金吾财讯 | 知乎(ZH)盘前股价上行，暂升7.08%，报6.2美元。知乎此前宣布DeepSeek-R1模型能力已在旗下AI搜索产品知乎直答网页和知乎App双端集成上线。里昂发表研报指，知乎将DeepSeek-R1接入人工智能搜寻产品知乎直答，大幅提升知乎直答每日活跃用户中的渗透率与留存率。里昂提及，虽然网络巨头们都在竞相整合DeepSeek，但该行认为知乎以其广泛的专有数据及高质内容的独特地位使其脱颖而出，至于该股的交易价格亦低于其净现金水准。里昂将知乎美股目标价由3.85美元上调至7美元，评级由“持有”上调至“跑赢大市”。花旗发研报指，近期收到越来越多对于知乎的问询，市场对知乎净现金水平（较市值高出74%）和现有回购计划（约流通股10%）的认可度也有所提升。花旗认为，在内容层面，知乎的社区生态和优质语料，在内容价值层面有一定优势；在财务层面，随着知乎盈亏平衡的临近，其净现金状况可能进一步改善，与此同时，接入DeepSeek R1模型将有助于知乎加速释放平台内容价值并打开长期变现空间。
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