AI企业扎堆上市，商业化落地开启“加速度”

Group 1 - The core viewpoint of the articles highlights a surge in AI companies entering the capital market, indicating a shift from early-stage technology exploration to large-scale commercialization and development opportunities across the entire AI industry chain [1][2]. - On January 8, 2026, Zhihui Huazhang officially listed on the Hong Kong Stock Exchange, and MiniMax announced its pricing results, with a maximum issue price of 165 HKD, reflecting strong investor interest [1][2]. - The performance of AI companies on their first trading days has been impressive, with Zhihui Huazhang's stock rising by 13.17% to 131.5 HKD per share, and MiniMax's public offering being oversubscribed by more than 1837 times, raising over 283.1 billion HKD [2]. Group 2 - Analysts note a significant change in the capital market's perception of the AI sector, moving from early conceptual validation to a more rational acceptance of commercial viability, emphasizing the importance of stable revenue and cash flow generation [3][6]. - The business model exploration is crucial for large model enterprises, with Zhihui Huazhang focusing on a MaaS (Model as a Service) platform that has attracted over 2.7 million enterprises and developers, while MiniMax's revenue sources include AI original product income and enterprise services [5]. - The latest data from the China Academy of Information and Communications Technology indicates that the core AI industry in China is expected to exceed 900 billion CNY in 2024, with a growth rate of 24%, and is projected to surpass 1.2 trillion CNY in 2025 [5].