Core Insights - MiniMax is set to launch its IPO on December 31, with a share price range of HKD 151 to 165, aiming for a valuation between HKD 461.23 billion and 503.99 billion [2] - The company has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with total subscriptions amounting to approximately HKD 27.23 billion, indicating strong long-term investor confidence [2] - MiniMax has received backing from major institutions like miHoYo, Alibaba, Tencent, and Sequoia, positioning itself as one of the fastest-growing AI companies globally [3] Company Overview - Founded in early 2022, MiniMax focuses on developing full-modal models and has launched several AI-native products, including Hai Luo AI and Talkie [3] - The company has spent around USD 500 million since its inception, significantly less than larger firms' annual budgets for single AI applications, yet has achieved a comprehensive full-modal layout [3] - MiniMax has over 200 million individual users across more than 200 countries and regions, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from international markets [3] Market Context - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years [4] - MiniMax aims to leverage the capital market to solidify its position in the industry amidst competition from giants like Google and OpenAI [4] - The company views its IPO as a new starting point, emphasizing the need for continued effort in the face of evolving challenges in AGI technology [4]

26日，人工智能领域的知名学者吴恩达（Andrew Ng）在其年度信件与发布的《The Batch》特刊中指出，2025年或将被铭记为AI工业时代的黎明。这一年， 模型性能通过推理能力达到了新高度，基础设施建设成为推动美国GDP增长的关键力量，而顶尖科技公司为争夺人才展开了前所未有的薪酬战。 吴恩达认为，随着技术更紧密地融入日常生活，新的一年将进一步巩固这些变革。 万亿级资本开支与能源挑战 吴恩达表示，2025年，以OpenAI、微软、亚马逊、Meta和Alphabet为首的科技巨头宣布了一系列令人咋舌的基础设施投资计划。 据各方披露，每一吉瓦的数据中心容量建设成本约为500亿美元。OpenAI与其合作伙伴宣布了耗资5000亿美元的"Stargate"项目，并计划最终在全球建设20吉 瓦的容量。 微软在2025年的全球数据中心支出达到800亿美元，并签署了一项为期20年的协议，计划于2028年重启宾夕法尼亚州的三里岛核反应堆，以确保持续的电力供 应。 天价薪酬重塑人才市场 随着AI从学术兴趣转变为革命性技术，顶尖人才的身价已飙升至职业体育明星的水平。 吴恩达表示，Meta在2025年打破了传统的薪酬结构，向来 ...

Group 1 - The core point of the article is that spot silver has fallen below $73, experiencing a decline of over 4% in a single day [1] - CME Group announced an increase in margin requirements for gold, silver, platinum, and palladium contracts effective after the market close on December 30, citing the need to assess "market volatility to ensure adequate collateral coverage" [1]

A股高开，沪指涨0.09%，创业板指涨0.15%。先进封装、存储器、消费电子、商业航天、光伏题材走强，稳定币、能源金属概念股走弱。北交所 新股N蘅东光上市涨逾1000%。 港股低开，恒生指数低开0.21%，恒生科技指数跌0.22%。携程集团、京东集团、网易等走弱；新能源车概念股走强，蔚来、小鹏汽车、理想汽车 纷纷上涨。 国内商品期市开盘多数上涨，沪镍涨3.05%，集运指数(欧线)涨2.19%，碳酸锂涨2.02%，铂金跌5.81%，低硫燃料油跌1.50%，沥青跌0.86%，铁矿 石跌0.69%。 国债期货开盘，30年期主力合约涨0.04%，10年期主力合约涨0.05%，5年期主力合约涨0.02%，2年期主力合约涨0.00%。 10:04 有色板块早盘拉升，江西铜业冲击涨停，云南铜业、盛达资源、国城矿业、精艺股份、紫金矿业等涨超5%。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 涨跌 | | --- | --- | --- | --- | --- | | 600362 | 江西铜业 | 55.03 | 9.51% | 4.78 | | 000603 | 盛达资源 | 32.75 | 6.96% | 2.13 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 中国12月RatingDog制造业PMI 50.1，前值 49.9。 风险提示及免责条款 ...

中国12月官方非制造业PMI 50.2，前值 49.5。中国12月官方综合PMI 50.7，前值 49.7。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

价格压力传导至终端市场 随着DRAM和SSD成本攀升，PC厂商已开始发出广泛涨价信号。IDC估计，在悲观情景下，PC平均售 价可能上涨6%至8%，而出货量可能同比下降近9%。这一预测较11月份已经偏负面的-2.4%预期大幅 下调。 周三，国际数据公司（IDC）最新发布的设备市场展望显示，受存储器价格飙升影响，2026年全球PC 市场可能面临高达9%的萎缩。这一悲观预测远超该机构11月份预计的2.5%降幅，标志着行业前景急剧 恶化。 IDC指出，自去年10月中旬以来加速的全球存储器短缺已超出其最初模型预期。在中性情景下，PC出货 量预计将下降5%，而悲观情景下降幅可能达到9%。虽然IDC尚未正式改写官方预测，但其最新情景分 析明显比数周前更为悲观。 这场危机的根源在于AI基础设施需求激增。超大规模云服务商对存储器的需求大幅攀升，导致DRAM 和NAND生产从消费设备转向高带宽内存和高密度DDR5等高利润率企业级组件。IDC强调，这不是典 型的周期性波动，而是可能持续数年的硅产能战略性重新配置。 对于PC行业而言，这场存储器短缺恰逢Windows 10停止支持和"AI PC"推广两大关键时期，使市场前景 更加严峻 ...

