国泰海通｜计算机：国产大模型冲刺港股IPO，算力侧加速生态构建

Group 1 - MiniMax and Zhizhu AI are making significant technological advancements as they prepare for their IPOs in Hong Kong, with MiniMax launching the M2.1 text model and Zhizhu AI releasing the GLM-4.7 model, both achieving state-of-the-art performance in various benchmarks [2][3] - The U.S. has adjusted its chip tariff policy towards China, signaling a stable bilateral relationship, which allows domestic chip companies like Moore Threads to focus on building sustainable hardware and software ecosystems [3] - Galaxy General Robotics has completed a record financing round of over $300 million, reaching a valuation of $3 billion, marking a significant milestone in the humanoid robotics industry in China [4] Group 2 - Moore Threads, after its IPO, held its first developer conference to promote its new GPU architecture "Huagang" and announced plans for AI training and high-performance graphics rendering chips [3] - The financing by Galaxy General Robotics emphasizes its focus on practical applications in the fields of unattended pharmacies and industrial manufacturing, with hundreds of pharmacy orders already secured [4] - The overall trend in the AI and chip sectors indicates a shift from product performance to ecosystem development, highlighting the importance of continuous innovation and commercialization potential for companies in these industries [2][3]