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03-19 10:56
董明珠你出来，你也搞一个AI大模型看看
雷军官宣全球开发者热议的“神秘模型”，小米“AI路线图”逐步明晰
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09:15","market":"hk","language":"zh","title":"雷军官宣全球开发者热议的“神秘模型”，小米“AI路线图”逐步明晰","url":"https://stock-news.laohu8.com/highlight/detail?id=2620294758","media":"华尔街见闻","summary":"全网热议的“神秘模型”终被小米认领！小米重磅发布万亿参数大模型MiMo-V2-Pro，性能跻身全球第八且成本优势显著。高盛发布研报力挺，称小米已正式步入AI成果兑现期，稳固“物理AI领导者”地位。尽管百亿级研发或致短期利润承压，但生态落地将驱动长期价值重塑，高盛维持“买入”评级看涨至41港元。","content":"<html><head></head><body><blockquote><p>全网热议的“神秘模型”终被小米认领！小米重磅发布万亿参数大模型MiMo-V2-Pro，性能跻身全球第八且成本优势显著。高盛发布研报力挺，称小米已正式步入AI成果兑现期，稳固“物理AI领导者”地位。尽管百亿级研发或致短期利润承压，但生态落地将驱动长期价值重塑，高盛维持“买入”评级看涨至41港元。</p></blockquote><p style=\"text-align: left;\">一度被全网猜测为DeepSeek V4的“神秘模型”，最终被小米“认领”。不仅平息了开发者社区的身份谜题，也让资本市场对小米的AI投入如何落地有了更清晰的参照系。</p><p style=\"text-align: left;\">近日一款名为Hunter Alpha的AI模型在开发者平台OpenRouter匿名上线，具备逾1万亿参数规模及100万token上下文窗口，发布后总调用量迅速登顶。因参数规格与外界流传的DeepSeek V4信息高度吻合，一度引发大规模猜测，就连龙虾之父Peter Steinberger也在X上发帖询问，有没有人知道模型的具体细节。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/bd69d356dd66b83aa64b0ec430c787c1\" tg-width=\"606\" tg-height=\"366\"/></p><p style=\"text-align: left;\">小米以一次"官宣认领"终结了持续数日的猜测，3月19日凌晨，小米发布MiMo大模型系列“三连更”，包括旗舰基座大模型MiMo-V2-Pro，全模态Agent模型MiMo-V2-Omni，以及语音合成模型MiMo-V2-TTS。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8bbd35bf0ec8bece5538c3a7cb8c17c2\" tg-width=\"594\" tg-height=\"708\"/></p><p style=\"text-align: left;\">随后，小米创始人雷军在微博表示，小米刚发布万亿参数大模型Mimo-V2-Pro，并披露小米在AI领域"实际进展可能比大家看到的要快很多"，今年AI研发与资本投入将超过160亿。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/19ee1ee21e502b429caa0e6d84fc5cb3\" tg-width=\"610\" tg-height=\"595\"/></p><p style=\"text-align: left;\"><strong>对此，高盛在3月19日发布的研究报告中指出，此次三款旗舰模型的集中发布，标志着小米正从AI研发投入阶段迈向成果兑现阶段，其"物理AI领导者"的市场定位正逐步获得实质支撑。</strong>并维持对小米的"买入"评级，12个月目标价港币41元，较当前股价隐含约14%上行空间。</p><h2 id=\"id_1300115540\">小米三款模型重磅亮相</h2><p style=\"text-align: justify;\"><strong>Xiaomi MiMo-V2-Pro专为现实世界中高强度的Agent工作场景而打造</strong>。<strong>它拥有超过1T的总参数量（42B 激活参数），并支持1M超长上下文长度。