Core Viewpoint - MiniMax successfully listed on the Hong Kong Stock Exchange, with a significant first-day price increase, reflecting strong investor interest and market confidence in the company's future prospects [2][3]. Group 1: IPO Performance - MiniMax's shares opened at 235.4 HKD, a 42.7% increase from the IPO price of 165 HKD, and reached a market capitalization of 719 billion HKD on the first day [2]. - The stock continued to rise, closing at 273.2 HKD, marking a total increase of 65.58% and a market cap of 834 billion HKD [2]. - The IPO attracted approximately 420,000 subscriptions, with an oversubscription rate of about 1838 times [2]. Group 2: Financial Overview - MiniMax's IPO raised approximately 45.96 billion HKD, with around 90% of the funds allocated for R&D over the next five years, including 70% for large model development and 20% for AI-native product development [2][3]. - The company reported revenues of 2.46 million USD, 30.52 million USD, and 53.44 million USD for the first three quarters of 2023, 2024, and 2025, respectively, with net losses of 269 million USD, 465 million USD, and 512 million USD for the same periods [3]. Group 3: Business Model and Market Contribution - MiniMax focuses on consumer-end (C-end) business, with AI-native product revenue accounting for over 70% of total revenue in the first three quarters of 2025 [4]. - The company generated 39 million USD in overseas market revenue, representing 73.1% of total revenue, with significant contributions from Singapore (24.3%) and the United States (20.4%) [4]. - Key AI-native products include Hailuo AI and Talkie/Xingye, contributing 32.6% and 35.1% to total revenue, respectively [4].

行业与指数层面，软件板块受益于技术迭代与场景落地，科大讯飞等企业在大模型领域的突破进一步带 动板块情绪，中证软件服务指数选取业务涉及软件开发领域的上市公司证券作为样本，精准覆盖板块核 心标的；需注意的是，当前市场上同名软件相关产品跟踪的指数存在明显差异，投资者需区分标的以精 准布局。 软件 ETF（159852）当前管理费率为 0.50%（每年），托管费率为 0.10%（每年），没有股票账户的投 资者还可以通过联接基金（012619.OF，012620.OF，021861.OF）布局板块投资机遇。 声明：市场有风险，投资需谨慎。本文为 AI 基于第三方数据生成，仅供参考，不构成个人投资建议。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 1月9日消息，据数据显示，截至10：48，个股方面，中科星图、卫宁健康涨超 11%，光环新网涨超 7%，宝信软件、深信服涨超4%，合合信息、同花顺、三六零等涨超 3%. 热门 ETF 方面，软件 ETF（159852）涨 2.63%，盘中成交额达 2.57亿元，换手率达3.81%。天天基金网 数据显示，该基金近 6 月涨 14.22%，近 1 年涨 29.90%。 消 ...

Core Viewpoint - MiniMax, a technology company specializing in AI models, successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the global AI industry, particularly in the large model sector [1][13]. Company Overview - MiniMax's IPO involved issuing 29.2 million shares at a price of 165 HKD per share, raising a total of 4.82 billion HKD [3][15]. - The company emphasizes that its core competency lies in its model capabilities rather than specific products, adhering to the philosophy that "Model is Product" [3][15]. - Founded in 2021 by former SenseTime vice president Yan Junjie, MiniMax has established itself as one of the few companies with self-developed multimodal large model capabilities [4][16]. Financial Performance - MiniMax's revenue is projected to reach 53.44 million USD by September 2025, a significant increase from 19.45 million USD in the same period of 2024, driven by the adoption of AI native products and diverse monetization channels [6][19]. - The company has incurred substantial R&D expenses, with losses reported at 10.6 million USD, 70 million USD, 189 million USD, and 139 million USD for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively [7][19]. - Cumulatively, MiniMax has spent 500 million USD since its inception, which is less than 1% of the expenditures of OpenAI, estimated between 40 billion to 55 billion USD [7][19]. Market Positioning - MiniMax has over 200 million individual users and more than 100,000 enterprises and developers across over 200 countries and regions as of September 2025 [6][18]. - The company is positioned in a competitive landscape where it is compared to other AI firms, with a focus on different market segments: one targeting the domestic B2B market and the other focusing on global subscription models [6][18]. Industry Insights - The global large model market is in its early commercialization stage, with projections indicating a growth from 10.7 billion USD in 2024 to 20.65 billion USD by 2029, reflecting a compound annual growth rate (CAGR) of 80.7% [11][23]. - The large model application market is expected to grow from 7.1 billion USD in 2024 to 151.5 billion USD by 2029, with a CAGR of 84.3% [11][23]. - MiniMax's successful IPO reflects investor confidence in the resilience of the Chinese AI industry, with 14 cornerstone investors participating in the IPO, collectively subscribing approximately 2.723 billion HKD [11][23]. Competitive Landscape - The listing of companies like MiniMax is expected to create a tiered structure within the industry, leading to a "Matthew effect" where listed companies gain advantages in business expansion, financing costs, and talent acquisition [12][24]. - The competitive environment is intensifying, with remaining players facing challenges in business acquisition and cost control as the market matures [12][24].

