Seek .(US:SKLTY) Sou Hu Cai Jing·2026-01-15 08:03Core Viewpoint - DeepSeek, a Chinese startup, is set to launch its new generation model V4 around mid-February 2026, aiming to make a significant impact during the Chinese New Year period [1]. Group 1: Company Development - DeepSeek has shown remarkable growth over the past two years, launching its foundational model V3 on December 26, 2024, and an open-source inference model R1 on January 20, 2025, which gained significant attention for its explicit reasoning capabilities [4]. - The R1+V3 chat product has also received high domestic recognition, establishing DeepSeek as a benchmark enterprise in China's AI engineering capabilities [4]. Group 2: Model V4 Features - The V4 model is designed to significantly enhance programming capabilities, achieving a record score of 92.0 in authoritative programming benchmarks like Design2Code, surpassing products from leading overseas companies such as GPT-4.5 and Claude3.7 [6]. - A key breakthrough of V4 is its ability to handle ultra-long context processing, utilizing an NSA mechanism to achieve a 6-9 times speed increase under a 64K context window, allowing it to process millions of tokens effectively [6]. Group 3: Technical Innovations - V4 was developed under constraints of high-end GPU availability, addressing common issues in large model training such as performance degradation through innovative technical methods rather than relying solely on computational power [7]. - The introduction of the mHC architecture has significantly improved training stability, with a mere 6.7% increase in training time leading to a rise in accuracy for complex reasoning tasks from 43.8% to 51.0% [7]. Group 4: Research Contributions - On January 12, DeepSeek published a new training architecture paper co-authored by its founder and researchers from Peking University, introducing the Engram conditional memory module, which decouples computation from storage [9][10]. - This approach allows for model scaling without relying on an increase in chip quantity, providing a new technical pathway for AI companies constrained by hardware limitations [10]. Group 5: Industry Context - The large model landscape has become increasingly competitive, with open-source becoming a core trend in 2025, as both large enterprises and startups strive for dominance in the global open-source ecosystem [11]. - The launch of V4 transcends mere product iteration, serving as a "technical examination" to validate DeepSeek's technological leadership and the maturity of its architectural innovations [13]. Group 6: Market Implications - The performance of V4 will not only impact DeepSeek's standing in the global open-source ecosystem but also reflect the maturity of China's large model technology route [16]. - The ongoing competition has shifted from a focus on parameter counts to the intricacies of technical methods and operational efficiency, indicating a new phase in the industry [16].