Core Insights - MiniMax, a Shanghai-based AI unicorn, launched the world's first open-source large-scale hybrid architecture inference model, MiniMax-M1, on June 17, which ranks second globally among open-source models according to authoritative evaluation lists [1] - Following the release of M1, MiniMax continued to innovate by launching several models including the video generation model Hailuo02, the general intelligence agent MiniMax Agent, the video creation agent Hailuo Video Agent, and the voice design tool Voice Design, maintaining a daily update schedule [1] - M1 demonstrated significant advantages in long text processing and tool invocation, outperforming competitors in these specific areas [1]

如果一个技术用3年时间，从默默无闻到改变世界，我们称其为第N次工业革命； 如果这个技术从论文到落地的过程中，头部玩家如走马灯更迭，百亿流量砸下去只听一声响就陷入沉寂，我们称其为资本绞肉机； 如果这个技术集齐了以上所有特质，还能以常规技术乘十的速度进化，让互联网时代的生态护城河、资金壁垒、规模效应全部失效，创业公司也能站在世 界舞台中心，那么，它是大模型。 而这一趋势，自今年年初DeepSeek"掀桌"以来，变得尤为明显。时至今日，在大模型行业，能留在桌子上的企业唯一的生存法则就是——创新至上。 那么，如何理解大模型行业的创新至上？为什么传统互联网的玩法在大模型时代会彻底失效？为什么大模型的淘汰，能以季度为单位发生？ 刚刚结束的MiniMax Week，或许正是我们审视这些问题的最佳切入点。 以此为切口，你会看见一个创新行业的创业公司如何挣脱巨头的射程；可以看到大模型从技术创新到改变世界之间的桥梁如何搭建；以及，一群"偏执"的 人，如何在这个一切被按下加速键的行业中破浪前行。 一只跳水猫咪，如何让世界Aha 一开始，MiniMax Week的关注度，还局限在大模型行业内的讨论：这次MiniMax会拿到多少SOT ...

Core Viewpoint - The article discusses the transformative impact of large models in the tech industry, emphasizing that innovation is the key survival strategy for companies in this space, especially in light of the rapid evolution and competition among startups and tech giants [2][3][14]. Group 1: Industry Trends - The large model industry is experiencing a significant shift towards innovation, with traditional internet business models becoming obsolete [3][4]. - The recent "Aha Moment" in the industry, exemplified by viral videos of animals performing complex actions, highlights the advancements in video AI technology and its potential [7][8]. - The MiniMax Week event serves as a critical point for examining how startups can thrive amidst competition from larger firms [4][6]. Group 2: Technological Innovations - MiniMax's Hailuo 02 model has seen a threefold increase in parameters compared to its predecessor, achieving native 1080P resolution and generating 10 seconds of high-definition content [9][10]. - The model's innovative NCR architecture allows for efficient resource allocation, significantly reducing memory read/write by over 70% and improving training and inference efficiency by 2.5 times [12][23]. - MiniMax's M1 model, with 456 billion parameters, supports the longest context length in the industry, enhancing its performance in complex tasks [16][18]. Group 3: Competitive Landscape - Despite the initial dominance of tech giants in the large model space, startups like MiniMax have captured significant market share and achieved top rankings in performance benchmarks [15][16]. - The article notes that the rapid evolution of large models requires companies to continuously innovate to maintain a competitive edge, as capital alone is insufficient for success [14][15]. - MiniMax's innovative approaches, such as the use of mixed attention mechanisms and the CISPO training method, have allowed it to outperform competitors while reducing costs [20][21][23]. Group 4: Agent Applications - The emergence of agent applications, such as MiniMax Agent, represents a new frontier in AI, enabling more complex task execution and planning capabilities [30][32]. - MiniMax Agent has been integrated into daily operations, demonstrating its effectiveness in various tasks, including programming and content creation [31][32]. - The synergy between large model innovations and agent applications is expected to drive further growth and development in the AI ecosystem [32][34].

