Morgan Stanley released a research report stating that it maintained the MiniMax target price of HK$900 and “increased” the rating; the bank pointed out that MiniMax officially launched the lightweight large language model M3.1 Flash. Although the scale of parameters and licensing details have not been fully disclosed, the pricing is competitive among major lightweight large language models in China, and the cost of performing proxy tasks is also at a favorable level. The report mentioned that M3.1 Flash ranked second in China's Artificial Intelligence Index, after DeepSeek V4.1 Flash. The bank also anticipates that the higher-level M3 Pro will be the main model showing MiniMax's technical strength, and may be launched before the end of October.

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