AI龙头MiniMax 847 港元收官创年内新高，2026 年至今涨幅超 400%

Core Viewpoint - MiniMax's stock price surged following the launch of its flagship model M2.5, marking a significant milestone in the AI industry and indicating a value explosion period for domestic AGI [1] Group 1: Stock Performance and Market Reaction - On the last trading day before the Spring Festival, MiniMax's stock price reached a peak of 886 HKD, setting a new high for the Hong Kong stock market in 2026 [1] - As of the midday close, the stock was reported at 847 HKD, with a market capitalization exceeding 265.6 billion HKD [1] - The strong performance of MiniMax's stock reflects market confidence in the company's technological moat and commercialization capabilities [1] Group 2: Model Launch and Technical Advancements - The recent price increase is attributed to the launch of the M2.5 model, which has been optimized for code generation, complex logic reasoning, and agent task planning [2] - M2.5 achieved or surpassed industry SOTA in various productivity scenarios, with performance metrics such as SWE-Bench Verified at 80.2% and Multi-SWE-Bench at 51.3% [2] - Compared to its predecessor M2.1, M2.5 completed tasks 37% faster in SWE-Bench Verified tests [2] Group 3: Economic Viability and Internal Efficiency - M2.5 allows for economically feasible continuous operation of complex agents, costing only 1 USD for one hour of operation at 100 tokens per second [2] - In real business scenarios, M2.5 autonomously completes 30% of overall tasks across various functions, with increasing penetration rates [2] Group 4: Industry Leadership and Innovation - MiniMax has rapidly updated its models, compressing the iteration cycle from six months to monthly updates, leading the industry in technological advancement [4] - The speed of improvement in MiniMax's M2 series models is the fastest in the industry compared to competitors like Claude, GPT, and Gemini [4] Group 5: Future Outlook and Industry Standards - The evaluation criteria for AI companies are shifting from current strength to the speed of improvement, emphasizing the importance of systemic evolution capabilities [6] - 2026 is viewed as a pivotal year for AI, transitioning from foundational model development to full-scale application [6] - MiniMax's stock performance serves as a bellwether for the AI industry, indicating that leading AI companies possess self-sustaining and iterative capabilities [6]