来源：第一财经 随着稀宇科技（MiniMax，00100.HK）1月9日在港交所的一声锣响，上海也创下了"一个月5家AI企业上 市"的纪录。 过去30天内，从GPU到AI制药，上海已有5家AI企业（壁仞科技、沐曦股份、英矽智能、天数智芯、稀 宇科技）接连登陆资本市场。这种罕见的"上市潮"背后反映出一个信号——上海AI产业正在进入"收获 期"。 这并非偶然的资本狂欢。不同于其他城市单点突破的模式，上海正在构建一个从"大脑"（算力算法） 到"血液"（语料）再到"四肢"（具身智能）的完整生命体。不同于互联网时代的"模式创新"，这5家AI 企业都具有极高的硬科技含量，资本市场之所以买单，是因为上海提供了"热带雨林式"的全产业链布 局。 上海交通大学、上海人工智能研究院院长宋海涛告诉第一财经记者，创新需要土壤，土壤需要有一定基 数的创新群体才能形成足够的厚度，而在人工智能领域，上海的各方面基数在国内是领先的，"上海集 聚了从硬件、软件、GPU、算法、模型训练到应用全产业链布局，这是全国其他城市不具备的"。 "模都"AI生态全产业链爆发 在AI 2.0时代，大模型是核心引擎。上海没有选择做简单的"应用套壳"，而是死磕底层 ...

Core Viewpoint - The article highlights the rapid rise of MiniMax (稀宇科技) in the AI industry, emphasizing its successful IPO on the Hong Kong Stock Exchange and the significant market interest it has generated, with a potential market valuation exceeding 50 billion HKD [6][7]. Group 1: IPO and Market Response - MiniMax's IPO on January 9, 2024, was marked by unprecedented subscription enthusiasm, with a total subscription amount exceeding 253.3 billion HKD and an oversubscription rate of 1,209 times, setting a record for institutional subscriptions in Hong Kong [6]. - The stock opened strong, reaching a peak of 211.2 HKD per share, closing at 205.6 HKD, reflecting a 24.6% increase on its first day [7]. Group 2: Company Background and Leadership - MiniMax was founded by Yan Junjie, a former vice president at SenseTime, who has a strong background in AI technology, particularly in facial recognition and natural language processing [12][20]. - The company has a notably young team, with an average employee age of 29, yet it has achieved significant productivity, with a research and development investment of only 500 million USD compared to OpenAI's estimated 40-55 billion USD [12][20]. Group 3: Technological Advancements and Product Development - MiniMax has focused on developing a full-stack AI business model, achieving significant milestones in various AI modalities, including text, audio, and video generation [20][22]. - The company launched its AI social platform Talkie, which allows users to create virtual intelligent agents, and has developed the MoE (Mixture of Experts) model, becoming the first in Asia to commercialize this architecture [16][20]. Group 4: Financial Performance and Growth - In the first three quarters of 2025, MiniMax reported revenues of 53.4 million USD, surpassing the total revenue of 30.5 million USD for the entire year of 2024, marking it as one of the few AI companies in China to achieve over 100 million USD in annual revenue [23][24]. - The company has shown a significant improvement in gross margin, increasing from -24.7% in 2023 to 23.3% in the first three quarters of 2025 [23]. Group 5: Market Position and Future Outlook - MiniMax's business model is driven by both B2C and B2B segments, with over 2.12 billion users and a notable 71.1% of revenue coming from subscription and paid services [22][24]. - The company has raised over 1.5 billion USD in funding from prominent investors, indicating strong confidence in its technology and growth potential [27][28].

Group 1 - Shanghai is building a complete AI ecosystem, unlike other cities that focus on single breakthroughs, with five AI companies listed in one month, indicating the industry is entering a "harvest period" [1] - The five listed AI companies in Shanghai, including MiniMax, have high technological content, supported by a comprehensive industrial chain that includes hardware, software, algorithms, and applications [1][2] - By 2025, Shanghai's AI industry is expected to exceed 550 billion yuan in scale, with a growth rate of over 30%, reflecting significant revenue and profit increases among major enterprises [2] Group 2 - MiniMax, established in early 2022, is a representative of Shanghai's local AI model companies, achieving the fastest IPO globally, with a high proportion of R&D personnel [3] - MiniMax's model, MiniMax-M2, has a code generation speed twice that of its competitors at a fraction of the cost, showcasing its efficiency [3][6] - Shanghai has developed a model algorithm innovation system with a structure of "1 open-source base model + 3 commercial base models + N innovative models" [6] Group 3 - Shanghai is recognized as China's "GPU capital," with four major GPU companies listed, indicating a robust foundation for AI technology [7][11] - The integrated circuit industry in Shanghai has been developing for decades, ranking fourth globally and first in mainland China, supporting the AI industry's growth [7][11] - The city has established a complete integrated circuit industry chain, fostering leading enterprises in various segments, including chip design and manufacturing [11] Group 4 - Human-shaped robots are seen as the ideal carriers for embodied intelligence, with significant production milestones achieved by local companies [12][14] - Shanghai's robot companies have rapidly scaled production, supported by a well-established supply chain in the Yangtze River Delta region [14][15] - The city is enhancing the effectiveness of embodied intelligence training facilities and building a high-quality data set for training [15]

