12 月 21 日，通用人工智能（AGI）公司 MiniMax（稀宇科技）通过港交所上市聆讯，并首次刊发聆讯后资料集（PHIP）版本招股书。继智谱 AI 于 12 月 19 日披露招股书后，MiniMax 成为"大模型六小虎"中第二家通过港交所聆讯的中国大模型企业，若按计划于明年初完成上市，这家成立于 2022 年初的公 司，将成为全球范围内从创立到登陆资本市场用时最短的 AI 企业之一。 在通用大模型赛道尚未走出"长期投入期"的背景下，资本市场已经率先迎来新的叙事节点。 385 人历时 4 年冲刺 AGI 全球第一股，MiniMax 赴港 IPO 聆讯 MiniMax 成立于 2022 年初，被认为是国内首批大规模应用"混合专家"（MoE）架构的公司之一——这种方法后来被 DeepSeek 采用并推广。 MiniMax 在招股书中将自身定位为"生而全球化"的 AI 企业，核心目标是研发具备国际竞争力的通用人工智能模型，并面向全球市场展开业务布局。截至 2025 年 9 月 30 日，MiniMax 持有的现金及现金等价物余额约为 10.46 亿美元，为其持续投入模型研发和算力资源提供了较为充足的资金保障。 ...

精彩观点： 全球仅四家公司在三模态均达到领先水平：MiniMax是全球仅有的四家在语言、视频、声音三个模态都达到全球领先水平的公司之一，另 外三家是OpenAI、谷歌和字节跳动。公司将80%以上资源投入模型层和基础设施，模型本身才是核心产品，应用只是展示窗口。未来竞争 将是全模态融合，单模态公司将失去竞争力。 高效的研发组织和持续创新的能力才是关键：尽管市场以惊人的月度双位数速度增长，但真正能在模型层持续发布全球领先产品的核心玩 家数量在不断减少。资源（算力、资金、人才）并非成功的唯一保证，高效的研发组织和持续创新的能力才是真正的壁垒。 M2模型成为AI编程领域最大国产模型：今年10月MiniMax发布的M2语言模型是全球开源模型中真实token用量最大的AI编程模型，成为首 个真正切入该领域的国产模型，用量相当于其他所有国产模型总和。 每一块钱买到更多智能：MiniMax从创立第一天就是全球化公司，所有产品均服务全球用户，目前大部分商业化收入来自海外。核心战略 是与所有人共创智能，用更少资源做出更领先的模型和创新，提供更高的"per dollar intelligence"（每块钱的智能水平）。 Agent ...

1.2025年成为中国影史动画电影票房最高一年 3.硅基原子处理器实现11量子比特稳定联通 据最新一期《自然》杂志报道，澳大利亚初创公司SQC研究团队基于硅材料和磷原子构建了一种新型量子处理器，在实验中实现了11个量 子比特的联通，并保持了较高的运行保真度。这是目前规模最大的同类硅基原子量子处理器之一，被认为是量子计算领域的重要进展。 4.公募新发数量创近4年新高，总募集规模与过去两年基本持平 据证券时报，2025年以来，公募基金发行市场的C位悄然易主，曾被视为市场压舱石的债券基金悄然让位，而股票型基金则以十年未见的 强势站上了舞台的中央。与此同时，年内公募基金以新成立1468只基金的数量创下近4年新高，总募集规模与过去两年基本持平。这一量 增价稳的现象标志着市场告别了依靠爆款产品跑马圈地的时代，转向了以权益类基金为主导、创新产品百花齐放的精耕细作的新阶段。 5.据《The Information》报道，OpenAI在人工智能运营方面效率持续提升，其算力利润率于10月达到70%，较去年底的52%显著增长。 6.MiniMax通过港交所聆讯 据网络平台数据，2025年全年动画电影票房突破250亿，成为中国影史动 ...

