HSBC: Upgrade rating on Sinopharm Group (02513.HK) to HK$1,400, downgraded rating on MiniMax-W (00100.HK) to "Neutral"

According to the Wise Finance app, JPMorgan Chase released a research report on the Chinese artificial intelligence large model industry, pointing out that as the monetization path of large models converges towards enterprise workflows, API consumption, code and intelligent agents, investors will pay more attention to the actual capabilities of the models, task completion rates, and pricing power. In the background where the demand for AI adoption still exceeds the supply of inference computing power, developers who quickly withdraw from premium pricing reflect that their model capabilities have not been market recognized. The firm is relatively optimistic about Zhigu (02513.HK) in the sector, but has downgraded the investment rating for MiniMax-W (00100).