[UBS: Training Costs for Leading Models in China Are About 1/10 of Overseas Leaders] According to a report by Jinse Finance on July 24, UBS Securities China Internet Industry Analyst Xiong Wei stated at a media briefing that as demand becomes more segmented, pricing power for models across different tiers is showing divergence. Statistics indicate that the training costs for leading models in China are approximately 1/10 of those for overseas leaders. In terms of inference costs, the API pricing for Chinese models is about 10% to 20% of the average pricing for comparable overseas models, while still maintaining a gross profit margin of 20% to 40%. This is slightly lower than their U.S. counterparts but remains at a very healthy level. Moreover, this advantage does not stem from aggressive subsidies or manufacturers sacrificing profits, but rather from structural cost-efficiency advantages, including innovations in training algorithms and architecture design, strategic differences in model focus, and collaboration within the open-source ecosystem. (Securities Times)