文心大模型X1则是一款性能上对标DeepSeek-R1的深度思考模型，同时还支持多模态、多工具调用能力，API调用价格约为R1的一半。 (20 8 - a TAS us v 8月7日，据《华尔街日报》报道，了解情况的人士透露，百度计划在2025年8月底前推出一款新的推理模型，该模型能够处理更复杂的任务，以在与 DeepSeek和OpenAI等公司的竞争中占据一席之地。 报道还称，百度还计划在未来几个月推出其核心基础模型的更新版本，名为 Ernie 5.0（Ernie即为文心）。 百度在今年3月发布了"史上最强"文心大模型4.5及支持深度思考的文心大模型X1： 文心大模型4.5是百度首个原生多模态大模型，在多模态理解、文本和逻辑推理等方面有显著提升，多项测试表现优于GPT4.5，API调用价格仅为 GPT4.5的 1%； ...

Core Viewpoint - MiniMax has launched the M1 model, claiming it to be the world's first open-source large-scale hybrid architecture inference model, which significantly improves long text processing capabilities and reduces reinforcement learning costs [1][3][6] Pricing Strategy - The pricing for the M1 model is structured as follows: - For 0 to 32,000 tokens: 0.8 RMB per million tokens for input and 8 RMB for output - For 32,000 to 128,000 tokens: 1.2 RMB per million tokens for input and 16 RMB for output - For 128,000 to 1,000,000 tokens: 2.4 RMB per million tokens for input and 24 RMB for output - The first two pricing tiers are lower than those of DeepSeek-R1, while the third tier covers a market segment not yet addressed by competitors [4][3] Model Capabilities - The M1 model supports a context window of up to 1,000,000 tokens, matching Google's Gemini 2.5 Pro and being nearly eight times the capacity of DeepSeek-R1, which supports 128,000 tokens [4][3] - The model also features the longest inference output capability in the industry at 80,000 tokens [4] Technological Innovation - The breakthrough in M1's performance is attributed to the unique "Lightning Attention" hybrid architecture, which optimizes the attention mechanism for long sequences, addressing the computational bottleneck of traditional transformer models [6] - The introduction of the CISPO algorithm enhances the efficiency and stability of reinforcement learning by optimizing the importance sampling weights rather than adjusting token updates [6] Market Positioning - MiniMax's focus is on accelerating technological iteration rather than immediate revenue growth, indicating a strategic shift in response to competition from DeepSeek and other players in the AI space [8][10] - The company aims to leverage its technological advancements to position itself favorably in the emerging AI Agent market, which is expected to evolve significantly by 2025 [9][10] Competitive Landscape - The launch of M1 comes amid a competitive environment where other companies like Alibaba and Baidu are also releasing advanced models with competitive pricing and capabilities [7][9] - Industry experts suggest that while MiniMax's advancements are notable, the true commercial value will depend on user feedback and practical applications [7][10]

以下文章来源于光子星球 ，作者郝鑫 来源丨光 子星球（ID：TMTweb） 作者丨郝鑫 光子星球 . 细微之处，看见未来 编辑丨王潘 图源丨Midjourney "DeepSeek-R1如同当年苏联抢发的第一颗卫星，成为AI开启新时代的斯普特尼克时刻。" 2025年春节前，DeepSeek比除夕那天的烟花先一步在世界上空绽放。 离年夜饭仅剩几个小时，国内某家云服务器的工程师突然被拉入工作群，接到紧急任务，要求其快速调 优芯片，以适配最新的DeepSeek-R1模型。该工程师告诉我们，"从接入到完成，整个过程不到一周"。 大年初二，一家从事Agent To B业务的厂商负责人电话被打爆，客户的要求简单粗暴：第一时间验证模型 真实性能，尽快把部署提上日程。 节前大模型，节后只有DeepSeek。DeepSeek-R1就像一道分水岭，重新书写了中国大模型的叙事逻辑。 以2022年11月，OpenAI发布基于GPT-3.5的ChatGPT应用为起点，国内自此走上了追赶OpenAI的道路。 2023年，大模型如雨后春笋般冒出头，无大模型不AI，各厂商你追我赶，百模大战初见端倪。 你方唱罢我登场，2024年的主人公变成了 ...

