Venture(US:VEMLY) Sou Hu Cai Jing·2026-02-12 02:46Group 1 - The domestic large model field has seen significant updates, igniting market expectations for a new round of innovation in the AI industry chain [2] - DeepSeek has launched an update that supports a maximum context length of 1 million tokens, enabling the model to process long texts such as entire novels and complex documents, facilitating AI applications in high-value scenarios like financial analysis and legal review [3] - Zhiyu AI has released its flagship model GLM-5, achieving state-of-the-art capabilities in coding and agent functions, bringing its performance close to international leaders, indicating that domestic models are now competitive in execution capabilities [4] Group 2 - The release of new models is part of a concentrated launch window, with several companies including DeepSeek, Kimi, Alibaba, and Baidu unveiling new models, reflecting a shift in the internet value chain towards execution capabilities and new business models [5] - The increasing demand for computing power is supported by significant capital expenditures planned by major companies, with ByteDance planning 160 billion yuan for 2026 and Alibaba investing 380 billion yuan in AI infrastructure over three years [5] - The AI ETF tracking the entrepreneurial board AI index covers the entire AI industry chain, including hardware, software, and applications, with major holdings benefiting from the expansion of cloud vendor capital expenditures [6]