{"id":613888,"date":"2026-01-09T06:07:49","date_gmt":"2026-01-09T14:07:49","guid":{"rendered":"https:\/\/nai500.com\/?p=613888"},"modified":"2026-01-09T06:07:49","modified_gmt":"2026-01-09T14:07:49","slug":"10-ai-minimax-ipo","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/01\/10-ai-minimax-ipo\/","title":{"rendered":"10 \u4e2d\u56fd AI \u4e0e\u521b\u65b0\u6295\u8d44\u673a\u4f1a\uff08MiniMax IPO \u4e4b\u540e\uff09"},"content":{"rendered":"

\u4e2d\u56fd\u7684 AI \u53ef\u6295\u8d44\u6027\u6545\u4e8b\u53c8\u589e\u52a0\u4e86\u65b0\u4e00\u7ae0\u3002\u6a21\u578b\u5f00\u53d1\u5546 MiniMax \u5728\u9999\u6e2f\u7b79\u96c6\u4e86 6.18 \u4ebf\u7f8e\u5143\uff0c\u5176 36 \u5c81\u521b\u59cb\u4eba\u5728\u9996\u65e5\u76d8\u4e2d\u80a1\u4ef7\u98d9\u5347\u540e\u51c0\u8d44\u4ea7\u8dc3\u5347\u81f3 32 \u4ebf\u7f8e\u5143\u3002\u8fd9\u662f\u4e00\u4e2a\u4fe1\u53f7\uff1a\u9999\u6e2f\u4f5c\u4e3a\u5148\u8fdb\u8ba1\u7b97\u7684\u878d\u8d44\u573a\u6240\u91cd\u56de\u821e\u53f0\uff0c\u4e2d\u56fd\u7684\u521b\u65b0\u5f15\u64ce\u6b63\u5728\u516c\u5171\u5e02\u573a\u4e0a\u521b\u9020\u89c4\u6a21\u5316\u3001\u53ef\u76c8\u5229\u7684\u673a\u4f1a\u3002\u8fd9\u4e0d\u662f\u4e00\u6b21\u6027\u7684\u523a\u6fc0\uff0c\u800c\u662f\u4e2d\u56fd\u79d1\u6280\u4e0e\u5177\u6709\u5168\u7403\u8db3\u8ff9\u3001\u53ef\u9884\u6d4b\u653f\u7b56\u987a\u98ce\u4ee5\u53ca\u5bf9\u65b0\u5174\u5e02\u573a\u51fa\u53e3\u52bf\u5934\u7684\u7eff\u8272\u4f9b\u5e94\u94fe\u88ab\u91cd\u65b0\u5b9a\u4ef7\u7684\u4e00\u90e8\u5206\u3002<\/p>\n

\u9999\u6e2f\u91cd\u65b0\u6253\u5f00 AI \u7a97\u53e3<\/h3>\n

MiniMax \u7684\u4e0a\u5e02\u8868\u660e\u9999\u6e2f\u53ef\u4ee5\u5728\u4e0d\u4e2d\u65ad\u7684\u60c5\u51b5\u4e0b\uff0c\u5c06\u5168\u7403\u8d44\u672c\u5f15\u5165\u4e2d\u56fd\u7684 AI \u751f\u6001\u3002\u6295\u8d44\u8005\u83b7\u5f97\u6d41\u52a8\u6027\u3001\u6cbb\u7406\u6807\u51c6\u4ee5\u53ca\u4e0e\u5185\u5730\u9879\u76ee\u6d41\u7684\u63a5\u8fd1\u6027\u3002\u5bf9\u4e8e\u53d1\u884c\u4eba\uff0c\u9999\u6e2f\u63d0\u4f9b\u56fd\u9645\u5316\u5b9a\u4ef7\u548c\u5bfb\u6c42\u4ee5\u6298\u4ef7\u53c2\u4e0e\u589e\u957f\u7684\u957f\u671f\u5355\u4e00\u8d44\u91d1\u6c60\u3002\u8fd9\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u4e2d\u56fd\u7684 AI \u73b0\u5728\u662f\u4e2a\u89c4\u6a21\u5316\u6545\u4e8b\uff1a\u57fa\u7840\u6a21\u578b\u3001\u4f01\u4e1a\u90e8\u7f72\u3001\u8fb9\u7f18\u8bbe\u5907\u548c\u50a8\u80fd\u90fd\u9700\u8981\u5927\u91cf\u8d44\u672c\u3002\u968f\u7740\u521b\u59cb\u4eba\u89c2\u5bdf\u5230 MiniMax \u7684\u4ea4\u6613\u5e76\u770b\u5230\u6267\u884c\u83b7\u5f97\u56de\u62a5\uff0c\u9884\u8ba1\u4f1a\u6709\u66f4\u591a\u7533\u62a5\u3002\u672a\u6765 12 \u4e2a\u6708\u770b\u8d77\u6765\u4f1a\u5f88\u5fd9\uff0c\u786c\u4ef6\u3001\u6570\u636e\u57fa\u7840\u8bbe\u65bd\u548c\u6a21\u578b\u521d\u521b\u516c\u53f8\u5c06\u4e0e OEM \u53ca\u5728\u91d1\u878d\u3001\u533b\u7597\u4fdd\u5065\u548c\u5236\u9020\u4e1a\u7684\u56fd\u5bb6\u4e3b\u5bfc\u9700\u6c42\u5bf9\u63a5\u3002<\/p>\n

