1月8日，《每日经济新闻》记者从京东方面获悉，京东京造于2025年底推出的自研AI毛绒玩具首批上 线即售罄，且已进行多轮补货。京东称，第二批AI玩具计划1月中旬上线，将覆盖全年龄段用户。记者 浏览京东电商平台发现，除京东自研AI玩具外，华为、Haivivi、优必选等第三方品牌AI玩具也在热卖 中，均价约300元。 与此同时，京东还宣布已于近日成立"变色龙业务部"，全面承接JoyAI App（应用程序）、JoyInside （京东附身智能品牌）、数字人等核心AI产品的打造与商业化。这意味着，京东AI战略中的关键业务 线正在被内部显著提级。 AI端侧产品井喷 2026年谁能抢到首块商业化"蛋糕"？ AI端侧产品井喷的2025年，"豆包手机"再次点燃市场对 AI 硬件的想象。 去年12月1日，字节跳动首次发布豆包手机助手技术预览版，并与中兴合作发售了工程样机nubia M153，该机型因具备"系统级控制权"而引发行业广泛关注。随后，字节跳动正与联想集团开展AI手机 相关合作的消息又添一把火。 去年12月，"豆包手机"引发热议，AI端侧产品的争夺持续白热化。事实上，京东早已入局——在去年9 月举行的京东全球科技探索者 ...

2026年1月9日，MiniMax（稀宇科技，股票代码0100.HK）将正式登陆港交所。 这家仅用4年便敲开资本市场大门的独角兽，携1209倍超额认购、2533亿港元孖展金额的火爆行情登场，与此前48小时内披露招股书的智谱AI形成"双雄竞 速"格局。 这一密集上市信号，标志着中国大模型行业彻底告别"百模大战"的参数比拼与粗放混战，全面迈入"商业化验证+资本化落地"的深水区。 随着底层技术基座日趋成熟，2026年"垂类AI应用元年"的大幕正式拉开，行业竞争焦点已从"卷模型"转向"卷落地"。 核心产品Talkie/星野主打AI情感陪伴，凭借自定义虚拟角色、类乙游玩法登顶全球AI伴侣类产品免费榜，贡献了公司七成收入，但高增长严重依赖巨额营销 投入。 2024年其营销费用高达8699.5万美元，2025年前三季度虽降至3932.5万美元，占比仍达10.48%，投放素材量突破10万条。 而MiniMax以461-503亿港元估值登陆港股的动作，正是这场行业范式转移中最具标志性的注脚，也就是资本市场对AI价值的审视，不再停留于技术概念炒 作，而是聚焦真实营收、可持续盈利路径与合规能力的硬核校验。 作为差异化押注C端赛道的 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【宏观】债市开年如何破局？——《央行观察》系列第十三篇 此前债市担忧的三大利空已部分消化，实际影响低于市场预期。但考虑到政策脉冲向上，经济和股市迎来"开 门红"，可能对债市情绪构成持续打压。有利因素也不可忽视，政府债供给期限对利率走势无强解释力，且除 500亿元国债买入信号外，央行有意愿也有能力呵护流动性。债市整体前景并不悲观，策略上当前应重视配 置，交易性机会需耐心等待。 （赵格格/王佳雯）2026-01-07 您可点击今日推送内容的第1条查看 展望未来，政策将聚焦反内卷和老旧产能淘汰，叠加电石、氯碱等高耗能行业盈利能力触底，成本端竞争 加剧有望加速老旧装置退出，将有助于行业供给的收缩和集中度的提高，同时加速推进装置大 ...

Core Viewpoint - MiniMax, a unicorn in the AI sector, is set to debut on the Hong Kong Stock Exchange on January 9, 2026, with a valuation between HKD 461-503 billion, marking a significant shift in the Chinese AI industry towards commercialization and capital realization [2][3]. Group 1: IPO and Market Reception - MiniMax plans to issue 25.39 million shares at an IPO price range of HKD 151-165, with a market capitalization of approximately HKD 461-503 billion [3]. - The company has garnered significant interest from top-tier institutions, with 14 major investors, including Alibaba and Tencent, subscribing to 68% of the shares, indicating strong market confidence in its To C model [3]. Group 2: Financial Performance and Growth - MiniMax's revenue is projected to grow dramatically from USD 346 million in 2023 to USD 3,052.3 million in 2024, reflecting a year-on-year increase of 782.1%, with total users exceeding 212 million across over 200 countries [2]. - The company's core product, Talkie, which focuses on AI emotional companionship, has generated 70% of its revenue but relies heavily on substantial marketing expenditures, which are expected to reach USD 86.7 million in 2024 [3]. Group 3: Challenges and Risks - MiniMax faces significant challenges, including a negative gross margin of -8.1% for its AI-native products in 2024, which only turns positive to 4.7% in the first three quarters of 2025, raising concerns about sustainable profitability [4]. - The company is embroiled in copyright disputes with major entities like iQIYI and Disney, which could lead to substantial financial liabilities and impact its core competitive edge [4]. Group 4: Strategic Opportunities - The global AI application market is transitioning from technical concepts to practical implementations, with a projected market growth of over 150% for AI-generated products in 2025, creating a favorable environment for MiniMax [4]. - MiniMax's strategic partnerships with Alibaba and Tencent may enhance its B2B business and support its commercial ecosystem, potentially mitigating some of the risks associated with its current challenges [5].

