Core Viewpoint - The Hong Kong stock market's AI application sector is experiencing a rebound, with notable increases in stock prices for several companies, including Zhixing Technology and Zhipu, which opened over 7% higher [1][5]. Group 1: Stock Performance - Zhixing Technology (01274) saw a price increase of 7.60%, reaching 7.080 [2][6]. - Zhipu (02513) rose by 7.10%, with a current price of 194.700 [2][6]. - MINIMAX (00100) increased by 2.74%, priced at 375.000 [2][6]. - Alibaba (09988) experienced a 2.44% rise, reaching 163.800 [2][6]. - Other companies such as Kuaishou (01024) and Weimeng Group (02013) also saw increases close to 2% [1][5]. Group 2: Technological Developments - Zhipu has collaborated with Huawei to launch a new generation image generation model called GLM-Image, which is the first state-of-the-art multimodal model trained entirely on domestic chips [2][6]. - The model utilizes the Ascend Atlas 800T A2 device and the MindSpore AI framework, completing the entire process from data to training [2][6].

Core Viewpoint - The company has actively revised its logic regarding "DAU/traffic = barrier," recognizing that the only moat in the AI era is the intellectual advantage of models. By reducing inefficient ToB sales teams and C-end user acquisition costs, resources are intensely focused on high-intensity model research and technological breakthroughs. This "anti-consensus" contraction is essentially a strategic move to gain an edge in the second half of the Scaling Law, focusing on reasoning and architectural innovation. The management team possesses top-tier research and ToB commercialization and delivery experience [1]. Industry Transformation - AI is defining a new generation of productivity, with the Total Addressable Market (TAM) shifting from software budgets to labor budgets. The industry is undergoing a qualitative change from discriminative AI to generative AI. The Scaling Law is driving exponential improvements in model intelligence while reasoning costs are decreasing exponentially, making AI not just a traditional SaaS "tool" but a "digital employee" with reasoning and planning capabilities. For instance, the traditional software market targets about $300 billion of IT budgets, while AI, as a production factor, is expected to penetrate a global labor cost market of approximately $13 trillion [1]. Technical Evolution - The technical path is evolving, with increasing engineering barriers and a gradual consolidation of model frameworks. The extensive pre-training Scaling (computational power/data) is facing diminishing marginal returns, leading the industry into a new phase of "architectural innovation & reasoning-side Scaling." Companies like DeepSeek (MLA/architecture compression) and Google (multimodal association) represent different technical breakthrough directions, with technical barriers returning to a combination of "engineering capability + architectural innovation" [2]. Company Advantages - The MiniMax team benefits from a founder with both research capabilities and ToB delivery experience. The founder, Yan Junjie, previously served as Vice President of SenseTime and CTO of the Smart City Business Group, demonstrating exceptional technical and management skills. Under his leadership, a team of over 700 achieved industry-leading facial recognition algorithms, with the smart city business generating over 2 billion RMB in revenue in 2021, targeting government and large enterprises with a focus on engineering delivery. Unlike the mobile internet era, the management team understands that "user scale ≠ model intelligence." Therefore, the company's strategic focus is shifting from "revenue generation/user acquisition" to "technological iteration" by 2025 [3]. Financial Projections - The company expects to achieve revenues of $80 million, $185 million, and $351 million for FY25-27, representing year-on-year growth of 162%, 131%, and 90%. AI-native product revenues (To C) are projected to be $58 million, $139 million, and $263 million, with growth exceeding 140%. Open platform revenues (ToB) are expected to be $22 million, $46 million, and $88 million. As reasoning costs optimize and high-margin ToB business stabilizes, Non-GAAP gross profits are projected to be $20 million, $74 million, and $193 million, corresponding to Non-GAAP gross margins of 25.0%, 40.0%, and 55.0%. Despite ongoing competition in computational power, Non-GAAP net losses are expected to narrow, recording losses of -$240 million, -$180 million, and -$80 million for FY25-27, with a significant trend of decreasing loss rates [4]. Investment Logic - Within the AI sector, the investment logic between the "infrastructure layer (e.g., DeepSeek)" and the "native application layer" is diverging. Compared to DeepSeek, which establishes barriers on the cost side through architectural innovation, MiniMax's deep focus on multimodal (voice/video) interaction experience provides a stronger moat in user stickiness and commercialization. The integration of "high-sensory interaction" and "productivity tools" is key, with the former (Talkie/Xingye) providing vast RLHF data and the latter (Hailuo/open platform) generating high-margin cash flow. Greater revaluation potential lies in the technological unlocking in the second half of the Scaling Law. As the company's strategic focus returns to technological research, new multimodal models (e.g., Video-01, end-to-end voice) are expected to significantly contribute to incremental ARR starting in FY26-27 [5].