美国总统特朗普公开证实中情局本月在委内瑞拉境内实施了打击行动，这标志着美国对委施压战略的重 大升级。 《环球时报》援引CNN及多家媒体报道称，当地时间29日，美国总统特朗普对媒体证实了一则消息： 美国中央情报局近日对委内瑞拉沿岸的一个据信被用于储存和运输毒品的港口设施实施了无人机袭击。 这一行动迅速引发了各方对局势失控的担忧。彭博分析认为，虽然白宫将行动定性为反毒打击，但这引 发了美国国会关于战争授权的激烈辩论，同时也极限测试着委内瑞拉军方的忠诚度与底线。投资者正密 切关注该地区局势是否会进一步升级，从而对能源市场及区域地缘政治稳定造成更广泛的直接冲击。 马杜罗的沉默与未来走向 面对美方罕见的直接越境打击，委内瑞拉方面的反应显得格外谨慎。据环球时报报道，截至发稿前，委 内瑞拉官方未对此事作出正式表态。媒体观察到，马杜罗在周一晚间近两小时的讲话中并未提及此次袭 击，而是强调了军队的团结与忠诚。 特朗普在会见以色列总理内塔尼亚胡前对媒体确认，美军摧毁了这一"大型设施"，并称该处发生"大爆 炸"，"现在那个地方已经不存在了"。虽然目前尚未确认有人员伤亡，且委内瑞拉方面暂未正式回应， 但地缘政治风险的急剧上升已引发市 ...

ING首席国际经济学家James Knightley指出，美联储在全球央行中"逆势而行"，依然处于明显的宽松模 式。 基于这一预期，华尔街银行预计欧元兑美元将在2026年底前升至1.20，英镑兑美元则将从目前的1.33攀 升至1.36。美元今年的疲软虽然利好美国出口商，但对于那些在美国产生销售收入的欧洲企业而言，则 构成了业绩拖累。 美联储主席人选引发市场焦虑 在唐纳德·特朗普重返白宫执政的第一年，美元正遭遇自2017年以来最严重的年度抛售潮。 受贸易战引发的经济担忧及美联储宽松货币政策预期的双重打压，这一全球储备货币的避险地位面临严 峻考验，市场正重新评估美元在"川普2.0"时代的资产价值。 根据金融时报的数据显示，美元兑一篮子主要货币今年已大幅下挫9.5%，不仅创下近十年来最大年度 跌幅，更被德意志银行全球外汇研究主管George Saravelos形容为自由浮动汇率历史上美元表现最糟糕 的年份之一。欧元成为主要受益者，兑美元汇率飙升近14%，突破1.17关口，达到2021年以来的最高水 平。 导致美元走软的关键转折点始于今年4月，当时特朗普针对美国贸易伙伴发起了激进的关税战，尽管美 元随后收复了部分失地 ...

Market Overview - The U.S. stock market experienced a three-day decline with small-cap stocks underperforming and facing selling pressure [2] - Major technology stocks showed some recovery after a previous downturn, while cyclical sectors like communication services and materials briefly outperformed [2] - U.S. Treasury yields saw slight fluctuations, with the 10-year yield rising by less than 1 basis point [2] - The offshore RMB appreciated by 0.2% before narrowing its gains, closing at 6.992 [2] - Gold prices initially rose by 1.60% but later retraced most of the gains, while silver saw a significant rebound, closing up over 5% [2] Key News - The Central Rural Work Conference emphasized the need to strengthen core agricultural technologies and efficiently convert scientific achievements into practical applications [3][17] - The government announced a new tax policy for individuals selling homes held for over two years, exempting them from value-added tax starting January 1, 2026 [6][19] - A new national subsidy plan for 2026 was introduced, which includes support for smart products while adjusting standards for household appliances and automobiles [4][18] - Four departments are pushing for the digital transformation of the automotive industry, focusing on key technologies and the development of public computing infrastructure [5][19] Company Developments - Tesla's Q4 delivery volume is projected to decline by 15% due to the expiration of tax credits and increased competition [22] - Longxin Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 29.5 billion yuan [7] - MiniMax plans to raise 4.2 billion HKD through its IPO, with Alibaba and Abu Dhabi as cornerstone investors [8] - Manus, an AI startup, was acquired by Meta for over $2 billion, marking a significant milestone in the AI sector [30] Commodity Market - The metal market showed mixed trends, with silver prices rebounding significantly while gold's gains were curtailed [21] - Copper prices surged nearly 4%, and nickel reached a 14-month high due to supply concerns [21][33] - OPEC+ is expected to maintain its current production levels amid ongoing supply surplus pressures [11][25] Economic Policies - The government is set to implement a large-scale equipment update and consumer goods replacement policy in 2026, focusing on key consumer products [38] - The Ministry of Industry and Information Technology is promoting the application of artificial intelligence in the automotive sector, aiming for significant advancements by 2030 [40]