Core Viewpoint - The domestic AI large model concept stocks are gaining market attention, with significant price increases for MINIMAX-WP and Zhizhu [1] Group 1: Stock Performance - MINIMAX-WP (00100) has risen by 13.22%, reaching 552.5 HKD [1] - Zhizhu (02513) has increased by 6.32%, reaching 242.4 HKD [1] Group 2: Product Developments - The personal AI assistant ClawdBot has sparked discussions, developed almost entirely using AI, with MiniMax 2.1 being highlighted as the most "Agentic" large model [1] - On January 20, Zhizhu AI released and open-sourced the lightweight large language model GLM-4.7-Flash [1] - MiniMax's AI native workspace Agent 2.0 was launched on the same day, featuring Desktop App and Expert Agents as core components [1] Group 3: Market Trends - According to Guangfa Securities, the recognition of the commercial value of AI-assisted programming tools is increasing, leading to a higher willingness among enterprise users to pay for software development, data analysis, and business process automation [1] - Domestic AI large models are expected to benefit from this trend and achieve better commercialization [1]

Core Viewpoint - Insurance capital is increasingly participating in cornerstone investments in Hong Kong IPOs, signaling strong market confidence, with significant investments from major insurance companies like Taikang Life and Ping An Life [1][3][4]. Group 1: Investment Trends - In early 2026, four insurance companies participated in eight Hong Kong IPO cornerstone investments, with Taikang Life investing $10 million in the IPO of Mingming Hen Mang [1]. - From 2025 to early 2026, seven insurance institutions participated as cornerstone investors in 20 Hong Kong IPOs, with a total subscription amount of HKD 4.679 billion [1][4]. - The average return for Hong Kong IPOs in 2025 was 38%, with the first-day price drop rate at a five-year low of 23.08% [6][10]. Group 2: Challenges Faced - Insurance companies face challenges in accessing IPO projects due to high entry barriers and the need for strong cross-market research capabilities [2][15]. - The balance between high return potential and net asset value volatility is a significant concern for insurance funds, which are generally risk-averse [2][15]. Group 3: Market Outlook - The IPO fundraising scale in Hong Kong is expected to remain strong in 2026, with insurance capital becoming a long-term force in the market [2][15][16]. - The cornerstone investment mechanism is seen as a key entry point for quality assets in the Hong Kong market, enhancing liquidity and valuation flexibility [2][16]. Group 4: Sector Focus - Insurance capital is focusing on sectors such as AI, biomedicine, and new consumer brands, with a notable interest in companies like MINIMAX and Ruibo Biotechnology [9][10]. - The investment strategy is shifting towards a more diversified valuation framework, moving beyond traditional profit metrics to include growth potential [10][11].

Group 1: Market Overview - The Hong Kong stock market showed signs of recovery, with the Hang Seng Index rising back above 27,000 points, closing at 27,126.95, up 1.35% [2] - The Hang Seng Technology Index increased by 0.50% to 5,754.72, while the Hang Seng China Enterprises Index rose by 1.07% to 9,244.88 [2] - The banking and insurance sectors were particularly active, contributing to the overall market strength, while large tech stocks exhibited mixed performance [2] Group 2: AI Application Stocks - MINIMAX-WP led the AI application sector, surging by 26.48% to a closing price of 488.20, with a trading volume of 1.613 billion [4][5] - The launch of MiniMax's AI-native workbench, Agent 2.0, is a key driver, featuring components like Desktop App for task execution and Expert Agents for business scenario understanding [4] Group 3: Semiconductor Sector - The semiconductor sector experienced gains, with notable increases in stocks such as Naxin Micro (up 5.61%), Shanghai Fudan (up 5.12%), and others [6][7] - Price adjustments in wafer foundry and packaging services are anticipated, with MediaTek indicating a strategic price adjustment to reflect rising manufacturing costs [6] Group 4: Insurance Sector - The insurance sector showed strong performance, with China Life rising nearly 6%, and other companies like New China Life and China Pacific Insurance also reporting gains [8][9] - A report from Huachuang Securities suggests that the insurance sector is expected to see performance improvements by 2025, driven by better investment conditions and a recovery in liabilities [8] Group 5: Corporate Acquisitions - Anta Sports announced the acquisition of a 29.06% stake in Puma for €1.5 billion (approximately 12.278 billion RMB), with shares rising by 2.03% [10] - Zijin Mining's stock rose by 2.89% following the announcement of a deal to acquire Allied Gold Corporation for approximately 5.5 billion CAD (around 28 billion RMB), expanding its gold mining operations in Africa [12][13]