1月9日，MiniMax港股挂牌首日，股价大涨109%。1月12日，公司股价再度上涨15.36%。1月13日，其股价调整， 回撤8.29%，收报365港元/股，但仍较发行价上涨了200港元/股。 大幅亏损主要源于"入不敷出"。2025年前三季度，公司研发投入12.63亿元。 MiniMax最新市值达1129亿港元(折合人民币约1009亿元)，公司创始人闫俊杰持股财富约258亿元。 MiniMax尚未实现盈利。2025年前三季度，公司实现营业收入3.75亿元，净利润亏损35.89亿元。初步估算，近三 年，公司将累计亏损超过90亿元。 成立仅四年，中国大模型公司MiniMax(上海稀宇科技，00100.HK)敲开了港交所大门，收获了千亿市值。 本次IPO，MiniMax成功募资55.40亿港元。公司表示，所募资金将用于公司未来五年研发、补充营运资金等。 市值1129亿港元远超智谱 MiniMax受到了资金追捧。 1月9日，MiniMax紧追同为"AI六小虎"的智谱，在港交所挂牌交易。当日，公司股价大涨109.09%，收报345港元/ 股。紧接着的1月12日，MiniMax的股价再度上涨15.36%，收报389港元 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - The computer sector experienced a significant increase of 9.12%, ranking 4th among primary industries in the Yangtze River region, with a trading volume accounting for 7.72% of the total market [2][4][15] - The recent listings of Zhiyu and MiniMax are expected to drive investment opportunities in domestic AI applications, with MiniMax's stock surging nearly 110% on its debut, reaching a market capitalization of over HKD 105 billion [6][49] - The report suggests focusing on domestic large model manufacturers, major cloud service providers, vertical scenario agent manufacturers, and the domestic computing power industry chain [6][49] Summary by Sections Market Performance - The computer sector saw a substantial rise, with the Shanghai Composite Index achieving a sixteen-day winning streak, closing at 4120.43 points, reflecting an overall increase of 3.82% [4][15] - AI-related stocks were particularly active, with notable gains in companies such as Starry Technology (+49.74%) and Zhuoyi Information (+43.33%) [17] Key Developments - NVIDIA launched the Alpamayo series of open-source AI models aimed at enhancing autonomous driving capabilities [20][22] - OpenAI introduced ChatGPT Health, a specialized version of ChatGPT designed for health and wellness applications [31][38] - China submitted a proposal to the ITU for multiple satellite constellations, totaling 203,000 satellites, indicating a strategic acceleration in the commercial space sector [41][42] Investment Recommendations - The report emphasizes the importance of the recent IPOs of Zhiyu and MiniMax, which may reshape the industry landscape and capital market pricing logic, shifting the focus from parameter competition to profitability and implementation efficiency [49][60] - Investors are encouraged to monitor developments in the AI application sector, particularly in relation to large model manufacturers and cloud service providers [6][49]