图片来源：中证指数官网，以上仅为对指数成分股列示，非个股推荐。 Wind数据显示，2025年6月30日芯片板块全天活跃，截至14:10，思特威上涨6.01%，芯原股份上涨5.42%，安集科技上涨4.66%，翱捷科技，寒武纪等个股跟 涨。 相关基金方面，天弘中证芯片产业ETF发起联接(A：012552；C：012553)与芯片ETF天弘(159310)紧密挂钩。该指数跟踪中证芯片产业指数，聚焦A股芯片全 产业链，选取业务涵盖芯片设计、制造、封装测试，以及提供半导体材料、晶圆设备、封装设备等关键环节的50家龙头企业作为成份股，全面反映中国芯片 产业上市公司的整体表现。 中证指数官网数据显示，截至6月27日，该指数前十大成份股包括中芯国际、北方华创、海光信息、寒武纪、豪威集团等，前十大成份股权重合计占比达 54.62%。 | 三三 中证指数 首页 产品与服务 三 | 研究与洞见 | 国际合作 | 信息披露 | 关于我们 | | --- | --- | --- | --- | --- | | CHINA SECURITIES INDEX | | | | | | 证券代码 | 证券名称 | 中证—级行业分类 | 中证二 ...

本周AI商业焦点必读 本周核心趋势 2025年6月24日 1、 「功能扩展」 腾讯元宝、DeepSeek、豆包掀起AI编程新玩法 本质变革：AI将"需求→代码"链路压缩至一句话指令，传统编程工具和低代码平台遭降维打击！ 全栈覆盖 （2025.6.17-6.24） 具身智能产业化加速： 制造巨头纷纷押注具身智能机器人领域，以不断提升"机器服务密度"的 方式逐步替代传统人力配置，从而重新配置其生产业务线的人力资源结构。 多模态进入成本血拼阶段： 随着视频生成成本骤降和开源模型大量涌现，开源方案正强势重构 整个创作生态。 AI算法陪伴重构消费逻辑： "孤独经济"持续催生陪伴型消费需求，Z世代表现出强烈的付费意 愿，愿意为具有仿生记忆功能的AI陪伴服务买单。 自然语言终结传统开发模式： AI编程工具正深刻重构产业链，将复杂的"需求→代码"流程高度 压缩为直观的对话指令；低代码平台的固有价值因此被显著削弱，开发范式正加速向意图层迁 移。 交互革命 场景屠杀 原文链接： 啊？豆包居然也开始卷AI编程了？ 元宝搭载DeepSeek V3实现10+语言编程（Python/Java/C++），0配置实时运行 DeepSite ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

华夏时报（www.chinatimes.net.cn）记者 石飞月 北京报道 作该公司对标Manus的产品；6月20日，Hailuo Video Agent亮相，这是一款视频创作Agent。 这其中会不会产生下一款爆品，现在还未可知，但支柱产品单一对企业来说本身就有很大的市场风险，再加上 Talkie去年还经历了一次下架风波，因此MiniMax扩大产品线的布局是非常必要的。 根据Sensor Tower去年7月的数据，当时Talkie全球月活数据已达到1100万，超过一半用户来自美国，其他市场包括 菲律宾、英国以及加拿大等。然而在去年12月，据媒体报道，Talkie经历了一次被苹果商店下架的风波。对于下架 的原因《华夏时报》记者采访了 MiniMax方面，对方未就此做出回复。 去年12月，OpenAI完成了连续12个工作日的12场直播，本周，"AI六小虎"之一的MiniMax（稀宇科技）效仿 OpenAI，上演了一次新品"闪电战"。截至6月21日，该公司本周已推出开源大规模混合架构推理模型MiniMax- M1、新视频生成模型 Hailuo 02、MiniMax Agent和一款视频创作Agent，预计下周一 ...