</strong>在底层架构设计上，它继承了混合注意力机制，并且将混合比例从5:1大幅提升到了7:1，兼顾了超大规模与极高的推理效率。</p><p style=\"text-align: left;\">MiMo-V2-Omni定位为小米的全模态基础模型，整合了图像、视频及音频的多模态理解能力与强大的智能体能力。据高盛报告，该模型在音频理解、图像理解、视频理解及智能体能力等多项核心指标上，达到或超越Gemini 3 Pro、Claude Opus 4.6、Gemini 3及GPT-5.2的水平。</p><p style=\"text-align: left;\">MiMo-V2-TTS则面向语音智能体时代，提供高可控的多粒度风格控制、自然韵律复现及歌唱能力。高盛指出，其下一步目标包括扩展中英文以外的语言覆盖，并与MiMo-V2-Omni的多模态理解能力深度整合，使智能体能够以接近人类表达力的声音描述真实世界。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ac83f5ccce93d1488b66f5b9f7b81502\" tg-width=\"1662\" tg-height=\"1080\"/></p><p style=\"text-align: left;\">三款模型已集成至WPS Office、小米手机及电脑上的miclaw智能体系统和小米浏览器。</p><h2 id=\"id_3893430346\">旗舰模型性能：全球第八，成本优势显著、专为Agent场景深度优化</h2><p style=\"text-align: left;\">MiMo-V2-Pro是此次发布的核心。该模型拥有逾1万亿总参数、420亿活跃参数及100万token上下文窗口，在全球大模型综合智能排行榜Artificial Analysis Intelligence Index上位列全球第八、中国模型第二，超越xAI Grok，仅次于Gemini 3.1 Pro Preview、GPT-5.4、GPT-5.3 Codex、Claude Opus 4.6、Claude Sonnet 4.6及GLM-5。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6de6458c3b8dceb3dd748aa90c821b0a\" tg-width=\"2560\" tg-height=\"707\"/></p><p style=\"text-align: left;\"><strong>高盛指出，成本效率是MiMo-V2-Pro的另一核心竞争力</strong>。据Artificial Analysis数据，运行该模型完成Intelligence Index测试的成本为348美元，较同榜单排名靠前的GLM-5低36%，较Claude Sonnet 4.6低90%；与Claude Opus 4.6和Claude Sonnet 4.6相比，MiMo-V2-Pro的token使用成本最高低80%。</p><p style=\"text-align: left;\">在训练效率方面，小米近期推出的ARL-Tangram系统已部署用于支持MiMo系列模型训练，该系统实现了平均动作完成时间提升4.3倍、强化学习训练速度最高提升1.5倍，以及外部资源节省最高达71%。</p><p style=\"text-align: left;\"><strong>值得一提的是，MiMo-V2-Pro 专为 Agent 场景深度优化。</strong>MiMo-V2-Pro 针对复杂多样的 Agent Scaffold 进行 SFT & RL，具备更强的工具调用与多步推理能力。在 OpenClaw 标准评测榜单 PinchBench、ClawEval 上，MiMo-V2-Pro 效果处于全球顶尖。同时，凭借 1M 的超长上下文窗口，MiMo-V2-Pro 能够从容支撑高强度的真实 Claw 复杂应用流。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1914add386b65e15063c0165bbf5e875\" tg-width=\"1137\" tg-height=\"1080\"/></p><h2 id=\"id_256265974\" style=\"text-align: left;\">AI路线图清晰化：从模型到生态的系统布局</h2><p style=\"text-align: left;\">高盛报告着重指出，此次发布并非孤立事件，而是小米加速将AI研发投入转化为实际成果的系统性推进的组成部分。