[GF Computers] MiniMax update: Southbound Stock Connect catalyst approaching, model iteration and commercialization may resonate

English summary

# Expectations for inclusion in the Southbound Stock Connect are rising, with incremental capital catalysts approaching. MiniMax was included in the Hang Seng Tech Index and Hang Seng Composite Index in June; due to its weighted voting rights structure, it still needs to meet additional conditions such as listing duration, and the market expects it to be included in the Southbound Stock Connect as early as August. Once included, it will further broaden allocation channels for mainland capital, improve trading liquidity, and strengthen the valuation anchor as a scarce target for domestic large models. # The model side is expected to enter a dense update period. Currently, domestic large models are still in the parameter scaling stage, while high-quality SFT/RL, Coding/Agent capabilities, and commercial API calls are becoming key differentiators. MiniMax is advancing the evolution of the M3 architecture to larger scales, validating pre-training scaling capabilities; on the other hand, it is expected to strengthen post-training and multimodal capabilities around M3 subsequent versions and products like Hailuo, accelerating the pace of model and product iteration. # Model capabilities are accelerating revenue conversion; commercial elasticity deserves attention. ...