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| HSI1 | 25,584.79 | 0.00 | -- |
| HSCEI1 | 8,490.39 | 0.00 | -- |
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2026-08-28 10:58:31 Over the past six months, intensive iterations of flagship models by domestic and overseas tech behemoths have ignited fierce competition, CICC said in a report. Against this backdrop, model intelligence levels and complex task execution capabilities have become key indicators for the market to assess the competitiveness and valuation of large language model (LLM) companies, with coding capabilities receiving particular attention. The broker viewed the current valuation discount of MINIMAX-W (00100.HK) mainly reflects two market concerns: (1) Following the launch of its M3 text model, MINIMAX-W's coding capabilities have yet to establish a leading position among domestic peers, raising market concerns over its future model competitiveness. (2) Although the company has long invested in full-modality models, the market has largely overlooked the lasting value of multimodal capabilities in enhancing general model capabilities and driving commercialization. CICC maintained its 2026 and 2027 revenue and adjusted net profit forecasts unchanged. It maintained an Outperform rating. Given mounting competition in the LLM industry, the broker axed its TP for MINIMAX-W by 29.1% to HKD786, equivalent to a total market cap of about USD35 billion. ~ AASTOCKS Financial News Website: www.aastocks.com | |