Institución: seguimiento continuo de oportunidades de inversión en temas de IA

China Merchants Securities believes that since 2026, domestic large-model manufacturers have focused on upgrades to Agent capabilities and code capabilities, and are racing to release new models. The upcoming DeepSeek next-generation new model is expected to continue the high cost-performance open-source model route, and in terms of capabilities achieve stronger memory functions and ultra-long context processing. While refining code and Agent capabilities, it will also address the weaknesses in multimodal capabilities, bringing new investment opportunities in the directions of model manufacturers, AI applications, and AI infrastructure. 1）Model manufacturers: DeepSeek’s next-generation model is expected to work together with other domestic models to drive China’s AI to accelerate toward the world, while the training process pushes cost reduction one step further; cheaper tokens drive an overall increase in global large-model API call volume. 2）AI applications: model equality helps ease the market’s anxiety brought by the “model vs. application” narrative contradiction, supports the deployment of AI Agents across thousands of industries, and benefits AI application companies with barriers. 3）AI infrastructure: cost reduction leads to usage growth, benefiting AI Infra; domestic AI Infra and domestic models are moving toward each other.

Ping An Securities believes that MiniMax has released its first self-iterating model, MiniMaxM2.7. Domestic large models continue to iterate, and the OFC exhibition has further confirmed the high level of business momentum in AI computing demand. Currently, domestic large models represented by GLM-5, M2.7, KimiK2.5, and others continue to iterate, with capabilities steadily improving. This will further promote domestic large models from being “usable” to being “easy to use,” accelerate the deployment of domestic large models in application scenarios across thousands of industries, and accelerate the development of China’s large-model industry. Firmly optimistic about the future prospects of China’s AI industry, it recommends continuing to pay attention to investment opportunities in AI themes.