Morgan Stanley: MINIMAX-W (00100) Iteration Pace Accelerating, Rated "Hold"

Morgan Stanley released a research report stating that MINIMAX-W (00100) launched a new generation flagship large model M2.7 yesterday, indicating that the group's iterative pace is accelerating as M2.7 was released within a month of M2.5. The target price for the stock is set at 990 Hong Kong dollars, equivalent to a forecasted market-to-sales ratio of 56 times in 2027. Rating: Buy. Morgan Stanley pointed out that, according to the company, M2.7 can autonomously construct complex Agent Harness (a set of benchmarks/tools for AI agent testing) and further enhance itself through reinforcement learning and Harness based on test results. This significantly accelerates MiniMax's model iteration speed and brings the company closer to an AI-native organization. The company also revealed that, compared to M2.5, M2.7 has made significant improvements in OpenClaw performance, approaching the level of Sonnet4.6 in MMClaw benchmark testing. Morgan Stanley also believes that the group is expected to drive further growth in tokens after OpenClaw.