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

Golden Finance reports that on April 27th, CITIC Construction Investment Securities’ research report states that DeepSeek-V4 and GPT-5.5 will be released simultaneously. The former leverages CSA/HCA attention compression and mHC network reconstruction to reduce the cost of million-level context reasoning to an extremely low level while closely competing with closed-source flagship models in performance, and has successfully run the domestically developed computing power base; the latter relies on strong hardware-software coupling, mainly targeting high-complexity knowledge work, continuing the business model of high pricing matching high intelligence. Meanwhile, the generational leap of the base model resonates with agent frameworks like OpenClaw and Hermes, expanding the upper limit of intelligence and optimizing reasoning costs, accelerating the commercialization and deployment of the agent ecosystem.