Core Viewpoint - MiniMax, a Shanghai-based AI unicorn, has launched a comprehensive multimodal model suite called "全家桶," marking a significant breakthrough in China's AI technology landscape, particularly in multimodal capabilities [1][2]. Group 1: Product Launch and Performance - MiniMax's multimodal suite includes four major models: the text model M2, video generation model Hailuo 2.3, speech model Speech 2.6, and music model Music 2.0 [2][4]. - The text model M2 has achieved a remarkable position in the global rankings, being the first Chinese open-source model to enter the top tier of the Artificial Analysis (AA) leaderboard, with 10 billion active parameters and a total of 230 billion parameters [2][3]. Group 2: Cost Efficiency and Market Impact - M2 has set 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 the cost of Claude 4.5 Sonnet, while achieving nearly double the reasoning speed [3]. - Following its release, M2's API call volume surged, ranking fourth globally and first among domestic models within just five days, demonstrating its strong market performance and potential for commercial application [3]. Group 3: Technical Innovations - The multimodal product matrix emphasizes generating quality and stability, with Hailuo 2.3 capable of producing 10-second native 1080p videos, and Speech 2.6 optimized for voice agent scenarios with a response time of 250 milliseconds [4]. - MiniMax's commitment to using a complete attention mechanism, despite industry trends favoring simplified versions, reflects its dedication to high-quality model performance in complex reasoning scenarios [4].

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].