今日A股放量上涨，沪指涨近1%站上4100点，豪取16连阳，刷新逾10年新高，创业板指涨0.77%，超 3900只个股飘红。市场成交额超3.1万亿元，创出近4个月新高。历史数据显示，包括当日在内，A股历 史上有6次成交额超3万亿元。港股市场，恒生指数收涨0.32%，恒生科技指数涨0.15%。 板块题材上，影视、短剧游戏等AI应用方向集体爆发；小金属概念股午后崛起，叠加近期金银、钨钼 等金属热度的共振，钴市场货紧价扬；商业航天题材延续涨势，人形机器人概念表现活跃。而光伏产业 链、脑机接口概念股有所回落。 早盘国家统计局公布的通胀数据超市场预期，提振信心，进一步打消了市场对于经济处于通缩状态的担 忧。12月CPI同比涨幅继续扩大，PPI降幅收窄。国家统计局指出，扩内需促消费政策措施继续显效，叠 加元旦临近，居民消费需求增加，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.8%，扣除食品 和能源价格的核心CPI同比上涨1.2%。受国际大宗商品价格传导拉动以及国内重点行业产能治理相关政 策持续显效等因素影响，工业生产者出厂价格指数（PPI）环比上涨0.2%，同比下降1.9%。 | 序号 | 代码 名称 | 5 ...

【解剖大盘】 今天 A 股走势相当强悍，沪指突破 4100 点，收 4120.43 点；关键是成交额再度突破 3 万亿元，为 31523 亿元，这是 A 股历史上第六次成交额超 3 万亿元，上一次发生在 2025 年9 月18 日。港股要逊色 很多，全天涨幅震荡，收盘微涨 0.32%。 这是没有办法的事情，海外资金占据较大话语权的港股更多是走国际线路，海外的一举一动才是左右行 情的关键。 1 月 6 日，丹麦、法国、德国、意大利、波兰、西班牙和英国发表联合声明，强调格陵兰岛属于其人 民，只有丹麦和格陵兰岛才能决定自身事务。针对这个问题，美国政府想了新招：考虑向格陵兰岛居民 发放现金， 以促成其加入美国；美国官员讨论过人均发放 1 万至 10 万美元的方案，总额接近 60 亿美 元。如果嫌少估计还能加码，最终来个全民公投都同意，欧洲也没话说。这招属实厉害，花点小钱不费 一兵一卒，就把格陵兰岛收入囊中。关键是还控制了北极航道。后遗症也明显，北约成员怎么看？会不 会就此解体？ 另一边，"和平意志-2026 "海上联合演习将于 1 月上中旬在南非西蒙斯敦附近海空域举行，中国、俄罗 斯、南非等金砖成员国参演。这凸显了金 ...

2026.01.09 本文字数：1105，阅读时长大约2分钟 作者 |第一财经 刘晓洁 一位行业人士观察到，"市场情绪非常高涨"，MiniMax市值已经追上了创始人的"老东家"商汤了。 作为对比，商汤（00020.HK）今日收盘涨幅为2.49%，报2.47港元/股，总市值998.5亿港元。 MiniMax创始人闫俊杰此前在商汤科技待了7年，一路从实习生做到了副总裁，他曾透露带领团队700余 人攻克面部识别算法，做到了行业第一。在做到商汤副总裁时，他选择在AIGC技术来临的节点辞职创 业，成立了MiniMax。 4年时间，MiniMax这家创业公司的市值开始超越商汤。但从业绩来看，两家公司的收入还有着十几倍 的差距。 1月9日，大模型明星公司MiniMax（00100.HK）在港交所上市，以165港元的定价上限发行，上午一度 涨超80%，随后有所回落，在下午再度大涨，截至今日收盘，报345港元/股，涨幅接近110%，总市值超 过1050亿港元。 "商汤的人才密度足够，就看公司组织形态能否把人才充分利用起来。"上述行业人士判断，就像谷歌那 样，先是落后，但后面重新组织后也追上来了，他也期待商汤后续的转型成果。 商 ...

Core Viewpoint - MiniMax, a global AI model company, made a strong debut on the Hong Kong Stock Exchange, with its stock price surging 109.09% on the first day, reaching HKD 345 and a market capitalization of HKD 106.7 billion, igniting interest in the AI sector across both Hong Kong and A-share markets [1][2]. Group 1 - MiniMax is currently the highest international revenue-generating Chinese large model company, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from overseas markets [2][7]. - The company attracted 14 cornerstone investors, including notable institutions like ADIA and Alibaba, with a total subscription amount of HKD 2.723 billion [2]. - The public offering was oversubscribed by 1,837 times, with institutional and retail investors showing significant interest, leading to a total order of USD 19 billion (approximately RMB 132.7 billion) [2]. Group 2 - MiniMax aims to provide continuous advanced intelligence and contribute to societal and economic development, as stated by its founder and CEO [5]. - Established in early 2022, MiniMax focuses on the research and development of multimodal models, achieving significant breakthroughs in voice, video, and text models [5][6]. - The company has launched several AI products, including the Speech 01 and Speech 02 voice models, which have generated over 220 million hours of speech, and the Video 01 and Hailuo 02 video models, which have produced over 590 million videos [6][7]. Group 3 - MiniMax has a global user base of over 212 million individuals across more than 200 countries and regions, showcasing its strong market expansion capabilities [7]. - The company has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of the costs incurred by OpenAI [7]. - The funds raised from the IPO will primarily be used for future model upgrades and the development of AI-native products, aiming to enhance productivity and long-term creativity in society [7].

