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

Golden Finance reported on April 27 that CMB International released a research report stating that DeepSeek launched V4-Pro and V4-Flash last week, with 1M token context as standard across all models. The firm believes that while the open-source SOTA has been realized, it has not fully surpassed flagship competitors domestically or internationally. According to the report, leading cloud providers (Alibaba, Tencent) will directly benefit from DeepSeek's initiatives, with MaaS platform revenue continuing to grow. Additionally, the two companies are reportedly in talks for strategic investment in DeepSeek (pre-money valuation approximately RMB 300 billion/USD 44 billion). Furthermore, DeepSeek's V4-Flash output pricing is set at only RMB 2 per million tokens, offering significant cost advantages to AI application developers and benefiting AI-native SaaS companies by accelerating the embedding of AI capabilities. Regarding publicly listed model providers, the firm believes the V4 release does not pose a disruptive impact on Zhipu/MiniMax but will intensify competition in the Agent track. Close attention should be paid to model iterations, commercialization progress, and talent movements among major model providers. (Dongxin News Agency)