\u653f\u7b56\u987a\u98ce\u4e0e\u89c4\u6a21\u6548\u5e94<\/h3>\n

\u5317\u4eac\u7684\u521b\u65b0\u8bae\u7a0b\u5f88\u660e\u786e\uff1a\u7b97\u529b\u3001\u6570\u636e\u3001\u7535\u6c14\u5316\u548c\u5de5\u4e1a\u8f6f\u4ef6\u3002\u8fd9\u4e9b\u4f18\u5148\u9879\u4f9d\u6258\u4e8e\u4ef7\u503c\u8d85\u8fc7 14 \u4e07\u4ebf\u7f8e\u5143\u7684\u4f01\u4e1a\u57fa\u7840\uff0c\u6db5\u76d6\u817e\u8baf\u3001\u963f\u91cc\u5df4\u5df4\u548c\u4e2d\u56fd\u5de5\u5546\u94f6\u884c\u7b49\u5de8\u5934\u3002\u98de\u8f6e\u6b63\u5728\u8f6c\u52a8\u3002\u963f\u91cc\u5df4\u5df4\u5728 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\u7684\u56fd\u9645\u7535\u5546\u540c\u6bd4\u589e\u957f 36%\uff0c\u63d0\u9192\u4eba\u4eec\u4e2d\u56fd\u5e73\u53f0\u53ef\u4ee5\u5168\u7403\u5316\u6269\u5f20\u5e76\u9ad8\u6548\u53d8\u73b0\u3002\u5728\u82af\u7247\u9886\u57df\uff0c\u957f\u946b\u5b58\u50a8\uff08ChangXin Memory Technologies\uff09\u6b63\u7b79\u5907\u4e00\u7b14 42 \u4ebf\u7f8e\u5143\u7684\u4e0a\u6d77 IPO\uff0c\u4ee5\u6269\u5145 DRAM \u4ea7\u80fd\uff0c2025 \u5e74\u5728\u4f9b\u7ed9\u7d27\u5f20\u7684\u80cc\u666f\u4e0b\u8425\u6536\u51e0\u4e4e\u7ffb\u756a\u3002\u5728\u6c7d\u8f66\u65b9\u9762\uff0c\u5947\u745e\u5728 2023 \u5e74\u4ee5 937,148 \u8f86\u51fa\u53e3\u91cf\u6210\u4e3a\u4e2d\u56fd\u6700\u5927\u7684\u51fa\u53e3\u5546\uff0c\u5e76\u4e8e 2024 \u5e74\u8dfb\u8eab\u300a\u8d22\u5bcc\u300b\u5168\u7403 500 \u5f3a\u3002\u50cf\u5c0f\u7ea2\u4e66\u8fd9\u6837\u7684\u6d88\u8d39\u5e73\u53f0\u5728\u89c4\u6a21\u4e0a\u5b9e\u73b0\u76c8\u5229\uff0c\u6708\u6d3b\u8d85\u8fc7 3 \u4ebf\uff0c2024 \u5e74\u51c0\u5229\u6da6\u7ffb\u500d\u3002\u518d\u52a0\u4e0a\u4e2d\u56fd\u5728\u6c14\u5019\u8bba\u575b\u4e0a\u7684\u6709\u7eaa\u5f8b\u53c2\u4e0e\u4ee5\u53ca\u5728\u7a00\u571f\u9886\u57df\u7684\u9886\u5bfc\u529b\uff0c\u4ee5\u4fdd\u6301\u7535\u6c60\u3001EV \u548c\u592a\u9633\u80fd\u7684\u5e02\u573a\u5f00\u653e\uff0c\u8fd9\u4e9b\u90fd\u6784\u6210\u4e86\u968f\u65f6\u95f4\u590d\u5229\u7684\u7ed3\u6784\u6027\u4f18\u52bf\u3002<\/p>\n

