MINIMAX-W (00100) surged 5.04% in intraday trading on Wednesday, extending its rebound from the previous session's decline. The strong upward move reflects renewed investor optimism following a series of positive catalysts for the company.

The stock's rally was underpinned by the recent open-source release of the MiniMax H3, a next-generation multimodal generation model. The model has achieved top-tier global rankings on the Artificial Analysis video model benchmark, notably securing first place in video editing capability. With a competitive pricing of just RMB 0.8 per second at default 2K resolution, H3 demonstrates strong cost competitiveness. Multiple brokerages responded positively: China Merchants Securities maintained a Strong Recommend rating, citing the model's acceleration of productivity use cases; Citi kept a Buy/High Risk rating, highlighting the cost advantage; and Jefferies reiterated Buy, noting that cost efficiency will accelerate commercial deployment. Additionally, as the company has now met the requirements for Stock Connect inclusion, Goldman Sachs reiterated a Buy rating with a target price of 860 HKD, viewing Stock Connect and H3 as catalysts for a second-half valuation recovery.

The convergence of technological breakthroughs, favorable analyst coverage, and anticipated index inclusion has fueled the sharp intraday rally, positioning MINIMAX-W as a standout mover in the session.