【#北京将跑出大模型第一股#】#中国最大独立大模型厂商有望上市# 12月19日，港交所网站披露，智 谱通过港交所聆讯并正式递交招股书，资本市场将首次迎来一家以AGI（通用人工智能）基座模型为核 心业务的上市公司。这也意味着，这家总部位于北京、中国最大的独立大模型厂商有望以"大模型第一 股"身份在港交所挂牌上市。（北京日报 记者 孙奇茹) 转自：京报网_北京日报官方网站 ...

Core Viewpoints - The core strategy of the company is "1+X," where "1" represents core businesses including large devices, large models, and AI applications, while "X" encompasses innovative businesses such as smart driving, healthcare, and retail [6][10]. AI Infrastructure Development - The company emphasizes that AI infrastructure must not only address the availability of computing power but also ensure efficient, stable, and scalable support for models and industries [3][4]. - The total computing power of the company has reached 32,000 PetaFLOPS, showcasing its commitment to building a robust AI infrastructure [6][13]. Energy Efficiency and Carbon Reduction - The AI computing center has implemented a power consumption prediction system that can accurately forecast power needs within 15 minutes, achieving a 7% annual reduction in electricity costs and over 3,000 tons of annual carbon reduction [6][21]. - The center's Power Usage Effectiveness (PUE) has reached 1.267, with a 15% improvement in overall computing efficiency [21]. Collaboration and Resource Sharing - The company has launched the "SenseTime Computing Power Mall" in collaboration with over ten domestic manufacturers, allowing clients to freely combine and allocate diverse domestic computing resources and industry model services [6][22]. - The platform supports seamless implementation of algorithms across various chips, enhancing the overall capabilities of the PaaS platform [22]. Industry Applications and Partnerships - The company has established partnerships with top-tier research institutions and various industries, including internet technology, AIGC, and traditional sectors, providing comprehensive end-to-end solutions [25][26]. - Notable collaborations include working with major clients in traditional industries to develop industry-specific AI models, demonstrating the feasibility of AI applications even in complex traditional sectors [29][30].

Group 1 - GWM has appointed Zhao Yongpo, the general manager of Haval, as the new CEO of Weipai, marking the eighth CEO change in nine years, indicating a strategic shift towards internal talent over external hires [5][6] - Under the previous CEO, Feng Fuzhi, Weipai's sales were approximately 89,000 units in the first eleven months of 2025, significantly lower than competitors like Geely's Lynk & Co, which sold over 300,000 units [6] - Xiaomi has distributed over 100 million yuan in subsidies to its automotive dealers, with new store openings receiving up to 500,000 yuan each, aimed at boosting dealer morale and operations [7] Group 2 - DingTalk is reportedly launching a secret project called "D Plan," which may involve entering the hardware market with a product similar to the "Doubao phone" [9][10] - Chasing Technology has released the world's first AI health glasses, capable of monitoring heart rate, blood oxygen, and body temperature continuously [11] - ByteDance has announced significant salary increases for employees, with performance bonuses for top performers being raised by 1.5 to 3 months, reflecting a commitment to talent retention [13][14] Group 3 - MiniMax has passed the listing hearing with over $1 billion in cash reserves, supported by major investors like Alibaba and Tencent, and reported a revenue growth of over 170% year-on-year for the first nine months of 2025 [15][16] - The first L3 autonomous driving license plate has been issued to Changan Automobile, marking a significant milestone in the development of autonomous driving technology in China [28] - Zhiyun Technology has initiated its IPO process, aiming to become a leading player in the AI model sector, with substantial revenue growth projected for the coming years [26][27]

1.国家发展改革委、市场监管总局、国家网信办制定了《互联网平台价格行为规则》。平台内经营者在不同平台销售商品或者提供服务的，依法自主定 价。平台经营者不得违反《中华人民共和国电子商务法》第三十五条规定，采取提高收费标准、增加收费项目、扣除保证金、削减补贴或者优惠、限制流 量、搜索降序、算法降权、屏蔽店铺、下架商品或者服务等措施。 2.12月20日，商务部党组扩大会议在京召开。会议强调，要大力提振消费，扩大优质商品和服务供给，释放服务消费潜力。 3.12月20日，首块L3级自动驾驶专用正式号牌"渝AD0001Z"在重庆诞生，标志着长安汽车开启L3级自动驾驶时代。 4.山西省人民政府宣布废止《山西省人民政府关于禁止生产、经营、储存、运输和燃放烟花爆竹的通告(2020年8月17日)》。对此，中国烟花爆竹协会称， 协会将积极支持和协助山西调整烟花爆竹燃放政策的相关工作实施，助力科学精准施策，推动行业健康有序发展。 5.《2025年世界贸易报告》指出，在配套政策到位的情况下，人工智能有望通过提升生产率、降低贸易成本，到2040年将跨境货物和服务贸易额提高34% 至37%，全球GDP增长12%至13%。 6.2025年全 ...

