AI系列第31期：MiniMax JAF 2026会议要点；微信发布Clawbot插件

Highlights - (1) OpenRouter: (week of 16 Mar), overall token consumptionincreased by 21% vs prior week, with China models surpassing those of US.(2) Top 3 token consumption companies are Xiaomi, StepFun, and MiniMax;(3) JAF 2026 Conference: MiniMax Takeaways (link); (5) Tencent launchesClawbot plugin in Weixin, which allows users to connect with OpenClaw andothers; (6) BAT, KC, and AI Labs are beneficiaries to rising demand in AImodels and agents In this report, we provide Investors with over 50 data points on AI models, OpenClaw, user trendsby sub-sector, and other industry data for analysis purposes. OpenRouter: Token consumption was up by 21% vs prior week.Based on the analysis of theweek of 16 Mar (vs the week of 9 Mar) (Exhibit 2), no of weekly tokens consumed increased by21% to 20.4tn. For China models, no of tokens increased by 37.3% to 6.44tn, surpassing thatof US models at 2.96tn (down 10.3%). In terms of ranking, Xiaomi's MiMo V2 Pro ranked no1 (new in ranking, 1.49tn tokens), followed by StepFun's Step 3.5 Flash (free) (unchanged inranking, no of tokens up 10%), and MiniMax M2.5 (ranking down from no 1, tokens decreasedby 26%). For DeepSeek, DeepSeek V3.2 dropped to no 4 (from no 3). JAF 2026: MiniMax Takeaways.Highlights: (1) MiniMax stands out with multi-modal modelswith faster iterations. M3 is expected to be released around mid-2026; (2) model intelligenceis a key competitive moat; (3) inference optimization is key amidst chip supply constraints; (4)ARR increased by 50% in Feb-26 vs Dec-25 on three main revenue streams (open platform,Hailuo, Talkie/Xingy); (5) global strategy with asset-light model. Please refer to our report (link)for details. On the other hand, MiniMax launches Token Plan, which offers a multi-modal modelsubscription package. Latest OpenClaw developments.(1)Tencent: Users can connect Weixin with OpenClawthrough new plugin features. On the other hand, Tencent officially launches QClaw to all aftertesting on 20 Mar. (2) Users from MaxClaw, Kimi Claw, AutoClaw can connect with Weixinthrough Clawbot plugin. (3) ForBaidu, it launches DuMate for enterprises using OpenClaw,which supports local deployment. (4) We think there are a number of business models forAgentic AI in the future, and Tencent has a proven track record in new investment (link). OpenRouter: Top 3 models by OpenClaw’s token usage come from China.According toOpenRouter (Exhibit 5), top 3 models for OpenClaw based on token consumption come fromChina, with Step3.5 Flash ranked first (unchanged in ranking), MiniMax M2.5 (unchanged inranking), and GLM5 Turbo (new in ranking). As we highlight in our report (link), China modelshave cost advantage (Exhibit 28) and charge a fraction vs US models amid the booming tokenconsumption on agentic AI, amid narrowing in intelligence gap with US models (Exhibit 23). BAT, KC, and AI Labs are Beneficiaries; Media reports Kimi valuation reached another newmilestone.We expect the surge in token consumption on rising demand in AI models andagents to benefit CSPs likeBaidu, Alibaba, Tencent (BAT), Kingsoft Cloud (KC), and AI Labs.The long-term trends in AI models and opportunities are intact. According to analysis fromArtificial Analysis, (1) there is a narrowing intelligence gap between US and China models; (2)API cost is just a fraction vs US benefiting from MoE, linear attention, and MFU (Exhibit 24-29);(3) Coding, Workspace scenario and mid- to long-form content have significant opportunitiesahead (Exhibit 47-51). According to media reports (e.g., 36Kr), the latest valuation of largemodel Kimi reached USD18bn in recent USD1bn financing. OpenClaw Pricing Plans for Different OpenClaw Offerings byTencent, Alibaba, Baidu, and MiniMax PricingPlansfordifferentOpenClawOfferings by Tencent, Alibaba, Baidu, andMiniMax According to OpenRouter, Step 3.5 Flash,MiniMax M2.5, and GLM5 Turbo are ranked According to OpenRouter, top 3 models for OpenClaw based on token consumption come fromChina which include Step 3.5 Flash, MiniMax M2.5, and GLM5 Turbo. Other models include KimiK2.5, MiMo-V2-Prom, and DeepSeek V3.2. top 3 in terms of token consumption onOpenClaw Source: OpenRouter, Jefferies According to PinchBench, OpenAI's GPT5.4 ranked first in terms of success rate (90.5%), followedby Qwen 3.5-27B (90.0%) and Qwen 3.5-397B-A17B. In China market, Qwen 3.5-27B (90.0%) ranked first, followed by Qwen 3.5-397B-A17B (89.1%)and MiniMax M2.5 (87.8%). MiniMax is one of the top 10 models and OpenClaw's founder PeterSteinberger highlights MiniMax's models are recommended due to success rate, speed and costefficiencies. MiniMaxmodels are recommended byOpenClaw on its success rate, speed, andcost efficiencies AI Assistants Doubao weekly DAU remains resilient whileQwen/Yuanbaodeclined WoW after CNYholidays According to our analysis from QM, weekly DAU starts to ramp up in early Feb for Qwen andYuanbao but starts to decline in later part of Feb. Highlights.(1)Qwen: weekly DAU hit the peak ata