{"id":613889,"date":"2026-01-09T06:12:49","date_gmt":"2026-01-09T14:12:49","guid":{"rendered":"https:\/\/nai500.com\/?p=613889"},"modified":"2026-01-09T06:12:49","modified_gmt":"2026-01-09T14:12:49","slug":"10-ai-minimax-ipo","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/01\/10-ai-minimax-ipo\/","title":{"rendered":"10 \u6a94\u4e2d\u570b AI \u8207\u5275\u65b0\u6295\u8cc7\u6a19\u7684\uff1aMiniMax IPO \u5f8c\u7684\u5e03\u5c40"},"content":{"rendered":"

\u4e2d\u570b\u7684 AI \u53ef\u6295\u8cc7\u6027\u6545\u4e8b\u53c8\u7ffb\u958b\u65b0\u7684\u4e00\u7ae0\u3002\u6a21\u578b\u958b\u767c\u5546 MiniMax \u5728\u9999\u6e2f\u52df\u5f97 6.18 \u5104\u7f8e\u5143\uff0c\u4e14\u5176 36 \u6b72\u5275\u8fa6\u4eba\u5728\u9996\u65e5\u639b\u724c\u80a1\u50f9\u98c6\u5347\u5f8c\u7684\u6de8\u8cc7\u7522\u8e8d\u5347\u81f3 32 \u5104\u7f8e\u5143\u3002\u9019\u662f\u4e00\u500b\u8a0a\u865f\uff1a\u9999\u6e2f\u91cd\u56de\u5148\u9032\u904b\u7b97\u8cc7\u91d1\u52df\u96c6\u7684\u5834\u57df\uff0c\u4e2d\u570b\u7684\u5275\u65b0\u6a5f\u5668\u6b63\u5728\u516c\u958b\u5e02\u5834\u4e0a\u5275\u9020\u53ef\u898f\u6a21\u5316\u3001\u53ef\u7372\u5229\u7684\u6a5f\u6703\u3002\u9019\u4e0d\u53ea\u662f\u4e00\u6b21\u77ed\u66ab\u7684\u5674\u767c\uff0c\u800c\u662f\u5c0d\u5177\u5168\u7403\u4f48\u5c40\u3001\u5177\u6709\u53ef\u9810\u671f\u653f\u7b56\u9806\u98a8\u8207\u5c0d\u65b0\u8208\u5e02\u5834\u51fa\u53e3\u52d5\u80fd\u7684\u4e2d\u570b\u79d1\u6280\u8207\u7da0\u8272\u4f9b\u61c9\u93c8\u7684\u4e00\u6b21\u66f4\u5ee3\u6cdb\u91cd\u4f30\u3002<\/p>\n

\u9999\u6e2f\u91cd\u555f AI \u7a97\u53e3<\/h3>\n

MiniMax \u7684\u4e0a\u5e02\u5c55\u793a\u4e86\u9999\u6e2f\u80fd\u5728\u4e0d\u88fd\u9020\u6ce2\u703e\u7684\u60c5\u6cc1\u4e0b\uff0c\u5c07\u5168\u7403\u8cc7\u672c\u5f15\u4ecb\u5230\u4e2d\u570b\u7684 AI \u751f\u614b\u3002\u6295\u8cc7\u4eba\u7372\u5f97\u6d41\u52d5\u6027\u3001\u6cbb\u7406\u6a19\u6e96\uff0c\u4ee5\u53ca\u63a5\u8fd1\u5167\u5730\u4ea4\u6613\u4f86\u6e90\u7684\u512a\u52e2\u3002\u5c0d\u767c\u884c\u4eba\u800c\u8a00\uff0c\u9999\u6e2f\u63d0\u4f9b\u570b\u969b\u5316\u5b9a\u50f9\u8207\u5c0b\u6c42\u6298\u50f9\u6210\u9577\u66dd\u96aa\u7684\u9577\u671f\u578b\u57fa\u91d1\u6df1\u539a\u8cc7\u91d1\u6c60\u3002\u9019\u5f88\u91cd\u8981\uff0c\u56e0\u70ba\u4e2d\u570b\u7684 AI \u73fe\u5728\u662f\u500b\u898f\u6a21\u6545\u4e8b\uff1a\u57fa\u790e\u6a21\u578b\u3001\u4f01\u696d\u90e8\u7f72\u3001\u908a\u7de3\u8a2d\u5099\u8207\u5132\u80fd\u90fd\u9700\u8981\u5927\u91cf\u8cc7\u672c\u3002\u96a8\u8457\u5275\u8fa6\u4eba\u89c0\u5bdf MiniMax \u7684\u4ea4\u6613\u4e26\u898b\u5230\u57f7\u884c\u7372\u5f97\u734e\u52f5\uff0c\u9810\u671f\u6703\u6709\u66f4\u591a\u7533\u8acb\u6848\u51fa\u73fe\u3002\u672a\u4f86 12 \u500b\u6708\u5c07\u76f8\u7576\u5fd9\u788c\uff0c\u786c\u9ad4\u3001\u6578\u64da\u57fa\u790e\u8a2d\u65bd\u8207\u6a21\u578b\u65b0\u5275\u5c07\u8207 OEM \u4ee5\u53ca\u7531\u570b\u5bb6\u727d\u5f15\u7684\u91d1\u878d\u3001\u91ab\u7642\u8207\u88fd\u9020\u9700\u6c42\u5c0d\u63a5\u3002<\/p>\n

