12月17日晚间，《每日经济新闻》记者从知情人士处获悉，MiniMax（稀宇科技）已拿到证监会备案且 通过港交所聆讯。截至发稿，MiniMax尚未对此消息给出回应。 值得注意的是，北京智谱华章科技股份有限公司也于12月17日通过港交所上市聆讯。"全球大模型第一 股"花落谁家尚是一个未知数。 7月，每经记者从接近MiniMax的知情人士处了解到，MiniMax即将完成近3亿美元（约合人民币22亿 元）新融资，本轮融资后公司估值将超过40亿美元（约合人民币288亿元）。 在此之前的2024年3月，MiniMax完成的B轮6亿美元（约合人民币43亿元）融资中，投资方为阿里巴 巴，融资后的估值达到25亿美元（约合人民币180亿元）。2023年6月，MiniMax完成了超2.5亿美元的A 轮融资，投资方为腾讯投资。 值得一提的是，今年7月16日，英伟达（NVIDIA）创始人兼首席执行官黄仁勋身着唐装亮相第三届链 博会开幕式，并在演讲中提及多家中国公司。黄仁勋表示，由中国孕育并开源共享的DeepSeek、 Alibaba、Tencent Hunyuan、MiniMax、Baidu Ernie Bot等世界级大模型正在推动 ...

Chinese artificial intelligence start-up MiniMax plans to channel funds from its proposed Hong Kong initial public offering (IPO) into research and development as it seeks to compete with global and domestic rivals, according to a person familiar with the matter. With 70 per cent of its revenue generated overseas, MiniMax was targeting Hong Kong's international investor base and capital market, the person said. The Shanghai-based firm, backed by Alibaba Group Holding and Tencent Holdings, was aiming for ...

Group 1 - The core viewpoint of the news highlights the strong performance of the big data industry ETF (516700), which rose by 1.5% in intraday trading, with notable gains from stocks like Shiji Information, Yidian Tianxia, and Chuangye Huikang [1] - Alibaba's flagship AI application "Qianwen" was officially opened for public testing on November 16, indicating a significant shift of AI technology from enterprise to consumer applications [1] - Recent government directives emphasize achieving 100% domestic substitution for central and state-owned enterprises by 2027, covering the entire industrial chain of operating systems and databases, which is expected to accelerate the technological adaptation and ecosystem development of domestic software companies [1] Group 2 - The top ten weighted stocks in the big data industry ETF include Zhongke Shuguang, Keda Xunfei, Langchao Information, Ziguang Co., Hengsheng Electronics, Tuowei Information, Shenxinfeng, Runze Technology, China Great Wall, and Yongyou Network [2] - MiniMax's release of the full-modal "family bucket" and its text model M2 achieving the top position among global open-source models signifies a critical leap for Chinese AI technology from following to leading [1] - The full-modal product matrix showcases a comprehensive technological layout, with significant efficiency improvements in models such as Hailuo 2.3 and Speech 2.6, reflecting a commitment to high-quality technology [1]

Core Viewpoint - MiniMax, a Shanghai-based AI unicorn, has launched a comprehensive multimodal model suite called "全家桶," marking a significant breakthrough for Chinese AI companies in the multimodal technology field and opening new avenues for commercialization [1][2]. Group 1: Investment Insights - MiniMax's multimodal "全家桶" encompasses a technology system covering text, vision, speech, and music, with its text model M2 ranking among the top globally in authoritative evaluations [2]. - The M2 model has achieved a breakthrough in balancing performance, speed, and cost, establishing a new benchmark in model efficiency and cost control [3]. Group 2: Model Performance - M2's inference cost is as low as $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its inference speed is nearly double that of the latter [3]. - Following its release, M2's API call volume surged, ranking fourth globally and first among domestic models within five days, demonstrating its excellent balance between high performance and low cost [3]. Group 3: Product Matrix and Technical Layout - The "全家桶" model suite includes Hailuo 2.3 for video generation, which supports generating native 1080p videos for up to 10 seconds, and Speech 2.6, optimized for voice agent scenarios with a response time reduced to 250 milliseconds [4]. - Music 2.0 can generate complete songs lasting up to 5 minutes, showcasing the company's commitment to high-quality generation and stability through the use of a complete attention mechanism [4].

