金吾财讯 | MINIMAX-W（00100）早盘小幅震荡上行，最新为331.800港元，涨幅0.85%，成交总额为3.57亿港元。高盛近日表示，MiniMax于7月31日发布H3全模态模型，采用开源权重策略，API定价仅为同行的30%-50%，支持文本、图像、视频、音频统一理解与生成，最长15秒原生立体声视频输出，可同时处理最多12个多模态参考文件，显著降低广告短片、游戏序列等内容创作的“抽卡率”与单条成本（768P仅0.1元/秒）。
高盛指，MiniMax受益于API业务高速增长，上调2026-2028年收入预测64%/44%/22%，因研发及运营支出增加微调盈利预期-3%至+1%，12个月目标价从860港元降至800港元（主要受融资后股本摊薄影响），看好其下半年估值修复空间——M3模型竞争力提升及H3多模态发布将驱动ARR快速爬坡（2026年6月初ARR已超4亿美元）。
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