Group 1 - The large model concept stocks are experiencing significant gains, with Zhiyu (02513) rising by 29.77% to HKD 405.4 and MINIMAX-WP (00100) increasing by over 16.76% to HKD 599 [1] - Multiple major companies are intensively upgrading their new models, with Zhiyu confirming that its model "Pony Alpha" is the new GLM-5, which has been launched on the chat.z.ai platform [1] - MiniMax is set to officially launch its M2.5 model, while DeepSeek has also updated its model, and ByteDance's Volcano Engine is expected to announce significant upgrades for its Doubao large model on February 14 [1] Group 2 - AI infrastructure stocks are gaining market attention as several large model companies plan to release next-generation models [2] - Xunce Technology (03317) focuses on real-time data infrastructure and analytics solutions, building a millisecond-level AI Data Agent platform to drive real-time data analysis and efficient decision-making across various industries [2] - Analysts believe that Xunce's real-time data platform will help enterprises address challenges related to data dispersion and insufficient real-time capabilities during the implementation of AI large models [2]

Group 1 - The concept stocks related to large models are experiencing a strong performance, with Zhiyu (02513) rising by 29.77% to HKD 405.4, and MINIMAX-WP (00100) increasing by over 16.76% to HKD 599 [1] - Multiple major companies are intensively upgrading their new models, with Zhiyu confirming that its mysterious model "Pony Alpha" is the new GLM-5, which is now live on the chat.z.ai platform [1] - MiniMax is set to officially launch its M2.5 model, while DeepSeek has also updated its model, and ByteDance's Volcano Engine is expected to announce significant upgrades for its Doubao large model on February 14 [1] Group 2 - AI infrastructure stocks are gaining market attention as several large model companies plan to release next-generation models [2] - Xunce Technology (03317) focuses on real-time data infrastructure and analytics solutions, building a millisecond-level AI Data Agent platform to drive real-time data analysis and efficient decision-making across various industries [2] - Analysts believe that Xunce's real-time data platform will help enterprises address challenges related to data dispersion and insufficient real-time capabilities during the implementation of AI large models [2]

Group 1 - MINIMAX-WP (00100) experienced a significant increase of over 5%, currently up 5.26% at 540 HKD, with a trading volume of 254 million HKD [1] - The MiniMax M2.5 model is set to officially launch soon, with ongoing internal testing in the overseas MiniMax Agent product [1] - CITIC Securities highlighted that MINIMAX is standing out in the competitive landscape by focusing on breakthroughs in model intelligence amidst the global generative AI wave [1] Group 2 - Analysts from JPMorgan, including Xu Wentao, have initiated coverage on Zhiyu and MiniMax, both receiving "overweight" ratings, with target prices set at 400 HKD and 700 HKD respectively [1] - These companies are viewed as prime candidates to capture the next wave of global value creation in artificial intelligence [1]

Core Viewpoint - MINIMAX-WP has seen a significant increase in stock price, rising over 5% to 540 HKD, with a trading volume of 254 million HKD, driven by positive developments in its AI model [1] Company Developments - The MiniMax M2.5 model is set to officially launch soon, currently undergoing internal testing in the overseas MiniMax Agent product [1] - MINIMAX is adopting a "counter-consensus" strategy focusing on breakthroughs in model intelligence, allowing it to stand out in the competitive landscape of generative AI [1] Analyst Ratings - Analysts from Morgan Stanley have initiated coverage on both Zhiyu and MiniMax, assigning "buy" ratings with target prices of 400 HKD and 700 HKD respectively, positioning them as preferred choices for capturing the next wave of global AI value creation [1]

Group 1 - Korean investors have significantly increased their purchases of Hong Kong stocks, particularly focusing on the Chinese large model leader MiniMax-WP, which has become the top net purchase stock for them in 2026 [1][2][6] - As of February 10, 2026, the top ten stocks purchased by Korean investors in the Hong Kong market include MiniMax-WP with a net purchase amount of $20.67 million, followed by ChinaAMC CSI 300 Index ETF and Montage Technology [2][4] - MiniMax-WP was listed on the Hong Kong Stock Exchange on January 9, 2026, and experienced an oversubscription of 1837 times in the public offering and 37 times in the international offering, indicating strong demand from both institutional and retail investors [3][10] Group 2 - In 2025, Korean investors had a net purchase of $87.75 million in Xiaomi Corporation, which was the top stock purchased that year, while in 2026, the net purchase of MiniMax-WP has already surpassed $20 million [5][13] - The total commission from overseas stock trading by the twelve largest securities firms in Korea reached 1.95 trillion KRW (approximately $1.3 billion) from January to November 2025, more than doubling from the previous year [7][14] - The foreign exchange fee income related to retail overseas investment transactions also increased significantly, rising from 147.7 billion KRW to 452.6 billion KRW during the same period [7][14]

