжҜ”еўһй•ҝиҝ‘400%пјҢи¶…иҝҮ2025е№ҙе…Ёе№ҙпјӣжҜӣеҲ©2.5дәҝе…ғпјҢеҗҢжҜ”еўһй•ҝ163.7%пјӣз ”еҸ‘ж”ҜеҮә21.3дәҝе…ғпјҢеҗҢжҜ”еўһй•ҝ33.6%гҖӮзӣёиҫғ收е…ҘеўһйҖҹпјҢ收е…Ҙжһ„жҲҗзҡ„еҲҮжҚўжӣҙеҖјеҫ—е…іжіЁгҖӮ

гҖҖгҖҖдёҠеҚҠе№ҙпјҢжҷәи°ұMaaSпјҲжЁЎеһӢеҚіжңҚеҠЎпјүејҖж”ҫе№іеҸ°еҸҠAPIпјҲеә”з”ЁзЁӢеәҸзј–зЁӢжҺҘеҸЈпјүдёҡеҠЎж”¶е…ҘиҫҫеҲ°8.25дәҝе…ғпјҢеҗҢжҜ”еўһй•ҝ2736%пјҢеҚ е…¬еҸёдёҠеҚҠе№ҙжҖ»ж”¶е…Ҙзҡ„86.5%пјҢиҫғ2025е№ҙжң«зҡ„26.3%жҳҫи‘—жҸҗеҚҮгҖӮ

гҖҖгҖҖMaaSдёҡеҠЎзӣҲеҲ©иғҪеҠӣд№ҹеңЁеҗҢжӯҘж”№е–„гҖӮдёҠеҚҠе№ҙпјҢжҷәи°ұејҖж”ҫе№іеҸ°еҸҠAPIдёҡеҠЎжҜӣеҲ©зҺҮз”ұдёҠе№ҙеҗҢжңҹзҡ„-0.4%еҚҮиҮі24.6%пјӣжҲӘиҮі8жңҲеә•пјҢе№іеҸ°иҜҚе…ғи°ғз”ЁйҮҸиҫғе№ҙеҲқеўһй•ҝи¶…иҝҮ40еҖҚпјҢAPIе№іеқҮе”®д»·жҸҗеҚҮзәҰ101%пјҢе‘ҲзҺ°йҮҸд»·йҪҗеҚҮгҖӮ

гҖҖгҖҖд»Ҡе№ҙ9жңҲд»ҪпјҢжҷәи°ұеҸ‘еёғе…¬е‘Ҡз§°пјҢе®ҢжҲҗзәҰ50дәҝзҫҺе…ғиһҚиө„пјҢеҢ…жӢ¬зәҰ20дәҝзҫҺе…ғиӮЎд»Ҫй…Қе”®еҸҠзәҰ30дәҝзҫҺе…ғеҸҜиҪ¬еҖәеҸ‘иЎҢгҖӮж №жҚ®е…¬е‘ҠпјҢжҷәи°ұжӯӨж¬ЎжүҖеҫ—ж¬ҫйЎ№еҮҖйўқдё»иҰҒе°Ҷз”ЁдәҺдёӢдёҖд»ЈGLMжЁЎеһӢгҖҒе®Ңе…ЁиҮӘи®ӯз»ғдҪ“зі»еҸҠзӣёе…із®—еҠӣеҹәзЎҖи®ҫж–ҪгҖӮ

гҖҖгҖҖеҗҢжңҲпјҢжҷәи°ұж–№йқўеңЁйқўеҗ‘еҲҶжһҗеёҲе’ҢжҠ•иө„дәәзҡ„з”өиҜқдәӨжөҒдјҡдёӯиЎЁзӨәпјҢиһҚиө„50дәҝзҫҺе…ғеҗҺпјҢе…¬еҸёеқҡе®ҡең°жү©еӨ§дәҶз®—еҠӣеёғеұҖгҖӮз»ҸеҺҶжӯӨж¬Ўжү©е®№еҗҺпјҢжҷәи°ұзҡ„з®—еҠӣеҲқ具规模пјҢе·Із»ҸиғҪж”Ҝж’‘е…¬еҸёзҡ„дёҡеҠЎй«ҳйҖҹеўһ й•ҝе’Ң жӣҙеӨ§и§„жЁЎжЁЎеһӢзҡ„жҢҒз»ӯз ”еҸ‘гҖӮеҪ“еүҚе…¬еҸёе…ЁдёҡеҠЎеҸЈеҫ„ARRпјҲе№ҙеәҰз»ҸеёёжҖ§ж”¶е…Ҙпјүе·Із»ҸиҫҫеҲ°18дәҝзҫҺе…ғпјҢе№ҙжң«ARRжҢҮеј•з”ұ24дәҝзҫҺе…ғдёҠи°ғиҮі30дәҝзҫҺе…ғгҖӮ