Core Insights - The recent surge in IPOs for AI and semiconductor companies in China has attracted significant market attention, with notable performances from companies like MiniMax and Zhipu [1][2][3] - Major gaming companies such as Tencent, Mihayou, and others are increasingly investing in AI and semiconductor firms, indicating a trend of deep integration between the gaming industry and advanced technologies [1][12][15] Investment Highlights - MiniMax, an AI unicorn, debuted on the Hong Kong Stock Exchange with a first-day increase of 109%, reaching a market capitalization of over HKD 100 billion [1] - Mihayou, an early investor in MiniMax, holds approximately 6.1% of the company, with a current stake valued at around HKD 6.5 billion, reflecting a nearly 70-fold increase in valuation since its initial investment [2] - Zhipu, another AI company, saw its market cap exceed HKD 570 billion upon listing, with significant price increases shortly after [2][3] Strategic Investments by Gaming Companies - Tencent led a USD 250 million Series B funding round for MiniMax and has also invested in Zhipu, holding 1.58% and 2.58% stakes in these companies, respectively [3][12] - Other gaming companies, such as 37 Interactive Entertainment and Youzu Interactive, are also making strategic investments in AI and semiconductor firms, indicating a broader trend within the industry [3][11] Market Dynamics - The gaming industry is increasingly viewed as a significant player in the tech investment landscape, with analysts noting that gaming companies are leveraging their cash flow to support advancements in AI and semiconductor technologies [12][15] - The shift in perception of gaming companies from mere entertainment providers to strategic investors in high-tech sectors reflects a growing recognition of their role in driving technological innovation [15][16] Future Outlook - Analysts suggest that the investments made by gaming companies are not merely opportunistic but are driven by internal needs for enhanced computational power and AI tools to improve game development processes [13][14] - The trend of gaming companies investing in upstream technologies is expected to continue, fostering a symbiotic relationship between gaming and technological advancements [14][15]

记者丨 张伟泽 编辑丨李莹亮,和佳 继昨日大涨后，今日港股AI股开始回调走弱。1月13日午后，港股AI应用板块午后继续降温。截至发稿， 智谱(02513.HK)跌超13%， MINIMAX-WP(00100.HK)跌10%，商汤(00020.HK)跌超4%，港股科网股多股下挫，快手、华虹半导体、金山软件跌超2%，阿里巴巴、哔哩 哔哩、小鹏汽车飘红，截至发稿涨幅超2%。 | 截至1月13日14：17走势 | | --- | 目前港股AI产业版图正在不断拓展。在AI产业链的上游，有中芯国际、壁仞科技、天数智芯等多家提供算力和数据支撑的硬件服务企业。而在 AI产业链的中游，除了刚刚上市的MiniMax和智谱之外，也有阿里、腾讯和百度等参与AI软件的综合厂商。在AI产业链的下游，则有百度旗下 的AI芯片公司昆仑芯，以及存储芯片公司芯天下技术等企业，均已向港交所提交上市申请。 这股热潮并非偶然。瑞银全球投资银行亚太股票资本市场联席主管胡凌寒在近期接受21世纪经济报道记者专访时指出，AI是当前全球范围内热 度极高的赛道，随着行业发展，这些公司必然产生融资需求，可以预见2026年一定会有更多AI产业链相关的公司登陆香港市场 ...

Group 1 - The Hong Kong stock market's AI application sector experienced a decline in the afternoon, with notable drops in several companies [1] - Zhihui (02513.HK) fell over 10%, while MINIMAX-WP (00100.HK) decreased by nearly 9% [1] - Other companies such as SenseTime (00020.HK) and Fourth Paradigm (06682.HK) also saw declines [1]

