Economic Information Daily News (5th exclusive) Zhipu (02513) is currently up 1.9%, trading at HK$638.5, with approximately 150,000 shares traded, involving HK$970.5 million; MiniMax (00100) rises 0.8%, trading at HK$244.8.
Bloomberg Intelligence analysis indicates that with advances from companies such as DeepSeek, the lead of U.S. artificial intelligence (AI) firms over China has sharply narrowed over the past few months to the smallest margin on record.
Bloomberg's report states that after DeepSeek released V4.1 Flash in September, the performance gap between top Chinese models and their U.S. counterparts in benchmark scores has narrowed to about 3%, compared to 9% in May and 15% earlier this year, indicating a significantly accelerated pace of catch-up by Chinese AI models. The improvement in AI performance implies that Chinese AI companies will further expand their market share.
Analysts believe the Chinese AI industry may not achieve profitability until 2030; focusing on low-margin token supply, coupled with intense price wars, may prevent any single company from establishing dominance in the domestic market. In terms of monetization, ByteDance's Doubao is leading, while DeepSeek and Tencent's chatbots remain free.
Additionally, Goldman Sachs upgraded Zhipu's rating from "Neutral" to "Buy", although it slightly lowered the target price from HK$1,610 to HK$1,560.
Currently, the Hang Seng Index stands at 23,871, down 100 points or 0.4%, with main board turnover nearing HK$14.1 billion. The Hang Seng China Enterprises Index is at 7,999, down 31 points or 0.4%. The Hang Seng Tech Index is at 4,138, down 19 points or 0.5%. (vs)
Bloomberg Intelligence analysis indicates that with advances from companies such as DeepSeek, the lead of U.S. artificial intelligence (AI) firms over China has sharply narrowed over the past few months to the smallest margin on record.
Bloomberg's report states that after DeepSeek released V4.1 Flash in September, the performance gap between top Chinese models and their U.S. counterparts in benchmark scores has narrowed to about 3%, compared to 9% in May and 15% earlier this year, indicating a significantly accelerated pace of catch-up by Chinese AI models. The improvement in AI performance implies that Chinese AI companies will further expand their market share.
Analysts believe the Chinese AI industry may not achieve profitability until 2030; focusing on low-margin token supply, coupled with intense price wars, may prevent any single company from establishing dominance in the domestic market. In terms of monetization, ByteDance's Doubao is leading, while DeepSeek and Tencent's chatbots remain free.
Additionally, Goldman Sachs upgraded Zhipu's rating from "Neutral" to "Buy", although it slightly lowered the target price from HK$1,610 to HK$1,560.
Currently, the Hang Seng Index stands at 23,871, down 100 points or 0.4%, with main board turnover nearing HK$14.1 billion. The Hang Seng China Enterprises Index is at 7,999, down 31 points or 0.4%. The Hang Seng Tech Index is at 4,138, down 19 points or 0.5%. (vs)
