Core Viewpoint - Cathay Securities maintains a "Buy" rating for MINIMAX-WP (00100) with a target price of HKD 1012, slightly adjusting the company's revenue projections for 2025-2027 to USD 0.7/2.2/5.5 billion, considering its unique position as a global multimodal model in the Hong Kong stock market and the strong catalyst from the recent M2.5 flagship model release, assigning a 186x PS for 2026 [1] Group 1: Technical Capabilities - MiniMax M2.5 leverages MoE architecture optimization and the native Agent RL framework Forge, achieving industry-leading performance in programming, tool invocation, search, and office productivity scenarios, with core metrics comparable to top overseas models like Claude Opus 4.5 [1] - The model's inference speed reaches 100 TPS, which is double the industry average, and SWE-Bench Verified task processing speed has improved by 37% compared to M2.1, demonstrating a dual breakthrough in performance enhancement and efficiency optimization [1] Group 2: Cost Control and Commercial Viability - M2.5 establishes a leading cost advantage through token consumption optimization, parallel tool invocation upgrades, and tiered pricing design, overcoming economic barriers for large-scale Agent operations [2] - The pricing strategy includes a dual-version approach, with a 100 TPS fast version costing only USD 1 for continuous operation for one hour, and a 50 TPS version priced as low as USD 0.3, making it 1/10 to 1/20 the cost of overseas models like Claude Opus, Gemini 3 Pro, and GPT-5, positioning it as a global benchmark for high cost-performance models [2] Group 3: Product Iteration and Ecosystem Development - MiniMax demonstrates industry-leading model iteration speed, completing updates for M2, M2.1, and M2.5 within 108 days, significantly outpacing overseas giants like Anthropic, OpenAI, and Google, thanks to deep synergy between large-scale reinforcement learning and engineering capabilities [3] - The M2.5 model is fully integrated into the MiniMax Agent platform, refining core Office Skills capabilities and enabling users to create reusable industry experts, with over 10,000 custom experts now available covering high-frequency scenarios in office, finance, and programming [3]

Core Viewpoint - Cathay Securities maintains an "overweight" rating for MINIMAX-WP (00100) with a target price of 1012 HKD, slightly adjusting the company's revenue forecast for 2025-2027 to 0.7/2.2/5.5 billion USD, considering its unique position as a global multimodal large model in the Hong Kong stock market and the strong catalyst from the recent M2.5 flagship model release, assigning a 186x PS for 2026 [1] Group 1: Technical Capabilities - MiniMax M2.5 leverages MoE architecture optimization and the native Agent RL framework Forge, achieving industry-leading performance in programming, tool invocation, search, and office productivity scenarios, with core metrics comparable to top overseas models like Claude Opus 4.5 [1] - The model's inference speed reaches 100 TPS, which is double the industry average, and SWE-Bench Verified task processing speed has improved by 37% compared to M2.1, demonstrating a dual breakthrough in performance enhancement and efficiency optimization [1] Group 2: Cost Control and Commercial Viability - M2.5 establishes a leading cost advantage through token consumption optimization, parallel tool invocation upgrades, and tiered pricing design, overcoming economic barriers for large-scale Agent operations [2] - The pricing strategy includes a dual-version approach, with a 100 TPS fast version costing only 1 USD for continuous operation for one hour, and a 50 TPS version priced as low as 0.3 USD, making it 1/10 to 1/20 the cost of overseas models like Claude Opus, Gemini 3 Pro, and GPT-5, positioning it as a global benchmark for high cost-performance large models [2] Group 3: Product Iteration and Ecosystem Development - MiniMax demonstrates industry-leading model iteration speed, completing updates for M2, M2.1, and M2.5 within 108 days, significantly outpacing overseas giants like Anthropic, OpenAI, and Google, thanks to deep synergy between large-scale reinforcement learning and engineering capabilities [3] - The M2.5 model is fully integrated into the MiniMax Agent platform, refining core Office Skills capabilities and enabling users to create reusable industry experts, with over 10,000 custom experts now available covering high-frequency scenarios in office, finance, and programming [3]

