智谱、MiniMax通过港交所聆讯，冲刺大模型第一股

Investment Rating - Industry rating: Overweight [1] Core Insights - On December 17, Zhiyu and MiniMax both passed the Hong Kong Stock Exchange listing hearing, marking the first listing of a company focused on "foundation models" in Hong Kong. MiniMax focuses on multimodal models, indicating that AI large model companies are officially entering the IPO sprint phase in Hong Kong, expected to debut in early 2026 [3][11] - Zhiyu is actively launching open-source foundation models GLM-4.5 and GLM-4.6, with strong AI coding capabilities allowing integration with top programming tools and tech companies in the U.S. The CEO of Zhiyu stated that the company's software tools and model business (GLM coding plan) have an ARR exceeding 100 million yuan (approximately 14 million USD), with expected revenue growth of 100% in 2025 [3][11] - MiniMax has developed several multimodal products and has over 30,000 enterprise clients and developers on its open platform. The company’s commercialization strategy includes both B-end open platform and in-product advertising mechanisms [3][11][12] - The report highlights significant investments from major players like Hillhouse Capital, Meituan, Tencent, and Alibaba in Zhiyu and MiniMax, with Zhiyu's latest valuation reaching 40 billion yuan and MiniMax's valuation at 40 billion USD (approximately 300 billion yuan) [4][12] - The report suggests that the upcoming Hong Kong listings will shift the narrative of AI large model companies from "telling technical stories" to "realizing commercial value," providing a basis for future financing and valuation of large model enterprises [4][12] Market Performance Review - The computer industry index fell by 1.48%, underperforming the Shanghai Composite Index by 1.50 percentage points and outperforming the ChiNext Index by 0.78 percentage points. Year-to-date, the computer industry index has risen by 13.45% [14][17] - Among the 31 industry indices, the computer industry index ranked 22nd this week, leading the TMT sectors (electronics, communication, computer, media) [14][17] Company Dynamics - Zhiyu has completed 15 rounds of financing, with a latest valuation of 40 billion yuan, while MiniMax's valuation reached 40 billion USD after a 300 million USD C-round financing [4][12] - The report recommends focusing on AI hardware and application targets, mentioning related companies such as Cambricon, Inspur, Yonyou Network, and Kingsoft Office [4][12]