гҖҖгҖҖ дёӯеӣҪ银河 иҜҒеҲёз ”жҠҘжҳҫзӨәпјҢжҷәи°ұжҳҜеӣҪеҶ…зӢ¬з«ӢеӨ§жЁЎеһӢйўҶеҶӣиҖ…пјҢејҖж”ҫе№іеҸ°еҸҠAPIжӢүеҠЁиҗҘ收й«ҳйҖҹеўһй•ҝгҖӮд»ҺжҲҳз•Ҙе®ҡдҪҚзңӢпјҢжҷәи°ұжӯЈз”ұеҹәзЎҖжЁЎеһӢжҸҗдҫӣе•ҶиҝӣдёҖжӯҘеҗ‘AIеҹәзЎҖи®ҫж–Ҫе№іеҸ°еҚҮзә§пјҢе•ҶдёҡеҢ–и·Ҝеҫ„йҖҗжёҗжё…жҷ°гҖӮжҷәи°ұзҡ„ж ёеҝғз«һдәүеҠӣдҪ“зҺ°еңЁеҸҜжҢҒз»ӯзҡ„SOTAж°ҙе№іпјҲжҢҮеҪ“еүҚжңҖе…Ҳиҝӣзҡ„жЁЎеһӢпјүгҖҒзӣҲеҲ©иғҪеҠӣзҡ„жҸҗеҚҮдёҺе•ҶдёҡеҢ–жӢ“еұ•дёүиҖ…д№Ӣй—ҙзҡ„е№іиЎЎгҖӮ

гҖҖгҖҖдёҮиҒ”иҜҒеҲёжҠ•иө„йЎҫй—®еұҲж”ҫеҜ№гҖҠиҜҒеҲёж—ҘжҠҘгҖӢи®°иҖ…иЎЁзӨәпјҢжҷәи°ұжң¬ж¬ЎеӣһиҙӯжӣҙеӨҡдҪ“зҺ°зҡ„жҳҜз®ЎзҗҶеұӮз»ҙжҠӨиӮЎд»·е’ҢиӮЎдёңеҲ©зӣҠзҡ„жҖҒеәҰпјҢе…·дҪ“иҗҪе®һж–№жЎҲе’Ңе®һж–Ҫз»ҶиҠӮиҝҳжңүеҫ…и§ӮеҜҹгҖӮдҪңдёәеӨ§жЁЎеһӢеӨҙйғЁдјҒдёҡпјҢе…¬еҸёжңӘжқҘиӮЎд»·иЎЁзҺ°дё»иҰҒеҸ–еҶідәҺеёӮеңәдёҡз»©е’Ңз»ҸиҗҘзҠ¶еҶөпјҢе•ҶдёҡеҢ–收е…ҘгҖҒжҲҗжң¬жҺ§еҲ¶гҖҒз«һдәүж јеұҖе’ҢзҺ°йҮ‘жөҒзӯүеҹәжң¬йқўеӣ зҙ д»ҚжҳҜе…ій”®гҖӮеӣ жӯӨпјҢеӣһиҙӯзҹӯжңҹеҜ№иӮЎд»·зҡ„жҸҗжҢҜеҸҜиғҪжңүйҷҗпјҢдёӯй•ҝжңҹд»ҚиҰҒзңӢдёҡеҠЎиҗҪең°е’Ңз»ҸиҗҘдёҡз»©гҖӮ

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