责任编辑：周守来 人民财讯1月21日电，港股AI概念股持续活跃，截至发稿，MINIMAX-WP涨超5%，智谱、百度集团、 阿里巴巴等跟涨。 人民财讯1月21日电，港股AI概念股持续活跃，截至发稿，MINIMAX-WP涨超5%，智谱、百度集团、 阿里巴巴等跟涨。 责任编辑：周守来 ...

本文源自：金融界AI电报 港股AI概念股持续上扬，MINIMAX-WP涨超6%，智谱、百度集团-SW涨超3%，阿里巴巴-W、美图公 司跟涨。 ...

Core Insights - Agora and MiniMax have deepened their strategic collaboration to integrate MiniMax's text-to-speech (TTS) technology with Agora's Conversational AI Engine, enhancing real-time, human-like interactions for various applications [1][12] - The partnership aims to address the challenge of delivering expressive AI voices consistently across diverse devices and networks, marking a significant advancement in the AI ecosystem [6][11] Company Overview - Agora is a leader in real-time engagement infrastructure, providing APIs for real-time conversational AI, voice, video, and interactive live streaming, trusted by over 1,800 organizations globally [13] - MiniMax, founded in early 2022, focuses on advancing AI towards AGI with a mission of "Intelligence with Everyone," offering proprietary multimodal models that support various applications [14][15] Technological Integration - The integration allows for dynamic streaming of AI voices that can be interrupted, resumed, and adapted in real-time, mimicking human conversation patterns rather than static playback [5] - MiniMax's TTS models are designed for expressive and emotionally rich voice generation, supporting multiple languages and speaking styles, while Agora provides a global, low-latency delivery network [4][9] Market Applications - The joint solution is enabling production use cases in areas such as customer service, interactive education, and multimodal AI applications, facilitating a seamless experience from text generation to real-time speech delivery [7][10] - The collaboration supports the development of voice-first products that require instant feedback and natural speech, enhancing user interaction across various platforms [10] Future Outlook - Following MiniMax's IPO, both companies plan to expand their collaboration further into real-time voice agents and AI-native devices, aiming to enhance everyday interactive experiences [12]

Group 1 - The core viewpoint of the article highlights a significant decline in the Hong Kong stock market related to AI application concepts, with notable drops in specific companies [1] Group 2 - MINIMAX experienced a drop of over 13% [1] - Huya Technology fell by 10% [1] - Zhiyun Technology also saw a decline of 10% [1] - Meitu Inc. decreased by 8% [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant advancements in various technology sectors, including semiconductors, artificial intelligence, and quantum technology, indicating a robust investment landscape in these areas Summary by Sections 1. Financing Overview - From January 1 to January 16, 2026, there were 296 financing events in the technology sector globally, with 248 occurring domestically and 48 internationally. The leading sectors for domestic financing were advanced manufacturing (137 events), artificial intelligence (63 events), and enterprise services (25 events) [11] 2. IPO Updates - Notable IPOs included: - Zhaoyi Innovation listed on the Hong Kong main board on January 13, 2026, focusing on integrated circuit design with a strong market presence in various chip categories [14][15] - OmniVision Technologies listed on January 12, 2026, as a global fabless semiconductor design company specializing in image sensors and display solutions [17][18] - MiniMax listed on January 9, 2026, as an AI large model company aimed at enhancing productivity through advanced AI technologies [20][21] - Tensu Zhixin listed on January 8, 2026, providing general GPU products and AI computing solutions [23][24] 3. Market Performance Tracking - The report notes a mixed performance in the stock market, with the Shanghai Composite Index declining by 0.45% while the Shenzhen Component Index and the ChiNext Index increased by 1.14% and 1.00%, respectively. The semiconductor index saw a weekly increase of 4.92% [31][32] 4. Advanced Semiconductor Developments - Significant advancements include: - Xi'an University of Electronic Science and Technology's breakthrough in aluminum nitride "ion implantation induced nucleation," addressing thermal bottlenecks in third and fourth-generation semiconductors [38][39] - Wolfspeed's successful production of single-crystal 300 mm silicon carbide wafers, marking a milestone in silicon carbide technology [42][43] - Tsinghua University's progress in pixelated array lithography, enhancing manufacturing capabilities for infrared polarization imaging systems [44][45] 5. Quantum Technology Innovations - Key developments in quantum technology include: - The University of Waterloo's proposal for a "quantum bit cloning" protocol that achieves quantum state replicability without violating the no-cloning theorem [4] - The Weizmann Institute's observation of Aharonov–Bohm interference in quantum Hall states, providing insights into non-Abelian anyons [4]

Group 1 - Some Hong Kong AI application concept stocks experienced declines, with MINIMAX-WP (00100.HK) dropping by 5.21% [1] - 汇量科技 (01860.HK) saw a decrease of 3.90% [1] - 哔哩哔哩-W (09626.HK) fell by 2.69% [1]

Core Insights - The recent IPOs of domestic AI model companies, Zhipu (02513.HK) and MiniMax (00100.HK), have attracted significant investor interest, showcasing different business models and market performances [1][2] Company Analysis - Zhipu focuses on the MaaS (Model as a Service) and B-end market, with a revenue increase of 325% year-on-year in the first half of 2025, where local deployments contribute over 80% of its income [1][2] - MiniMax targets the C-end market with a global approach, surpassing one million paid users and achieving over 70% of its revenue from overseas, with a shift from negative to positive gross margins [1][2] - Zhipu's strategy emphasizes "model as a channel," with a significant portion of its 8,000 enterprise clients coming from the internet sector, projected to exceed 50% by 2024 [2][3] Market Trends - The IPOs of Zhipu and MiniMax have revitalized the Hong Kong tech sector, with the AI application index experiencing a single-day increase of over 4%, breaking the pessimistic expectations of a "capital winter" [6][7] - There has been a surge in IPO activities in the tech sector, with over 60 companies pursuing IPOs in the past six months, indicating a strong focus on AI and related technologies [6][7] Financial Performance - Both Zhipu and MiniMax are currently operating at a loss, indicating that traditional valuation metrics like PE and PB are not applicable for pricing these AI model companies [4][5] - The market is expected to develop a clearer classification valuation system as more AI companies go public, with revenue, gross margins, and cash flow becoming key comparative metrics [5][6] Industry Outlook - The focus of policy support is shifting from developing the strongest models to enhancing industrial capabilities and application implementation, which is expected to boost market confidence and liquidity [7] - The competition in artificial intelligence is seen as a core battleground for the restructuring of the global tech landscape, with the success of Zhipu and MiniMax marking the beginning of a new journey for China's AI industry [7]

Group 1 - The AI application sector in the Hong Kong stock market showed a recovery in the afternoon, with MINIMAX-WP (00100.HK) rising over 16% [1] - Other companies such as Zhiyun (02513.HK) increased by more than 4%, while companies like Reading Group (00772.HK) and Bilibili (09626.HK) also experienced gains [1]

Group 1 - The core point of the article highlights that MINIMAX-WP experienced a significant increase in its stock price, rising by 18.44% to reach 424 HKD per share as of 1:39 PM [1]

Group 1 - The core viewpoint of the article highlights the significant increase in stock prices of AI application concept stocks in the Hong Kong market, indicating a growing investor interest in this sector [2] - MINIMAX (00100.HK) saw a notable rise of 18% in its stock price, reflecting strong market performance [2] - Other companies in the AI sector, such as Zhipu (02513.HK) and Minglue Technology-W (02718.HK), also experienced stock price increases of 7% and 4% respectively, showcasing a positive trend across the industry [2]