Core Viewpoint - The article discusses the high costs associated with using AI agents like MiniMax, highlighting the need for a more sustainable business model that focuses on results rather than a pay-per-token system [2][5][11]. Group 1: Cost Concerns - Users express dissatisfaction with the high costs of using MiniMax Agent, with one user mentioning they have spent nearly 250 transactions [3][4]. - The current model charges users for every token consumed, regardless of the outcome, leading to frustration as users pay for uncertain results [9][10]. - A more sustainable model should reward successful outcomes and share the risk between service providers and users [12]. Group 2: Innovative Features - MiniMax has introduced a feature called "Publish to Gallery & Remix," allowing users to publish their projects for visibility and remix others' projects without starting from scratch [20][21]. - This feature reduces trial and error costs by enabling users to build on verified successful projects, thus transforming the creation process into a collaborative effort [49][61]. - The Remix function allows users to modify existing projects, significantly lowering the cost and time required to create new content [42][47]. Group 3: Market Positioning - MiniMax aims to transition from being a simple AI tool provider to an AI ecosystem creator, similar to platforms like GitHub that revolutionized software development [58][50]. - The introduction of the Remix feature is seen as a paradigm shift, enabling collective intelligence and reducing individual risk in project creation [62][63]. - The company is also engaging users through competitions, such as a $150,000 prize contest, showcasing confidence in its platform's capabilities [77][82].

Core Insights - Manus has launched a new feature called Wide Research, currently available only to Pro users, with plans to expand access to Basic and Plus users in the future [1] - The AI industry is witnessing a shift from large models to Agent technology, with several companies showcasing new Agent applications at the World Artificial Intelligence Conference (WAIC) [2][3] Group 1: Manus and Agent Development - Manus has faced challenges including layoffs and halted collaborations, yet continues to innovate with new features [1] - The introduction of Agent technology is seen as a new paradigm, with companies like Jieyue Xingchen and MinMax presenting their advancements in this area [3][5] Group 2: WAIC Highlights - WAIC attracted over 800 companies, showcasing more than 40 large models, although the number of core manufacturers has decreased [2] - Jieyue Xingchen launched its new foundational model Step 3 and demonstrated an AI smart cockpit in collaboration with Geely, marking a significant achievement in voice model production [3] Group 3: Agent Applications and Trends - Companies are focusing on creating scenario-specific and vertical Agent products, with Tencent showcasing 12 vertical Agent applications targeting various service sectors [8] - The importance of private deployment for Agent technology is emphasized, as companies seek to meet the unique needs of their clients [10][11]

Core Insights - MiniMax, a general artificial intelligence technology company, showcased its first full-stack general intelligent agent, MiniMax Agent, during the World Artificial Intelligence Conference (WAIC) [1][2] - The MiniMax Agent has become an internal "super employee" capable of generating various deliverables such as analysis reports, code files, web mini-games, and presentation slides, excelling particularly in web development and in-depth research [1] - Unlike other agent products on the market, MiniMax Agent supports complex capabilities including backend hosting, payment functions, scheduled tasks, and long-link maintenance, making it more suitable for real-time data, order payments, and LLM (large language model) calls within enterprises [1] Product Features and Applications - During WAIC, MiniMax demonstrated several applications of the Agent, including a concert seat selection system developed in 30 minutes, which features real-time seat locking, user registration, email verification, and payment processing [2] - Additionally, a real-time tracking system for 50 global tech stocks was created for investors, providing updates at 07:00, 12:00, and 17:00 daily, ensuring data accuracy and reliability [2] - Developers have successfully created two web games using the Agent, with the development process requiring only simple conversational interactions, significantly enhancing development efficiency for individual developers and small teams through a "Vibe Coding" paradigm [2] Future Plans - MiniMax plans to offer enterprise version services to clients and aims for full domestic production, exploring the application of the Agent across various industries [2]

