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<Research>CMSI: DeepSeek V4 Refreshes Open-Source SOTA Capabilities; BABA-W, TENCENT Direct Beneficiaries; Competition in Agent Track Intensifies
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CMSI released a research report stating that DeepSeek today (24th) launched V4-Pro and V4-Flash, with a 1 million token context window as a standard feature across the entire series. The broker believed the open-source SOTA capabilities have been delivered, but the models have not entirely exceled leading flagship competitors at home and abroad. The broker expected leading cloud vendors, namely BABA-W (09988.HK) and TENCENT (00700.HK), to directly benefit from the above initiatives, with MaaS platform revenue continuing to elevate. In addition, the two companies are reportedly in talks to make a strategic investment in DeepSeek (pre-funding valuation of approximately RMB300 billion/ USD44 billion). Regarding listed model developers, the broker believed the V4 launch does not constitute a disruptive impact on KNOWLEDGE ATLAS (02513.HK) or MINIMAX-W (00100.HK), but it will intensify competition in the Agent track. Close attention should be paid to model iteration, commercialization progress and talent mobility among major model developers. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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