</p><p style=\"text-align: left;\"><strong>在此之前，小米于今年2月发布了面向机器人推理与实时执行的视觉-语言-动作模型Xiaomi-Robotics-0，3月发布了AI智能体系统miclaw，并于3月19日同步推出搭载XLA认知模型的升级版辅助驾驶系统HAD，该模型整合了小米自研的跨具身基础模型MiMo-Embodied。</strong></p><p style=\"text-align: left;\">高盛为三款模型分别勾勒了明确的迭代方向：MiMo-V2-Pro的下一目标是攻克高复杂度推理与长周期任务规划；MiMo-V2-Omni的目标是实现跨小时乃至跨天的持续意图规划、实时流感知，以及通过机器人和手部执行动作；MiMo-V2-TTS则将向多语言扩展并深化与Omni的融合。</p><p style=\"text-align: left;\">高盛认为，凭借领先的多模态AI能力及"人车家"生态内丰富的智能体应用场景，小米具备捕获全球AI模型行业巨大市场空间的潜力，同时有望打造高溢价、差异化的消费级AI终端。</p><h2 id=\"id_428976604\" style=\"text-align: left;\">投入加码与估值逻辑：短期利润承压，长期价值重估</h2><p style=\"text-align: left;\">高盛预计，小米2026年研发支出将达400亿元人民币，高于2025年预估的322亿元，持续加码的投入将对近期利润形成拖累。财务数据显示，高盛预测小米2026年净利润（扣除特殊项目前）约为279亿元人民币，低于2025年预估的395亿元，对应2026年市盈率约27.4倍。</p><p style=\"text-align: left;\">尽管如此，高盛认为，持续的成果交付应推动市场将小米重新定价为拥有自研AI、操作系统及芯片能力的物理AI领导者，而非仅以近期市盈率衡量其价值。高盛维持买入评级，目标价港币41元，基于分类加总估值法，包括对小米核心业务采用16倍目标12个月远期EV/NOPAT，对小米电动车业务采用DCF估值（450亿美元），并施加10%控股折价。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>雷军官宣全球开发者热议的“神秘模型”，小米“AI路线图”逐步明晰</title>\n<style 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href=\"https://wallstreetcn.com/articles/3767880\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aea2b9ab8a046974039715aed46d9985","relate_stocks":{"81810":"小米集团-WR","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","BK1506":"5G概念","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) 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Steinberger也在X上发帖询问，有没有人知道模型的具体细节。小米以一次\"官宣认领\"终结了持续数日的猜测，3月19日凌晨，小米发布MiMo大模型系列“三连更”，包括旗舰基座大模型MiMo-V2-Pro，全模态Agent模型MiMo-V2-Omni，以及语音合成模型MiMo-V2-TTS。随后，小米创始人雷军在微博表示，小米刚发布万亿参数大模型Mimo-V2-Pro，并披露小米在AI领域\"实际进展可能比大家看到的要快很多\"，今年AI研发与资本投入将超过160亿。对此，高盛在3月19日发布的研究报告中指出，此次三款旗舰模型的集中发布，标志着小米正从AI研发投入阶段迈向成果兑现阶段，其\"物理AI领导者\"的市场定位正逐步获得实质支撑。并维持对小米的\"买入\"评级，12个月目标价港币41元，较当前股价隐含约14%上行空间。小米三款模型重磅亮相Xiaomi MiMo-V2-Pro专为现实世界中高强度的Agent工作场景而打造。它拥有超过1T的总参数量（42B 激活参数），并支持1M超长上下文长度。在底层架构设计上，它继承了混合注意力机制，并且将混合比例从5:1大幅提升到了7:1，兼顾了超大规模与极高的推理效率。MiMo-V2-Omni定位为小米的全模态基础模型，整合了图像、视频及音频的多模态理解能力与强大的智能体能力。据高盛报告，该模型在音频理解、图像理解、视频理解及智能体能力等多项核心指标上，达到或超越Gemini 3 Pro、Claude Opus 4.6、Gemini 3及GPT-5.2的水平。