蛇年收官MiniMax股价再创新高，市值近2800亿港元：AI生产力叙事持续升温

Core Viewpoint - MiniMax has demonstrated significant growth and technological advancement, positioning itself as a leader in the AI industry with strong commercial potential and global scalability [2][8]. Group 1: Stock Performance - Since its debut on the Hong Kong Stock Exchange on January 9, MiniMax's stock price has increased by over 413%, reaching a historical high of 886 HKD per share, with a market capitalization nearing 280 billion HKD [3][2]. Group 2: Product Development - The release of MiniMax M2.5 on February 12 marks the world's first production-grade model designed specifically for Agent scenarios, achieving or surpassing industry SOTA in various productivity tasks [4]. - M2.5 has improved the model's ability to decompose complex tasks and reduced token consumption during the thought process, completing tasks 37% faster than its predecessor, M2.1 [5]. - In real business scenarios, M2.5 autonomously completes 30% of overall tasks across various functions, with its code generation accounting for 80% of new submissions [7]. Group 3: Market Position and Future Outlook - Morgan Stanley's latest report highlights MiniMax as a rare company in the AI foundational model sector, combining technical strength, multi-modal commercialization potential, and global scalability [7]. - The Chinese AI industry is transitioning from a phase of extensive competition to one focused on commercialization capabilities, model originality, and global strategic layout, with MiniMax representing a key player in this evolution [8].