DSMIMAX@EC2610C

Guosheng Securities initiates coverage of MINIMAX-W with a 'Buy' rating

MiniMax Announces the Official Launch of Cloud-based Self-Evolving AI Assistant MaxHermes

MiniMax-W Launches MiniMax Agent Desktop End Pocket and Computer Use Features

Huatai Securities First Coverage of MiniMax with Buy Rating

MiniMax M2.7 Globally Open Sourced, Multiple Vendors Complete Compatibility

MiniMax Launches Music 2.6 Music Generation Model and Launches Free Beta Testing

Zheshang Securities First Coverage of MINIMAX-W with Buy Rating

MINIMAX-W Launches MMX-CLI Command Line Tool

HSBC Global Research First Coverage and Rating of Minimax

MiniMax Launches MiniMax Token Emphasizing Cross-Platform Openness

MiniMax Establishes National Smart Hardware Manufacturing Headquarters in Guangzhou Development Zone

Minimax Announces Upgrade of Coding Plan to Token Plan

MiniMax's AI Agent Product MaxClaw Supports Personal WeChat

Morgan Stanley Upgrades MINIMAX to Overweight

MiniMax and MiMo Release AI Models, Pricing and Performance Comparison

Hong Kong AI Model Stocks Drop; Zhipu Falls Over 7%, Minimax Drops More Than 5%

MINIMAX Reaches Revenue Threshold and Approved as a Commercialized Company by the Exchange

MiniMax Unveils Next-Gen Self-Evolving Agent Model M2.7

KNOWLEDGE ATLAS and MINIMAX Both Up Over 6%

Hong Kong OPENCLAW Concept Stocks Up, MINIMAX-W Rises Over 4%

ASIA TELE-NET

WAI CHUN GROUP

SILKWAVE INC

SHEUNG YUE GP

POLYFAIR HLDGS

BGMC International

CEC INT'L HOLD

RONGZHONG FIN

ECHO INT HOLD

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Guosheng Securities analyst maintained a Buy rating on MiniMax Group, Inc yesterday and set a price target of HK$1,317.00. The company’s shares closed yesterday at HK$859.00.Claim 30% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on MiniMax Group, Inc is a Strong Buy with an average price target of HK$1,133.38.

Tip Ranks

MINIMAX-W

GUOSHENG SECURITIES

New Buy Rating for MiniMax Group, Inc (0100), the Technology Giant

MiniMax announced on April 17th the launch of the world's first cloud-based self-evolving AI assistant, MaxHermes. This assistant is built on the Hermes Agent and features a unique learning feedback loop mechanism that allows it to autonomously generate and iterate skills. MaxHermes supports zero-threshold access through IM channels such as Feishu, DingTalk, and WeChat Work, providing 24/7 real-time responses. Future plans include connecting to the Skillhub skill library to reduce the cost for users to obtain personalized intelligent agents

PingWest

MiniMax launches MaxHermes, achieving autonomous evolution of AI assistant skills

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160 HEALTH(02656) fell 13.06%, with a trading turnover 84.3 Million HKD, and a year-to-date fell 35.6%. GD-HKGBA HLDGS(01396) fell 11.46%, with a trading turnover 69.8 Million HKD, and a year-to-date rose 39.6%. UNISOUND(09678) fell 11.18%, with a trading turnover 511.1 Million HKD, and a year-to-date fell 17.9%.

Top Gainers & Losers

160 HEALTH

GD-HKGBA HLDGS

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ZHIDA TECH

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Top 10 HK Stock Losers (4.15)

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SKB BIO(06990) rose 6.97%, with a trading turnover 458.1 Million HKD, and a year-to-date rose 32.3%. AKESO(09926) rose 6.89%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 30.4%. MINIMAX-W(00100) fell 10.88%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 413.6%. KNOWLEDGE ATLAS(02513) fell 8.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 646.1%.