Core Insights - The AI application concept has seen significant growth in the Hong Kong stock market, with MINIMAX-WP rising by 26.48%, Zhizhu by 7.56%, and Alibaba by nearly 3% [1][2] - Major tech companies are intensifying their competition in the AI sector, with each adopting different strategies [5][17] Group 1: Company Developments - Alibaba has released its strongest model, Qwen3-Max-Thinking, which is claimed to be the largest and most capable reasoning model, outperforming competitors like GPT-5.2 and Gemini 3 Pro in several benchmark tests [4][5] - Tencent's CEO, Ma Huateng, acknowledged the slow pace of AI development and emphasized the integration of large models and AI products [3] - Baidu has increased its AI-related revenue growth forecast for 2026 to 200%, aiming to lead the AI cloud market [3] Group 2: Model Innovations - Qwen3-Max-Thinking features over one trillion parameters and has set new records in 19 authoritative benchmark tests, focusing on reasoning technology innovations [5][8] - The model employs a new Test-time Scaling mechanism that enhances reasoning performance while being more economical, allowing for more efficient and intelligent reasoning results [7][8] - The model has significantly improved its autonomous tool-calling capabilities, enabling it to perform complex tasks like planning trips and analyzing data [8][9] Group 3: Strategic Moves - Alibaba is integrating Qwen into its ecosystem while also planning to spin off its chip company, Pingtouge, to transform it from a cost center to a revenue center [10][11] - The integration of Qwen into Alibaba's ecosystem aims to create a "super entrance" for AI applications, connecting various services like e-commerce, local life, and entertainment [13][15] - Other tech giants like Tencent and Baidu are also enhancing their AI strategies, with Tencent focusing on integrating AI into its social products and Baidu targeting B2B solutions [17][18]

智通财经1月27日讯（编辑 胡家荣）今日港股三大指数集体回暖。截至收盘，恒生指数涨1.35%，报27126.95点；科技指数涨0.50%，报5754.72点；国企指数 涨1.07%，报9244.88点。 | 27220.53 | | --- | | 27193.77 | | 27167.00 | | 27140.24 | | 27126.95 | | 27113.47 | | 27086.71 | | 27059.94 | | 27033.18 | | 27006.41 | | 26979.64 | | 26952.88 | | 26926.11 | | 26899.35 | | 26872.58 | | 26845.82 | | 26819.05 1-1 11-WL 11 -- - | 注：恒生指数的表现 今日市场 从市场表现来看，保险、半导体、AI应用等个股表现活跃，资金关注度显著提升；煤炭、互联网医疗、医药股则承压回调。 保险股多数上涨 估值修复动能增强 截至收盘，中国人寿(02628.HK)涨5.97%、友邦保险(01299.HK)涨4.09%、新华保险(01336.HK)涨3.56%。 | 代码 | ...

每经AI快讯，1月27日，港股AIGC概念股持续拉升，MINIMAX-WP涨超20%，金山云涨近10%，智 谱、阿里巴巴-W跟涨。 ...

