AI产业跟踪：MiniMax-M2发布，登顶开源模型，持续关注大模型商业化落地进展

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - On October 27, Xiyu Technology officially open-sourced and launched MiniMax M2, a model with a total parameter count of 230 billion, specifically designed for agent and code applications. The complete weights of M2 are fully open-sourced under the MIT license and are available globally for a limited time free of charge. The MiniMax Agent has also launched a domestic version and upgraded its overseas version [2][5]. - The launch of M2 opens new possibilities for open-source models in intelligent execution and enterprise applications, with the potential for accelerated commercialization of large models. The report emphasizes the importance of cost reduction effects of the models and continues to favor the domestic AI industry chain, recommending shovel stocks and major players with significant positioning advantages [2][10]. Summary by Sections Event Description - The report details the launch of MiniMax M2, which features a MoE architecture and is tailored for agent and code applications. The model's complete weights are open-sourced and available for free globally for a limited time. Additionally, the MiniMax Agent has launched a domestic version and upgraded its overseas version [5]. Event Commentary - MiniMax M2 has demonstrated exceptional performance in various benchmarks, including a SWE-bench Verified score of 69.4, placing it among the top models for real programming tasks. The model also achieved a score of 61 in the Artificial Analysis test, ranking fifth overall and first among open-source models. In terms of tool usage, it scored 77.2 in the τ²-Bench test, leading among domestic models [10]. - The model's architecture focuses on executable agent tasks, ensuring that every reasoning step has complete context visibility. The interleaved thinking format allows the model to plan and verify operations across multiple dialogues, which is crucial for agent reasoning [10]. - M2's pricing is competitive, with input costs around $0.3 per MToken and output costs approximately $1.20 per MToken, significantly lower than competitors. The model also offers a TPS (tokens per second) output of around 100, which is rapidly improving [10]. - The market response to M2 has been enthusiastic, with it ranking first on OpenRouter and HuggingFace trend charts. The model has surpassed 50 billion daily token consumption, indicating strong market interest and potential for commercial application [10].