出走5年，估值翻倍！曾被嘲笑「太保守」的Anthropic，正凭3500亿美元身价硬刚OpenAI。看理想主义者如何靠极致安全与Coding神技，在 ARR激增的复仇路上，终结Sam Altman的霸权！ 2026开年最震撼的消息！Anthropic计划融资100亿美金，仅半年，估值就从1830亿涨至3500亿。 这不仅是数字的狂飙，更是一场筹谋5年的「完美反击」。 当OpenAI深陷人才流失与烧钱的泥沼时，曾被称为「叛逃者」的Amodei兄妹，正带着Claude向旧主的王座发起冲锋。 历史回溯：「叛逃者」的初心 这场价值3500亿美元的逆袭，早在5年前就已埋下伏笔。 2021年，随着微软的巨额注资，OpenAI逐渐从非盈利转向「利润上限」模式。 由于理念分歧，Dario Amodei和Daniela Amodei兄妹带着7名核心成员毅然离职。 他们一直担心，当AI进化的速度超越了人类的治理能力，安全是否会被商业利益献祭？ 当时，硅谷将他们视为「理念偏执者」，认为在算力竞争中，空谈安全无异于自缚手脚。 之后的5年，两家公司几乎在所有关键决策上，选择了完全相反的方向。 Sam Altman选择了一条更激进的扩张 ...

来源：格隆汇APP 格隆汇1月9日｜"全球大模型第一股"智谱(2513.HK)上市第二日继续上涨，盘中拉升涨超25%至165港元，创上市新高，市值升至726亿港元。 公开资料显示，智谱是中国最早投身大模型研发的厂商，原创提出了基于自回归填空的通用预训练范式GLM，率先发布了中国首个百亿模型、首个开源 千亿模型、首个对话模型、首个多模态模型，以及全球首个设备操控智能体(Agent)，形成了全面的模型体系，是国内罕有在原创技术路线上与全球顶尖 水平保持同步的厂商，因此也被誉为"中国OpenAI"。 目前，GLM架构已实现全国产化突破，适配40余款国产芯片，成为业内通用性最高的模型体系之一。当前全球AI竞赛持续升温，智谱拿下"全球大模型第 一股"，不仅为国产大模型发展注入资本活力，更标志中国AGI企业正式迈入资本市场的舞台中央，开启与国际巨头同台竞技的新阶段。 ...

Group 1 - MiniMax, a large model company, was listed on the Hong Kong Stock Exchange on January 9, with an opening increase of over 50% [1] - As of 9:56 AM, MiniMax's stock price reached 254.8 HKD per share, reflecting a rise of over 54.42% and a market capitalization exceeding 77 billion HKD [1] - The pricing result announced on January 8 set the upper limit at 165 HKD, with the stock closing at 205.60 HKD in the dark market, an increase of 24.61% [1]

Group 1 - The Hong Kong stock market opened higher on January 9, with major tech stocks showing strength, including Bilibili-W up over 5%, Alibaba-W up over 4%, and Kuaishou-W up over 3% [1][2] - The Hong Kong Internet ETF (513770) saw a significant increase, rising by 1.5%, and has attracted a net inflow of 566 million yuan over the past four days [2][3] - Alibaba's Taobao Flash Sale has made key progress in the latest quarter, with expectations for market share growth continuing strong, and the Chinese instant retail market projected to exceed 1 trillion yuan by 2026 [3][4] Group 2 - Alibaba's Gaode Map has upgraded its features, introducing new functionalities and leveraging self-developed world model technology, positioning itself as a potential hub in the AI era [4] - The Hang Seng Technology Index is expected to see an EPS growth rate of 34% by 2026, driven by AI technology enhancing core business efficiency [4] - The top ten weighted stocks in the Hong Kong Internet ETF include Alibaba-W, Tencent Holdings, and Xiaomi Group, collectively accounting for over 78% of the ETF [4][7] Group 3 - The Hong Kong market offers a diversified investment option through the Hong Kong Large Cap 30 ETF (520560), which combines high-growth tech stocks with stable dividend-paying companies [7]

1月8日，智谱以120港元的开盘价在港交所上市，市值为528.28亿港元。 智谱的发行价为每股116.20港元，对应募资总额约43.48亿港元，其公开发售部分获得约1164倍超额认 购。 而就在明天，MiniMax也将在港交所主板挂牌。MiniMax发行价格为每股151至165港元，对应募集资金 总额38.34亿至41.89亿，公开发售部分超额认购倍数更是高达1209倍。 MiniMax的故事，要从2015年闫俊杰从中科院自动化所博士毕业之后说起。 博士期间，闫俊杰曾是百度AI研究院的实习生，参与早期神经网络优化项目，接触并预见了AI从专用 任务走向通用模型的技术演进路径。 博士毕业后，闫俊杰加入商汤科技，从算法实习生起步，因主导深度学习工具链建设，及通用智能技术 体系搭建，三年内晋升至副总裁，管理规模达700余人的核心研发团队。 相隔一仅日，智谱AI与MiniMax接连登陆港交所，以截然不同的基因与路径，争夺"中国大模型第一 股"之名，也映射出中国AI创业的分化与抉择。 "原生家庭"的差异 2002年，张鹏从清华大学计算机系本科毕业，选择了留校继续攻读研究生，也因此，他遇到了同年入系 攻读博士的唐杰。 20 ...

天眼查资料显示，江苏常熟农村商业银行股份有限公司，成立于2001年，位于苏州市，是一家以从事货 币金融服务为主的企业。企业注册资本331648.5099万人民币。通过天眼查大数据分析，江苏常熟农村 商业银行股份有限公司共对外投资了7家企业，参与招投标项目1164次，财产线索方面有商标信息231 条，专利信息31条，此外企业还拥有行政许可115个。 国家知识产权局信息显示，江苏常熟农村商业银行股份有限公司取得一项名为"基于大模型的银行数据 文件解析方法及系统"的专利，授权公告号CN120849363B，申请日期为2025年9月。 来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

每经AI快讯，1月9日，截至发稿，大模型企业MiniMax涨超51%，报248.6港元，总市值773亿港元。智 谱最新涨超13%，报149.3港元/股，总市值655亿港元。 （文章来源：每日经济新闻） ...