Core Insights - Major AI companies are shifting towards integrating advertising into their platforms, moving away from previous commitments to keep their products ad-free [1][10] - The financial sustainability of AI companies is under pressure, leading them to explore advertising as a viable revenue model [2][9] Group 1: Advertising Integration - OpenAI's CEO has expressed a newfound openness to advertising, contrasting with earlier statements against it [1] - Google is reportedly in discussions with brands for native advertising partnerships, indicating a broader industry trend [1] - The introduction of advertising in AI products could transform them from trusted knowledge sources into commercial tools [1][10] Group 2: Financial Viability - OpenAI's subscription model is currently insufficient to cover its operational costs, with a reported net loss of $13.5 billion despite significant revenue [2] - The historical reliance on venture capital is becoming unsustainable, prompting a shift towards monetization strategies like advertising [2][9] - The advertising model has proven effective in other tech sectors, suggesting a similar potential for AI [2] Group 3: User Interaction and Experience - Initial advertising strategies may include subtle placements that do not disrupt user experience, such as sidebar recommendations or non-intrusive prompts [4] - Incentivized interactions, where users can watch ads for additional features, may also be explored [4] - The concept of Generative Engine Optimization (GEO) raises concerns about the neutrality of AI recommendations, as they may prioritize commercial interests [4][6] Group 4: Industry Concerns - There are significant concerns regarding the potential loss of AI's neutrality and the difficulty users may have in discerning unbiased advice from commercial recommendations [6][7] - The industry is experiencing a collective anxiety about finding sustainable business models as funding sources dwindle [9] Group 5: Future Commercialization Strategies - AI companies are expected to evolve their subscription models towards more specialized and scenario-based offerings [10] - The enterprise sector remains a key focus for AI commercialization, with businesses willing to pay for tailored solutions that enhance efficiency [12] - Custom models for specific industries are emerging as high-value opportunities, indicating a shift towards specialized applications of AI [12] Group 6: Regulatory Landscape - Governments are beginning to scrutinize the use of user data in AI, emphasizing the need for transparency and accountability in commercial applications [16][20] - Regulatory frameworks are being developed to ensure that AI systems adhere to ethical standards and do not exploit user data [16][20]

1月6日，游戏ETF（516010）涨超0.8%，AI商业化与行业景气度受关注。 国金证券指出，传媒行业多款重磅游戏定档2026Q1上线，2026年有望成为国产游戏大年，需关注新游 上线表现及即将到来的春节寒假游戏旺季带来的行业性机会。游戏板块方面，微信小游戏平台宣布2026 年升级IAP激励政策，新游综合激励比例超100%，单款游戏首发激励金上限提升至400万元，以支持开 发者长线运营。此外，网易旗下《燕云十六声》登顶中国区iOS畅销榜，验证了国产武侠开放世界玩法 的市场潜力。2025年全球游戏市场总收入达1970亿美元，手游占比过半（1080亿美元），PC游戏市场 同比增长10.4%至430亿美元，显示行业整体保持增长态势。 游戏ETF（516010）跟踪的是动漫游戏指数（930901），该指数从市场中选取涉及动漫内容创作、游戏 开发及平台运营等业务的上市公司证券作为指数样本，以反映动漫游戏产业相关上市公司证券的整体表 现。该指数聚焦于动漫及游戏全产业链环节，行业配置上主要覆盖文化传媒与信息技术领域，整体风格 偏向成长型。 （文章来源：每日经济新闻） ...