\u653f\u7b56\u9806\u98a8\u8207\u898f\u6a21\u6548\u61c9<\/h3>\n

\u5317\u4eac\u7684\u5275\u65b0\u8b70\u7a0b\u5f88\u660e\u78ba\uff1a\u904b\u7b97\u3001\u6578\u64da\u3001\u96fb\u6c23\u5316\u8207\u7522\u696d\u8edf\u9ad4\u3002\u9019\u4e9b\u512a\u5148\u9805\u76ee\u5efa\u57fa\u65bc\u8d85\u904e 1.4 \u5146\u7f8e\u5143\u5e02\u503c\u7684\u4f01\u696d\u57fa\u790e\uff0c\u6db5\u84cb\u50cf Tencent\u3001Alibaba \u8207 ICBC \u7b49\u5de8\u982d\u3002\u98db\u8f2a\u6b63\u5728\u8f49\u52d5\u3002Alibaba \u7684\u570b\u969b\u96fb\u5546\u5728 2024 \u5e74\u7b2c 4 \u5b63\u5e74\u589e 36%\uff0c\u63d0\u9192\u6211\u5011\u4e2d\u570b\u5e73\u53f0\u80fd\u5728\u5168\u7403\u64f4\u5f35\u4e26\u6709\u6548\u8b8a\u73fe\u3002\u5728\u6676\u7247\u65b9\u9762\uff0cChangXin Memory Technologies \u6b63\u6e96\u5099\u5728\u4e0a\u6d77\u9032\u884c 42 \u5104\u7f8e\u5143\u7684 IPO\uff0c\u4ee5\u64f4\u5927 DRAM \u7522\u80fd\uff1b\u5728 2025 \u5e74\u4f9b\u61c9\u7dca\u5f35\u671f\u9593\u5176\u71df\u6536\u5e7e\u4e4e\u7ffb\u500d\u3002\u5728\u6c7d\u8eca\u65b9\u9762\uff0cChery \u5728 2023 \u5e74\u4ee5\u5411\u5916\u92b7\u552e 937,148 \u8f1b\u8eca\u6210\u70ba\u4e2d\u570b\u6700\u5927\u7684\u51fa\u53e3\u5546\uff0c\u4e26\u5728 2024 \u5e74\u8e8b\u8eab Fortune Global 500\u3002\u50cf \u5c0f\u7d05\u66f8 \u9019\u985e\u6d88\u8cbb\u5e73\u53f0\u5728\u898f\u6a21\u5316\u5f8c\u5be6\u73fe\u7372\u5229\uff0c\u64c1\u6709\u8d85\u904e 3 \u5104\u6708\u6d3b\u8e8d\u7528\u6236\uff0c\u4e14 2024 \u5e74\u6de8\u5229\u7ffb\u500d\u3002\u518d\u52a0\u4e0a\u4e2d\u570b\u5728\u6c23\u5019\u8ad6\u58c7\u8207\u7a00\u571f\u9818\u5c0e\u5730\u4f4d\u4e0a\u6709\u7d00\u5f8b\u6027\u7684\u904b\u4f5c\uff0c\u78ba\u4fdd\u96fb\u6c60\u3001\u96fb\u52d5\u8eca\u8207\u592a\u967d\u80fd\u7522\u54c1\u7684\u5e02\u5834\u958b\u653e\uff0c\u4f60\u6703\u770b\u5230\u96a8\u6642\u9593\u8907\u5229\u7684\u7d50\u69cb\u6027\u512a\u52e2\u3002<\/p>\n