\u5bf9\u5168\u7403\u6295\u8d44\u7ec4\u5408\u7684\u610f\u4e49<\/h3>\n

\u53ef\u6295\u8d44\u7684\u8303\u56f4\u73b0\u5728\u6bd4\u5934\u90e8\u516c\u53f8\u66f4\u5e7f\u3002\u4f60\u53ef\u4ee5\u5728\u9999\u6e2f\u7684 H \u80a1\u3001\u4e0a\u6d77\u548c\u6df1\u5733\u7684 A \u80a1\u4ee5\u53ca\u7cbe\u9009\u7684\u7f8e\u56fd ADR \u95f4\u8fdb\u884c\u5e03\u5c40\uff0c\u5c06\u8f6f\u4ef6\u4e0e\u786c\u4ef6\u3001\u5e73\u53f0\u4e0e\u8d4b\u80fd\u8005\u642d\u914d\u6301\u6709\u3002\u5171\u540c\u7ebf\u7d22\u662f\u5168\u7403\u5f71\u54cd\u529b\uff1a\u5728\u62c9\u7f8e\u548c\u4e1c\u5357\u4e9a\u7684\u51fa\u53e3\u4e3b\u5bfc\u578b\u7535\u52a8\u8f66\u3001\u5728\u7f8e\u6b27\u7684\u8de8\u5883\u7535\u5546\uff0c\u4ee5\u53ca\u627e\u5230\u4f01\u4e1a\u4e70\u5bb6\u7684 AI \u9a71\u52a8\u670d\u52a1\u3002\u673a\u4f1a\u5728\u4e8e\u6301\u6709\u57fa\u7840\u8bbe\u65bd\u3001\u5de5\u5177\u7c7b\u516c\u53f8\uff08\u94f2\u5b50\u4e0e\u9550\uff09\u4ee5\u53ca\u53ef\u5c06\u53c2\u4e0e\u5ea6\u548c\u4e0a\u7ebf\u65f6\u95f4\u53d8\u73b0\u7684\u5e94\u7528\u3002\u968f\u7740 MiniMax \u7684\u5b9a\u4ef7\u660e\u6670\uff0c\u968f\u7740 AI \u4e0e\u7eff\u8272\u79d1\u6280\u76c8\u5229\u53ef\u89c1\u5ea6\u7684\u63d0\u5347\uff0c\u4e0e\u7f8e\u56fd\u540c\u884c\u7684\u4f30\u503c\u5dee\u8ddd\u5e94\u4f1a\u7f29\u5c0f\u3002\u5bf9\u914d\u7f6e\u8005\u7684\u4fe1\u53f7\u5f88\u76f4\u63a5\uff1a\u4e2d\u56fd\u7684\u521b\u65b0\u6ea2\u4ef7\u91cd\u65b0\u56de\u5230\u684c\u9762\u4e0a\u3002<\/p>\n

\u4e2d\u56fd AI \u4e0e\u521b\u65b0\u524d\u5341\u5927\u4e2a\u80a1\u4eae\u70b9<\/h3>\n