Market Overview - On the first trading day after the resumption of Northbound trading, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling below the 27,000 mark, closing down 1.82% or 491.59 points at 26,590.32 points, with a total turnover of HKD 250.99 billion [1] - The Hang Seng China Enterprises Index dropped 2.06% to 9,007.86 points, while the Hang Seng Tech Index fell 2.13% to 5,270.70 points [1] Sector Performance - The technology sector remains a long-term investment focus, with valuation pressure easing after recent pullbacks, and potential for rebound driven by accelerated AI model updates and applications [1] - The energy and precious metals sectors are expected to rise amid heightened geopolitical risks in the Middle East and adjustments in U.S. tariff policies [1] - The consumer sector, currently undervalued, is anticipated to have upward potential as consumption policies are strengthened [1] Blue-Chip Stocks - WH Group (00288) led blue-chip gains, rising 4.42% to HKD 10.39, contributing 5.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Henderson Land (00012) up 2.08% and China Resources Beer (00291) up 2.02% [2] - China Biologic Products (01177) fell 6.58%, negatively impacting the index by 7.48 points [2] Hot Sectors - Major tech stocks faced pressure, with Tencent down over 3% and Alibaba down over 2% [3] - Storage concepts saw significant gains, with Zhaoyi Innovation (03986) up 11.91% and Longsys Technology (06809) up 4.92% [3] - Oil and gas stocks rose amid concerns over escalating tensions in Iran, with Shandong Molong (00568) up 11.41% [4] AI and Technology - The AI sector continues to show promise, with significant growth in token usage, particularly in Chinese models, which account for 61% of the total token volume [5] - The market anticipates ongoing rapid growth in AI applications and commercial viability [5] Film Sector - The film sector faced challenges, with the 2026 Spring Festival box office down approximately 40% year-on-year, indicating a need for improved content quality [6] - Major film stocks like Maoyan Entertainment (01896) and Huayi Brothers (01003) saw declines of 8.18% and 5.26%, respectively [6] Notable Stock Movements - Kwan Hung Holdings (01888) surged 12.37% following a profit forecast indicating a 165% increase in net profit for the fiscal year ending December 2025 [7] - Weichai Power (02338) rose 7.29% after a report highlighted its emergency generator's use in a major data center [8] - China Shipbuilding Defense (00317) reached a new high, up 5.37%, following a significant shipbuilding contract announcement [9] - Standard Chartered (02888) saw a 3.07% increase after reporting a 6% rise in operating income for the fiscal year 2025 [10] - China Duty Free Group (01880) faced a 10.51% drop due to losing some operating rights at major airports [11]

Group 1: Core Insights - The large model industry is evolving towards reasoning and multi-modality, emphasizing the feasibility of commercial application and improving ROI efficiency [1] - The new Qwen3.5-Plus model from Alibaba has significantly improved reasoning efficiency, with a total parameter count of 397 billion and a 60% reduction in deployment memory usage [2] - During the Spring Festival, the DAU of Qianwen reached 73.52 million, indicating a competitive edge in capturing C-end traffic [3] Group 2: Industry Trends - Since 2025, the development of large models has shown trends such as evolution from "generation" to "reasoning," emphasis on native multi-modality, and a focus on commercial scene implementation and ROI returns [1] - The AI application landscape is shifting from "buying traffic" to "buying mindset" and "buying pathways" to achieve customer retention [3] Group 3: Recommended Stocks - Companies to focus on include Zhizhu (02513), MiniMax-WP (00100), and Alibaba-W (09988) [2] - Additional recommendations include Cao Cao Travel (02643), SF Express City (09699), Damai Entertainment (01060), Focus Media (002027), and Bilibili-W (09626) [2]

2026年农历马年开年，MiniMax-WP(00100)无疑成为了港股市场上最引人瞩目的焦点之一。2月20日， 港股马年首个交易日，MiniMax股价收盘报涨14.52%，市值一度冲破3042亿港元，创下上市以来的历史 新高。自1月9日以165港元/股的发行价登陆港交所以来，其累计涨幅最高超480%，成功跻身港股AI核 心标的行列。 这并非单纯市场情绪驱动，而是其春节后发布的新一代模型M2.5引发的产业级爆发——OpenRouter平 台数据显示，M2.5 发布后 12 小时内登顶 OpenRouter 热度榜，一周内登顶调用量榜首，周调用量暴涨 至 3.07T tokens，超过 Kimi K2.5、GLM-5 与 DeepSeek V3.2 三家的总和。 调用量背后，是Agent生态的集体觉醒。M2.5的爆发并非仅因价格优势(输入价0.103美元/百万tokens， 输出价1.34美元/百万tokens，仅为Claude Opus 4.6的1/20)，更在于它精准击穿了Agent工作流的"成本-能 力"临界点。OpenRouter官方披露，M2.5在100K-1M tokens长文本区间调用量领先，而这 ...

