<p>中國人工智能公司 MiniMax 集團和智譜科技於週一被納入恒生科技指數，標誌着香港基準科技指數首次納入純粹的人工智能公司，分析師表示這一舉措可能會推動大量被動資金流入。由於更廣泛的市場拋售影響了區域基準，MiniMax 股價下跌 8.4%，至 506 港元，而智譜（也稱為 Zhipu）則上漲 1.3%，收於 1,314 港元，因亞洲科技股在強於預期的美國就業報告促使投資者降低對降息的預期後回落。下跌趨勢蔓延至區域市場，拖累主要指數下行。香港恒生指數下跌 1.2%，恒生科技指數下跌 2.7%，韓國 Kospi 指數暴跌 8.3%，台灣加權指數下跌 3.5%。分析師表示，納入可能會擴大流動性，因為跟蹤指數的基金會調整投資組合。摩根士丹利在四月的報告中估計，這兩家公司最終可能佔基準的 5% 至 7%，這意味着 12.5 億至 17.5 億美元的被動資金流入。智譜的初始權重為 0.53%，MiniMax 為 0.36%。摩根士丹利進一步預測，如果在這兩家公司首次公開募股（IPO）時就已納入恒生科技指數，替換基準中兩個最小的成分股，該指數的年初至今回報將高出約 5 個百分點。“納入將擴大流動性，因為指數基金將被迫購買，” 蓮花資產管理的管理合夥人兼首席投資官洪浩表示。他補充説，智譜更大的市值可能導致其在指數中的權重更高，表現相對強於同行。在最新的指數審查中，軟件開發商金蝶國際軟件集團和金山被移除出基準。根據深圳證券交易所當天的公告，智譜被納入了股票互聯互通計劃，從週一起生效，使其股票對更廣泛的大陸中國投資者開放。MiniMax 未被納入。隨着投資者越來越多地將資金投入被視為中國人工智能推動直接受益者的大陸公司，儘管香港科技股難以恢復勢頭，這一變動也隨之而來。此次重組還預示着一波股份鎖定期到期。儘管股東限制的到期預計會增加市場供應，但分析師表示，與指數納入相關的資金流入，以及智譜的股票互聯互通參與，可能有助於吸收部分額外股份。滙豐銀行估計，約 65% 的 MiniMax 股份將在 7 月解禁，而智譜約 40% 的股份預計將在明年 1 月底解禁，根據國內媒體 5 月 31 日的報道。儘管如此，分析師警告稱，交易股份的急劇增加可能會限制被動資金流入的影響。“一旦鎖定期到期，早期投資者在 IPO 後獲得可觀收益的獲利了結是不可避免的，” 蓮花資產的洪浩表示。</p>

00100

恆生科技指數

智譜

恆生科技ETF

南方恆生科技

安碩恆生科技

南方兩倍看多恆科

南方兩倍看空恆科

<p>MiniMax 和智譜被納入恒生科技指數，這標誌着純粹人工智能公司首次被納入該指數。分析師預測，這可能會帶來 12.5 億至 17.5 億美元的被動資金流入。儘管指數更新利好，但在美國就業數據引發的區域科技股普遍拋售中，股價表現出現分化；MiniMax 下跌了 8.4%，而智譜上漲了 1.3%。智譜還被納入了港股通，擴大了投資者的接觸面</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>中國人工智能公司 MiniMax 集團和智譜科技於週一被納入恒生科技指數，標誌着香港基準科技指數首次納入純粹的人工智能公司，分析師表示這一舉措可能會推動大量被動資金流入。由於更廣泛的市場拋售影響了區域基準，MiniMax 股價下跌 8.4%，至 506 港元，而智譜（也稱為 Zhipu）則上漲 1.3%，收於 1,314 港元，因亞洲科技股在強於預期的美國就業報告促使投資者降低對降息的預期後回落。下跌趨勢蔓延至區域市場，拖累主要指數下行。香港恒生指數下跌 1.2%，恒生科技指數下跌 2.7%，韓國 Kospi 指數暴跌 8.3%，台灣加權指數下跌 3.5%。分析師表示，納入可能會擴大流動性，因為跟蹤指數的基金會調整投資組合。摩根士丹利在四月的報告中估計，這兩家公司最終可能佔基準的 5% 至 7%，這意味着 12.5 億至 17.5 億美元的被動資金流入。智譜的初始權重為 0.53%，MiniMax 為 0.36%。摩根士丹利進一步預測，如果在這兩家公司首次公開募股（IPO）時就已納入恒生科技指數，替換基準中兩個最小的成分股，該指數的年初至今回報將高出約 5 個百分點。“納入將擴大流動性，因為指數基金將被迫購買，” 蓮花資產管理的管理合夥人兼首席投資官洪浩表示。他補充説，智譜更大的市值可能導致其在指數中的權重更高，表現相對強於同行。在最新的指數審查中，軟件開發商金蝶國際軟件集團和金山被移除出基準。根據深圳證券交易所當天的公告，智譜被納入了股票互聯互通計劃，從週一起生效，使其股票對更廣泛的大陸中國投資者開放。MiniMax 未被納入。隨着投資者越來越多地將資金投入被視為中國人工智能推動直接受益者的大陸公司，儘管香港科技股難以恢復勢頭，這一變動也隨之而來。此次重組還預示着一波股份鎖定期到期。儘管股東限制的到期預計會增加市場供應，但分析師表示，與指數納入相關的資金流入，以及智譜的股票互聯互通參與，可能有助於吸收部分額外股份。滙豐銀行估計，約 65% 的 MiniMax 股份將在 7 月解禁，而智譜約 40% 的股份預計將在明年 1 月底解禁，根據國內媒體 5 月 31 日的報道。儘管如此，分析師警告稱，交易股份的急劇增加可能會限制被動資金流入的影響。“一旦鎖定期到期，早期投資者在 IPO 後獲得可觀收益的獲利了結是不可避免的，” 蓮花資產的洪浩表示。</p>
</div>

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

南華早報

MINIMAX-W

恆生指數

摩根士丹利

金蝶國際

金山軟件

匯豐控股

滙豐

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

匯豐控股有限公司

在市場低迷的情況下，香港科技指數迎來了 MINIMAX-W 和智譜，標誌着人工智能領域的一個里程碑