MINIMAX-WP (00100) rose more than 5% in Hong Kong trading. At the time of writing, the stock was up 5.26% to HK$540, with a turnover of HK$254 million. The increase follows significant developments in domestic AI models. According to recent reports, MiniMax's M2.5 model is set for an official release and is currently undergoing internal testing in the overseas MiniMax Agent product. China Securities previously noted that amid the global wave of generative AI, MINIMAX is distinguishing itself from industry competition with a "counter-consensus" strategic focus on advancing model intelligence. Additionally, J.P. Morgan analyst Xu Wentao recently initiated coverage on both Zhipu and MiniMax, assigning an "Overweight" rating to each. Price targets were set at HK$400 and HK$700, respectively, with both companies identified as top picks to capture the next wave of global AI value creation.