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 ...

Core Viewpoint - The Chinese government has released an opinion document to implement the "Artificial Intelligence +" initiative, aiming to deeply integrate AI with various sectors of the economy and society, thereby reshaping production and living paradigms and accelerating a revolutionary leap in productivity and transformation of production relations [1][2]. Group 1: Strategic Goals and Implementation - The opinion outlines a clear roadmap for AI development over the next decade, with goals set for 2027, 2030, and 2035, including achieving over 70% penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [2][3]. - The document emphasizes the importance of intelligent agents and new intelligent terminals as key enablers for industry transformation, with global AI companies actively pursuing their application [2][3]. Group 2: Industry Support and Applications - Companies like MiniMax and Jiyue Xingchen express strong support for the strategic deployment, focusing on enterprise-level applications and specific industry scenarios to enhance the penetration of intelligent terminals and agents [3][4]. - The opinion highlights six key areas for action, including scientific technology, industry development, consumer quality improvement, public welfare, governance capability, and global cooperation, along with eight foundational support capabilities [4][5]. Group 3: AI in Healthcare and Open Source - The document proposes promoting high-level health assistants accessible to all, enhancing grassroots healthcare services through AI applications in diagnosis, health management, and insurance services [4][5]. - The open-source ecosystem is emphasized, with companies like Zero One Wanwu highlighting the competitive edge of Chinese open-source models, which are becoming comparable to top closed-source models [5][6]. Group 4: Security and Challenges - The opinion addresses the need for a robust security framework, mentioning the emergence of "intelligent hackers" and the evolving nature of cyber threats, which necessitates advanced security measures [6][7]. - Key challenges identified include the need for a domestically controlled computing platform for large models, data governance, and the integration of AI into complex physical scenarios [6][7].

Investment Rating - The report suggests a focus on leading domestic generative model companies such as iFlytek, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network and Hongsoft Technology [2] Core Insights - The report indicates that AI-related functionalities can enhance user engagement and payment rates in consumer applications, recommending attention to companies like Kingsoft Office and Wanjing Technology [2] - The current market is characterized by a chaotic fundamental environment, with some high-frequency data showing resilience, while investor sentiment remains cautious about future expectations [11][12] - The report anticipates that the second half of the year may yield better operational performance due to base effects, new technology/product launches, and policy implementations [11][12] Summary by Sections Industry Perspective - The report notes that OpenAI has received a contract worth up to $200 million from the U.S. Department of Defense to develop advanced AI capabilities [11] - MiniMax has launched several innovations, including the MiniMax-M1 model and the MiniMaxAgent, which have garnered industry attention for their cost-effectiveness and capabilities [11] - The report emphasizes the importance of risk appetite in influencing market valuations, with a potential shift towards theme-based investments [11] Subsector Insights - High-growth sectors identified for 2025 include AI computing power and LiDAR, while accelerating sectors include AI applications [10][12] - Stable growth sectors encompass software outsourcing, financial IT, and the Huawei supply chain, with upward trends expected in quantum computing and data elements [12] - The report highlights that the education IT and cybersecurity sectors are at an inflection point for growth, while industrial software and medical IT face some pressure [12] Market Review - From June 16 to June 20, 2025, the computer industry index (Shenwan) fell by 1.83%, underperforming the CSI 300 index by 1.37 percentage points [13] - The report notes that the computer sector's performance was in the middle range among 31 Shenwan primary industry indices during this period [13] Upcoming Events - Key upcoming events include the Huawei Developer Conference and the Shenzhen International Consumer Electronics Show, which may present opportunities in related industries [25]