Core Viewpoint - MiniMax, a Shanghai-based AI unicorn, has launched a comprehensive multimodal model suite called "全家桶," marking a significant breakthrough in China's AI technology landscape, particularly in multimodal capabilities [1][2]. Group 1: Product Launch and Performance - MiniMax's multimodal suite includes four major models: the text model M2, video generation model Hailuo 2.3, speech model Speech 2.6, and music model Music 2.0 [2][4]. - The text model M2 has achieved a remarkable position in the global rankings, being the first Chinese open-source model to enter the top tier of the Artificial Analysis (AA) leaderboard, with 10 billion active parameters and a total of 230 billion parameters [2][3]. Group 2: Cost Efficiency and Market Impact - M2 has set a new benchmark in model efficiency and cost control, with a reasoning cost as low as $0.53 per million tokens, which is only 8% of the cost of Claude 4.5 Sonnet, while achieving nearly double the reasoning speed [3]. - Following its release, M2's API call volume surged, ranking fourth globally and first among domestic models within just five days, demonstrating its strong market performance and potential for commercial application [3]. Group 3: Technical Innovations - The multimodal product matrix emphasizes generating quality and stability, with Hailuo 2.3 capable of producing 10-second native 1080p videos, and Speech 2.6 optimized for voice agent scenarios with a response time of 250 milliseconds [4]. - MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, reflects its dedication to high-quality model performance in complex reasoning scenarios [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][10]. Core Insights - Recently, Shanghai AI unicorn MiniMax launched a comprehensive multimodal AI model suite called "All-in-One," with its text model M2 topping global open-source model rankings, marking a significant breakthrough for Chinese AI companies in the multimodal technology sector [2][3]. - The M2 model, featuring a lightweight architecture with 10 billion active parameters (total parameters of 230 billion), achieved a top-five ranking in the global Artificial Analysis (AA) leaderboard, becoming the first Chinese open-source model to enter this elite tier [5]. - M2 sets a new benchmark in model efficiency and cost control, with a reasoning cost as low as $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its reasoning speed is nearly double that of the latter [5]. - The rapid increase in API call volume post-launch, reaching fourth globally and first among domestic models within five days, validates M2's exceptional balance between high performance and low cost, providing a successful case for the commercialization of domestic models on a global scale [5]. Summary by Sections - **Investment Recommendation**: The report emphasizes the significance of MiniMax's multimodal "All-in-One" model suite, which encompasses text, video, voice, and music technologies, showcasing a complete technical layout aimed at ensuring generation quality and stability [5]. - **Model Performance**: The M2 model's cost-effectiveness and performance have been highlighted, with a reasoning cost of $0.53 per million tokens and a significant increase in API usage, indicating strong market demand [5]. - **Technological Advancements**: MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, underscores its dedication to quality and long-term investment in foundational algorithm research [5].

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [6] Core Insights - The media industry experienced a slight decline of 0.06% in the week from October 25 to October 31, 2025, ranking 21st among industries. Notable performers included BlueFocus, Yue Media, and Fushi Holdings, while the best performers among the Hang Seng Technology constituents were Yuedu Group and Bilibili [1][11][18] - The report highlights the strong performance of AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [4][34] Summary by Sections Market Performance - The media industry saw a weekly decline of 0.06%, with the Shanghai Composite Index rising by 0.11% and the Shenzhen Component Index increasing by 0.67% during the same period [11] - The gaming sector within the media industry dropped by 4.01%, while advertising and marketing saw a rise of 4.85% [11][18] Key Industry Data - AI Applications: Estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 459,500, 2,100,300, 808,600, and 894,900 respectively, with Quark showing a significant week-on-week growth of 16.36% [22] - Gaming: The iOS game sales chart for October 30 featured "Honor of Kings," "Love and Deep Space," and "Gold Shovel Battle" as the top three titles. The game "Stick Sword Legend" improved its ranking due to a collaboration event [24][25] - Film: The total box office for the week was 216 million yuan, with "Wandering Life" leading at 42.37 million yuan, accounting for 19.6% of the weekly total [28][29] Industry Events and Announcements - MiniMax launched the video model Hailuo 2.3, enhancing dynamic expressiveness and image stability, while OpenAI completed its capital restructuring [31][32] - The game "Escape from Duckkov" surpassed 2 million sales within two weeks of its release, indicating strong market potential [31] - The new application "Red Fruit Free Comic Drama" was launched, focusing on short, AI-produced content, which is gaining traction in the market [33] Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing sectors. Key companies to watch include Giant Network, Kying Network, and Perfect World [4][34]

