China Merchants Securities International: DeepSeek V4 refreshes open-source SOTA capabilities, with Alibaba and Tencent set to directly benefit

Golden Finance reports that on April 27, China Merchants Securities International published a research report stating that DeepSeek released V4-Pro and V4-Flash last week, with a 1M token context as a standard offering across the entire lineup. The firm believes that the open-source SOTA has been achieved, but it has not fully surpassed flagship competitors at home and abroad. The firm believes that among DeepSeek’s above initiatives, leading cloud vendors ( Alibaba and ) Tencent will directly benefit, with MaaS platform revenue continuing to rise; together with reports that the two are negotiating strategic investment in DeepSeek ( at a reported pre-money valuation of about 3000 billion yuan/440 billion USD ). In addition, DeepSeek’s V4-Flash output pricing is only 2 RMB per million tokens, which provides a significant cost advantage for developers of AI application-layer products and benefits AI-native SaaS companies by accelerating the embedding of AI capabilities. For newly listed model providers, the firm believes that the release of V4 does not constitute a disruptive impact on Zhipu/MiniMax, but it will intensify competition in the Agent track, so it is necessary to closely monitor model iteration, commercialization progress, and talent movement among major model companies. ( Dongxin News Agency )