On July 9, MiniMax (00100) sent a strong signal on its lock-up expiration date, with no signs of selling in the market; instead, long-term capital has begun re-betting on China's AI sector. The company simultaneously disclosed significant progress in its computing infrastructure development, demonstrating a dual-engine strategy centered on 'domestic substitution plus global expansion.' On the domestic computing front, MiniMax is accelerating the construction of its first domestically sourced computing cluster, which is expected to be fully deployed by the end of Q3 2026, adopting an 'inference-first, training-later' approach. Meanwhile, regarding overseas computing capacity, the company has already secured high-quality resources in compliance with applicable regulations, with its reserves reportedly ahead of most peers. This comprehensive strategic positioning is becoming one of the core drivers behind the market’s reassessment of MiniMax’s valuation.