一元复始，市场启新。国内外主要投行近期陆续发布2026年度市场展望，对投资主线进行前瞻分析，成 为解读新一年投资方向的重要窗口。当前，全球宏观经济格局重塑，国内产业升级持续推进，A股加速 融入全球资本市场体系。 站在"十五五"规划开局之年，多家国内外投行认为，2026年全球资本回流中国的预期升温，有望为市场 注入增量活力。同时，资本市场盈利复苏趋势逐渐清晰，结构性机会凸显：科技革新、制造业全球化、 顺周期复苏成为核心主线，AI商业化、中企出海、资源品价值重估等方向备受关注。大宗商品方面， 黄金在央行购金和美联储降息周期支撑下有望续创新高，铜因供应受限与需求增长共振而被长期看好， 原油市场则面临供应过剩的压力。 ● 本报记者 葛瑶 胡雨 中信证券： 中国企业价值链地位将提升 "十五五"期间，中国企业在全球价值链中的位置有望进一步提升，将份额优势转化为定价权，这是A股 行情迈向低波动率上涨行情的基础。未来A股的基本面要置于全球市场需求中观察，而不是仅看本土需 求，中国资本市场也正从新兴市场逐步转型为成熟市场。A股不仅是中国的A股，也是全球的A股。 从行业配置看，有三大线索值得重视：一是资源品和传统制造产业提质升级 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing growth in domestic AI chip demand, with Kunlun Core initiating its Hong Kong IPO process, indicating a strong market potential for domestic AI solutions [5][15] - The upcoming listings of major AI model companies, such as MiniMax, are expected to attract significant investment interest, with MiniMax's projected fundraising between 3.83 to 4.19 billion HKD [21][24] - The report emphasizes the accelerating commercialization of Robotaxi services in China, driven by technological advancements, cost reductions, and supportive policies [7][42] Summary by Sections Internet - Kunlun Core has started its Hong Kong listing process, indicating a sustained growth in domestic computing power demand. The report recommends stocks such as Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings identified as a beneficiary [5][14][67] - The Hang Seng Internet Technology Index rose by 4.3% during the week of December 29, 2025, to January 2, 2026, outperforming other indices [14][16] AI - Major AI model stocks, including MiniMax, are set to list soon, with MiniMax's share price range between 151-165 HKD and an expected market capitalization of 46.12 to 50.40 billion HKD. The company has shown significant revenue growth, achieving 53.44 million USD in revenue for the first three quarters of 2025, a 175% year-on-year increase [21][24][24] - MiniMax's diverse revenue model includes subscription services, virtual goods, and online marketing services, indicating a robust business strategy [30][24] Smart Driving - The report notes that the L3 level of autonomous driving in China has received trial approval, marking a significant step towards commercialization. The Robotaxi market is expected to grow rapidly due to technological maturity and policy support [7][42][44] - Various business models for Robotaxi are emerging, including partnerships between manufacturers, autonomous driving companies, and ride-hailing services, which are expected to accelerate commercialization [44][49] Weekly Data Update - The Hang Seng Index increased by 2.01% during the week, with significant gains in the media, automotive, and technology sectors [53][59]

Core Insights - The article highlights the significant focus on MiniMax's B2B business, which is crucial for the company's strength ahead of its IPO, overshadowing its consumer products [3][5]. Group 1: B2B Business Performance - MiniMax's B2B segment generated $1,542 million in revenue during the first three quarters of the year, accounting for nearly 30% of total revenue, with a year-on-year growth rate of 161% [5]. - The gross margin for the B2B services reached 69.4%, an increase of 7 percentage points from the previous year, showcasing the company's effective cost management strategy [7][21]. - MiniMax's approach avoids heavy asset operations by focusing on standardized API services rather than customized deployments, allowing it to maintain competitive pricing amidst a price war in the AI sector [7][21]. Group 2: Business Model and Expansion Strategy - MiniMax employs a "B+C" dual-drive model, which integrates both B2B and B2C strategies, but the B2B side is the primary revenue driver [5][21]. - The company has established a "three-layer expansion" strategy for its B2B business, starting with a well-developed API ecosystem that allows integration with major platforms like Google, Microsoft, and Alibaba [9][11]. - The efficiency improvements in industries such as film and marketing, where costs have been significantly reduced through MiniMax's technology, demonstrate the practical value of its offerings [13][15]. Group 3: Competitive Advantage and Future Outlook - MiniMax's ability to embed its models into various enterprise products positions it as a leader in the AI commercialization space, potentially serving as a template for other Chinese AI companies [21][25]. - The strategic partnership with Alibaba Cloud aims to enhance computational power and market reach, indicating a focus on scaling operations in the AI sector [23]. - The article suggests that MiniMax's B2B business represents an "invisible champion" in AI commercialization, proving that the company can transform technology into a sustainable business model [23][25].

在阅读文章前，辛苦您点下"关注"，方便讨论和分享。作者定会不负众望，按时按量创作出 更优质的内容 文 |小戎 哈喽，大家好，小戎这篇解读，主要来分析智谱AI与MiniMax竞速港股IPO抢"全球大模型第一股"，折 射港股科技股复苏，同时聊聊背后的机遇与挑战。 家人们谁懂啊！现在AI圈的内卷已经卷到港交所门口了，俩中国AI大佬正上演"百米冲刺"，就为抢 个"全球大模型第一股"的名头，胜负可能就差几天，比电视剧还刺激！ 全球大模型第一股要出中国？ 先冲线的种子选手是智谱AI，清华系出身，妥妥的"学霸班底"。12月30号已经敲锣启动发售，116.2港 元一股，计划募资5.6亿美元，目标1月8号正式挂牌。 美团、阿里这些巨头都给它投过钱，估值早早就破了200亿人民币，简直是"AI界的火箭生"。 说真的，谁能拿下"第一股"名头，不光是俩公司的面子问题，象征意义拉满——毕竟OpenAI那些美国 巨头还没上市，中国公司先冲去资本市场，相当于在AI商业化赛道上先抢了个"发球权"。 但这第一的位置还没坐热，上海的MiniMax就追上来了，堪称"竞速黑马"，人家走的是另一条路，不跟 智谱抢企业客户，专做面向消费者的AI聊天应用， ...