<p>中国人工智能公司 MiniMax 集团和智谱科技于周一被纳入恒生科技指数，标志着香港基准科技指数首次纳入纯粹的人工智能公司，分析师表示这一举措可能会推动大量被动资金流入。由于更广泛的市场抛售影响了区域基准，MiniMax 股价下跌 8.4%，至 506 港元，而智谱（也称为 Zhipu）则上涨 1.3%，收于 1,314 港元，因亚洲科技股在强于预期的美国就业报告促使投资者降低对降息的预期后回落。下跌趋势蔓延至区域市场，拖累主要指数下行。香港恒生指数下跌 1.2%，恒生科技指数下跌 2.7%，韩国 Kospi 指数暴跌 8.3%，台湾加权指数下跌 3.5%。分析师表示，纳入可能会扩大流动性，因为跟踪指数的基金会调整投资组合。摩根士丹利在四月的报告中估计，这两家公司最终可能占基准的 5% 至 7%，这意味着 12.5 亿至 17.5 亿美元的被动资金流入。智谱的初始权重为 0.53%，MiniMax 为 0.36%。摩根士丹利进一步预测，如果在这两家公司首次公开募股（IPO）时就已纳入恒生科技指数，替换基准中两个最小的成分股，该指数的年初至今回报将高出约 5 个百分点。“纳入将扩大流动性，因为指数基金将被迫购买，” 莲花资产管理的管理合伙人兼首席投资官洪浩表示。他补充说，智谱更大的市值可能导致其在指数中的权重更高，表现相对强于同行。在最新的指数审查中，软件开发商金蝶国际软件集团和金山被移除出基准。根据深圳证券交易所当天的公告，智谱被纳入了股票互联互通计划，从周一起生效，使其股票对更广泛的大陆中国投资者开放。MiniMax 未被纳入。随着投资者越来越多地将资金投入被视为中国人工智能推动直接受益者的大陆公司，尽管香港科技股难以恢复势头，这一变动也随之而来。此次重组还预示着一波股份锁定期到期。尽管股东限制的到期预计会增加市场供应，但分析师表示，与指数纳入相关的资金流入，以及智谱的股票互联互通参与，可能有助于吸收部分额外股份。汇丰银行估计，约 65% 的 MiniMax 股份将在 7 月解禁，而智谱约 40% 的股份预计将在明年 1 月底解禁，根据国内媒体 5 月 31 日的报道。尽管如此，分析师警告称，交易股份的急剧增加可能会限制被动资金流入的影响。“一旦锁定期到期，早期投资者在 IPO 后获得可观收益的获利了结是不可避免的，” 莲花资产的洪浩表示。</p>

00100

恒生科技指数

智谱

恒生科技ETF

南方恒生科技

安硕恒生科技

南方两倍看多恒科

南方两倍看空恒科

<p>MiniMax 和智谱被纳入恒生科技指数，这标志着纯粹人工智能公司首次被纳入该指数。分析师预测，这可能会带来 12.5 亿至 17.5 亿美元的被动资金流入。尽管指数更新利好，但在美国就业数据引发的区域科技股普遍抛售中，股价表现出现分化；MiniMax 下跌了 8.4%，而智谱上涨了 1.3%。智谱还被纳入了港股通，扩大了投资者的接触面</p>

