AI 系列跟踪（80）：Kimi K2 Thinking、GPT-5 Codex-Mini 相继发布，高性价比模型表现亮眼

Investment Rating - The report maintains a "Positive" investment rating for the industry [7]. Core Insights - The release of the Kimi K2 Thinking model on November 6 significantly enhances agent capabilities and reasoning abilities while achieving a record low in training costs, validating the potential of low-cost open-source domestic large models [2][10]. - OpenAI launched the GPT-5 Codex-Mini model on November 8, which is more compact and offers higher cost-effectiveness compared to the standard version, improving user experience and reducing costs for developers [2][10]. - The report identifies promising segments within the AI industry, including interactive AI toys and tools, internet giants with advantages in traffic, models, and data, vertical sectors like advertising and e-commerce that have proven business models overseas, and AI+ gaming companies [2][10]. Summary by Sections Event Description - The Kimi K2 Thinking model was released and open-sourced on November 6, enhancing agent capabilities and reasoning while achieving a new low in training costs. OpenAI's GPT-5 Codex-Mini was announced on November 8, offering improved speed limits and priority processing for certain user tiers [5][10]. Event Commentary - The Kimi K2 Thinking model demonstrates superior agent capabilities with a 93% score in the SOTA benchmark, significantly lower training costs at $4.6 million, and competitive pricing for token usage. The GPT-5 Codex-Mini model, while slightly less performant than its standard counterpart, offers approximately four times the call volume under the existing subscription model [10]. Recommended Focus Areas - The report suggests focusing on high-quality IPs benefiting from AI advancements, major companies leveraging traffic and data for commercial success, vertical markets with replicable business models, and gaming companies actively integrating AI [10].