来源：滚动播报 截至发稿，文远知行-W(00800.HK)涨8.42%、心动公司(02400.HK)涨7%、美图公司(01357.HK)涨 5.77%、MINIMAX-WP(00100.HK)涨4.12%。 ...

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].

截至2026年2月4日，港股IPO排队企业总共390家，其中有13家企业已通过聆讯。另外，东鹏饮料、国恩科技等股票已于2月上市。 1月有13只新股上市 2026年1月，港交所共有13只新股上市，合计募资总额达392.55亿港元，较2025年12月上市募资规模增超四成。 1月上市新股中，壁仞科技募资总额达64.2亿港元，规模最大。MINIMAX-WP紧随其后，募集约55.4亿港元。此外，豪威集团、兆易创新、智谱募资超过40 亿港元。 新华财经北京2月6日电新华财经和面包财经研究员根据香港交易所披露信息，对港股IPO排队及新上市企业进行了梳理统计。其中，港股IPO排队企业选取 依据为审核状态为已刊登申请版本、已刊登聆讯后资料集。 1月，港交所共有13只新股上市，合计募资总额达392.55亿港元，规模环比增超四成。其中，壁仞科技、MINIMAX-WP首发募集总额居前，分别达64.2亿港 元、55.4亿港元。 根据公开信息，截至2026年2月4日（下同），港交所的IPO排队企业总共390家。其中，主板IPO排队企业数量达384家，创业板（GEM，下同）排队企业6 家。 按审核进度汇总，已刊登申请版本的企业有377家， ...

MINIMAX-WP(00100)发布公告，有关全球发售的稳定价格期间于2026年2月5日(星期四)(即递交香港公 开发售申请截止日期后第30日)结束。稳定价格操作人中国国际金融香港证券有限公司或其联属人士或 代其行事的任何人士于稳定价格期间进行的稳定价格行动载列如下： (1) 于国际发售超额分配合共437.96万股发售股份，占全球发售项下初步可供认购发售股份总数的15% (经计及发售量调整权已获悉数行使但于行使超额配股权之前);及 (2) 整体协调人(为其本身及代表国际承销商)于2026年1月9日(星期五)按每股发售股份165.00港元(即国际 发售价，不包括1%经纪佣金、0.0027%证监会交易征费、0.00565%联交所交易费及0.00015%会财局交 易征费)悉数行使超额配股权，涉及合共437.96万股发售股份，以补足国际发售项下超额分配。 于稳定价格期间，稳定价格操作人并无出于稳定价格目的在市场上购入或出售任何A类普通股。 ...

(2) 整体协调人(为其本身及代表国际承销商)于2026年1月9日(星期五)按每股发售股份165.00港元(即国际 发售价，不包括1%经纪佣金、0.0027%证监会交易征费、0.00565%联交所交易费及0.00015%会财局交 易征费)悉数行使超额配股权，涉及合共437.96万股发售股份，以补足国际发售项下超额分配。 于稳定价格期间，稳定价格操作人并无出于稳定价格目的在市场上购入或出售任何A类普通股。 智通财经APP讯，MINIMAX-WP(00100)发布公告，有关全球发售的稳定价格期间于2026年2月5日(星期 四)(即递交香港公开发售申请截止日期后第30日)结束。稳定价格操作人中国国际金融香港证券有限公司 或其联属人士或代其行事的任何人士于稳定价格期间进行的稳定价格行动载列如下： (1) 于国际发售超额分配合共437.96万股发售股份，占全球发售项下初步可供认购发售股份总数的15% (经计及发售量调整权已获悉数行使但于行使超额配股权之前);及 ...

于稳定价格期间，稳定价格操作人并无出于稳定价格目的在市场上购入或出售任何A类普通股。 (2)整体协调人(为其本身及代表国际承销商)于2026年1月9日(星期五)按每股发售股份165.00港元(即国际 发售价，不包括1%经纪佣金、0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交 易徵费)悉数行使超额配股权，涉及合共4,379,640股发售股份，以补足国际发售项下超额分配。 来源：格隆汇APP 格隆汇2月5日丨MINIMAX-WP(00100.HK)宣布，有关全球发售的稳定价格期间于2026年2月5日(星期四) (即递交香港公开发售申请截止日期後第30日)结束。稳定价格操作人中国国际金融香港证券有限公司或 其联属人士或代其行事的任何人士于稳定价格期间进行的稳定价格行动载列如下：(1)于国际发售超额 分配合共4,379,640股发售股份，占全球发售项下初步可供认购发售股份总数的15%(经计及发售量调整 权已获悉数行使但于行使超额配股权之前)；及 ...