<p>Chinese artificial intelligence firms MiniMax Group and Knowledge Atlas Technology were added to the Hang Seng Tech Index on Monday, marking the first inclusion of pure-play AI companies in Hong Kong’s benchmark technology gauge, in a move analysts said could drive substantial passive inflows. The shares moved in opposite directions, as a broader market sell-off weighed on regional benchmarks. MiniMax slid 8.4 per cent to HK$506, while Knowledge Atlas – also known as Zhipu – gained 1.3 per cent to HK$1,314 at the close of trading, as Asia’s technology stocks retreated after a stronger-than-expected US jobs report prompted investors to scale back expectations for interest-rate cuts. The downturn spread across regional markets, dragging key indices lower. Hong Kong’s Hang Seng Index fell 1.2 per cent and the Hang Seng Tech Index lost 2.7 per cent, while South Korea’s Kospi plunged 8.3 per cent and Taiwan’s Taiex dropped 3.5 per cent. Analysts said the inclusion could broaden liquidity as index-tracking funds adjust portfolios. Morgan Stanley estimated in an April report that the two companies could eventually account for 5 to 7 per cent of the benchmark, implying US$1.25 billion to US$1.75 billion of passive inflows. Their initial weightings are 0.53 per cent for Zhipu and 0.36 per cent for MiniMax. Morgan Stanley further projected that had MiniMax and Zhipu been included in the Hang Seng Tech Index at the time of their initial public offerings (IPOs), replacing the benchmark’s two smallest constituents, the index’s year-to-date return would have been about 5 percentage points higher. “The inclusion will broaden liquidity as index funds will be forced to buy,” said Hong Hao, managing partner and chief investment officer at Lotus Asset Management. He added that Zhipu’s larger market capitalisation could result in a higher index weighting and relatively stronger performance than peers. As part of the latest index review, software developers Kingdee International Software Group and Kingsoft were removed from the benchmark. Zhipu was added to the Stock Connect programme with effect from Monday, according to an announcement on the same day by the Shenzhen Stock Exchange, opening the stock to a broader pool of mainland Chinese investors. MiniMax was not included. The changes come as investors increasingly channel money into mainland companies seen as direct beneficiaries of China’s AI push, even as Hong Kong technology stocks struggle to regain momentum. The reshuffle also precedes a wave of share lock-up expiries. While the expiry of shareholder restrictions is expected to increase market supply, analysts said inflows linked to index inclusion and, in Zhipu’s case, Stock Connect participation could help absorb part of the additional shares. HSBC estimated that roughly 65 per cent of MiniMax’s shares were due to come out of lock-up in July, while about 40 per cent of Zhipu’s shares were scheduled to be released at the end of January next year, according to domestic media reports on May 31. Still, analysts cautioned that a sharp increase in tradeable shares could limit the impact of passive inflows. “Once lock-up periods expire, profit-taking by early investors who have enjoyed substantial gains since the IPOs is inevitable,” Lotus Asset’s Hong said.</p>
<div class="lb-trans"><p>中国人工智能公司 MiniMax 集团和智谱科技于周一被纳入恒生科技指数，标志着香港基准科技指数首次纳入纯粹的人工智能公司，分析师表示这一举措可能会推动大量被动资金流入。由于更广泛的市场抛售影响了区域基准，MiniMax 股价下跌 8.4%，至 506 港元，而智谱（也称为 Zhipu）则上涨 1.3%，收于 1,314 港元，因亚洲科技股在强于预期的美国就业报告促使投资者降低对降息的预期后回落。下跌趋势蔓延至区域市场，拖累主要指数下行。香港恒生指数下跌 1.2%，恒生科技指数下跌 2.7%，韩国 Kospi 指数暴跌 8.3%，台湾加权指数下跌 3.5%。分析师表示，纳入可能会扩大流动性，因为跟踪指数的基金会调整投资组合。摩根士丹利在四月的报告中估计，这两家公司最终可能占基准的 5% 至 7%，这意味着 12.5 亿至 17.5 亿美元的被动资金流入。智谱的初始权重为 0.53%，MiniMax 为 0.36%。摩根士丹利进一步预测，如果在这两家公司首次公开募股（IPO）时就已纳入恒生科技指数，替换基准中两个最小的成分股，该指数的年初至今回报将高出约 5 个百分点。“纳入将扩大流动性，因为指数基金将被迫购买，” 莲花资产管理的管理合伙人兼首席投资官洪浩表示。他补充说，智谱更大的市值可能导致其在指数中的权重更高，表现相对强于同行。在最新的指数审查中，软件开发商金蝶国际软件集团和金山被移除出基准。根据深圳证券交易所当天的公告，智谱被纳入了股票互联互通计划，从周一起生效，使其股票对更广泛的大陆中国投资者开放。MiniMax 未被纳入。随着投资者越来越多地将资金投入被视为中国人工智能推动直接受益者的大陆公司，尽管香港科技股难以恢复势头，这一变动也随之而来。此次重组还预示着一波股份锁定期到期。尽管股东限制的到期预计会增加市场供应，但分析师表示，与指数纳入相关的资金流入，以及智谱的股票互联互通参与，可能有助于吸收部分额外股份。汇丰银行估计，约 65% 的 MiniMax 股份将在 7 月解禁，而智谱约 40% 的股份预计将在明年 1 月底解禁，根据国内媒体 5 月 31 日的报道。尽管如此，分析师警告称，交易股份的急剧增加可能会限制被动资金流入的影响。“一旦锁定期到期，早期投资者在 IPO 后获得可观收益的获利了结是不可避免的，” 莲花资产的洪浩表示。</p>
</div>

Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump

南华早报

MINIMAX-W

恒生指数

摩根士丹利

金蝶国际

金山软件

汇丰控股

汇丰

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

HSBC 5xShortSG241213

汇丰控股有限公司

在市场低迷的情况下，香港科技指数迎来了 MINIMAX-W 和智谱，标志着人工智能领域的一个里程碑