1) MiniMax \u9999\u6e2f\u4e0a\u5e02 \u2014 \u52df\u8d44 6.18 \u4ebf\u7f8e\u5143\uff0c\u9996\u65e5\u80a1\u4ef7\u4e0a\u6da8\uff1b\u521b\u59cb\u4eba\u51c0\u8d44\u4ea7 32 \u4ebf\u7f8e\u5143\uff0c\u51f8\u663e\u6295\u8d44\u8005\u5bf9\u4e2d\u56fd\u6a21\u578b\u5f00\u53d1\u8005\u7684\u4fe1\u5fc3\u3002 2) Tencent 0700.HK \u2014 AI \u6a21\u578b Hunyuan \u5982\u4eca\u652f\u6301\u793e\u4ea4\u3001\u4e91\u548c\u6e38\u620f\u7b49\u4ea7\u54c1\uff1b\u4f5c\u4e3a\u5168\u7403\u6700\u5927\u7684\u6d88\u606f\u548c\u652f\u4ed8\u5e73\u53f0\u4e4b\u4e00\uff0c\u4e3a\u4f01\u4e1a AI \u63d0\u4f9b\u4e86\u5373\u65f6\u5206\u53d1\u6e20\u9053\u3002 3) Alibaba 9988.HK BABA \u2014 2024 \u5e74\u7b2c\u56db\u5b63\u5ea6\u56fd\u9645\u7535\u5546\u540c\u6bd4\u589e\u957f 36%\uff0c\u5f3a\u5316\u4e86\u8de8\u5883\u89c4\u6a21\uff1bQwen \u6a21\u578b\u6b63\u5d4c\u5165\u5546\u5bb6\u5de5\u5177\u3001\u7269\u6d41\u548c\u5e7f\u544a\u3002 4) Baidu 9888.HK BIDU \u2014 ERNIE \u9a71\u52a8\u641c\u7d22\u548c\u4f01\u4e1a\u89e3\u51b3\u65b9\u6848\uff1bApollo Go \u673a\u5668\u4eba\u51fa\u79df\u8f66\u5df2\u5728\u591a\u5ea7\u4e2d\u56fd\u57ce\u5e02\u8fd0\u8425\uff0c\u8fd9\u662f\u5e94\u7528 AI \u4e0e\u81ea\u52a8\u9a7e\u9a76\u7cfb\u7edf\u7684\u91cc\u7a0b\u7891\u3002 5) BYD 1211.HK \u2014 \u5168\u7403\u7535\u52a8\u8f66\u89c4\u6a21\u9886\u5bfc\u8005\uff0c\u5bf9\u65b0\u5174\u5e02\u573a\u7684\u51fa\u53e3\u4e0a\u5347\uff1b\u5728\u7535\u6c60\u548c\u534a\u5bfc\u4f53\u7684\u5782\u76f4\u6574\u5408\u63d0\u5347\u4e86\u5229\u6da6\u7387\u4e0e\u97e7\u6027\u3002 6) CATL 300750.SZ \u2014 \u4e16\u754c\u6700\u5927\u7684\u7535\u52a8\u8f66\u7535\u6c60\u751f\u4ea7\u5546\u4e0e\u50a8\u80fd\u91cd\u91cf\u7ea7\u4f01\u4e1a\uff1b\u957f\u671f\u4f9b\u8d27\u534f\u8bae\u4f7f\u5176\u547d\u8fd0\u4e0e\u5168\u7403\u80fd\u6e90\u8f6c\u578b\u7d27\u5bc6\u76f8\u8fde\u3002 7) Xiaomi 1810.HK \u2014 \u8986\u76d6\u624b\u673a\u3001\u53ef\u7a7f\u6234\u8bbe\u5907\u548c 2024 \u5e74\u63a8\u51fa\u7684 SU7 \u7535\u52a8\u8f66\u7684 AI \u539f\u751f\u786c\u4ef6\u751f\u6001\uff1b\u8f6f\u4ef6\u5b9a\u4e49\u7684\u8bbe\u5907\u5c06\u54c1\u724c\u7f6e\u4e8e\u6a21\u578b\u7ecf\u6d4e\u7684\u8fb9\u7f18\u3002 8) PDD Holdings PDD \u2014 Temu \u7684\u5168\u7403\u89e6\u8fbe\u5c06\u4e2d\u56fd\u7684\u5236\u9020\u6df1\u5ea6\u8f6c\u5316\u4e3a\u5728\u7f8e\u6b27\u7684\u96f6\u552e\u4efd\u989d\uff1bAI \u9a71\u52a8\u7684\u5546\u54c1\u9648\u5217\u4e0e\u7269\u6d41\u964d\u4f4e\u4e86\u83b7\u5ba2\u6210\u672c\u3002 9) ICBC 1398.HK \u2014 \u4ee5\u8d44\u4ea7\u8ba1\u5217\u4e16\u754c\u6700\u5927\u94f6\u884c\u4e4b\u4e00\uff1b\u89c4\u6a21\u5316\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0e\u4f01\u4e1a\u5173\u7cfb\u4f7f\u5176\u6210\u4e3a\u7eff\u8272\u91d1\u878d\u4e0e\u6570\u5b57\u5316\u8f6c\u578b\u7684\u6218\u7565\u901a\u9053\u3002 10) CXMT \u51c6\u5907\u5728\u4e0a\u6d77 IPO \u2014 \u76ee\u6807\u7b79\u8d44 42 \u4ebf\u7f8e\u5143\u4ee5\u6269\u5145 DRAM \u4ea7\u80fd\uff1b\u5728\u5185\u5b58\u5e02\u573a\u7d27\u5f20\u671f\uff0c2025 \u5e74\u8425\u6536\u51e0\u4e4e\u7ffb\u500d\uff0c\u663e\u793a\u5176\u5bf9 AI \u786c\u4ef6\u5468\u671f\u7684\u6760\u6746\u6548\u5e94\u3002<\/p>\n