Core Insights - The World Artificial Intelligence Conference (WAIC) in Shanghai showcased MiniMax's first full-stack general AI agent, MiniMax Agent, which aims to revolutionize AI productivity from "liberating the brain" to "liberating the hands" [1] - MiniMax's CEO, Yan Junjie, emphasized that AI is becoming a stronger productivity and creativity tool, demonstrating significant reductions in production time and costs for creative tasks [1][2] Company Developments - MiniMax Agent, referred to internally as "Max," can produce various deliverables such as analysis reports, code files, and web games, effectively replacing a professional's workload for up to a week [2] - The agent has undergone 12 functional updates since its launch, showcasing rapid iteration and optimization capabilities [2] - MiniMax plans to offer an enterprise version of the agent, aiming for full domestic production and exploring applications across various industries [3] Technological Innovations - The agent features a layered collaborative framework, long-term memory, and mixed model strategies to ensure optimal output quality [2] - Real-world applications demonstrated at WAIC include a concert seat selection system developed in 30 minutes, a real-time tracking system for 50 global tech stocks, and a complete e-commerce site for selling crystal bracelets [3] Market Positioning - MiniMax Agent distinguishes itself from competitors by offering both front-end capabilities and complex back-end functionalities, making it suitable for real-time data handling and payment processing [2] - The agent has enabled developers to create web games and business applications rapidly, enhancing development efficiency for individual developers and small teams [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased significant advancements in AI technology, particularly in computing power, algorithms, and applications, indicating a robust growth trajectory for the industry [12][60] - Domestic manufacturers are progressively enhancing their chip performance from inference to training, emphasizing ecosystem support and application scenarios [13][60] - The report highlights the emergence of quantum computing as a disruptive innovation in the computing power industry, with potential for exponential growth in computational capabilities [38][39] Summary by Sections 1. Industry Overview - The WAIC 2025 featured over 800 companies and more than 3000 cutting-edge exhibits, marking the largest scale in its history [12] - The conference focused on AI technology frontiers, industry trends, and global governance practices [12] 2. Computing Power - Domestic chip manufacturers are evolving from inference-focused AI chips to high-performance training chips, showcasing various industry applications [13] - The report notes the importance of supernodes, integrated machines, and liquid cooling solutions as key trends in the future of domestic AI computing power [18][19] 3. Algorithms - The evolution of large models is highlighted, with a shift towards multi-modal capabilities and the integration of deep reasoning and thinking abilities [43][44] - The report emphasizes the growing importance of AI agents and physical AI, which aim to enable intelligent agents to understand and interact with the real world [43][44] 4. Applications - The report identifies a flourishing landscape for both B2B and B2C AI applications, with significant advancements in areas such as AI glasses, smart driving, and robotics [60] - C-end applications focus on AIGC and productivity tools, while B-end applications emphasize cost reduction and efficiency improvements across various sectors [60][61] 5. Quantum Computing - Quantum computing is positioned as a critical future technology, with companies showcasing solutions that leverage quantum mechanics for superior computational capabilities [38][39]