Group 1: Nvidia's Market Milestone - Nvidia's market capitalization reached $5.13 trillion, making it the first company to surpass the $5 trillion mark [1] - The company's market value fluctuated, closing at $4.93 trillion on October 30, 2023, after briefly exceeding $5 trillion [1] - Nvidia's rapid growth is attributed to advancements in chip architecture, significant investments in companies like OpenAI and Intel, and expansion into new product lines [1] Group 2: OpenAI's IPO Preparations - OpenAI is preparing for an IPO, potentially reaching a valuation of $1 trillion, with plans to submit an application as early as the second half of 2026 [2] - The company recently completed a capital restructuring to streamline its operations and establish control over its profit-making ventures [2] - Initial discussions set a fundraising target of at least $60 billion, with the actual amount likely to be higher [2] Group 3: Alphabet's Strong Financial Performance - Alphabet reported Q3 2025 earnings that exceeded market expectations, with revenue surpassing $100 billion for the first time [3] - Growth was driven by strong performance in cloud computing, AI, advertising, and subscription services, with cloud revenue increasing by 35% year-over-year [3] - The company anticipates continued growth in cloud revenue, supported by a backlog of $155 billion in orders [3] Group 4: Amazon's Workforce Reduction and AI Focus - Amazon announced plans to lay off approximately 14,000 employees to streamline operations and accelerate AI deployment [5][6] - This move is part of a broader strategy to reallocate resources towards priority areas, particularly in AI, where Amazon has lagged behind competitors like Microsoft [6] Group 5: AI Infrastructure Expansion - OpenAI, Oracle, and Related Digital announced plans to build a data center in Michigan with over 1 gigawatt of computing power as part of the "Stargate" project [7] - The project aims to expand AI infrastructure capacity in the U.S., with total planned capacity exceeding 8 gigawatts and investments surpassing $450 billion [7] Group 6: AI-Driven Startups and Investments - AI generative engine optimization startup Zhitu Times raised seed funding in the millions, focusing on developing SaaS products and global market expansion [8] - The AI search market is emerging as a significant opportunity, attracting investments and new entrants [8] Group 7: Nvidia's Investment in Nokia - Nvidia announced a $1 billion investment in Nokia, acquiring 166 million new shares to strengthen its position in the telecommunications sector [9] - This investment aims to accelerate innovations in AI-driven wireless access networks and facilitate the transition from 5G to 6G [9] Group 8: Performance of Optical Module Companies - Major optical module manufacturers reported significant year-over-year revenue growth, driven by AI-related infrastructure investments [10] - Despite the growth, some companies experienced a decline in revenue compared to the previous quarter, indicating potential volatility in the market [10] Group 9: Industrial Fulian's Record Earnings - Industrial Fulian reported record revenue and net profit for Q3, with revenue reaching 243.17 billion yuan, a 42.81% increase year-over-year [11] - The company's growth is linked to strong demand for AI cabinet products in large-scale data centers [11]

