2025年末的全球资本市场，AGI（通用人工智能）赛道正上演"冰火两重天"：一边是行业洗牌加速、中 小玩家因算力与资金压力陆续出清，另一边是头部企业估值狂飙、资本争抢核心标的。12月21日晚间， 国产AI独角兽MiniMax（上海稀宇极智科技有限公司）在港交所披露易正式刊登聆讯后招股书 （PHIP）。此前的12月17日，公司已顺利通过港交所上市聆讯并获得中国证监会备案，若进程顺利， 将于2026年1月正式挂牌。这家成立仅四年的企业不仅即将创下全球AI公司从成立到IPO的最快纪录， 更有望成为全球资本市场首个纯AGI主业上市公司，为中国AI力量敲开国际资本大门。几乎同一时段， 行业龙头OpenAI传出新一轮千亿融资计划，投后估值或将飙升至8300亿美元，创下全球科技初创企业 估值峰值。8300亿估值引爆赛道！AGI成资本最确定性押注方向OpenAI的估值变化，堪称全球AGI赛道 热度的"晴雨表"。近日，在短短48小时内，其估值从5000亿美元跃升至8300亿美元，远超传统SaaS公司 的估值水平。这一夸张估值背后，实际上是投资者对其在AGI赛道推动商业化落地的强烈信心。然而， 当前资本的狂热并非盲目跟风。UNC ...

Core Insights - The recent ranking of open-source AI models highlights the dominance of Chinese models, with DeepSeek, Qwen, Kimi, Zhipu, and MiniMax leading the global landscape, while OpenAI and Meta's models lag behind [3][5][25]. Group 1: Performance and Market Position - Chinese open-source models are rapidly closing the performance gap with closed-source giants, excelling in dimensions such as performance, pricing, ecosystem, and usability [5][25]. - Kimi's K2 Thinking model, featuring a trillion parameters, has outperformed OpenAI's GPT-5 and Anthropic's Claude 4.5 in various benchmarks [11][14]. - MiniMax M2 has also shown strong performance, ranking fifth in comprehensive lists, surpassing competitors like Gemini 2.5 Pro and Claude Opus 4.1 [14][79]. Group 2: Technological Advancements - The introduction of interleaved thinking in models like MiniMax M2 and Kimi K2 Thinking allows for more efficient task execution by alternating between action and reflection [34][36]. - MiniMax M2 employs a full attention mechanism, which, despite increasing training and inference demands, has proven to deliver better performance compared to sparse attention models [75][78]. Group 3: Cost and Accessibility - MiniMax's API offers competitive pricing at $0.3/$1.2 per million input/output tokens, although its verbose nature leads to high token usage, which can offset cost advantages [79]. - The open-source movement in China is gaining momentum, with MiniMax's release reinforcing the leadership established by DeepSeek and other Chinese AI labs in the open-source domain [80][84]. Group 4: Community and Developer Adoption - There is a growing recognition among developers for the practicality and affordability of Chinese open-source models, with many citing them as preferable alternatives to established closed-source options like OpenAI [25][84]. - The rapid updates and releases from various Chinese companies indicate a robust and collaborative open-source ecosystem that is continuously evolving [11][14].

Group 1 - Zhu Lidan, the legal representative of Hongsheng Group controlled by Zong Fuli, has left the company, with her office now assigned to Kou Jing [3][4] - Zhu Lidan has been a core member of Hongsheng Group and has had a long-standing working relationship with Zong Fuli [3] - There are reports that Zhu Lidan was summoned by relevant authorities twice since September, and her position was previously marked as "to be determined" [4] Group 2 - Changan Automobile confirmed a fire incident at a 4S store in Anhui, but no information on the cause of the fire has been provided [6] - Meituan announced a nationwide rollout of pension insurance subsidies for delivery riders starting in November, marking the first such scheme available to all riders [12][13] - Spring Airlines has launched a recruitment campaign for "air sisters," targeting married women with children and expanding the age limit to 40 years [13] Group 3 - JD.com has been granted an insurance brokerage license in Hong Kong, marking its entry into the financial market [13] - Tesla's board chair warned that if Elon Musk's $1 trillion compensation plan is not approved, the company may face significant value loss [13] - High-profile education company Gaotu is under investigation for allegedly organizing illegal offline subject training in Beijing [13] Group 4 - Amazon plans to invest over €1.4 billion in the Netherlands over the next three years, the largest investment commitment since entering the market [14] - Porsche responded to reports of multiple gasoline vehicle discontinuations, clarifying that the fuel version of Macan is not included in the changes [15] - AI startup Mercor raised $350 million at a valuation of $10 billion, with participation from notable investors [15][16] Group 5 - The global mobile game in-app purchase revenue is expected to increase by 6% to $85.4 billion by 2025 [20] - China is projected to generate over 400 million discarded mobile phones annually, with low recycling prices and privacy concerns hindering recovery efforts [20] - Anhui has become the top province in automobile production, with 15 provinces expected to produce over one million vehicles this year [20]