1、美股三大指数集体收涨，道指收涨0.38%，标普500指数涨0.88%，纳斯达克 综合指数涨1.31%，芯片 股大涨，英伟达涨近4%，博通涨3%，英特尔涨1.4%，美光科技涨近7%。纳斯达克中国金龙指数涨 0.86%，阿里巴巴涨1.68%，拼多多涨3.5%。 2、美联储哈玛克表示更担心居高不下的通胀，倾向于将利 率维持稳定至春季；CME"美联储观察"显示，美联储明年1月维持利率不变的概率为79%。 3、美国据 悉将扣押第三艘委内瑞拉油轮，特朗普政府正加强对委内瑞拉马杜罗政权的 石油封锁，相关行动可能 导致委内瑞拉石油生产面临停摆风险。 4、通用 人工智能公司MiniMax通过港交所聆讯；壁仞科技香港 IPO拟发行逾2.47亿股，最高定价19.6港元，预期明年1月2日开始交易。 5、以色列官员计划向特朗普通 报可能对伊朗发动新一轮打击的计划，以色列总理内塔尼亚胡预计将于本月晚些时候与特朗普在佛罗里 达州海湖庄园会晤。 6、日本自民党安全保障调查会长小野寺五典提出，有必要就"无核三原则"的定位 展开讨论，自民党计划于明年2月向内阁提交相关动议推动国会讨论。 7、乌克兰总统泽连斯基称美国 提议与乌克兰、俄罗斯代表 ...

Core Viewpoint - The company, Wallen Technology (06082), is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and plans to start trading on January 2, 2026 [1]. Group 1: Company Overview - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) [1]. - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1]. - Wallen Technology's GPGPU-based solutions demonstrate strong performance and efficiency in pre-training, post-training, and inference of large language models (LLMs), giving the company a competitive edge in the domestic market [1]. Group 2: Market Demand and Financials - The rapid development of AI, particularly LLMs and generative AI, has led to an increasing demand for computing solutions among enterprises to meet their surging needs for computing power and AI applications [2]. - The company has developed a specialized technology product, an intelligent computing solution consisting of a hardware system based on its GPGPU architecture and the BIRENSUPA computing software platform, which can be delivered in large-scale intelligent computing clusters [2]. - In 2023, the company's intelligent computing solutions began generating revenue, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2]. Group 3: IPO and Use of Proceeds - Assuming an offering price of HKD 18.30 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion [2]. - Approximately 85% of the proceeds will be allocated for future research and development of the company's intelligent computing solutions, 5% for commercialization, and 10% for working capital and general corporate purposes [2]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3]. - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and investment firms [3].

Core Viewpoint - The company, Birun Technology, is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and is expected to start trading on January 2, 2026 [1] Group 1: Company Overview - Birun Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing essential computing power for artificial intelligence (AI) [1] - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1] - The technology has a strong performance in pre-training, post-training, and inference of large language models (LLMs), creating a significant competitive advantage in the domestic market [1] Group 2: Market Demand and Financials - The demand for computing solutions is increasing rapidly due to the growth of AI, particularly LLMs and generative AI, prompting the company to develop specialized technology products [2] - The intelligent computing solutions began generating revenue in 2023, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2] - Assuming an offering price of HKD 18.30 per share, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion, with 85% allocated for R&D of intelligent computing solutions [2] Group 3: Strategic Partnerships - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3] - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and asset management firms [3]