Wondershare(SZ:300624) Zhi Tong Cai Jing·2026-01-07 06:49Group 1 - The core viewpoint of the articles highlights the significant developments in the AI sector, particularly the IPOs of major AI companies like Zhiyuan AI and MiniMax, which are set to attract substantial market attention and investment opportunities [1][2] - Zhiyuan AI, established in 2019, is recognized as the leading independent developer of general-purpose large models in China, with a projected valuation of HKD 51.1 billion upon its listing [1] - MiniMax, another key player in the AI space, plans to price its IPO at HKD 165 per share, indicating strong subscription demand, and has reported over 170% year-on-year revenue growth for the first nine months of 2025 [1][2] Group 2 - The AI industry is experiencing a differentiation in development paths, with Zhiyuan AI focusing on solidifying its model foundation and providing general intelligence capabilities through API calls, while MiniMax emphasizes the collaborative development of multi-modal capabilities across text, voice, and video [2] - Wanxing Technology, a prominent player in the digital creative software sector, is recognized for its extensive product coverage and high revenue scale, being referred to as the "Chinese version of Adobe" [3] - The competition in the AI industry is shifting from "whose model is stronger" to the ability to leverage model capabilities into replicable and sustainable product and service strengths, as demonstrated by the different strategies of Zhiyuan AI, MiniMax, and Wanxing Technology [2][3]