Core Insights - The Hong Kong stock market has seen a strong start in 2026, with eight companies completing their IPOs within just six trading days, including notable firms in the GPU, surgical robotics, and biotechnology sectors [2][3][5] - The initial public offerings (IPOs) have been well-received, with first-day price increases ranging from 8.44% to 109.09%, indicating strong market enthusiasm for sectors like large models, domestic chip alternatives, and surgical robotics [2][3][5] IPO Performance - MiniMax, a key player in the large model sector, achieved a remarkable first-day closing price increase of 109.09%, with a market capitalization reaching HKD 106.7 billion, and was oversubscribed by 1,836.17 times in public offerings [3][5] - Wallen Technology, the first GPU stock in Hong Kong, also performed impressively with a first-day increase of 75.82% [4] - The average first-day increase for the new batch of IPOs was 40.16%, with a cumulative average increase of nearly 62% since listing, reflecting strong market recognition of high-quality hard tech assets [5][6] Market Dynamics - The current IPO market in Hong Kong is characterized by a large backlog of over 300 companies waiting to list, indicating a robust supply pipeline [6] - In December 2025, 32 companies submitted IPO applications, and 26 companies have done so in January 2026 alone, showcasing sustained enthusiasm for new listings [6] Sector Trends - The successful performance of new IPOs has broken the previous trend of "hot IPOs followed by cold market performance," suggesting that the sectors these companies operate in are gaining market confidence [5][6] - Companies like MiniMax and Zhizhu have shown significant cumulative price increases since their IPOs, with MiniMax achieving a total increase of 141.21% and Zhizhu 79.35% [5][6] Regulatory Environment - The Hong Kong Securities and Futures Commission has emphasized the need for high-quality IPO submissions, responding to concerns about the quality of some recent applications [8] - This regulatory focus aims to shift the IPO market from quantity-driven to quality-driven, which may temporarily slow down the listing process for some companies [8]

Market Overview - The Hong Kong stock market experienced a significant rally, with the Hang Seng Index closing at 26,608.48 points, up 376.69 points, representing a 1.44% increase. The total trading volume reached 306.2 billion HKD [1] - The Hang Seng Tech Index also saw a strong performance, closing at 5,863.20 points, up 176.06 points, or 3.10% [2] Sector Performance - The artificial intelligence (AI) sector showed robust growth, with notable stocks such as Zhiyuan (HK02513) surging over 60% at one point and closing up 31.40%. Other AI-related stocks like MINIMAX-WP (HK00100) and MaiFushi also posted significant gains [3] - The commercial aerospace sector continued to rise, with Asia Pacific Satellite (HK01045) increasing by 18% [5] Industry Insights - Analysts believe that the recent IPOs of domestic AI large model companies signify a transition from the technical research phase to a stage where technology and commercialization are aligned, providing a basis for future financing and valuation of large model enterprises. The Chinese large language model market is projected to grow from 5.3 billion CNY in 2024 to 101.1 billion CNY by 2030, with a compound annual growth rate of 63.5% from 2024 to 2030 [5] - Recent breakthroughs in reusable rocket technology in China are seen as a significant advancement for the aerospace industry, contributing to cost reduction and technological upgrades. This development is expected to benefit related industries such as aerospace manufacturing, new materials, and satellite applications [7] Investment Trends - The IPO of Howie Group (HK00501) saw a strong debut, rising over 16% with a subscription rate of 9.28 times during the public offering phase and 9.73 times during the international placement phase [7] - There was a notable net inflow of southbound funds into Hong Kong stocks, exceeding 7.3 billion HKD by the end of the trading day [7] Future Outlook - Analysts from Huaxi Securities suggest that the recovery of market sentiment in Hong Kong will take time, with the market still influenced by large financial, commodity, and internet sectors. Structural opportunities may exist in undervalued stocks with resilient fundamentals [10] - According to Guangfa Securities, the high number of IPOs in the Hong Kong market is not expected to lead to a bear market. Instead, increased demand for the Hong Kong dollar may trigger liquidity releases by the Hong Kong Monetary Authority, potentially boosting the stock market [10]

港股收盘，恒指收涨1.44%，科指收涨3.1%，AI应用板块集体爆发，智谱(02513.HK)收涨31.4%， MINIMAX-WP(00100.HK)收涨15.36%。 本文源自：金融界AI电报 ...