本公司宣佈，有關全球發售的穩定價格期間於2026年2月5日（星期四）（即遞交香 港公開發售申請截止日期後第30日）結束。穩定價格操作人中國國際金融香港證 券有限公司或其聯屬人士或代其行事的任何人士於穩定價格期間進行的穩定價格 行動載列如下： (1) 於國際發售超額分配合共4,379,640股發售股份，佔全球發售項下初步可供認 購發售股份總數的15%（經計及發售量調整權已獲悉數行使但於行使超額配股 權之前）；及 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發或派發。本公告並不構成亦不屬於在美國境內或於任何其他司法權區購買或認購證券 的任何要約或遊說的一部分。除非已根據經修訂的1933年美國《證券法》（「美國證券法」）進行 登記或獲豁免遵守登記規定，否則證券不得在美國發售或出售。凡在美國公開發售我們的任何 證券，均須以刊發可從 ...

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by Nvidia, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with Nvidia in absolute computing power, the focus is shifting to system efficiency and scene applicability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - Industry experts believe that breakthroughs in single-point technology are insufficient for winning the competition, and the collaboration of ecosystems, particularly the "mutual engagement" between models and chips, is crucial for the true autonomy of domestic AI [1] - Looking ahead to 2026, significant breakthroughs in large models are expected in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal capabilities, advancing towards the long-term goal of AGI [2] - The willingness of enterprise users to pay for AI-assisted programming tools is expected to increase, benefiting domestic AI large models and facilitating better commercialization as the business value of these tools in software development, data analysis, and business process automation becomes recognized [2] Group 3 - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Group 1 - The Chinese AI industry is entering a new phase of commercial validation and large-scale application, with companies like Zhiyu Huazhang, MiniMax, TianShu ZhiXin, and BiRan Technology recently listing on the Hong Kong Stock Exchange and the Sci-Tech Innovation Board [1] - Domestic chip companies are facing a "bottleneck" dilemma under the ecosystem built by NVIDIA, with some listed GPU companies experiencing significant stock price corrections after substantial increases, reflecting market scrutiny of their commercialization paths and long-term growth logic [1] - Since domestic chips cannot quickly catch up with NVIDIA in absolute computing power, the focus is shifting to system efficiency and scene adaptability, emphasizing "domestic adaptation" to enhance computing power utilization efficiency and accelerate the application of large models across various industry scenarios [1] Group 2 - The industry consensus is that breakthroughs in single-point technology are insufficient for winning the competition; ecological collaboration, particularly the "two-way approach" between models and chips, is becoming crucial for the true independence of domestic AI [1] - Looking ahead to 2025, global large model technology capabilities are expected to advance, overcoming productivity scenarios and making significant progress in reasoning, programming, Agentic, and multimodal capabilities, although there are still shortcomings in model generalization stability and hallucination rates [1] - By 2026, further breakthroughs in large models are anticipated in areas such as reinforcement learning, model memory, and context engineering, moving from short context generation to long cognitive chain tasks and from text interaction to native multimodal, progressing towards the long-term goal of AGI [2] Group 3 - The commercial value of AI-assisted programming tools is gradually being recognized, leading to an increased willingness among enterprise users to pay for software development, data analysis, and business process automation scenarios, which is expected to benefit domestic AI large models [2] - Relevant Hong Kong stocks related to AI large models include MINIMAX-WP (00100), Zhiyu (02513), and Kuaishou-W (01024) [3]

Group 1 - The core theme of the Hong Kong IPO market this year is artificial intelligence (AI), with 12 companies in the AI value chain having gone public, raising over $4.9 billion (approximately HKD 38.22 billion) [1] - The recent surge in AI IPOs is believed to be just the beginning, as market conditions are expected to mature, allowing international investors to directly invest in leading Chinese AI companies [1] - Approximately 20 companies in various fields of the AI value chain have submitted listing applications, primarily in the platform sector, including enterprise AI, marketing AI, and data and business intelligence solutions [1] Group 2 - Four AI companies, including Wall Street Technology (06082), Zhiyuan (02513), TianShu Intelligent Chip (09903), and MINIMAX-WP (00100), raised a total of $2.5 billion last month, attracting international institutional investors from countries such as the UAE, Singapore, South Korea, Switzerland, and the USA [2] - The cornerstone investors for these four new stocks subscribed to approximately $1.3 billion, with an average cornerstone subscription rate of 58% of the total offering size, showcasing Hong Kong's role as a "super connector" for cutting-edge technology [2] - As of January 23, the total IPO fundraising in Hong Kong reached $3.7 billion, a year-on-year increase of 3.6 times, with over 350 listing applications currently being processed by the Hong Kong Stock Exchange [3]