MiniMax稀宇科技是全球领先的通用人工智能科技公司，自主研发了一系列全模态通用大模型，包括 MiniMax M2.1、Hailuo2.3、Speech2.6和Music2.0等，是目前"全球唯四全模态进入第一梯队"的大模型公 司，已于12月21日刚通过港交所聆讯。此前，MiniMax已与蜜雪冰城、知名导演陆川、《青春有你3》 天天组、优酷剧集等知名IP或内容公司展开合作，率先探索"AI+IP"在内容创新与用户共创中的合作新 范式。 12月26日，快看漫画正式发布全新内容形态——AI陪伴互动漫画，率先将AI技术结合完整世界观、角 色互动与沉浸式体验引入漫画领域，持续引领行业内容创新。快看漫画一直致力于漫画形态创新，在条 漫、漫剧等形态基础上，进一步探索AI技术驱动的全新漫画体验。 作为核心技术合作伙伴之一，MiniMax稀宇科技为快看漫画提供视频生成与语音生成模型支持，通过 MiniMax自研全模态大模型让漫画角色"动起来、会说话"，实现更自然的互动体验。 ...

漫画：王建明 服务超过2亿用户，以及至少10万家企业与开发者，覆盖全球200多个国家和地区。业内认为，若MiniMax最 终顺利上市，将成为"港股多模态大模型第一股"。 诉讼风险为公司上市进程带来了不确定性。今年9月，MiniMax遭迪士尼、环球影业、华纳兄弟等12家好莱坞 公司起诉，指控其旗下视频生成产品海螺AI侵犯超500项影视IP版权，诉求永久禁令+最高7500万美元法定赔 偿（每部侵权作品最高15万美元）。有市场人士担忧若败诉，其海外业务运营或受影响，不排除被迫下架的 可能。财报显示，MiniMax的海外收入占同期营收的比例已从2023年的19.2%提升至2025年前9月的73.1%。 公司在文件中回应称，以上指控缺乏足够证据支持。 根据港交所披露的聆讯后资料集，MiniMax（稀宇科技）在财务上呈现初创高科技企业典型特征：公司在 2022年无营收，2023年至2025年9月累计实现营收8742万美元（约合6.16亿元人民币），其中2024年营收同比 增速高达782.2%，2025年前9个月同比增长近175%；毛利率从2023年的-24.7%提升至2025年前9个月的 23.3%。同时，自2022年至 ...

人民财讯12月19日电，近日，记者获悉，AI大模型"六小虎"之一MiniMax(稀宇科技)已拿到证监会备案 且通过港交所聆讯。MiniMax成立于2021年，自主研发了一系列多模态通用大模型，包括MiniMax M2、Hailuo2.3、Speech2.6和Music2.0。截至目前，MiniMax未予置评。 ...

Core Insights - The article highlights the transition of artificial intelligence (AI) into the "intelligent agent era" by 2025, marking a shift from tool-based products to autonomous decision-making systems [1] - China's AI sector is evolving from "made in China" to "created in China," positioning itself as a leader in the global AI race with unique paths in performance, cost, and algorithm originality [1] - The Yangtze River Delta region is emerging as a hub for AI innovation, with a surge of new AI products and applications in recent months [1] Technological Breakthroughs - The Yangtze River Delta's AI models are establishing a robust foundation for intelligent agents, exemplified by MiniMax's M2 model, which ranks among the top five in global assessments with only 10 billion activation parameters [2] - MiniMax's technology has been integrated by global tech giant Meta, marking a significant recognition of Chinese AI algorithms on an international scale [2] - MiniMax has expanded its offerings with a comprehensive suite of models across text, video, voice, and music, showcasing a breakthrough in multimodal AI capabilities [2] Vertical Industry Advantages - Companies in the Yangtze River Delta are demonstrating specialized strengths, such as Nanjing's NanZhi Optoelectronics, which upgraded its photon-specific model to enhance design efficiency by 30% [3] - The "Inspiration Intelligent Agent" developed by Hefei's team revolutionizes visual content creation, allowing users to perform complex tasks through simple dialogue interactions [3] - The team received the Best Demonstration Award at the ACM International Multimedia Conference, highlighting their innovative contributions to the field [3] Scene Empowerment - The rich industrial ecosystem and large consumer market in the Yangtze River Delta facilitate the practical application of AI models, as evidenced by the rapid success of Ant Group's "Lingguang" application, which surpassed 2 million downloads within a week [4][5] - The "Qwen" model from Alibaba also achieved over 10 million downloads shortly after its public testing, showcasing the competitive edge of Chinese AI products [5] - Suzhou's industrial park has seen significant algorithm aggregation, with 35 algorithms approved for deep synthesis services, leading the province in this area [5] Policy Support - The article discusses the comprehensive "ecological cultivation" system established in the Yangtze River Delta, supported by forward-looking policies from key cities [7] - Shanghai has positioned AI as one of its three leading industries, with projections indicating the industry will exceed 450 billion yuan by 2025 [7] - Hangzhou aims to create a full-chain support system for AI innovation, with the launch of the largest AI open-source community in China [7] City-Specific Initiatives - Suzhou's action plan aims for over 3,000 AI companies and a core industry scale growth of over 20% annually by 2026 [8] - Nanjing plans to achieve a core industry scale of 60 billion yuan by 2026, focusing on developing foundational and industry-specific AI models [8] - Hefei is advancing its AI industry through a dual strategy, establishing a comprehensive ecosystem that includes data labeling and computational support [9]

