CITIC Securities: DeepSeek V4 and other multi-model updates, continuous tight demand for computing power

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Mars Finance News: A research report from CICC (China Construction Investment Securities) says that DeepSeek-V4 and GPT-5.5 are set to be released concurrently. The former, thanks to CSA/HCA attention compression and an mHC network overhaul, brings the million-level context reasoning cost down to an extremely low level while delivering performance that closely matches that of closed-source flagship models, and it has also successfully run on a domesticized compute base. The latter relies on tight coupling between software and hardware, focusing primarily on high-complexity knowledge work and continuing a business model that pairs high pricing with high intelligence. Meanwhile, the generational leap of the base model and its resonance with Agent frameworks such as OpenClaw and Hermes—through expanded intelligence upper limits and optimized reasoning costs—are accelerating the development of the Agent ecosystem toward commercial deployment.

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