架构解耦：Gateway Server隔离Agent行为与模型复杂度，Data Pool异步收集训练轨迹; 训练加速：Prefix Tree Merging将训练样本重构为树形结构，实现约40倍提速; 智通财经APP获悉，2026年农历马年开年，MiniMax-WP(00100)无疑成为了港股市场上最引人瞩目的焦 点之一。2月20日，港股马年首个交易日，MiniMax股价收盘报涨14.52%，市值一度冲破3042亿港元， 创下上市以来的历史新高。自1月9日以165港元/股的发行价登陆港交所以来，其累计涨幅最高超 480%，成功跻身港股AI核心标的行列。 这并非单纯市场情绪驱动，而是其春节后发布的新一代模型M2.5引发的产业级爆发——OpenRouter平 台数据显示，M2.5 发布后 12 小时内登顶 OpenRouter 热度榜，一周内登顶调用量榜首，周调用量暴涨 至 3.07T tokens，超过 Kimi K2.5、GLM-5 与 DeepSeek V3.2 三家的总和。 调用量背后，是Agent生态的集体觉醒。M2.5的爆发并非仅因价格优势(输入价0.103美元/百万tokens， 输出价1.34美元 ...

智通财经APP获悉，港股恒生指数跌1.93%，跌521点，报26560点；恒生科技指数跌2.36%。港股早盘成 交1387亿港元。 大模型双雄逆市反弹，智谱(02513)涨超20%；MINIMAX-WP(00100)涨超7%。 建滔系盈喜后继续走高。覆铜板及上游物料量价齐升，带动集团全年业绩增长。建滔积层板(01888)涨 超11%；建滔集团(00148)涨4.5%。 潼关黄金(00340)涨超5%，预计去年溢利同比增长约289%至298%。 博彩股集体走低。春节假期澳门日均赌收逊预期，花旗下调2月赌收预测。美高梅中国(02282)跌4.2%。 内险股全线回落。新华保险(01336)跌超5%，险企Q4净利润或受短期投资波动影响。 猫眼娱乐(01896)跌超7%创九个月新低，今年春节档电影票房偏弱。 东方电气(01072)涨超6%，重燃主机供需硬缺口将长期延续，公司燃气轮机出口有潜在扩张空间。 长飞光纤光缆(06869)涨超5%再创新高，光纤光缆景气度有望持续向上。 中国中免(01880)再跌超9%，三日累跌逾两成，机构称股价已反映海南免税亮眼表现。 ...

报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 智通财经APP获悉，瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景 从对话转向行动。然而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费 端服务的投入。在企业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端 发展和变现。值得注意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份 额显著提升。瑞银看好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的 长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09 ...

报告提到，春节期间出现一波模型发布潮，相关模型能力与全球领先AI实验室的差距进一步缩小。瑞 银则认为，持续的AI颠覆性叙事提振了模型提供商的投资情绪，但使投资者对垂直平台和应用公司保 持谨慎。除该行近期首予MiniMax(00100)投资评级外，在互联网巨头中，该行看好阿里和百度的全栈AI 能力，以及腾讯和快手(01024)在AI应用方面的潜力。 瑞银发布研报称，2026年人工智能体(AI agent)有望实现规模化应用，AI使用场景从对话转向行动。然 而，中美两国的应用场景出现分化，美国更注重企业端应用，而中国则加大对消费端服务的投入。在企 业AI变现方面，全球领先AI实验室(如Anthropic和OpenAI)在2026年更注重企业端发展和变现。值得注 意的是，中国AI模型(如MiniMax、Kimi和GLM)在新兴代理产品OpenClaw中的份额显著提升。瑞银看 好中国AI模型凭借其不断提升的智能水平和成本效益优势，在全球企业API市场的长期份额增长。 报告指出，中国主要互联网公司在春节期间推出红包活动以带动AI产品流量，包括腾讯(00700)的元宝 (10亿元人民币)、阿里(09988)的通义千问(3 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 大模型双雄午前走强，截至发稿，智谱（02513）大涨21.43%，报680港元；MINIMAX-WP（00100） 上涨9.22%，报918港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 大模型双雄午前走强，截至发稿，智谱（02513）大涨21.43%，报680港元；MINIMAX-WP（00100） 上涨9.22%，报918港元。 责任编辑：卢昱君 责任编辑：卢昱君 ...