AI应用飞了！ 受此带动，A股AI应用板块亦于今日大爆发。整个板块有8只股票20%涨停。整个人工智能概念股共有60只股票涨停或涨幅超10%。科创AIETF一度大涨超 3%。 分析人士认为，MiniMax上市是AI应用爆发的主要原因。有券商指出，大模型技术路径在2024年下半年后有所收敛，竞争或从"寻找正确路径"转向"在主 流路径上卷效率"。OpenAI、谷歌Gemini、Anthropic已有可观收入，聊天机器人+AI编程已跑通，AI视频、B端企业软件以及垂类场景逐渐成熟；国内模 型开始主导开源生态，能力相较海外模型有差距但不远。 而MiniMax是全球领先的、国内少数在多模态及C端应用上同时跑通的大模型公司。作为成立于2021年的创业公司，其优势来自组织效率、人才优势及数 据闭环。MiniMax证明了其有全球领先的技术创新和领先的能力。MiniMax M2模型MoE+Full Attention（在Linear Attention基础上调优）+强制交错思考， 技术能力及模型能力突出。MiniMax M2创新采用强制交错思考，可以避免一次性长思考造成无效Token消耗，强制交错思考后被谷歌等模型借鉴。 大模型 ...

Core Viewpoint - MiniMax, a prominent AI company, made its debut on the Hong Kong Stock Exchange, experiencing a significant surge in stock price, closing at 345 HKD per share, marking an increase of nearly 110% and a market capitalization exceeding 105 billion HKD [3][5]. Group 1: Company Performance - MiniMax's revenue for 2024 is projected to grow by 782% to 30.5 million USD (approximately 220 million RMB), while it is expected to incur a net loss of 465 million USD (approximately 3.27 billion RMB) [6]. - In comparison, SenseTime's revenue for the same period is reported at 3.77 billion RMB, reflecting a year-on-year growth of 10.8%, with a net loss of 4.3 billion RMB, which is a 33.7% reduction from the previous year [6]. Group 2: Market Sentiment and Comparisons - The market sentiment surrounding MiniMax is described as highly optimistic, with its market value surpassing that of its founder's previous company, SenseTime [5]. - SenseTime's stock closed with a modest increase of 2.49%, at 2.47 HKD per share, with a total market capitalization of 99.85 billion HKD [6]. Group 3: Company Structure and Workforce - SenseTime employs approximately 3,206 individuals, which is nearly ten times the size of MiniMax, which has 385 employees with an average age of 29, and 74% of its workforce in research and development [8]. - MiniMax's board of directors has an average age of 32, indicating a youthful and dynamic leadership structure [8]. Group 4: Future Outlook - The sustainability of MiniMax's current market valuation remains uncertain, while the potential for further growth in SenseTime's stock is also unclear [8].

Core Viewpoint - The article highlights the significant market response to the launch of the AI company MiniMax on the Hong Kong Stock Exchange, indicating a strong interest in the AI sector and the potential for investment opportunities in this field [1][3]. Market Performance - MiniMax's stock debuted at HKD 345, rising 109% from its issue price, with a total market capitalization of HKD 106.7 billion, igniting a rally in both Hong Kong and A-share AI sectors [1]. - The A-share market saw a strong performance, with the Shanghai Composite Index breaking 4100 points and over 3900 stocks rising, reflecting a collective surge in AI application concepts [1]. Valuation Logic - The article discusses a shift in valuation logic within the AI sector, where revenue quality, profit realization, and cash flow security are becoming more critical than mere technological vision [3]. - MiniMax is positioned as a key player in the global AI landscape, with its ability to produce cutting-edge models being a significant factor in its valuation [3]. Financial Performance - MiniMax's revenue trajectory shows rapid growth, with revenues increasing from USD 346,000 in 2023 to USD 5.344 million in the first nine months of 2025, indicating an acceleration beyond early-stage growth [9]. - The company has diversified its revenue streams, with a "B+C dual-wheel drive" structure, where To C revenue grew by 181% and contributed over 71% of total revenue, while To B business maintained a high growth rate of 160% with a gross margin of 69.4% [10]. Global Market Reach - By the first nine months of 2025, MiniMax's overseas revenue accounted for 73% of its total, demonstrating its global market acceptance and ability to generate revenue internationally [11]. Cost Management and Profitability - MiniMax has maintained a relatively controlled cost structure, with R&D expenses increasing at a manageable pace compared to revenue growth, leading to a significant improvement in gross margin from -24.7% in 2023 to 23.3% in 2025 [12]. - The company has accumulated over USD 1.5 billion in financing, with more than USD 1.1 billion in cash on hand, supporting over 53 months of operational sustainability [12]. Technological Leadership - MiniMax has achieved notable technological advancements, ranking among the top five globally in text models and demonstrating rapid iteration in video generation capabilities [12][13]. - The company has developed a unique organizational structure that emphasizes efficiency, with a high proportion of R&D personnel and a young workforce, fostering innovation and rapid decision-making [17]. Strategic Positioning - MiniMax is positioned as a standout in the domestic market, offering a comprehensive multi-modal model and product matrix, which contrasts with the more conservative valuation approaches seen in China compared to overseas markets [18]. - The company is transitioning from a phase of technological accumulation to one of sustainable commercial returns, with a clear path to profitability and operational efficiency [19].

