信创ETF基金（562030）及其联接基金（联接A：024050，联接C：024051）被动跟踪中证信创指数， 该指数前十大权重股分别为中科曙光、海光信息、深信服、浪潮信息、金山办公、恒生电子、三六零、 用友网络、广联达、华大九天。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金过往业绩并不预示其未来表现，基金投 资须谨慎！销售机构（包括基金管理人直销机构和其他销售机构）根据相关法律法规对本基金进行风险 评价，投资者应及时关注基金管理人出具的适当性意见，各销售机构关于适当性的意见不必然一致，且 基金销售机构所出具的基金产品风险等级评价结果不得低于基金管理人作出的风险等级评价结果。基金 合同中关于基金风险收益特征与基金风险等级因考虑因素不同而存在差异。投资者应了解基金的风险收 益情况，结合自身投资目的、期限、投资经验及风险承受能力谨慎选择基金产品并自行承担风险。中国 证监会对上述基金的 ...

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][10]. Core Insights - Recently, Shanghai AI unicorn MiniMax launched a comprehensive multimodal AI model suite called "All-in-One," with its text model M2 topping global open-source model rankings, marking a significant breakthrough for Chinese AI companies in the multimodal technology sector [2][3]. - The M2 model, featuring a lightweight architecture with 10 billion active parameters (total parameters of 230 billion), achieved a top-five ranking in the global Artificial Analysis (AA) leaderboard, becoming the first Chinese open-source model to enter this elite tier [5]. - M2 sets a new benchmark in model efficiency and cost control, with a reasoning cost as low as $0.53 per million tokens, which is only 8% of Claude 4.5 Sonnet's cost, while its reasoning speed is nearly double that of the latter [5]. - The rapid increase in API call volume post-launch, reaching fourth globally and first among domestic models within five days, validates M2's exceptional balance between high performance and low cost, providing a successful case for the commercialization of domestic models on a global scale [5]. Summary by Sections - **Investment Recommendation**: The report emphasizes the significance of MiniMax's multimodal "All-in-One" model suite, which encompasses text, video, voice, and music technologies, showcasing a complete technical layout aimed at ensuring generation quality and stability [5]. - **Model Performance**: The M2 model's cost-effectiveness and performance have been highlighted, with a reasoning cost of $0.53 per million tokens and a significant increase in API usage, indicating strong market demand [5]. - **Technological Advancements**: MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, underscores its dedication to quality and long-term investment in foundational algorithm research [5].