MINIMAX-WP(00100):首予"超配"评级,全球化AI先锋,引领下一波价值浪潮 摩根大通 据截止2月10日午盘收盘，MiniMax（00100）股价在港股一度上涨10.7%，其驱动因素之于源于摩根大通近 日研报的首次覆盖。 摩根大通近日首次覆盖港股上市公司MiniMax，给予"超配"（Overweight）评级，并设定700港元的目标 价，较当前股价具备约36%的上行空间。报告指出，MiniMax凭借其稀缺的全球化基因与领先的技术实力，已成 为投资者把握2030年全球人工智能市场——预计规模将达1.4万亿美元——的关键入口。 自今年1月初上市以来，MiniMax股价已飙升逾230%，盘中最高触及599.5港元。 作为中国最具辨识度的独立大模型企业之一，MiniMax正加速推进其全球业务布局。目前，公司超过70%的 营收来自海外市场，API服务随着全球开发者生态的快速拓展而迅猛增长。摩根大通分析师OliviaXu团队指 出："这种高度国际化的收入结构不仅有效实现营收多元化、提升整体利润率，更彰显了MiniMax在全球AI竞 争格局中的真实竞争力。"技术层面，MiniMax的M2.1大模型在编程能力与智 ...

Group 1 - The company MINIMAX-WP (00100.HK) has announced that its board of directors will hold a meeting on March 2, 2026, to consider and approve the full-year results for the fiscal year ending December 31, 2025, along with other matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MiniMax Group Inc. （於開曼群島註冊成立以不同投票權控制的有限公司） 承董事會命 MiniMax Group Inc. 董事會主席及執行董事 閆俊傑博士 香港，2026年2月11日 截至本公告日期，董事會成員包括(i)執行董事閆俊傑博士、貟燁禕女士、趙鵬宇 先生及周彧聰先生；(ii)非執行董事陳英傑先生及劉偉先生；及(iii)獨立非執行董 事黃國濱先生、王鵬程博士及朱華星博士。 （股份代號：0100) 董事會會議召開日期 MiniMax Group Inc.（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲通告 謹定於2026年3月2日（星期一）舉行本公司董事會會議，以考慮及通過本集團截至 2025年12月31日止年度的全年業績，以及處理其他事項。 ...

Group 1 - The release of ByteDance's Seedance 2.0 video model marks a pivotal moment in the global entertainment industry, indicating the widespread adoption of AI-generated content (AIGC) in short videos, micro-dramas, and future mid-to-long video platforms [2][6] - The disruption will begin at the content production level, as the enhanced model allows for the visualization of stories through one-click prompts, potentially transforming distribution channels and testing existing players' ability to integrate and monetize this new wave of engaging content [2][6] - The micro-drama industry and IP owners are expected to benefit in the near term due to their defensive positioning, with companies like China Literature (00772) poised to gain from the demand for mid-tail IPs and their own micro-drama operations and investments [2][6] Group 2 - Kuaishou-W (01024) released its Keling 3.0 model on February 5, showcasing improvements in controllability, character consistency, visual realism, and multilingual generation capabilities, making it a strong competitor in the market [3][7] - The competition for generative video models is intense globally, with over 10 major companies, including Google, Vidu, xAI, OpenAI, Alibaba-W (09988), ByteDance, Kuaishou, PixVerse, Lightricks, Runway, MiniMax-WP (00100), and Luma Labs, vying for leadership [3][7] - Long-term, it is believed that ByteDance possesses a full-stack capability ranging from cloud services (Giant Engine) and toolkits (CapCut) to distribution platforms (Douyin/Hongguo) [3][7]

Market Overview - The market continues to follow the rebound of US stocks, with Hong Kong stocks jumping above 27,000 points but later experiencing volatility, closing up 0.58% [1] - The competition among major companies in large model development is intensifying, transitioning from a "hundred model war" to a focus on commercialization, innovation, and global layout, with the number of capable developers reduced from over 200 to less than 10 [1] AI Model Developments - ByteDance's image generation model Seedream 5.0 has launched on various platforms, enhancing image generation capabilities and allowing precise adjustments [2] - Alibaba has reportedly integrated its new model Qwen 3.5 into the HuggingFace open-source project, indicating an imminent release [2] - The launch of Seedance 2.0 has been highly praised, marking a significant advancement in video generation technology, leading to concerns over privacy and copyright issues [1][2] Company Performance and Strategies - The CEO of Yueda Group has outlined three core strategic directions for the year: "evergreen content, IP+AI, and globalization," which are expected to benefit from the advancements in AI models [2] - Xunce (03317) is positioned as a leader in real-time data infrastructure and analysis solutions, with expectations of being included in the Hong Kong Stock Connect list, leading to a stock increase of over 15% [4] Financial Highlights - Semiconductor company SMIC reported a 2025 Q4 revenue of 17.813 billion yuan, a year-on-year increase of 11.9%, with a net profit of 1.223 billion yuan, up 23.2% [8] - The company anticipates a revenue growth rate higher than the industry average for 2026, with a capital expenditure plan similar to 2025 [8] Industry Trends - The demand for AI-driven applications is driving interest in related stocks, with companies like Xunce and others in the AI data analysis sector gaining attention [3] - The shipping sector is also showing strength, with companies like Pacific Shipping and COSCO Shipping Energy experiencing stock increases due to rising demand for dry bulk shipping [6] Robotics and AI Innovations - Alibaba's Damo Academy has released the RynnBrain model, significantly enhancing robotic capabilities, which is expected to attract investment in the robotics sector [7] - The launch of the Gino1 robot by Geekplus is anticipated to have a broad application in China's logistics sector, contributing to a stock increase of over 11% [6]