招商证券国际：DeepSeek V4 atualiza a capacidade de SOTA de código aberto, Alibaba e Tencent irão beneficiar diretamente

Golden Finance reports that on April 27th, China Merchants Securities International published a research report indicating that DeepSeek released V4-Pro and V4-Flash last week, with a 1M token context as a standard feature across the entire series. The firm believes that open-source SOTA has been realized but has not fully surpassed flagship competitors domestically and internationally. The firm considers that among the initiatives mentioned above, leading cloud providers ( Alibaba and Tencent ) will benefit directly, with MaaS platform revenue continuously increasing, combined with reports that both are negotiating strategic investments in DeepSeek (, with a pre-valuation of approximately 300 billion yuan / 44 billion USD ). Additionally, DeepSeek’s V4-Flash output pricing is only 2 RMB per million tokens, which presents a significant cost advantage for AI application layer developers, benefiting AI-native SaaS companies to accelerate AI capability integration. Regarding listed model manufacturers, the firm believes that the V4 release does not constitute a disruptive impact on Zhipu / MiniMax but will intensify competition in the Agent track, requiring close attention to the iteration, commercialization progress, and talent flow of major model vendors. (Dongxin News )