Let’s talk about the four core logics behind this wave of Zhipu’s Hong Kong stock surge:

1. Technological iteration inflection point: completing the upgrade from foundational models to an engineering-based Agent foundation, and adapting to real industry scenarios
2. Market perception reshaping: DeepSeek educates the market in advance, breaking the “domestic AI follows” narrative, and prompting capital to start digging into high-quality domestic names
3. A+H valuation expectations: the promotion of guidance for IPOs on the Sci-Tech Innovation Board, expectations of a revaluation for A-share technology stocks, and opening up long-term valuation headroom
4.