国金证券认为，伴随国内互联网大厂AI模型与应用产品持续迭代，国内AI应用有望持续繁荣。从商业模式的角度来看，互联网大厂能够凭借基座模型 和算力优势，通过MaaS嵌入既有应用或云平台，更容易实现规模化变现；垂类企业（如医疗、金融、企业服务等）拥有更丰富的客户资源和行业know- how，有望深耕场景化Agent。 AI模型持续迭代，金融科技ETF(516860)近4天获得连续资金净流入 截至2025年3月24日 13:45，中证金融科技主题指数(930986)下跌3.34%。成分股方面，先进数通(300541)领跌11.54%，神州信息(000555)下跌9.46%，中 科金财(002657)下跌9.26%，飞天诚信(300386)下跌8.38%，格尔软件(603232)下跌8.08%。金融科技ETF(516860)下跌3.31%，最新报价1.26元，盘中成交额已 达8196.15万元，换手率8.57%。 近日，百度发布文心大模型X1和文心大模型4.5，并宣布两款模型将全面免费开放。阿里巴巴推出浏览器"夸克"APP的最新版本，原有的AI搜索功能升 级为"AI超级框"。 费率方面，金融科技ETF管理费率为0.50 ...

Core Viewpoint - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising 2.46% to a three-year high, driven by robust earnings in technology stocks, signs of economic stabilization, and positive policy expectations [1] Group 1: Market Performance - The Hang Seng Index closed at 24,740.57 points, up 595 points, with a total trading volume of 285.935 billion HKD [1] - The Hang Seng Tech Index increased by 3.96%, closing at 6,105.5 points, while the Hang Seng China Enterprises Index rose by 2.79% to 9,177.8 points [1] Group 2: Blue-Chip Stocks - Baidu Group-SW led blue-chip stocks with a 12.22% increase, closing at 103.3 HKD, contributing 15.93 points to the Hang Seng Index [2] - WuXi AppTec (药明康德) rose by 10.54% to 72.35 HKD, contributing 4.07 points to the index [2] - Other notable performers included Li Auto-W, which increased by 6.76%, and China Longjian Infrastructure, which fell by 2.93% [2] Group 3: Sector Highlights - Large technology stocks performed well, with Baidu up 12%, Alibaba and JD both rising over 5% [3] - AI concept stocks saw strong gains, with Baidu Group-SW up 12.22%, Kingsoft Cloud up 10.86%, and Alibaba-W up 5.83% [3] - The CRO sector also performed well, with WuXi AppTec up 10.54% and other CRO stocks showing significant increases [5] Group 4: Gold Stocks - Gold stocks collectively rose as international gold prices reached new highs, with Lingbao Gold up 7.3% and Shandong Gold up 6.99% [7] - UBS forecasts gold prices could reach 3,200 USD per ounce in the next four quarters, with Macquarie analysts predicting a potential peak of 3,500 USD per ounce by Q3 [7] Group 5: Robotics Sector - The robotics sector saw significant gains, with Yujian Technology up 27.88% after launching a humanoid robot [8] - Midea Group also reported advancements in humanoid robot development, indicating a push towards commercialization [8] Group 6: Notable Stock Movements - CanSino Biologics surged 25.26% after receiving breakthrough therapy designation for a new drug [9] - Hillstone Networks reported a 28.89% increase in revenue, with a 240.67% rise in net profit [10] - NIO-SW rose 8.95% following a strategic partnership with CATL to enhance battery swap services [11]