Group 1: AI Applications and Models - The activity level of the overseas chat assistant application Gemini continues to rise, while ChatGPT remains stable; most domestic AI chat applications also show a recovering trend [1][2] - DeepSeek launched DeepSeek-OCR, followed by Baidu PaddlePaddle releasing PaddleOCR-VL, which topped the global OCR rankings; Tencent open-sourced the mixed Yuan world model 1.1, supporting video-level 3D reconstruction; MiniMax announced the upcoming release of Hailuo2.3, achieving breakthroughs in video generation realism and micro-expression capture [1][2] Group 2: Digital Realty Performance - In Q3 2025, Digital Realty's performance significantly exceeded expectations, with core FFO per share reaching $1.89, a record high, and a year-on-year growth of 13%; AFFO and EBITDA grew by 16% and 14% respectively, prompting the company to raise its guidance for the third time this year [2] - The backlog of orders reached $852 million, with new contracts exceeding $200 million, and IT power reserves at 5GW, laying a solid foundation for future growth; AI-related contracts have accounted for over half of the total for eight consecutive quarters, indicating strong ongoing demand for AI [2] Group 3: Vertiv's Market Performance - Vertiv's performance in Q3 2025 far exceeded market expectations, with organic revenue growing by 28% year-on-year, driven by a 43% increase in the Americas and a 21% increase in Asia-Pacific, benefiting from the AI data center construction boom [3] - Adjusted operating profit increased by 43% year-on-year, with an operating margin of 22.3%, showcasing the dual advantages of smooth price transmission and operational leverage; orders surged by 60% year-on-year, with backlog orders reaching a historic high of $9.5 billion, indicating a rolling, multi-year expansion characteristic of AI data center construction [3] Group 4: DRAM and NAND Pricing Trends - In Q4 2025, global DRAM and NAND entered a comprehensive price increase cycle, with spot prices soaring and contract prices adjusted upwards by up to 30%; AI computing power construction is driving strong demand for high-bandwidth memory and enterprise storage [3] - Server-side DDR5 and eSSD prices increased by 10% to 15%, while mobile and PC segments faced supply tightness due to original manufacturers prioritizing AI servers, leading to simultaneous price increases for LPDDR and cSSD; the overall price surge is attributed to the mismatch between AI demand and supply discipline, with price increases expected to continue until mid-2026 [3] Group 5: Tesla's Financial Results - On October 23, Tesla released its Q3 2025 financial report, with revenue reaching $28.095 billion, a new quarterly record, representing a year-on-year growth of 11.57%; net profit was $1.373 billion, down 36.81% year-on-year [4] - The Optimus V3 humanoid robot plan is set to showcase a near-mass production version in early 2026, with an annual production line of one million units expected to launch by the end of the year; the FSD v14 was officially released [4]