[JPMorgan: Open-source weight commercialization shows 'winner-takes-all' phenomenon, Zhipu target price raised to HK$2,000, MiniMax target price cut to HK$300] BlockBeats News, July 8, JPMorgan released a research report stating that competitive models in the current market can expand adoption through open-source weights and continue monetization via official APIs, partnership channels, enterprise deployments, and workflow products. Meanwhile, weaker models face faster price comparisons and traffic diversion. JPMorgan raised Zhipu's revenue forecast for 2026 to 2030 by 3% to 9% and narrowed its adjusted loss forecast for 2026 and 2027 to RMB 3.711 billion and RMB 3.141 billion, respectively. The 2028 forecast was revised from a loss of RMB 1.287 billion to a profit of RMB 2.367 billion. The target price was raised from HK$1,800 to HK$2,000, with the rating maintained at 'Overweight.' JPMorgan believes the performance of GLM—5.5/6, KimiK3, and DeepSeekV4.1 will be key observation points in determining whether Zhipu can maintain its leading edge. JPMorgan lowered MiniMax-W (00100.HK)'s revenue forecast for 2027 to 2030 by 2% to 8%, cutting the target price from HK$400 to HK$300, with the rating maintained at 'Neutral.' It pointed out that the M3 model offers a permanent 50% discount, reflecting that the model has yet to demonstrate a significant capability premium over domestic leading peers. JPMorgan believes that if MiniMax can narrow the capability gap, normalize discounts while maintaining API usage, and showcase stronger workflow stickiness through MiniMaxCode, its outlook could turn more positive.