Hong Kong AI Duo Strengthens, Smart Spectrum Soars 34%, MiniMax Jumps 17%

China's two leading large model companies saw a joint surge in their Hong Kong stock prices on Wednesday, with Zhipu Technology's gains expanding to 34%, closing at HKD 1,130; MiniMax-WP surged over 17%, closing at HKD 811.

GLM-5.1 Claims Global Open-Source SOTA

Authoritative evaluation agency Artificial Analysis released a new Coding Agent benchmark on May 12th, covering three mainstream test suites including SWE-Bench-Pro-Hard-AA, with Zhipu's GLM-5.1 ranking first globally among open-source models.

This is the first time a domestically developed large model has achieved the global open-source SOTA in real-world programming Agent scenarios, and the model is completely trained based on 100,000 Huawei Ascend 910B chips, with an API pricing of about 1/18 that of Claude Opus, and its recent invocations on the OpenRouter platform have risen to the forefront of open-source use.

The market interprets this as a narrative leap for Chinese AI from a "follower" to a "definer," and sees it as the first time the "model + chip + application" domestic autonomous closed loop has been verified by a top benchmark, directly promoting a reconfiguration of the sector's valuation framework.

Goldman Sachs Upgrades MiniMax Rating

Goldman Sachs upgraded MiniMax to a "buy" rating earlier this month, and raised projected revenues for 2026 and 2027 by 25% and 11% respectively, expressing optimism in the forthcoming M3 model and the potential of Conch 3 in the field of full-modal coding.

Morgan Stanley released its China stock outlook for the second half of 2026 on the same day, raising the target price for the Hang Seng Index to 28,400 points by the second quarter of 2027, and the CSI 300 target to 5,400 points, with the warming sentiment of foreign capital providing ample liquidity support for the Hong Kong AI sector.

Computing Power Chain Erupts; Policy End Continues to Bolster

The computing power industry chain on the A-share market ignited in tandem, with Foxconn Technology Group and Shengyi Technology hitting the daily limit, and Chengdi Xiangjiang and Litong Electronics among other computing power leasing targets experiencing multiple stock closures, with Datang Power achieving a consecutive 6-day board. The Ministry of Industry and Information Technology held a symposium on high-quality industry data set construction on the same day, emphasizing that "the development and utilization of industrial data is an important lever for driving technological transformation in artificial intelligence," further raising expectations for the sector from a policy standpoint.

The meeting between the Chinese and U.S. heads of state also provided additional diplomatic support, as U.S. Treasury Secretary Bessent had just concluded talks with Vice Premier He Lifeng, leading to an overall increase in risk appetite.

Zhipu has skyrocketed from a low of HKD 116 to a high of HKD 1,095 intraday in the current year, with a 52-week increase close to 10 times, significantly amplifying short-term volatility risks.

The actual launch performance of MiniMax M3 and Conch 3 models in meeting the expectations set by Goldman Sachs is yet to be verified, and the characteristic of a smaller free float in Hong Kong's large model concept stocks and extremely high daily turnover rates means that the pressure of regression after the sentiment tide recedes should not be overlooked.

The final tariff stance in the Sino-American trade negotiations remains the greatest macro variable affecting risk appetite.