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Core Viewpoint - Runjian Co., Ltd. has signed a strategic cooperation framework agreement with JD Technology to collaborate on AI applications, intelligent computing cloud expansion, and AIDC cooperation, aiming to promote the commercialization of AI technology [1] Group 1: AI Integration and Industry Empowerment - The two parties will deepen the integration of AI technology with industry practices, leveraging their technical advantages in industry model development, intelligent agent distillation, and multi-agent system construction to explore AI solutions in smart agriculture, intelligent parks, digital cultural tourism, and smart retail [2] Group 2: Joint Construction of Intelligent Computing Cloud Platform - Both companies will invest core resources to deploy JD Cloud's dedicated high-performance intelligent computing nodes at the Nanning Wuxiang Cloud Valley Intelligent Computing Center, aiming to jointly create a cloud service node in Guangxi [2] Group 3: Runjian Cloud Upgrade and Expansion - JD plans to support Runjian in upgrading its "Runjian Cloud" technology and brand enhancement, utilizing JD's extensive market channels to promote "Runjian Cloud" products and services across diverse markets [2] Group 4: Full-Stack Cooperation in AIDC - The collaboration will include full-stack deep cooperation in computing power, covering infrastructure, cluster services, maintenance services, and intelligent scheduling platform construction, aiming to build an efficient and reliable advanced computing service system [2] Group 5: Other Areas of Cooperation - The cooperation scope will extend to areas such as computing, AIDC construction and maintenance services, software development, system integration, data center leasing, network security, telecom value-added services, and supply chain collaboration for network equipment and servers [2]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - MiniMax is positioned as a benchmark for AI expansion in China, focusing on multi-modal development to build competitive large models for the global market [7]. - The company has adopted a dual-driven business model (ToC and ToB), with consumer products generating significant cash flow and enterprise services providing high margins [7]. - MiniMax's revenue is projected to grow significantly, with estimates of $80.88 million in 2025 and $398.66 million in 2027, reflecting a compound annual growth rate of over 130% [7]. - The company has a strong global execution capability, with products covering over 2.12 billion personal users and more than 100,000 enterprise clients across 200 countries [7]. Summary by Sections Company Overview - MiniMax was established in December 2021, focusing on general AI technology development and aiming for global market presence [12]. - The company has raised over $1.5 billion in funding, with notable investors including Alibaba and Xiaomi, which supports its high R&D intensity [12][13]. - As of September 2025, MiniMax has a workforce of 385 employees, predominantly young and tech-focused, enhancing its execution efficiency [12]. Business Model - The company operates a dual-driven model, with consumer business leading in scale and cash flow, while developer enterprise business supports high margins [30]. - Consumer products include Talkie and Hailuo AI, which have shown strong performance in overseas markets, particularly in North America [31][34]. - Developer enterprise business generates revenue through API calls and model licensing, with a significant increase in paid clients from 400 in 2024 to approximately 2,500 in 2025 [39]. Technology Route and Competitive Advantages - MiniMax's core technology strategy is based on a multi-modal architecture, focusing on language, vision, and speech models [43]. - The company emphasizes a system engineering approach, ensuring high efficiency in model training and deployment [44][46]. - MiniMax's ability to rapidly iterate and improve its models positions it favorably against competitors, as it can unlock new application scenarios with each model upgrade [47][48].

瑞财经 刘治颖 大模型企业MiniMax（0100.HK）将于明日在港交所上市，发行价为165港元，发行2538.92万股，募资41.89亿港元。 MiniMax此次引入包括Aspex、Eastspring、Mirae Asset、泰康人寿、汇添富香港、阿里巴巴及易方达基金管理等在内的14家基石投资者，认购总额3.5亿美元 （约27.23亿港元）。 | | | | | 假設發售量調整權未獲行使 | | | | 假設發售量調整權獲悉數: | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 發售股份 | 假設超額配股權 | | 假設超額配股權 | | 假設超額配股權 | | 假設 | | 基石投資者 | 投資金額(1) | 數目(2) | 未獲行使 | | 獲悉數行使 | | 未獲行使 | | 獲 | | | | | 估变音 | 估已發行 | 估资售 | 估已發行 | 估变售 | 估已發行 | 估愛售 | | | | | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | 股份的 | | | (美元) ...

趋势3：多智能体系统决定应用上限，Agent时代的"TCP/IP"初具雏形 复杂问题的解决依赖多智能体协同。随着MCP、A2A等通信协议趋于标准化，智能体间拥有了通用"语 言"。多智能体系统将突破单体智能天花板，在科研、工业等复杂工作流中成为关键基础设施。 趋势4：AI Scientist成为AI4S北极星，国产科学基础模型悄然孕育 AI在科研中的角色正从辅助工具升级为自主研究的"AI科学家"。科学基础模型与自动化实验室的结合， 将极大加速新材料与药物研发。报告强调，我国需整合力量，加快构建自主的科学基础模型体系。 趋势5：AI时代的新"BAT"趋于明确，垂直赛道仍有高盈利玩法 经济观察网2026年1月8日，北京智源人工智能研究院发布年度报告《2026十大AI技术趋势》。报告指 出，人工智能的演进核心正发生关键转移：从追求参数规模的语言学习，迈向对物理世界底层秩序的深 刻理解与建模，行业技术范式迎来重塑。 趋势1：世界模型成为AGI共识方向，Next-State Prediction或成新范式 行业共识正从语言模型转向能理解物理规律的多模态世界模型。从"预测下一个词"到"预测世界下一状 态"，NSP范式标志着 ...

