大行评级丨高盛：维持小米“买入”评级，12个月目标价39港元

格隆汇10:50

高盛发表报告指，小米旗下MiMo于数日前开始公开直播MiMo-V2.6 RL(强化学习)过程，V2.6-Flash及V2.6-Pro在训练30步后已停止。高盛认为，这是首次有主要AI实验室实时公开后训练遥测数据，而RL训练已令长时程代理表现大幅改善。MiMo-V2.6-Flash/Pro在30步训练内，于DeepSWE基准取得最高67.86/72.57分(avg@3)。高盛预期，MiMo-V2.6系列正式发布时的定价将受关注，V2.6将巩固小米聚焦代理编码及多模态整合，并提供更高API定价潜力，但小米可能继续与DeepSeek一同为市场定价结构带来颠覆。该行又预期，采用新架构HySparse的MiMo-V3可能在数个月内、即2027年初左右发布，其稀疏比率或由V2/V2.5的7:1提升至更进取的11:1，进一步推高效率前沿及降低推理成本。该行维持小米“买入”评级，12个月目标价39港元。

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