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Top 5 HK Stock Gainers/Losers (>100B) (4.15)

Several stocks in Hong Kong's AI application sector have declined, with Zhipufalling over 10%, MINIMAX-Wdropping more than 8%, and Xuncedecreasing over 6%. This trend indicates a broader market reassessment of AI-related stocks by investors.

CoinLive

Hong Kong AI Application Stocks Decline as Zhipu and MINIMAX-W Experience Losses

MiniMax M2.7 has emerged as a strong competitor to Claude Opus on fundamental coding evaluations, showcasing exceptional performance. However, following the release of the weights on Hugging Face, a Chinese AI lab promptly modified their commercial terms.

Unusual Whales

MiniMax releases advanced AI model MiniMax M2.7, competing with Claude Opus. Commercial terms updated post-release.

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0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

MiniMax M2.7 open-sourced globally; AAPL's first foldable slated for Fall 2026 | Daily News Recap

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XUNCE(03317) rose 15.61%, with a trading turnover 2.7 Billion HKD, and a year-to-date rose 609.7%. NIO-SW(09866) rose 7.47%, with a trading turnover 339.3 Million HKD, and a year-to-date rose 27.9%. JD HEALTH(06618) fell 9.43%, with a trading turnover 695.0 Million HKD, and a year-to-date fell 16.3%. COSCO SHIP ENGY(01138) fell 4.45%, with a trading turnover 571.4 Million HKD, and a year-to-date rose 94.5%.

- The Hang Seng Index decreased by 0.9%, with a year-to-date increase of 0.1%.  
- The Hang Seng Technology Index fell by 0.79%, down 12.6% year-to-date, while Xunji (03317) surged by 15.61% with a trading volume of 2.66 billion HKD, totaling a 609.7% increase this year.  
- NIO-SW (09866) rose by 7.47%, with a trading volume of 340 million HKD, and JD Health (06618) dropped by 9.43%, totaling a 16.3% decrease year-to-date.

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Top 5 HK Stock Gainers/Losers (>100B) (4.13)

Huatai Securities initiates coverage on MiniMax with a "Buy" rating and a target price of HKD 1,133. The report points out that MiniMax has achieved multiple breakthroughs in areas such as Agent applications and AI-native apps, demonstrating a high cost-performance ratio and continuous market share expansion. It is expected that revenue will reach USD 230 million, USD 730 million, and USD 1.71 billion from 2026 to 2028, with annual growth rates of 193%, 217%, and 133%, respectively

AASTOCKS

Huatai Securities initiates coverage on MiniMax with a "Buy" rating, optimistic about breakthroughs in Agent and niche markets

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MiniMax, an AI model company, launched the global open-source release of MiniMax M2.7 on April 12, in collaboration with major chip manufacturers and inference platforms such as Huawei Ascend, NVIDIA, and others. The integration and adaptation of the model were successfully completed on the first day of the release, as reported by Jin10 on April 13.

T-Rex 2X Long NVIDIA Daily Target ETF

YieldMax NVDA Option Income Strategy ETF

ISHRS S&P Glb It

GTJA Allianz SSE STAR Chip Design Thematic ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

iShares Expanded Tech Software Sector ETF

Guotai CSI Computer Theme ETF

Direxion Daily NVDA Bull 2X Shares

China Southern CSI Semiconductor Industry Custom ETF

VanEck Semiconductor ETF

Spdr Select Tech

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

SPDR S&P Software

SPDR S&P Semicon

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Invesco Semiconductors ETF

Tianhong CSI Computer Theme ETF

ChinaAMC Guozheng Semiconductor Chip ETF

GraniteShares 2x Long NVDA Daily ETF

Guotai CES Semiconductor Chip Industry ETF

NVIDIA

AI TRENDS | MiniMax M2.7 Open Source Launches Globally with Key Partnerships

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JP Morgan released a report listing a thematic list of stocks related to China's AI ecosystem, all of which have been given an "overweight" rating. The list includes a target price of HKD 950 for KNOWLEDGE ATLAS, a target price of HKD 1,100 for MINIMAX-W, a target price of RMB 430 for Zhongji Innolight, a target price of RMB 610 for NAURA, a target price of RMB 380 for AMEC, a target price of RMB 186 for OMNIVISION, a target price of RMB 75 for IEIT, and a target price of RMB 135 for Huqin Technology

