【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級指公司多模態大模型商業化高效

金吾財訊

02/12

（原標題：【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級指公司多模態大模型商業化高效）金吾財訊|國泰海通證券發布研報指，MiniMax-WP(0100)作為港股稀缺的全球化多模態大模型標的，全棧自研技術能力突出，核心模型MiniMax M2、Hailuo-02及Speech-02在性能與成本效率上具備行業競爭力。公司通過AI原生應用+開放平台雙線佈局，已覆蓋全球200+...

網頁鏈接

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

熱議股票

{"basename":"/hant","ssrTDKData":{"titleTemplate":"%s - 老虎證券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎證券,老虎證券開戶,老虎券商,老虎證券官網,老虎證券app,tigertrade老虎證券,股票,炒股,新加坡股票交易平臺,投資,投資理財","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hant/news/2610752994"},"companyName":"老虎證券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2610752994\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2610752994?lang=zh_TW&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2026-02-12 11:06","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2610752994","market":"hk","top_or_hot":-1,"title":"【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效","media":"金吾財訊","content":"<div>\n<p>（原標題：【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效）金吾財訊|國泰海通證券發布研報指，MiniMax-WP(0100)作為港股稀缺的全球化多模態大模型標的，全棧自研技術能力突出，核心模型MiniMax M2、Hailuo-02及Speech-02在性能與成本效率上具備行業競爭力。公司通過AI原生應用+開放平台雙線佈局，已覆蓋全球200+...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212112843a49a8f1f&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">金吾財訊</strong><span class=\"h-time small\">2026-02-12 11:06</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>（原標題：【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效）金吾財訊|國泰海通證券發布研報指，MiniMax-WP(0100)作為港股稀缺的全球化多模態大模型標的，全棧自研技術能力突出，核心模型MiniMax M2、Hailuo-02及Speech-02在性能與成本效率上具備行業競爭力。公司通過AI原生應用+開放平台雙線佈局，已覆蓋全球200+...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212112843a49a8f1f&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212112843a49a8f1f&s=b\">金吾財訊</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"02611","symbol_name":"國泰海通","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212112843a49a8f1f&s=b","article_id":"2610752994","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212112843a49a8f1f&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2610752994","pubTimestamp":1770865616,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"金吾財訊|國泰海通證券發布研報指，MiniMax-WP作為港股稀缺的全球化多模態大模型標的，全棧自研技術能力突出，核心模型MiniMax M2、Hailuo-02及Speech-02在性能與成本效率上具備行業競爭力。當前毛利率23.3%，開放平台業務貢獻86%毛利。現金流充裕，截至25Q3賬面現金10億美元。關鍵風險包括商業化進度及技術迭代競爭。評級「增持」，基於26年113倍PS估值，目標價620港元。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"02611":"国泰海通","00100":"MINIMAX-WP"},"translate_title":"[Brokerage Focus] Cathay Haitong Securities first gave MiniMax-WP (0100) an \"overweight\" rating, referring to the efficient commercialization of the company's multi-modal large model","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00100":0.9,"02611":1.5},"content_text":"（原標題：【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效）金吾財訊|國泰海通證券發布研報指，MiniMax-WP(0100)作為港股稀缺的全球化多模態大模型標的，全棧自研技術能力突出，核心模型MiniMax M2、Hailuo-02及Speech-02在性能與成本效率上具備行業競爭力。公司通過AI原生應用+開放平台雙線佈局，已覆蓋全球200+國家地區，累計觸達2億用户，25年前三季度國際市場收入佔比達73%。 財務方面，公司25年前三季度營收5344萬美元（按年+175%），預計2026年營收2.2億美元。當前毛利率23.3%，開放平台業務貢獻86%毛利。現金流充裕，截至25Q3賬面現金10億美元。關鍵風險包括商業化進度及技術迭代競爭。 評級「增持」，基於26年113倍PS估值，目標價620港元（現價539港元）。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}

【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級 指公司多模態大模型商業化高效

熱議股票

【券商聚焦】國泰海通證券首予MiniMax-WP(0100)「增持」評級指公司多模態大模型商業化高效