An analysis report from Jefferies indicates that MINIMAX-WP (00100) possesses a distinctive propagation effect through its full-modal model, which enhances the model's intelligence. The company focuses on intelligence augmentation, such as large language models and coding, as well as creative enhancement in areas like video, voice, and music. Its ultimate objective is to achieve artificial general intelligence and improve economic efficiency as a percentage of GDP. The firm has assigned a "Buy" rating to the stock with a target price of HK$1,118. The report also highlights that the company's upcoming new models are highly anticipated, with M3.0 and Hailuo 3.0 expected to launch around mid-year. Jefferies believes MINIMAX has demonstrated strong execution capabilities and delivers an improved user experience through a synergistic closed-loop model and framework. This integration is expected to function as an additional acceleration engine, as the framework captures high-value real-world interaction data and detailed user feedback.