CITIC Securities International: DeepSeek V4 Refreshes Open Source SOTA Capabilities, Alibaba and Tencent to Benefit Directly

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On April 27, CITIC Securities International released a research report stating that DeepSeek launched V4-Pro and V4-Flash last week, with 1M token context as a standard feature across the series. The firm believes that while open source SOTA has been realized, it has not fully surpassed flagship competitors both domestically and internationally. The report indicates that leading cloud providers (Alibaba and Tencent) will benefit directly from DeepSeek’s initiatives, with continuous revenue growth from the MaaS platform, alongside reports that both companies are in discussions for strategic investments in DeepSeek (with a pre-investment valuation of approximately 300 billion RMB / 44 billion USD). Furthermore, DeepSeek’s V4-Flash pricing is set at only 2 RMB per million tokens, significantly reducing costs for AI application developers and benefiting AI-native SaaS companies in accelerating the integration of AI capabilities. Regarding publicly listed model vendors, the report suggests that the release of V4 does not pose a disruptive threat to Zhiyu/MiniMax, but will intensify competition in the Agent sector, necessitating close monitoring of model iterations, commercialization progress, and talent movements among major model vendors. (Dongxin News Agency)

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