「核心提示」 大厂AI烧钱浪潮下，MiniMax和智谱AI等中小厂走出什么道路？ AI概念股又杀疯了。 1月8日，国产"AI四小龙"之一的智谱AI在港股上市敲钟，成为"国产AI第一股"。开盘后，智谱股价连涨三天，市值来到917亿港元。次日上市的MiniMax 则更加火热：1月9日， MiniMax上市第一天市值即突破1000亿港元，单日涨幅超100%，到1月12日以1231亿市值收盘。 当然，和布局AI的国际巨头们相比，智谱和MiniMax的公司体量还很小。刚刚过去的2025年是AI大厂们的烧钱竞赛，大厂们在投入上甚至高于MiniMax和 智谱的市值。 巨额投入推动模型快速迭代，跟不上节奏的玩家逐渐掉队。这还只是个开始。2026年巨头们都为AI规划了更高规模的预算。微软AI CEO不久前表示，未 来5年到10年内，AI领域的高层级竞争，需要投入数千亿美元。 在这场激烈的AI竞赛中，中小玩家们该如何突围？MiniMax和智谱AI提供了两种不同的答案。 MiniMax：C端驱动、多模型并进的激进派 与许多AI公司在起步阶段主打"模型能力"和技术标签不同，MiniMax的创业故事始于一个充满二次元色彩的产品。 20 ...

Core Viewpoint - The rapid iteration of AI video models has created a landscape where users can easily generate videos, but practical application remains a challenge for ordinary users [2][3][4]. Group 1: User Needs and Model Evaluation - Many users require clear narratives, reasonable actions, and smooth visuals rather than complex effects [4][6]. - The evaluation focuses on whether these models can solve real problems in practical applications, particularly for novice content creators [5][7]. - A series of assessments were designed to test the models' capabilities in real-world scenarios, emphasizing practical video content creation [8][9]. Group 2: Model Selection and Testing - Eight popular video generation models were selected for testing, including Veo3, Hailuo02, and Jimeng3.0, which represent the core capabilities in the current video generation landscape [11]. - The testing period was set for July 2025, with specific attention to the models' performance in generating videos from text prompts [11]. Group 3: Evaluation Criteria - Five core evaluation dimensions were established: semantic adherence, physical laws, action amplitude, camera language, and overall expressiveness [20][25]. - The models were assessed on their ability to understand prompts, maintain physical logic, and produce coherent and stable video outputs [21][22][23][24][25]. Group 4: Practical Application and Limitations - The models can generate usable visual materials but are not yet capable of producing fully deliverable commercial videos [57]. - Current models are better suited for creative sketch generation and visual exploration rather than high-precision commercial content [65]. Group 5: Future Directions - Future improvements may focus on enhancing structural integrity, semantic understanding, and detail stability in video generation [60][61][62]. - The rise of image-to-video models may provide a more practical solution for commercial applications, bypassing some of the challenges faced by text-to-video models [62].

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]

Group 1 - The chip sector is experiencing significant stock price increases, with notable gains from companies such as Sitaiwei (up 6.01%), Chipone (up 5.42%), and Anji Technology (up 4.66%) as of June 30, 2025 [1] - The Tianhong CSI Chip Industry ETF closely tracks the CSI Chip Industry Index, which includes 50 leading companies across the entire chip supply chain, reflecting the overall performance of China's listed semiconductor companies [1] - As of June 27, the top ten constituents of the CSI Chip Industry Index include SMIC, North Huachuang, Haiguang Information, and Cambrian, with a combined weight of 54.62% [1][2] Group 2 - Cambrian announced an adjustment to its share repurchase price ceiling from RMB 297.77 per share to RMB 818.87 per share, with its stock price at RMB 585.50 per share as of June 27 [4] - The SEMI report indicates that global front-end semiconductor suppliers are accelerating expansion to meet the rising demand for generative AI applications, with a projected compound annual growth rate of 7% from 2024 to 2028, reaching a record monthly capacity of 11.1 million wafers [4] - Domestic demand for photolithography machines remains strong, as they are the largest segment in semiconductor equipment, with expectations for continued expansion of domestic wafer fabs [4] Group 3 - The domestic large model sector is entering an accelerated release cycle, with companies like MiniMax launching several new models and OpenAI's CEO hinting at the upcoming release of GPT-5, indicating growing competition and investment opportunities in the AI application industry [5]