AI large model concept stocks experienced a broad-based increase. At the time of writing, MINIMAX-WP (00100) rose 9.19% to HK$778.5. XUNCE (03317) advanced 7.99% to HK$273. KNOWLEDGE ATLAS (02513) climbed 4.95% to HK$911.

The upward movement follows a recent research report from Goldman Sachs which upgraded its rating on MiniMax to "Buy," citing solid revenue and favorable risk-reward following a share price correction. Goldman Sachs anticipates that the upcoming releases of the M3 model and Conch 3 this month will represent a significant catalyst. These releases are expected to shift market focus for MiniMax from the popular agent applications of M2 to the high-value code generation capabilities of M3/Conch 3 in full-modal applications. Based on robust Annual Recurring Revenue trends in the first quarter, the firm raised its revenue forecasts for 2026 and 2027 by 25% and 11%, respectively.

Xiangcai Securities believes the high growth momentum in the AI industry is highly likely to continue into 2026. The accelerated shift from training to inference and from Chatbot to Agent is expected to drive long-term, robust demand for underlying AI computing power and the model industry chain. The securities firm highlighted the importance of focusing on leading domestic large model manufacturers. It noted that these companies are following overseas giants by deepening capabilities in complex reasoning, code agents, and long-sequence instruction execution, thereby accelerating the integration of models and harnesses into a complete product ecosystem.