Morgan Stanley: Maintains "Overweight" rating on MiniMax-W (00100), target price HK$900

Morgan Stanley issued a research report maintaining MiniMax (00100)'s target price at HK$900 with an "Overweight" rating; the bank noted that MiniMax has officially launched its lightweight large language model M3.1 Flash. Although the parameter scale and licensing details have not been fully disclosed, its pricing is competitive among China's major lightweight large language models, and the cost of executing agent tasks is also at a favorable level. The report mentioned that M3.1 Flash ranks second in the China AI Index, behind only DeepSeek V4.1 Flash. The bank also expects the higher-tier M3 Pro to become the primary model showcasing MiniMax's technical strength, potentially launching before the end of October.