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JP Morgan lists the theme stock list of China's AI ecosystem (table)

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Hong Kong stocks opened higher this morning, with the Hang Seng Index rising 139 points to 25,891 points, and the National Index and Hang Seng Tech Index also increasing by 43 points and 22 points, respectively. Chip stocks performed well, with HUA HONG and SMIC opening up 3.5% and 2.3%, respectively. AI stocks KNOWLEDGE ATLAS and MiniMax also saw gains. Nio's stock price opened down 6.8% due to market profit-taking pressure on its new model ES9. The overall market is affected by fluctuations in international oil prices and the situation in the Middle East

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HUA HONG SEMI

"Hong Kong Stocks" Hang Seng Index opened high at 139 points, chip and AI stocks perform well, Nio drops over 6%

Today’s Key News Recap

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Alibaba

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Apple

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HorizonRobo HK SDR1to1

Alibaba HK SDR 5to1

Huawei

MIXUE GROUP

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

XL2CSOPNVDA

XI2CSOPNVDA

Direxion Daily NVDA Bear 1X ETF

智谱

Financial Analysis

Up 6x in a single quarter, the investor darling and foundation-model poster child—Zhipu—has reported as well.Against such a parabolic stock move, 2H25 performance looks much calmer—but does it even matter?Straight to the point: 1) Revenue: API biz ARR reached RMB 250 mn in Mar.Everything else is minor.Among domestic independent model vendors, $KNOWLEDGE ATLAS(02513.HK) is a pure homegrown LLM player, with talent anchored in universities and a client base largely comprising the Gov. and SOEs on the B2B side.Execution is heavy on on-prem deployment and delivery...

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Zhihu

Minim

FiEE

Zhipu: RMB 700mn profit vs. RMB 3.2bn loss? Dream first—fretting over losses is small-minded

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Deep Research

In the business-model analysis 'Deep Dive into MiniMax and Zhipu: Are Foundation Models, Compute Intensity and Financing Stamina the Decider?', Dolphin Research argued that amid high costs and rapid iteration, the foundation-model industry has turned into a brutal test of financing endurance. But the true core of that money magnetism rests on two fundamentals for model companies: 1) model capability; 2) product and commercial execution. This piece focuses on how $MINIMAX-W(00100.HK) performs on those two fronts...

Alphabet - C

Alphabet

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Destiny Tech100

MiniMax’s sky‑high valuation: bubble or the future?

美图公司

Beijing time on Mar 27, after the HK close and before the US open, $MEITU(01357.HK) released its FY25 results. The 2H25 read-through was weak, with revenue below expectations and a sizable GP miss.Expense control beat by a wide margin, keeping OP roughly in line. That said, the subscription user ecosystem that underpins recurring revenue is under heavy pressure, so Dolphin Research’s overall take is negative.On the earnings call, management addressed the 'AI will eat software' narrative, stressing that models are infrastructure while applications are the value-delivery layer. The two are complementary rather than substitutes...

Meitu: AI Agent Era — Can Niche SaaS Survive?

DSMIMAX@EC2610C(28394.HK)

DSMIMAX@EC2610C Stock Performance Chart

New Buy Rating for MiniMax Group, Inc (0100), the Technology Giant

MiniMax launches MaxHermes, achieving autonomous evolution of AI assistant skills

Top 10 HK Stock Losers (4.15)

Top 5 HK Stock Gainers/Losers (>100B) (4.15)

Hong Kong AI Application Stocks Decline as Zhipu and MINIMAX-W Experience Losses