Group 1: Nvidia's Market Milestone - Nvidia's market capitalization reached $5.13 trillion, making it the first company to surpass the $5 trillion mark [1] - The company's market value fluctuated, closing at $4.93 trillion on October 30, 2023, after previously hitting $5 trillion [1] - Nvidia's rapid growth is attributed to advancements in chip architecture, significant investments in companies like OpenAI and Intel, and expansion into new product lines [1] Group 2: OpenAI's IPO Preparations - OpenAI is preparing for an IPO, potentially reaching a valuation of $1 trillion, with plans to submit an application as early as the second half of 2026 [2] - The company recently completed a capital restructuring to streamline its operations and establish control over its profit-making ventures [2] - Initial funding targets for the IPO are set at a minimum of $60 billion, with the actual amount likely to be higher [2] Group 3: Alphabet's Strong Financial Performance - Alphabet reported third-quarter revenue exceeding $100 billion for the first time, driven by strong performance in cloud computing, AI, advertising, and subscription services [3] - The cloud business saw a 35% year-over-year revenue increase, with a backlog of orders amounting to $155 billion [3] - Despite increasing competition in AI, Google's search and advertising sectors demonstrated double-digit growth [3] Group 4: Amazon's Workforce Reduction and AI Focus - Amazon announced plans to lay off approximately 14,000 employees to streamline operations and accelerate AI deployment [5][6] - The company has laid off over 27,000 employees since 2022, indicating a significant shift in resource allocation towards AI initiatives [6] Group 5: AI Infrastructure Expansion - OpenAI, Oracle, and Related Digital are collaborating on a data center project in Michigan, aiming for over 8 gigawatts of computing capacity [7] - The project represents a multi-billion dollar investment and is part of a broader initiative to enhance AI infrastructure in the U.S. [7] Group 6: Growth in AI-Related Startups - AI generative engine optimization startup Zhitu Times raised seed funding in the millions, focusing on developing SaaS products and expanding globally [8] - The AI search market is emerging as a significant opportunity, attracting substantial investment and interest from various stakeholders [8] Group 7: Nvidia's Investment in Nokia - Nvidia announced a $1 billion investment in Nokia, aiming to enhance its presence in the telecommunications sector and accelerate AI-driven innovations [9] - This investment will support the development of AI-native mobile networks and infrastructure, marking a strategic move into the telecom industry [9] Group 8: Performance of Optical Module Companies - Major optical module manufacturers reported significant year-over-year revenue growth, driven by AI-related infrastructure investments [10] - Despite overall growth, some companies experienced a decline in revenue compared to the previous quarter, indicating potential volatility in the market [10] Group 9: Industrial Fulian's Record Earnings - Industrial Fulian reported record revenue and net profit for the third quarter, with revenue reaching 243.17 billion yuan, a 42.81% increase year-over-year [11] - The company's growth is linked to strong demand for AI cabinet products in large-scale data centers [11]

Core Insights - MiniMax has launched a series of AI models, including the open-source text model M2, video model Hailuo 2.3, voice model Speech 2.6, and music model Music 2.0, marking a significant breakthrough in multimodal AI technology from China [1][2][8] Group 1: MiniMax's AI Models - The MiniMax-M2 model, with 10 billion active parameters, has achieved a historic ranking in the global Artificial Analysis (AA) leaderboard, entering the top five and becoming the first in open-source models [2] - M2's pricing strategy is revolutionary, costing approximately $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its inference speed is nearly double [2] - The Hailuo 2.3 model has significantly improved dynamic expression, stylization, and character performance, while maintaining the same pricing as its predecessor [4] - Speech 2.6 has optimized voice agent capabilities, achieving a response time of 250 milliseconds, positioning it at the forefront of the voice technology sector [5] - Music 2.0 has made substantial advancements in vocal and instrumental control, allowing for a wide range of singing styles and dynamic song structures [7] Group 2: Global Impact and Strategic Shift - The integration of MiniMax's algorithms by Meta signifies a recognition of China's leading position in reinforcement learning algorithms [3] - The release of the "AI family bucket" reflects a strategic shift for China from "made in China" to "created in China," emphasizing original algorithms and self-reliance in AI technology [8] - MiniMax's models are seen as a "Chinese solution" that combines top-tier performance with affordable costs, contributing to the deep integration of AI with the real economy [8] - The launch of these models positions China as a frontrunner in the global AI race, transitioning from a follower to a leader in key technological areas [8]