\u5c0d\u5168\u7403\u6295\u8cc7\u7d44\u5408\u7684\u610f\u6db5<\/h3>\n

\u53ef\u6295\u8cc7\u7684\u7bc4\u570d\u73fe\u5728\u6bd4\u982d\u689d\u516c\u53f8\u66f4\u5ee3\u3002\u4f60\u53ef\u4ee5\u8de8\u9999\u6e2f\u7684 H \u80a1\u3001\u4e0a\u6d77\u8207\u6df1\u5733\u7684 A \u80a1\uff0c\u4ee5\u53ca\u7279\u5b9a\u7f8e\u570b ADR \u9032\u884c\u914d\u7f6e\uff0c\u5c07\u8edf\u9ad4\u8207\u786c\u9ad4\u3001\u5e73\u53f0\u8207\u8ce6\u80fd\u8005\u642d\u914d\u3002\u5171\u540c\u7dda\u7d22\u662f\u5168\u7403\u5f71\u97ff\u529b\uff1a\u5728\u62c9\u4e01\u7f8e\u6d32\u8207\u6771\u5357\u4e9e\u7684\u51fa\u53e3\u5c0e\u5411\u96fb\u52d5\u8eca\u3001\u5728\u7f8e\u6b50\u7684\u8de8\u5883\u96fb\u5546\uff0c\u4ee5\u53ca\u627e\u5230\u4f01\u696d\u8cb7\u5bb6\u7684 AI \u670d\u52d9\u3002\u6a5f\u6703\u5728\u65bc\u64c1\u6709\u8ecc\u9053\u3001\u6316\u7926\u5de5\u5177\uff08picks-and-shovels\uff09\u8207\u8b8a\u73fe\u4f7f\u7528\u8005\u4e92\u52d5\u8207\u4e0a\u7dda\u6642\u9593\u7684\u61c9\u7528\u3002\u96a8\u8457 MiniMax \u7684\u5b9a\u50f9\u6e05\u6670\uff0c\u7576 AI \u8207\u7da0\u8272\u79d1\u6280\u7684\u76c8\u9918\u53ef\u898b\u6027\u63d0\u5347\u6642\uff0c\u8207\u7f8e\u570b\u540c\u696d\u7684\u4f30\u503c\u5dee\u8ddd\u61c9\u6703\u7e2e\u5c0f\u3002\u5c0d\u8cc7\u7522\u914d\u7f6e\u8005\u7684\u8a0a\u865f\u5f88\u76f4\u63a5\uff1a\u4e2d\u570b\u7684\u5275\u65b0\u6ea2\u50f9\u91cd\u56de\u684c\u9762\u3002<\/p>\n

\u4e2d\u570b AI \u8207\u5275\u65b0\u524d\u5341\u5927\u500b\u80a1\u91cd\u9ede<\/h3>\n

1) MiniMax HKEX \u65b0\u4e0a\u5e02 – \u52df\u5f97 6.18 \u5104\u7f8e\u5143\uff0c\u9996\u65e5\u80a1\u50f9\u4e0a\u6f32\uff1b\u5275\u8fa6\u4eba\u6de8\u8cc7\u7522\u9054 32 \u5104\u7f8e\u5143\uff0c\u51f8\u986f\u6295\u8cc7\u4eba\u5c0d\u4e2d\u570b\u6a21\u578b\u958b\u767c\u8005\u7684\u4fe1\u5fc3\u3002<\/p>\n