格隆汇1月8日丨润建股份(002929.SZ)公布，公司与京东科技签署了《战略合作框架协议》，拟围绕AI 应用、智算云拓展、智算AIDC合作等多领域开展合作，促进AI技术商业化应用。 1、【AI融合与产业赋能】双方携手深入拓展人工智能技术产业融合与商业实践，计划通过整合双方在 行业模型开发、智能体蒸馏与协同、多智能体系统构建等方面的技术优势，结合双方在AI商业化推广 的能力，共同探索推进AI解决方案在智慧农业、智能园区、数字文旅、智慧零售等领域的规模化落地 与价值创造；2、【共建智算云平台】双方共同投入核心资源，在南宁五象云谷智算中心合作部署京东 云专属高性能智算节点，计划联合打造广西云服务节点，合作采用"共同、共建、共营、共享"的创新模 式，实现双方在云计算与智算领域的深度协同和共赢；3、【润建云升级与拓展】京东计划依托其领先 的云技术架构及庞大生态资源体系支持，全方位协助润建股份完成"润建云"的技术升级和品牌强化，同 时借助京东广泛的市场渠道，共同推动"润建云"产品与服务在多元化市场的业务拓展；4、【智算AIDC 全栈合作】双方拟在算力领域开展全栈式深度合作，涵盖算力基础设施、算力集群服务、算力维保服 务 ...

Core Viewpoint - Meta announced the acquisition of AI startup Manus for several billion dollars, marking its third-largest acquisition to date [3]. Group 1: Acquisition Details - Manus was founded by Chinese entrepreneurs and had its core technology team based in Beijing and Wuhan before relocating to Singapore in June 2025 [3]. - The acquisition is currently under scrutiny by relevant authorities to assess whether it violates technology export control regulations [4]. Group 2: Regulatory Concerns - Authorities are evaluating whether the transfer of Manus employees and technology to Singapore, followed by the sale to Meta, requires an export license [4]. - The review is in its preliminary stage, and no formal investigation has been initiated yet; however, if violations are found, domestic authorities may intervene in the transaction [4]. Group 3: Expert Opinions - Experts suggest that domestic review may not necessarily apply to the Singapore entity's acquisition but rather focus on how the original domestic company and personnel transitioned abroad [4].

2026年1月8日，由南山区打造的常态化、品牌化投融资服务平台"X-Day"西丽湖路演社2026年度首场活 动"启航·未来早期投资专场"在深圳大学城国际会议中心成功举办。本次活动聚焦萌芽期、初创期科技 项目"从0到1"的成长需求，深度链接西丽湖国际科教城X9高校院所联盟的源头创新资源，为前沿科技 项目与顶 级资本搭建了高效精准的对接桥梁。 现场特邀银杏谷资本创始人、董事长陈向明，金沙江联合资本管理合伙人周奇，峰瑞资本合伙人马睿， 啟赋资本合伙人宋昶，南科大资产公司总经理曹洪亮，力合创投副总经理康绳祖，汇通金控副总经理胡 再霞，南山战新投副总经理黄恒中，工商银行深圳南山支行副行长黎佳楠，国寿财险深圳分公司总经理 助理石峰担任点评嘉宾，为项目发展与资本对接提供专业见解。 此外，路演通过Ai南山、投资界、深交所科融通V-Next、中国基金报、创业邦、甲子光年等多个平台进 行同步直播，线上线下联动打破空间界限。 前沿项目，捕捉硬核科技新机遇 此次活动精心筛选六个锚定未来产业方向的优质早期项目登台路演，充分彰显南山区科创生态的蓬勃活 力与深厚底蕴。路演项目矩阵全面覆盖人工智能、新能源、先进制造等多个战略新兴赛道，技术创 ...

东吴证券发布研报称，看好智谱(02513)AI在本土大模型技术实力、开源生态布局以及政企本地化落地 能力方面的优势，本地化业务保持稳定增长，云端业务成为主要驱动力，并认为公司有望受益于中国大 模型行业从本地化部署向云端服务转型的长期趋势。建议关注。 东吴证券主要观点如下： 本地化部署面向政企客户，提供私有化运行和定制服务，客单价高、毛利率稳定，2025年上半年占比 84.8%、毛利率59%。云端部署通过API调用和订阅制服务企业和开发者，接入门槛低、扩展性强， 2025年上半年占比15.2%，收入占比快速提升。公司将云端业务作为长期战略重点，目标未来API收入 占比提升。开源策略有效引流，近期推出的Zcode（AI代码编辑器）和Zread（代码库分析工具）进一步 增强开发者粘性，推动付费转化。历史财务表现显示收入高增长特征。2022-2024年收入分别为0.57亿 元、1.25亿元、3.12亿元，复合增长率超过130%。2025年上半年收入1.91亿元，同比增长325%，已超 2023年全年水平。 本次港股IPO发行价116.20港元/股，全球发售3741.95万股H股，净募资约43亿港元，募资后市值约511 ...

Z.ai was founded in 2019 as a commercialization of technological achievements from Tsinghua University. With the mission "to make machines think like humans", the company has remained dedicated to AGI research and development. Since its inception, Z.ai has launched China's first 10-billion-parameter model, its first open- source 100-billion-parameter model, its first conversational model, its first multimodal model, and the world's first device-control AI agent. It has built one of the world's most advanced ...