Core Viewpoint - The WAIC 2025 highlights the evolution of AI from a tool to a partner, emphasizing the need for a new coexistence relationship as AI becomes more human-like and capable [2][45]. Group 1: Trends Observed at WAIC 2025 - The event showcased six major trends in AI development, including the emergence of collaborative robots, AI as a personal efficiency partner, and the evolution of AI agents from chat tools to task executors [2][4][30]. - The exhibition featured over 800 companies and 3000 exhibits, indicating a clear path for AI development in the post-large model era [2]. Group 2: Embodied Intelligence - Embodied intelligence is transitioning from a display phase to practical applications, with robots capable of executing tasks in real-world scenarios, such as product retrieval and sorting [4][5]. - Companies like Beijing Galaxy General and Shanghai Zhiyuan are leading in this space, showcasing robots that can interact and perform complex actions autonomously [4][5]. Group 3: AI as a Personal Efficiency Partner - Major companies like Huawei, Alibaba, and Baidu are demonstrating how AI can enhance personal capabilities, with Huawei's Ascend 384 super node significantly improving data transmission efficiency [9][10][16]. - Alibaba's Quark AI glasses represent a new form of human-computer interaction, integrating navigation and payment functionalities [12][16]. - Baidu's "Miao Da" platform allows non-technical users to create applications easily, showcasing AI's potential to democratize technology [13][15]. Group 4: Evolution of AI Agents - AI agents are evolving from simple chat tools to sophisticated task executors, with platforms like Baidu's NOVA enabling digital assistants to perform complex tasks in real-time [18][20]. - The MiniMax Agent demonstrates capabilities in understanding requirements and executing tasks across various applications, indicating a shift towards more functional AI systems [20][24]. Group 5: Startup Landscape - The "AI Six Dragons" have shown a diversification in strategies, with companies like Jiyue Xingchen and MiniMax presenting clear product strategies and technical capabilities [23][24]. - New entrants like Flowith are gaining attention for their innovative approaches to AI interaction, focusing on non-linear thinking and collaborative problem-solving [41][44]. Group 6: Human-Centric AI - AI is increasingly being designed to connect with human emotions and enhance work efficiency, as seen in products from companies like SenseTime and Kingsoft [30][32][33]. - The shift from AI as a mere tool to a more human-like partner is evident, with products designed to engage emotionally and assist in complex tasks [36][38]. Group 7: Emerging AI Stars - New startups like Flowith are emerging as significant players in the AI interaction space, focusing on innovative user experiences and rapid product development [41][44].

Core Insights - The WAIC 2025 showcased over 800 companies and 3000 exhibits, highlighting a clearer path for AI development in the post-large model era [2] - Six key trends were identified, indicating a shift from basic AI capabilities to high-frequency applications in service, office, content, and interaction [2] Group 1: Trends in AI Development - Trend 1: Embodied intelligence is moving from a display phase to practical applications with collaborative robots capable of executing tasks in real-world scenarios [3][4] - Trend 2: AI is becoming an "invisible partner" for personal efficiency, with major companies like Huawei, Alibaba, and Baidu showcasing AI's role in enhancing individual capabilities [6][18] - Trend 3: AI agents are evolving from chat tools to task execution, with platforms like Baidu's NOVA enabling advanced digital human interactions [19][26] Group 2: Company Innovations - Huawei's Ascend 384 super node was highlighted for its significant improvements in resource scheduling and computational performance, enhancing AI model training efficiency [8] - Alibaba introduced the Quark AI glasses, marking a shift in AI applications from software to multi-form daily devices [10] - Baidu's "Miao Da" platform allows non-technical users to create complex applications, demonstrating AI's potential to streamline development processes [14][18] Group 3: Emerging AI Startups - New startups like Flowith are gaining attention for their innovative approaches to AI interaction, focusing on non-linear thinking and collaborative creativity [56][58] - The "AI Six Dragons" are diversifying, with companies like Step and MiniMax showcasing distinct product strategies and technological capabilities [27][29] Group 4: Human-AI Interaction - AI is transitioning from a tool to a partner, with products like SenseTime's emotional companion robots and Kingsoft's WPS Lingxi assistant enhancing user engagement and productivity [42][44][55] - The trend indicates a deeper integration of AI into personal and professional environments, emphasizing emotional connection and collaborative efficiency [55][62]

