MiniMax (00100) surged over 19%, and H3 Max broke through the threshold for AI real-time broadcasting.

MINIMAX-W (00100) continued to expand its afternoon gains, rising by 19% to HKD 358, with a trading volume of HKD 5.8 billion. On the 31st, MiniMax announced that the H3 Max 768P and H3 Max 480P were officially integrated into the MiniMax open platform and MiniMax Design. The H3 Max was retrained and optimized for inference by fal based on the open-weight version of MiniMax H3. A complete audio-visual piece of 5 seconds at 768p is generated in under 3 seconds, with generation speed now beginning to outpace playback speed. This speed change directly impacts the product form. While one video is still playing, the system is already able to prepare the next piece of content, allowing the model to be integrated into a continuously running live stream. The audience for the video model could expand from those who need to produce a video to content products that require ongoing visual generation. H3 Max supports text-to-video and image-to-video, capable of generating complete audio-visual pieces at 480p or 768p, lasting 5 to 15 seconds, and at 24fps. Data released by fal shows that H3 Max can generate a 5-second, 768p video in less than 3 seconds, while a 15-second video takes about 15 seconds; its throughput is approximately 35 times that of the official MiniMax H3 endpoint. The acceleration of H3 Max comes from the synchronized adjustment of the model and inference system. fal added new data based on H3 open weights and continued to optimize command adherence and visual performance through verifiable reinforcement learning, while also adapting to its own inference infrastructure. H3 Max ranks first on both the Design Arena image-to-video leaderboard and the Artificial Analysis image-to-video leaderboard. Overseas developers have integrated this capability into actual live broadcasts. fal engineer Rehan Sheikh connected H3 Max to Twitch, creating a "cross-dimensional television" without a fixed program schedule. The model continually generates new visuals and sounds, directly entering the live stream, with views on X nearing 5.3 million. Huatai released a research report indicating that AI model commercialization is expected to accelerate in the next 4-6 months, and the competitive landscape in the niche area where MiniMax operates is showing signs of improvement. In the second half of the year, the company is expected to accelerate product launches, which could drive rapid revenue growth: M3 Pro is anticipated to be launched in September-October, with parameter scale potentially reaching the trillions. Guosheng and Sinolink issued reports on MINIMAX-W (00100), maintaining a buy rating.