[UBS: Kimi K3 Performance Approaching Leading Proprietary Frontier Models, Chinese AI Models Expected to Gradually Gain Global Market Share] Jin10 News, July 21 — UBS released a report stating that as the world's largest open-source LLM, Kimi K3's performance is now approaching that of leading proprietary frontier models. Alibaba announced the preview version of Qwen 3.8-Max, reportedly targeting performance close to Fable 5, while the potential release of DeepSeek V4 GA (General Availability) could further enhance the cost-efficiency advantages of Chinese models. UBS believes that China's open-source ecosystem will accelerate technology diffusion and create collaborative R&D synergies, helping more Chinese AI labs narrow the capability gap with global peers. UBS reiterated that cost efficiency remains the core advantage of Chinese AI models and expressed confidence that, amid the industry's shift toward token optimization, these models are likely to gradually gain global market share.