5月27日，港股大模型概念板块表现强劲，MINIMAX-W盘中涨幅超8%，智谱涨近5%。该板块已连续多日走强，其中MINIMAX-W因5月22日被纳入恒生科技股指数，市场关注度提升，股价持续上涨。
5月21日，恒生科技指数收跌2.15%，年内累计跌近15%。瑞银分析师方锦聪指出，板块短期承压源于三重压力：宏观疲软拖累电商、广告等To C业务，AI资本开支激增侵蚀利润。但长期投资逻辑已发生本质性变革，基本面仍具韧性。
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