2026年开年的资本市场，被一家游戏公司的投资成绩单打破平静。 1月9日，成立仅4年的MiniMax（HK00100）在港交所上市，收盘涨幅近110%，总市值超1000亿港元。此前，1月1日，卡牌潮玩公司Suplay向港交所递交上 市申请；两家业务毫无关联的企业，股东名单中却共享一个熟悉的名字——米哈游。 招股书披露的信息显示，米哈游以11.86%的持股比例成为Suplay最大外部股东，其同时持有MiniMax 7.34%的股份，且是后者天使轮投资方之一。2026年开 年连续收获两个IPO（首次公开募股），米哈游这家靠《原神》奠定行业地位的游戏公司，投资战绩足以让不少专业投资机构侧目。 作为国内游戏行业打破大厂垄断的"现象级破局者"，米哈游自2012年成立以来，凭借《原神》等爆款作品彻底改写全球手游市场格局，近年来数次跻身中国 手游发行商全球收入前列，成为唯一能与腾讯、网易分庭抗礼的未上市游戏企业。 图片来源：MiniMax官网 旗下产品带来的充沛现金流，让米哈游开始快速扩张投资版图——从二次元周边到AI（人工智能）大模型，从脑机接口到民营火箭，再到核聚变技术，米 哈游的本土投资领域跨度之大，常常让市场直呼" ...

港股今日反复震荡，三大指数最终集体收涨。截止收盘，恒生指数涨0.32%或82.48点，报26231.79点， 全日成交额为2451.3亿港元；恒生国企指数涨0.1%，报9048.53点；恒生科技指数涨0.15%，报5687.14 点。全周来看，恒指累跌0.41%，国指累跌1.31%，恒科指数累跌0.86%。 东吴证券认为，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年的科技成长行情。南向 潜在增量资金保险和固收+会继续增配价值红利。考虑估值，AH对比视角，南向资金整体会增配港股 科技成长股票，但港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 蓝筹股表现 长和(00001)表现活跃。截至收盘，涨3.72%，报57.15港元，成交额6.22亿港元，贡献恒指8.75点。据媒 体引述知情人士称，长和已选择由高盛、瑞银来推进其屈臣氏集团的IPO事宜。知情人士表示，屈臣氏 集团正与投行合作，研究香港和伦敦双重上市。相关讨论仍在进行中，IPO规模和时间等细节尚属初步 计划。 其他蓝筹股方面，阿里健康(00241)涨4.72%，报5.77港元，贡献恒指2.71点；申洲国际(02313)涨4.39%， ...

智通财经APP获悉，港股今日反复震荡，三大指数最终集体收涨。截止收盘，恒生指数涨0.32%或82.48 点，报26231.79点，全日成交额为2451.3亿港元；恒生国企指数涨0.1%，报9048.53点；恒生科技指数涨 0.15%，报5687.14点。全周来看，恒指累跌0.41%，国指累跌1.31%，恒科指数累跌0.86%。 东吴证券认为，港股从现在进入震荡上行期，仍需将红利作为底仓，把握上半年的科技成长行情。南向 潜在增量资金保险和固收+会继续增配价值红利。考虑估值，AH对比视角，南向资金整体会增配港股 科技成长股票，但港股科技行情仍会受海外降息节奏和美股科技行情影响，需动态观察。 蓝筹股表现 长和(00001)表现活跃。截至收盘，涨3.72%，报57.15港元，成交额6.22亿港元，贡献恒指8.75点。据媒 体引述知情人士称，长和已选择由高盛、瑞银来推进其屈臣氏集团的IPO事宜。知情人士表示，屈臣氏 集团正与投行合作，研究香港和伦敦双重上市。相关讨论仍在进行中，IPO规模和时间等细节尚属初步 计划。 其他蓝筹股方面，阿里健康(00241)涨4.72%，报5.77港元，贡献恒指2.71点；申洲国际(023 ...