中信建投此前指出，在生成式AI浪潮席卷全球的当下，MINIMAX以"反共识"的战略定力，聚焦模型智 力突破，正从行业竞争中脱颖而出。作为上海首批获得大模型备案的企业，公司凭借技术深耕与商业化 远见，展现出强劲的发展潜力。该行预测，2025-2027年公司营收将保持90%以上的高速增长，Non- GAAP毛利率有望提升至55%，净亏损率持续收窄。随着推理成本优化与新一代多模态模型落地，公司 有望在AI原生应用领域开辟更大市场空间。 消息面上，1月20日，MiniMax的AI原生工作台Agent2.0上线，其以Desktop App和Expert Agents两个核 心组件为载体。Desktop App注重执行力，可完成读取本地文件、操控浏览器、处理文档等工作任务； Expert Agents侧重于对业务场景的理解，核心逻辑是用户注入私有知识库，将其打造成专业领域的专 家，使得Agent执行任务并给出特定标准的高质量产出。 智通财经APP获悉，MINIMAX-WP(00100)盘中涨超12%，截至发稿，涨9.53%，报422.8港元，成交额 6.49亿港元。 ...

Core Viewpoint - MiniMax's stock price surged over 12% during trading, currently up 9.53% at 422.8 HKD, with a trading volume of 649 million HKD following the launch of its AI-native workbench Agent 2.0 [1] Group 1: Product Launch - The Agent 2.0 features two core components: Desktop App and Expert Agents. The Desktop App focuses on execution capabilities, enabling tasks such as reading local files, controlling browsers, and processing documents. Expert Agents emphasize understanding business scenarios by allowing users to inject private knowledge bases to create domain-specific expertise [1] Group 2: Market Position and Growth Potential - CITIC Securities highlighted that MiniMax is standing out in the competitive landscape of generative AI with a "counter-consensus" strategic focus on model intelligence breakthroughs. The company is one of the first in Shanghai to receive large model registration, showcasing strong development potential through technological depth and commercial foresight [1] - The firm forecasts that MiniMax's revenue will maintain over 90% high growth from 2025 to 2027, with Non-GAAP gross margin expected to improve to 55% and net loss rate continuing to narrow [1] - With optimization of reasoning costs and the implementation of next-generation multimodal models, MiniMax is poised to explore larger market opportunities in the AI-native application sector [1]

（文章来源：每日经济新闻） 每经AI快讯，1月27日，港股AIGC概念股盘初冲高，MINIMAX-WP涨超9%，智谱涨超4%，金山云涨 超3%。 ...

Economic Overview - In 2025, Shanghai's GDP reached 56,708.71 billion yuan, reflecting a year-on-year growth of 5.4% in real terms [1] - The industrial added value in Shanghai grew by 5.0% year-on-year, with the total industrial output value increasing by 4.6% [1] Manufacturing Sector Performance - The manufacturing output of key industries in Shanghai saw significant growth, with the railway, shipbuilding, aerospace, and other transportation equipment manufacturing increasing by 15.8% [1] - The electrical machinery and equipment manufacturing sector grew by 11.1%, while the automotive manufacturing sector saw a 7.8% increase [1] - The computer, communication, and other electronic equipment manufacturing industries experienced a growth of 7.7% [1] Investment Trends - Industrial investment in Shanghai rose by 20.0% year-on-year, outpacing the overall fixed asset investment growth by 15.4 percentage points [1] Strategic Emerging Industries - The output value of Shanghai's three leading industries in manufacturing grew by 9.6%, surpassing 2 trillion yuan [2] - The integrated circuit manufacturing sector saw a growth of 15.1%, while the artificial intelligence manufacturing sector grew by 13.6% [2] - The strategic emerging industries in Shanghai experienced a year-on-year growth of 6.5%, with the new energy sector growing by 12.9% and high-end equipment manufacturing increasing by 11.1% [2] Industrial Development Strategy - Shanghai aims to build a modern industrial system characterized by "2+3+6+6," focusing on advanced manufacturing as the backbone [3] - The strategy emphasizes enhancing international competitiveness and supporting technological innovation while maintaining a reasonable industrial structure [3] - The three leading industries identified for accelerated development are integrated circuits, biomedicine, and artificial intelligence [3] AI and Integrated Circuit Industry - Shanghai has established a comprehensive integrated circuit industry chain, fostering leading enterprises across various segments, including chip design and manufacturing [5] - The city is home to 35 listed companies in the Science and Technology Innovation Board, leading the nation in chip design and manufacturing [5] - Recent developments include the rapid IPO of AI companies, such as MiniMax, which became the fastest AI company to go public globally [3][5]