UBS said Kimi K3, the world’s largest open‑source LLM, now performs close to leading closed‑source frontier models. Alibaba has previewed Qwen 3.8‑Max, reportedly targeting performance near Fable 5, and a potential DeepSeek V4 GA release could further strengthen Chinese models’ cost‑efficiency. UBS expects China’s open‑source ecosystem to accelerate technology diffusion and R&D synergies, helping domestic AI labs narrow the gap with global peers; it reiterated that cost efficiency remains the sector’s core advantage and, as the industry shifts toward token optimization, Chinese models are likely to gradually capture global market share.(金十数据)