Core Insights - The World Artificial Intelligence Conference (WAIC) 2025 showcased significant advancements in AI technology, particularly in humanoid robots and AI chips, with over 800 companies participating and a record exhibition area of over 70,000 square meters [2][25]. Humanoid Robots - Humanoid robots took center stage at the conference, with many exhibiting dynamic capabilities compared to previous static displays [3][4]. - Yushun Technology, a leading humanoid robot company, is preparing for an A-share listing and showcased its humanoid robots and robotic dogs, attracting large crowds [5]. - ZhiYuan Robotics, a startup, is in the spotlight for its acquisition of a listed company, which has led to a significant stock price increase [7]. - Various applications of humanoid robots were demonstrated, including interactive games and retail scenarios [9][11]. AI Chips - Domestic AI chip manufacturers, such as Huawei and Moer Thread, showcased their products, with Huawei presenting the "Ascend 384" machine, which boasts a computing power of 300 PFLOPS, surpassing similar products from NVIDIA [25][26]. - Moer Thread and Muxi both submitted IPO applications and displayed their latest GPU products, indicating a competitive landscape in the domestic GPU market [28][30]. - The emergence of photonic chips was noted, with Xizhi Technology unveiling a hybrid optical computing chip aimed at enhancing AI model performance [32]. AI Models and Applications - The focus of AI models has shifted from scaling and parameters to applications, with companies like Alibaba and MiniMax showcasing their latest AI agents capable of generating various content [34][36]. - B-end AI applications are being implemented across various industries, including energy and disaster response, with notable products like a flood prediction system [42][46]. AI Glasses - AI glasses are emerging as the next generation of smartphones, with several companies presenting their latest models, featuring advanced functionalities such as real-time translation and immersive experiences [53][54]. - XREAL's new AI glasses incorporate a self-developed optical engine and spatial computing chip, enhancing user experience [55][56]. Autonomous Driving - The conference highlighted advancements in autonomous driving technologies, with companies like Zeekr showcasing their L3-level intelligent driving solutions [63][66]. - Various companies presented solutions for smart cabins and vehicle lifecycle management, indicating a comprehensive approach to integrating AI in the automotive sector [68][69].

Core Viewpoint - The 2025 World Artificial Intelligence Conference emphasizes the growing importance of AI as a fundamental productivity tool in society, with multiple players expected to coexist in the AI landscape [3][4]. Group 1: AI Development and Trends - AI is becoming increasingly powerful and is expected to enhance both individual and societal capabilities [3][4]. - The AI field will have multiple players, as different organizations will have varying alignment goals for their models, leading to diverse characteristics and long-term coexistence [4][5]. - Recent advancements show that AI systems are evolving from single models to multi-agent systems, which can tackle more complex problems [5][6]. Group 2: Open Source and Innovation - The rise of open-source models has significantly impacted the AI landscape, with many intelligent systems emerging outside of large corporations [6][7]. - The cost of AI development is expected to decrease due to innovations, making it a less capital-intensive industry, although the use of computational power will still increase [7][8]. - The MiniMax platform has generated over 300 million videos globally, showcasing the widespread application and accessibility of AI technologies [7]. Group 3: Future of AI - The realization of Artificial General Intelligence (AGI) is anticipated, with a focus on serving and benefiting the public [9].

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC 2025) held in Shanghai focused on the theme "Intelligent Era, Shared Future," bringing together global experts and representatives to discuss new opportunities in AI development [2] - Yan Junjie, CEO of MiniMax, emphasized that AI companies should not be viewed merely as extensions of internet companies but as infrastructure enterprises focused on capability building, providing enhanced productivity for society [2] Company Developments - MiniMax, founded in 2022, has developed several multimodal general models, including MiniMax M1, Hailuo-02, Speech-02, and Music-01, capable of processing text, audio, images, video, and music [7] - The company plans to launch its first full-stack general intelligence product, "MiniMax Agent," during the conference, designed to handle long-term complex tasks with capabilities in task planning, sub-task breakdown, and multi-thread execution [6][7] - MiniMax's products have served approximately 157 million individual users and over 50,000 enterprises and developers across more than 200 countries and regions [7] Industry Trends - AI is transitioning from task assistance to task leadership, increasingly penetrating complex environments, showcasing its ability to understand systems, collaborate on multiple tasks, and learn with goal orientation [3] - The efficiency of AI models has improved significantly, with training costs stabilizing, indicating that future R&D advantages will rely more on effective experimental design and team capabilities rather than solely on computational power [5] - The AI landscape is evolving towards a decentralized, multi-center development model, where various organizations can align models according to their preferences, leading to diverse systems that emphasize different aspects such as code execution, emotional interaction, and creativity [5][6] - The trend towards "inclusive AI" is evident, as both training and inference costs are decreasing, allowing for broader deployment of AI across various social scenarios [6]