MiniMax \u5728\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u5b9a\u4f4d<\/h3>\n

MiniMax \u5728\u8fd9\u4e2a\u77e9\u9635\u4e2d\u4f4d\u7f6e\u6e05\u6670\u3002\u5b83\u662f\u4e00\u5bb6\u7eaf\u7cb9\u7684\u6a21\u578b\u516c\u53f8\uff0c\u53ef\u901a\u8fc7\u4e0e\u5e73\u53f0\u548c\u8bbe\u5907\u5236\u9020\u5546\u7684\u5408\u4f5c\uff0c\u5c06\u4f01\u4e1a\u4e0e\u6d88\u8d39\u8005\u7528\u4f8b\u53d8\u73b0\u3002\u5e02\u573a\u5bf9\u7b26\u5408\u4e2d\u56fd\u76d1\u7ba1\u4e0e\u5546\u4e1a\u8bed\u5883\u7684\u53cc\u8bed\u6a21\u578b\u9700\u6c42\u6b63\u5728\u4e0a\u5347\uff0c\u4ece\u91d1\u878d\u548c\u516c\u5171\u670d\u52a1\u5230\u5de5\u4e1a\u81ea\u52a8\u5316\u5747\u6709\u9700\u6c42\u3002\u968f\u7740\u56fd\u5185\u4e91\u5382\u5546\u5c06 AI \u5373\u670d\u52a1\u63a8\u5e7f\u5230\u6570\u4ee5\u5343\u8ba1\u7684\u4e2d\u5c0f\u4f01\u4e1a\u4e0e\u56fd\u4f01\uff0c\u53ef\u5bfb\u5740\u5e02\u573a\u975e\u5e38\u5e7f\u6cdb\u3002\u5728\u7f8e\u56fd\u5382\u5546\u9762\u4e34\u51fa\u53e3\u7ba1\u5236\u4e4b\u9645\uff0c\u4e2d\u56fd\u5382\u5546\u53ef\u4ee5\u5728 14 \u4ebf\u7edf\u4e00\u5e02\u573a\u5185\u672c\u5730\u5316\u5e76\u89c4\u6a21\u5316\uff0c\u7136\u540e\u901a\u8fc7\u5728\u4e1c\u5357\u4e9a\u3001\u4e2d\u4e1c\u4e0e\u62c9\u7f8e\u7684\u5408\u4f5c\u4f19\u4f34\u51fa\u53e3 AI \u652f\u6301\u7684\u4ea7\u54c1\u3002\u9999\u6e2f\u4e0a\u5e02\u4e3a MiniMax \u63d0\u4f9b\u4e86\u8d27\u5e01\u5316\u624b\u6bb5\u4ee5\u62db\u8058\u4eba\u624d\u3001\u9501\u5b9a\u7b97\u529b\u5e76\u63a8\u8fdb\u5e76\u8d2d\u3002<\/p>\n

\u6d88\u8d39\u4e0e\u51fa\u53e3\u52bf\u5934<\/h3>\n

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