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    摩根大通将智谱目标价上调20%至2400港元，因需求逼近服务能力上限，最新融资有望在12个月内转化为年度经常性收入。同时调低MiniMax目标价至240港元，因商业转化路径尚未证实。智谱作为AI应用层龙头，其“需求到营收”转化路径正加速获得机构资金认可，但推理资源扩张的实际效率仍

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