[UBS: Chinese AI Models Expected to Gradually Gain Global Market Share] According to a report by Jinse Finance on July 21, UBS stated that it believes China's open-source ecosystem will accelerate technology diffusion and generate R&D synergies, helping more Chinese AI labs narrow the capability gap with global peers. Although Chinese AI developers have smaller funding scales compared to their overseas counterparts, the breakthrough capabilities and architectural innovations of Kimi K3, released by Moonshadow, are expected to alleviate investors' concerns about limitations in training computational power or model distillation. The bank reiterated that cost efficiency remains the core advantage of Chinese AI models and believes that, amid the industry's shift toward token optimization, they are likely to gradually gain global market share. The bank expressed a positive outlook on Chinese cloud providers Alibaba, Tencent, Baidu, and Kingsoft Cloud, driven by tailwinds from AI training and inference demand. It is particularly optimistic about Alibaba due to the progress of Qwen 3.8 and its strategic exposure to Moonshadow.