Group 1 - The core viewpoint of the article highlights significant developments in various companies and industries, including IPOs, leadership changes, and market strategies [2][4][15] Group 2 - Zhiyuan AI went public on January 8, 2026, with a goal to become a leading global model enterprise by 2026, as stated by its founder and chief scientist, Tang Jie [2] - Vanke A announced the resignation of Yu Liang due to retirement, effective January 8, 2026, marking a significant leadership change in the company [4] - The founder's family of Maogeping plans to reduce their stake by 3.51%, amounting to approximately 1.41 billion HKD, to improve personal finances and invest in the beauty industry [4][7] Group 3 - Xiaomi's Lei Jun announced a significant investment in R&D, committing 200 billion CNY over the next five years to enhance core technologies, including AI and chips [7] - Multiple car manufacturers are launching promotional activities to counter the impact of new electric vehicle purchase taxes, with Tesla and GAC Group leading the charge [8] - Alphabet Inc. has surpassed Apple in market capitalization, becoming the second-largest company globally, reflecting its strong position in the AI sector [8] Group 4 - JD.com established the "Chameleon Business Unit" to accelerate the commercialization of AI technologies, with new AI products set to launch soon [13] - Alibaba Cloud introduced a multimodal interaction development kit aimed at AI hardware, integrating various foundational models for diverse applications [20] - Ford plans to launch an L3 level driving assistance system by 2028, initially in a new affordable electric pickup truck [21]

当下，人人都对快速迭代的各类技术的巨大能量有了初体验，也深信其终将渗透并重塑经济和社会生活的各个领域，在金融行业亦不例 外。作为金融"五篇大文章"之一，金融机构尤其是银行对数字金融的重视和投入似乎怎么强调都不为过。 如今银行业的数字化进程到了哪一步？大模型等新兴技术强势来袭，银行业有怎样的思考和顾虑？新的数字化地基更新建成，下一步在技 术应用上会有怎样的突破？对此，21世纪经济报道《对话数字金融30人》高端访谈栏目近期专访了上海银行副行长、首席信息官胡德斌。 胡德斌拥有十分深厚的银行业数字化经历，拥有吉林大学软件工程博士学位。其职业生涯深度贯穿中国银行业信息化与数字化历程，曾历 任中国工商银行软件开发中心副总经理、数据中心（上海）副总经理等关键职务。自2016年出任上海银行副行长，并于2021年兼任首席信 息官以来，他主导推动了该行一系列重大科技战略工程。 近期，上海银行历时27个月的"智芯工程"圆满收官，新一代全栈信创核心系统成功投产。该工程不仅实现了从底层硬件到应用软件的全面 自主可控，更依托腾讯云TDSQL数据库与TCE专有云平台，完成了核心系统的平滑迁移与云化部署，标志着上海银行数字基础设施迈入了 全 ...

Group 1 - The Ministry of Industry and Information Technology, along with other regulatory bodies, is focusing on regulating the competition order in the power and energy battery industry, emphasizing market supervision and quality control [2] - The commercial aerospace industry is entering a rapid development phase, supported by policies aimed at advancing reusable rocket technology and enhancing launch capabilities [4] - The water conservancy engineering construction industry is expected to maintain high growth, with a projected annual compound growth rate of 8.5% from 2025 to 2030, driven by increasing demand for water resources [7] - The implementation of the Atomic Energy Law is set to encourage research and development in controlled nuclear fusion, with significant long-term growth potential anticipated in the fusion market [8] Group 2 - Companies like Mengsheng Electronics and Changjiang Communication are involved in satellite navigation and communication, indicating a focus on the satellite industry [5] - Companies such as Aerospace Electric and others are actively participating in the commercial aerospace sector, with significant investments in new technologies and projects [12][13] - The sales performance of Cai Bai Co. has shown improvement, driven by cultural product sales and effective inventory management strategies [14]