2) Tencent 0700.HK – AI \u6a21\u578b Hunyuan \u73fe\u5728\u652f\u6490\u793e\u4ea4\u3001\u96f2\u7aef\u8207\u904a\u6232\u7b49\u7522\u54c1\uff1b\u4f5c\u70ba\u5168\u7403\u6700\u5927\u7d1a\u7684\u901a\u8a0a\u8207\u652f\u4ed8\u5e73\u53f0\u4e4b\u4e00\uff0c\u70ba\u4f01\u696d\u7d1a AI \u63d0\u4f9b\u5373\u6642\u5206\u767c\u901a\u8def\u3002<\/p>\n

3) Alibaba 9988.HK BABA – \u570b\u969b\u96fb\u5546\u5728 2024 \u5e74\u7b2c 4 \u5b63\u5e74\u589e 36%\uff0c\u5f37\u5316\u8de8\u5883\u898f\u6a21\uff1bQwen \u6a21\u578b\u6b63\u88ab\u5d4c\u5165\u5546\u5bb6\u5de5\u5177\u3001\u7269\u6d41\u8207\u5ee3\u544a\u3002<\/p>\n

4) Baidu 9888.HK BIDU – ERNIE \u9a45\u52d5\u641c\u5c0b\u8207\u4f01\u696d\u89e3\u6c7a\u65b9\u6848\uff1bApollo Go \u6a5f\u5668\u4eba\u8a08\u7a0b\u8eca\u5df2\u5728\u591a\u500b\u4e2d\u570b\u57ce\u5e02\u904b\u71df\uff0c\u662f\u61c9\u7528 AI \u8207\u81ea\u4e3b\u7cfb\u7d71\u7684\u4e00\u5927\u91cc\u7a0b\u7891\u3002<\/p>\n

5) BYD 1211.HK – \u5168\u7403\u96fb\u52d5\u8eca\u898f\u6a21\u9818\u5c0e\u8005\uff0c\u5c0d\u65b0\u8208\u5e02\u5834\u51fa\u53e3\u6301\u7e8c\u589e\u52a0\uff1b\u5728\u96fb\u6c60\u8207\u534a\u5c0e\u9ad4\u7684\u5782\u76f4\u6574\u5408\u63d0\u5347\u6bdb\u5229\u8207\u97cc\u6027\u3002<\/h3>\n

6) CATL 300750.SZ – \u5168\u7403\u6700\u5927\u7684\u96fb\u52d5\u8eca\u96fb\u6c60\u751f\u7522\u5546\u8207\u5132\u80fd\u91cd\u93ae\uff1b\u9577\u671f\u4f9b\u61c9\u5408\u7d04\u5c07\u5176\u547d\u904b\u7d81\u5b9a\u65bc\u5168\u7403\u80fd\u6e90\u8f49\u578b\u3002<\/h3>\n

7) Xiaomi 1810.HK – \u5929\u751f AI \u7684\u786c\u9ad4\u751f\u614b\uff0c\u6db5\u84cb\u624b\u6a5f\u3001\u7a7f\u6234\u88dd\u7f6e\u8207 2024 \u5e74\u63a8\u51fa\u7684 SU7 \u96fb\u52d5\u8eca\uff1b\u8edf\u9ad4\u5b9a\u7fa9\u88dd\u7f6e\u4f7f\u54c1\u724c\u7ad9\u5728\u6a21\u578b\u7d93\u6fdf\u7684\u908a\u7de3\u3002<\/p>\n

8) PDD Holdings PDD – Temu \u7684\u5168\u7403\u6ef2\u900f\u628a\u4e2d\u570b\u88fd\u9020\u7684\u6df1\u5ea6\u8f49\u5316\u70ba\u7f8e\u6b50\u7684\u96f6\u552e\u5e02\u5360\uff1bAI \u9a45\u52d5\u7684\u5546\u54c1\u5316\u8207\u7269\u6d41\u964d\u4f4e\u4e86\u5ba2\u6236\u53d6\u5f97\u6210\u672c\u3002<\/p>\n

