计算机行业深度研究报告：Kimi：m2模型，跻身全球开源SOTA序列

Investment Rating - The report maintains a "Buy" recommendation for the computer industry, particularly focusing on AI application directions [4]. Core Insights - The report highlights the advancements of the Kimi model by Moonshot AI, emphasizing its position in the global open-source SOTA (State of the Art) landscape [2][8]. - Kimi K2, the latest model, has achieved significant breakthroughs in various capabilities, including code generation, reasoning, and automation, establishing a new benchmark in the industry [36][39]. - The report outlines the strategic shift from a single dialogue tool to a comprehensive product matrix, catering to both consumer (C-end) and business (B-end) markets [12][21]. Summary by Sections Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 47,787.54 billion [4]. - The industry has shown strong performance, with absolute returns of 61.1% over the past 12 months [5]. Kimi Model Development - Moonshot AI, recognized as one of the leading players in the domestic AI landscape, launched the Kimi model, which supports input of up to 200,000 Chinese characters, marking a significant advancement in long-text processing [12][23]. - The Kimi K2 model, released in July 2025, features a mixture of experts (MoE) architecture with 320 billion active parameters and a total of 1 trillion parameters, achieving a balance between efficiency and performance [34][39]. Performance Metrics - Kimi K2 has outperformed several international models, ranking first in the global open-source model leaderboard and excelling in various benchmark tests, including code generation and mathematical reasoning [47][48]. - The model's performance in the Aider Leaderboard and EQ-Bench3 tests demonstrates its competitive edge in tool usage and emotional intelligence [50][51]. Investment Themes - The report identifies key investment themes, including the cost advantages of Kimi K2, which is expected to drive the commercialization of AI agents and enhance application layer innovations [9][10]. - The strategic focus on open-source models is anticipated to lower development costs and accelerate the adoption of AI applications across various sectors [9][10].