Group 1: Strategic Metals - Strategic metals, particularly antimony, bismuth, and cobalt, have experienced significant price increases, with antimony reaching a historical high recently [1] - The surge in strategic metal prices has ignited the A-share non-ferrous metal sector, leading to a wave of stock price increases for companies like BaoTi Co. and Huaxi Nonferrous Metals [1] - Strategic metals play a crucial role in sectors such as new energy, semiconductors, and artificial intelligence, with expectations of a resurgence in the spring elements periodic table market [1] Group 2: Stock Indices and Financial Markets - The US stock indices saw substantial gains, with major blue-chip stocks driving the market, particularly in the food and beverage and non-bank financial sectors [2] - The total trading volume in the market reached 1.84 trillion yuan, with notable increases in various stock index futures [2] - Continuous favorable policies in the capital market and the catalyzation of technology stocks are expected to lead to a bullish trend in stock indices [2] Group 3: Glass and Soda Ash - Glass futures experienced a slight rebound, with inventory levels increasing as the market awaits demand from resumed operations [3] - Current glass production inventory stands at 62.6 million heavy boxes, reflecting a week-on-week increase [3] - Soda ash futures also saw a minor rebound, with a focus on supply adjustments and inventory changes in the market [3] Group 4: Live Pig Prices - Live pig prices have shown signs of recovery, with the average price recorded at 14.57 yuan/kg, slightly down from the previous day [4] - The market anticipates an increase in live pig supply as the breeding sow inventory recovers, although near-term prices may be pressured by increased second-time fattening sentiment [4] - Long-term projections suggest a potential oversupply in the market, leading to a weak and fluctuating price environment [4] Group 5: International and Domestic News - Germany announced a fiscal plan involving a 500 billion euro fund aimed at infrastructure, climate protection, and defense spending [5] - China's economy is showing signs of recovery, with significant improvements in innovation-driven development and domestic demand potential [6] - Baidu launched its Wenxin large model 4.5 and X1, with competitive pricing compared to GPT-4.5, indicating advancements in AI technology [7]

4、与辉同行3月16日发布声明，与辉同行将对购买过"大岸浪花"品牌冷冻虾仁的消费者，先行按照"退 一赔三"的金额进行售后服务。同日，中国移动、中国电信、中国联通分别发文称，对有关通信电话营 销的报道高度重视，已开展全面自查。 // 环球市场 // 1、上周道指周线遭遇两连阴，纳指、标普500指数周线四连阴。扰动美股的不确定性因素推动金价 继续走强。 本周，美联储、英国央行、日本央行等将公布最新利率决议，成为投资者关注的重点。 业内认为，这些央行有望传递出新的关于经济前景的判断和货币政策的线索，从而影响股市、汇市 及金价走势。 // 宏观 // // 热点聚焦 // 1、 中办、国办印发《提振消费专项行动方案》。方案提出，多措并举稳住股市，加强战略性力量储备 和稳市机制建设，加快打通商业保险资金、全国社会保障基金、基本养老保险基金、企（职）业年金基 金等中长期资金入市堵点， 强化央企国企控股上市公司市值管理，依法严厉打击资本市场财务造假和 上市公司股东违规减持等行为。进一步丰富适合个人投资者投资的债券相关产品品种。 鼓励金融机构 在风险可控前提下加大个人消费贷款投放力度，合理设置消费贷款额度、期限、利率。 支持 ...

能力更强、价格更低。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，百度于3月16日正式发布文心大模型4.5及文心大模型X1，在文心一言官网即可 免费使用。 值得一提的是， 文心大模型4.5是百度首个原生多模态大模型，其多模态理解、文本和逻辑推理能力 显著提升，在多项测试中表现优于GPT4.5，API调用价格仅为GPT4.5的1%；文心大模型X1为深度 思考模型，性能对标DeepSeek-R1，调用价格约为R1的一半。 作为百度新一代基座大模型，文心大模型4.5的多项基准测试成绩优于GPT4.5、DeepSeek-V3等， 并在平均分上以79.6分高于GPT4.5的79.14。据介绍，文心大模型4.5在多模态理解能力上显著提 升，不仅有图形推理、图表分析的"高智商"，还具备理解梗图、漫画、歌曲、电影等多模态内容 的"高情商"。 文心大模型X1为深度思考模型，不仅在性能上对标DeepSeek-R1，具备"长思维链"，擅长中文知 识问答、文学创作、逻辑推理等，而且增加了多模态能力和多工具调用，能理解和生成图片，还能调 用工具生成代码、图表等丰富内容。 ...