9) ICBC 1398.HK – \u6309\u8cc7\u7522\u8a08\u7b97\u70ba\u5168\u7403\u6700\u5927\u7684\u9280\u884c\u4e4b\u4e00\uff1b\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u8207\u4f01\u696d\u95dc\u4fc2\u4f7f\u5176\u6210\u70ba\u7da0\u8272\u91d1\u878d\u8207\u6578\u4f4d\u8f49\u578b\u7684\u91cd\u8981\u7ba1\u9053\u3002<\/h3>\n

10) CXMT Pre-IPO Shanghai – \u76ee\u6a19\u52df\u8cc7 42 \u5104\u7f8e\u5143\u4ee5\u64f4\u5927 DRAM \u7522\u80fd\uff1b\u5728\u8a18\u61b6\u9ad4\u5e02\u5834\u7dca\u7e2e\u6642\uff0c2025 \u5e74\u71df\u6536\u5e7e\u4e4e\u7ffb\u500d\uff0c\u986f\u793a\u5c0d AI \u786c\u9ad4\u9031\u671f\u7684\u69d3\u687f\u6027\u3002<\/p>\n

MiniMax \u5728\u751f\u614b\u7cfb\u4e2d\u7684\u5b9a\u4f4d<\/h3>\n

MiniMax \u6e05\u6670\u5730\u5d4c\u5165\u9019\u500b\u77e9\u9663\u4e2d\u3002\u5b83\u662f\u4e00\u5bb6\u7d14\u6a21\u578b\u516c\u53f8\uff0c\u80fd\u900f\u904e\u8207\u5e73\u53f0\u8207\u88dd\u7f6e\u88fd\u9020\u5546\u7684\u5408\u4f5c\uff0c\u5c07\u4f01\u696d\u7aef\u8207\u6d88\u8cbb\u7aef\u4f7f\u7528\u6848\u4f8b\u8b8a\u73fe\u3002\u5c0d\u8abf\u6821\u70ba\u7b26\u5408\u4e2d\u570b\u76e3\u7ba1\u8207\u5546\u696d\u60c5\u5883\u7684\u96d9\u8a9e\u6a21\u578b\u9700\u6c42\u6b63\u5728\u4e0a\u5347\uff0c\u6db5\u84cb\u91d1\u878d\u3001\u516c\u5171\u670d\u52d9\u5230\u5de5\u696d\u81ea\u52d5\u5316\u3002\u96a8\u8457\u570b\u5167\u96f2\u7aef\u4f9b\u61c9\u5546\u5c07 AI-as-a-Service \u63a8\u5411\u6578\u5343\u5bb6\u4e2d\u5c0f\u4f01\u696d\u8207\u570b\u4f01\uff0c\u53ef\u670d\u52d9\u7684\u5e02\u5834\u9f90\u5927\u3002\u5728\u7f8e\u570b\u5ee0\u5546\u9762\u5c0d\u51fa\u53e3\u7ba1\u5236\u7684\u60c5\u6cc1\u4e0b\uff0c\u4e2d\u570b\u4f9b\u61c9\u5546\u53ef\u4ee5\u5728 14 \u5104\u4eba\u7684\u7d71\u4e00\u5e02\u5834\u5167\u5728\u5730\u5316\u4e26\u64f4\u5927\uff0c\u7136\u5f8c\u900f\u904e\u5728\u6771\u5357\u4e9e\u3001\u4e2d\u6771\u8207\u62c9\u4e01\u7f8e\u6d32\u7684\u5408\u4f5c\u5925\u4f34\u51fa\u53e3\u5177 AI \u80fd\u529b\u7684\u7522\u54c1\u3002\u9999\u6e2f\u7684\u4e0a\u5e02\u4e5f\u7d66\u4e88 MiniMax \u7c4c\u52df\u4eba\u624d\u3001\u9396\u5b9a\u904b\u7b97\u8cc7\u6e90\u8207\u8ffd\u6c42\u4f75\u8cfc\u7684\u8ca8\u5e63\u5de5\u5177\u3002<\/p>\n

\u6d88\u8cbb\u7aef\u8207\u51fa\u53e3\u52d5\u80fd<\/h3>\n

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\u70ba 2026 \u5e74\u505a\u914d\u7f6e<\/h3>\n

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