Investment Rating - The report maintains a "Buy" rating for several companies in the AI and computing sectors, including Weike Technology, Nengke Technology, Hehe Information, and Maixinlin [13]. Core Insights - The AI application sector is experiencing significant growth, highlighted by the successful IPO of MiniMax, which raised 5.54 billion HKD and achieved a market capitalization of 898 billion HKD on its first day of trading [6][45]. - Nvidia's new VeraRubin architecture has revolutionized computing power, achieving up to five times the performance in AI inference tasks compared to the previous Blackwell architecture, with a tenfold reduction in inference costs per token [5][34]. - MiroMind's MiroThinker1.5 model has demonstrated superior performance in international benchmarks, achieving significant cost efficiency and redefining the growth path for large models [4][24]. Summary by Sections Computing Power Dynamics - The report notes stable pricing in computing power leasing, with significant advancements from MiroMind's MiroThinker1.5 model, which features 30B and 235B parameter variants that excel in benchmark tests [4][18]. - The token consumption for the week of January 5 to January 11, 2026, reached 6.43 trillion, marking a 15.44% increase from the previous week [18][19]. AI Application Dynamics - NotionAI's weekly traffic increased by 25.06%, indicating strong user engagement in the AI application space [32]. - The report highlights the performance of Nvidia's VeraRubin architecture, which integrates CPU, GPU, and networking components for optimized AI computing, significantly enhancing training and inference capabilities [5][34]. AI Financing Trends - MiniMax's IPO is noted as the largest for an AI model company globally, with a remarkable oversubscription rate of 1837 times for public offerings, reflecting strong investor confidence [6][45]. - The company has successfully completed multiple funding rounds, raising a total of 1.5 billion USD from 30 institutional investors over four years [46][47]. Investment Recommendations - The report suggests focusing on companies like Maixinlin, Weike Technology, Hehe Information, and Nengke Technology, which are positioned to benefit from the expanding AI and computing markets [10][58]. - MiniMax's successful market entry is seen as a significant indicator of the AI application sector's commercial viability and growth potential [57].