Zhi Tong Cai Jing·2026-02-12 07:43Group 1 - The Lunar New Year is identified as a significant release window for the consumer technology sector in China, with potential economic benefits from the new version of DeepSeek [1] - If the new version of DeepSeek achieves a significant reduction in inference costs, AI could become economically viable and be integrated into high-frequency consumer products rather than remaining as standalone chatbots [1] - Tencent Holdings (00700) is expected to benefit the most from the potential new version of DeepSeek, followed by vertical leaders such as Trip.com Group-S (09961), Kuaishou-W (01024), and Beike-W (02423), while Alibaba-W (09988) and Baidu Group-SW (09888) may experience mixed effects [1] Group 2 - Independent model vendors like Zhipu (02513) and MiniMax-WP (00100) have flagship models released or upcoming, with their impact more focused on capability signaling and technology spillover rather than immediate customer acquisition [2] - DeepSeek tends to prioritize open-source development over short-term commercialization, leading to competitive effects that spread through recognition of model quality and validated technological directions [2] - If the upcoming release includes genuine efficiency or systemic breakthroughs, these methods could rapidly diffuse within the ecosystem, raising industry benchmarks and compressing iteration cycles [2] - The positive outlook on Zhipu AI and MiniMax is reaffirmed, with their capability enhancements directly reflected in the API monetization process [2]