JP Morgan strongly recommends buying: Large model giants KNOWLEDGE ATLAS (02513) and MiniMax (00100) soar, Wall Street's first rating ignites Hong Kong stock AI craze.

MiniMax-WP (00100) and KNOWLEDGE ATLAS (02513) have seen a significant increase in the Hong Kong stock market, after Morgan Stanley released a research report recommending investors to buy stocks of these two emerging artificial intelligence model developers. Specifically, KNOWLEDGE ATLAS's stock price surged by 24% at its highest point during trading, while MiniMax also recorded an 11% increase. It is worth noting that Morgan Stanley analyst Olivia Xu's team has initiated coverage and given a "buy" rating for both of these companies for the first time. These two companies have emerged as the latest star companies in the Chinese technology boom over the past year, driven by breakthroughs in DeepSeek technology. Earlier this year, they both debuted on the Hong Kong stock market and rode the strong AI investment trend, leading to a surge in their stock prices - MiniMax saw a rise of approximately 230% in just over a month, while KNOWLEDGE ATLAS saw an even more impressive increase of over 170% during the same period. In its latest research report, Morgan Stanley analysts emphasized that MiniMax and KNOWLEDGE ATLAS are the "core targets for capturing the next wave of global AI value creation." The report pointed out that these two companies, as the most recognizable independent large-scale language model developers, are accelerating their global business expansion. Morgan Stanley's "buy" rating marks the first authoritative response from Wall Street to the new wave of Chinese AI companies going public. It is worth noting that this week, Goldman Sachs also followed suit by giving a "buy" rating for chip designer Shanghai BIREN TECH (06082) and Mu Xi Shares (688802.SH) for the first time, with the same core logic pointing towards the strong growth prospects of the AI industry. According to Morgan Stanley's calculations, MiniMax's revenue growth curve is particularly steep - the majority of its sales already come from overseas markets, and it is expected to expand rapidly at an annual compound growth rate of 138% between 2025 and 2030; KNOWLEDGE ATLAS is expected to achieve a sales growth rate of 127% during the same period, with both companies likely to reach a profit turning point in 2029.