Core Insights - The main narrative in the industry revolves around the adoption of AI Agents, with MiniMax being one of the key players launching new products in this space [1][2][5] - There is a significant gap between the current capabilities of AI Agents and their potential for commercialization, as many companies face challenges in practical implementation [9][10] Product Launches - MiniMax recently introduced the Hailuo Video Agent, which generates professional-quality videos based on user inputs, aiming to democratize video creation [2] - Another product launched is a Long Horizon general-purpose Agent capable of multi-step planning and executing complex tasks, which has seen adoption by over 50% of MiniMax's internal employees [5] Market Position and IPO Plans - MiniMax is reportedly considering an IPO, with a current valuation of approximately $3 billion (around 21.6 billion RMB), and has engaged financial advisors for this process [7][8] - The company previously raised $600 million in Series A funding in March 2024, with a valuation of about $2.5 billion (around 18 billion RMB) [7] Industry Trends - The AI Agent market is rapidly evolving, with many startups and established companies like ByteDance and Alibaba entering the space [6] - The year 2023 is being referred to as the "year of AI Agents," with various companies launching their own products to capture market share [5][6] Challenges and Limitations - Despite advancements, the technology behind AI Agents is still not fully mature, leading to challenges in real-world applications and user satisfaction [9][10] - Industry experts, including Andrej Karpathy, express skepticism about the readiness of AI Agents, comparing their development to the ongoing challenges in autonomous driving technology [10]

大家好，这里是歸藏（guizang），今天带来新鲜出炉的 Hailuo Video Agent 体验。 前几天我就说随着视频生成模型成本的提高和提示词遵循效果变好，成熟的视频生成 Agent 应该马上就会出 现了。 没想到 MiniMax 先做了 ，他们将会分阶段打造 Hailuo Video Agent。 这个路径是非常务实而正确的，刚好前几天 Andrej Karpathy 也分享了类似的观点，应该先做半自动的钢铁 侠战甲组件，最后做完全自主的机器人。 我们应该专注于构建"钢铁侠战甲"（增强工具），而不是"钢铁侠机器人"（完全自主Agent） 这些产品应 具备自定义 GUI 和用户体验，以加速人类的生成-验证循环，同时仍提供自主性滑块，允许产品随时间变 得更加自主。 刚好今天他们开放了第一个阶段的 Agent 使用权限，我试用了一下。 打磨的非常好，选择你喜欢的模板，点"做同款"就行， 门槛超级低，基本上传图片完事了，真正的有手就 行。 模板覆盖了你能想到的所有AI 视频出圈玩法， 不管是外国山海经还是人像动态写真还是产品广告视频，你能 想到的品类这里都能找到。 然后再来个电商场景吧，产品展示类型的视频应 ...

MiniMax上演逆袭。 作者 I 刘博 报道 I 投资界PEdaily 全球AI圈又沸腾起来了。 6月17号，Mi n iMa x "发布周"拉开序幕，又是开源又是发布新模型， 一系列动作令业内 惊呼。 新模型Mi niMa x-M1，是"世界上第一个开源的大规模混合架构的推理模型"，被 视为"性价比新王"。值得一提的是，这只是一道"开胃菜"。 Mi n iMa x，这个名字创投圈并不陌生。身后掌舵者是一位8 9年的博士——闫俊杰，他早 年任职于AI四小龙之一的商汤科技，后来在2 022年投身到AGI创业之中。早在Ch a tGPT 爆红前，Mi n iMa x就已经成为国产大模型的代表性企业。 1 9 8 9年，闫俊杰出生在河南的一座小县城。他从中国科学院自动化研究所博士毕业后， 继续在清华大学计算机系从事博士后研究。他的学术成就令人印象深刻——在深度学习和 计算机视觉领域，发表过顶级会议和期刊论文1 0 0余篇, Go ogl e Sc h o l a r引用超过10 0 0 0 次。 博士期间，闫俊杰加入商汤科技，从实习生一路做起，曾任商汤集团副总裁、研究院副院 长 和 智 慧 城 市 事 业 群 C ...