扎实的耕耘，在2019年结出了第一颗标志性硕果。事途科技协同上海市闵行区成功打造了经济治理数字 化转型系统。这不仅是一个IT项目，更是一场治理理念的革新。该系统利用大数据、人工智能等技术， 实现了区域经济运行的精准洞察、招商资源的智能匹配以及企业服务的动态优化，成为国内罕有的利用 数字化手段实现"精准招商"与"安商稳商"的典范案例。 随着企业的稳步发展，涂乔升的个人才华与贡献也日益凸显。正是因其主导的该项目对地方发展产生的 显著效能，同年他被闵行区纳入第一批特殊人才引进名单，荣登福布斯中国30岁以下精英榜，获选"经 济与金融"领域十大青年人物。此外，他还荣获了"2019年FIF卓越财税领袖奖"。这些荣誉共同印证了他 在推动产业数字化与金融科技融合方面的卓越领导力与前瞻视野。 在科技浪潮奔涌的时代，总有一些人敏锐地捕捉到技术与产业共振的脉搏，以坚实的脚步踏出一条融合 创新之路。涂乔升正是这样一位笃行实干、目光长远的探索者。2016年，他在上海创办事途科技，以此 为原点，开启了一段以科技驱动产业变革的旅程。 创业维艰，但清晰的战略定位让事途科技迅速找到了发力点。公司以上海为核心，业务版图辐射全国， 涉足数字化、大 ...

Group 1 - The core viewpoint of the article highlights the successful IPOs of AI companies in Hong Kong, marking a strong start for VC/PE investments in the new year, with two "first stocks" emerging in the first week of January [2][3] - The market has shown significant enthusiasm for these IPOs, with Zhipu's market capitalization exceeding 52 billion HKD and an oversubscription rate of 1164 times during its public offering, indicating strong market recognition [3][5] - The article emphasizes the impressive investment history of Zhipu, which has raised over 8.3 billion RMB across 8 financing rounds, attracting major investors including Meituan, Ant Group, Alibaba, Tencent, and Xiaomi, as well as top-tier VC firms [5][6] Group 2 - The article discusses the broader implications of these IPOs, suggesting that they signal a resurgence in the hard technology sector and a collective acknowledgment of the long-term value of Chinese AI core assets by global capital [9][10] - It notes that early investors in Zhipu have seen substantial returns, with its market value increasing 17 times from a previous valuation of 2.8 billion RMB, and other companies like Biran Technology achieving returns exceeding 1150% [11] - The article identifies future investment opportunities in emerging industries supported by China's "14th Five-Year Plan," including new energy, aerospace, and quantum technology, indicating a growing interest from investors in these sectors [13][15]

本报记者 毛艺融 1月8日，北京智谱华章科技股份有限公司（以下简称"智谱"）正式登陆港交所，成为港股首家以原创通用大模型为核心资 产的上市企业，当日收盘市值达579亿港元。1月9日，另一家AI明星企业MiniMax Group Inc.（以下简称"MiniMax"）也将在港 交所挂牌上市。 从上游的AI芯片、中游的通用大模型到下游的应用层，中国AI企业正全面加快产业化与资本化步伐。中科创星科技投资有 限公司（以下简称"中科创星"）创始合伙人米磊表示："当前大模型能力正突破'从能用到好用'的临界点，大模型红利窗口已打 开。资本将继续在AI基础设施、模型研发与应用落地等各环节寻找机会。目前中科创星已投资AI产业链上下游多家优质企业， 未来也将持续关注AI领域的创新机遇。" AI企业接连递表 在智谱、MiniMax上市之前，下游AI应用企业已率先推进上市进程。例如，企业级AI服务商滴普科技股份有限公司于2025 年10月份在港交所上市；同年12月份，专注"AI数字员工"的珠海金智维人工智能股份有限公司递交招股书，拟依据港股第18C 章规则上市；图模融合企业北京海致科技集团股份有限公司也已通过中国证监会备案，计划赴港 ...

Core Viewpoint - MiniMax, a large model company, is set to list on January 9 and has achieved a record in institutional subscriptions for Hong Kong IPOs, with over 460 institutions participating and a subscription rate exceeding 70 times [2] Group 1: IPO Details - MiniMax's IPO saw demand for its national placement orders reach $32 billion, with actual orders totaling $19 billion from over 460 institutions, resulting in an oversubscription of approximately 79 times after excluding cornerstone investors [2] - The previous record for oversubscription was held by CATL, which had a 30 times oversubscription when it went public in Hong Kong in 2025 [2] - Notable long-term funds and sovereign wealth funds participated in the MiniMax IPO, with several contributing over $1 billion, including funds from Singapore, South Africa, the Middle East, and Canada [2] Group 2: Market Performance - On January 8, MiniMax's stock opened and peaked at HKD 211.2 per share, with a closing price of HKD 205.6, reflecting a 24.6% increase [3] Group 3: Revenue Sources - MiniMax's revenue is primarily derived from two segments: AI native products and enterprise services based on AI, with AI native products generating $38.02 million by June 2025, accounting for over 70% of total revenue [3][4] - The enterprise services segment generated $15.42 million, representing 28.9% of total revenue [4] Group 4: Financial Performance - MiniMax reported a net loss of $269.25 million for the year ending December 31, 2023, and projected losses of $465.24 million for 2024 [5] - The adjusted net loss, excluding certain financial metrics, was $89.07 million for the same period [5]