MiMo-V2-TTS则面向语音智能体时代，提供高可控的多粒度风格控制、自然韵律复现及歌唱能力。高盛指出，其下一步目标包括扩展中英文以外的语言覆盖，并与MiMo-V2-Omni的多模态理解能力深度整合，使智能体能够以接近人类表达力的声音描述真实世界。三款模型已集成至WPS Office、小米手机及电脑上的miclaw智能体系统和小米浏览器。旗舰模型性能：全球第八，成本优势显著、专为Agent场景深度优化MiMo-V2-Pro是此次发布的核心。该模型拥有逾1万亿总参数、420亿活跃参数及100万token上下文窗口，在全球大模型综合智能排行榜Artificial Analysis Intelligence Index上位列全球第八、中国模型第二，超越xAI Grok，仅次于Gemini 3.1 Pro Preview、GPT-5.4、GPT-5.3 Codex、Claude Opus 4.6、Claude Sonnet 4.6及GLM-5。高盛指出，成本效率是MiMo-V2-Pro的另一核心竞争力。据Artificial Analysis数据，运行该模型完成Intelligence Index测试的成本为348美元，较同榜单排名靠前的GLM-5低36%，较Claude Sonnet 4.6低90%；与Claude Opus 4.6和Claude Sonnet 4.6相比，MiMo-V2-Pro的token使用成本最高低80%。在训练效率方面，小米近期推出的ARL-Tangram系统已部署用于支持MiMo系列模型训练，该系统实现了平均动作完成时间提升4.3倍、强化学习训练速度最高提升1.5倍，以及外部资源节省最高达71%。值得一提的是，MiMo-V2-Pro 专为 Agent 场景深度优化。MiMo-V2-Pro 针对复杂多样的 Agent Scaffold 进行 SFT & RL，具备更强的工具调用与多步推理能力。在 OpenClaw 标准评测榜单 PinchBench、ClawEval 上，MiMo-V2-Pro 效果处于全球顶尖。同时，凭借 1M 的超长上下文窗口，MiMo-V2-Pro 能够从容支撑高强度的真实 Claw 复杂应用流。AI路线图清晰化：从模型到生态的系统布局高盛报告着重指出，此次发布并非孤立事件，而是小米加速将AI研发投入转化为实际成果的系统性推进的组成部分。在此之前，小米于今年2月发布了面向机器人推理与实时执行的视觉-语言-动作模型Xiaomi-Robotics-0，3月发布了AI智能体系统miclaw，并于3月19日同步推出搭载XLA认知模型的升级版辅助驾驶系统HAD，该模型整合了小米自研的跨具身基础模型MiMo-Embodied。高盛为三款模型分别勾勒了明确的迭代方向：MiMo-V2-Pro的下一目标是攻克高复杂度推理与长周期任务规划；MiMo-V2-Omni的目标是实现跨小时乃至跨天的持续意图规划、实时流感知，以及通过机器人和手部执行动作；MiMo-V2-TTS则将向多语言扩展并深化与Omni的融合。高盛认为，凭借领先的多模态AI能力及\"人车家\"生态内丰富的智能体应用场景，小米具备捕获全球AI模型行业巨大市场空间的潜力，同时有望打造高溢价、差异化的消费级AI终端。投入加码与估值逻辑：短期利润承压，长期价值重估高盛预计，小米2026年研发支出将达400亿元人民币，高于2025年预估的322亿元，持续加码的投入将对近期利润形成拖累。财务数据显示，高盛预测小米2026年净利润（扣除特殊项目前）约为279亿元人民币，低于2025年预估的395亿元，对应2026年市盈率约27.4倍。尽管如此，高盛认为，持续的成果交付应推动市场将小米重新定价为拥有自研AI、操作系统及芯片能力的物理AI领导者，而非仅以近期市盈率衡量其价值。高盛维持买入评级，目标价港币41元，基于分类加总估值法，包括对小米核心业务采用16倍目标12个月远期EV/NOPAT，对小米电动车业务采用DCF估值（450亿美元），并施加10%控股折价。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":1.98,"HXXD.SI":0.6,"XIACY":1.98}},"isVote":1,"tweetType":1,"viewCount":1,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":35,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/544209002082416"}
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