高盛：维持MiniMax买入，目标价860港元

Odaily Odaily Planet Daily News According to a report on July 3, Goldman Sachs maintained its "Buy" rating on MiniMax Group with a target price of HK$860. The report indicates that MiniMax's M3 model is priced the same as M2.7. Through upgrades to its training and inference architecture, inference efficiency has more than doubled, offsetting the cost increase from doubling the model's parameters. This week, DeepSeek announced that the official version of V4 is planned to go live in mid-July, simultaneously implementing a time-based pricing mechanism where peak-hour call prices will be double the normal rate. Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-effectiveness of MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase. (Jin Shi / Jinshi Data)