Seek .(US:SKLTY) Xin Lang Cai Jing·2026-02-13 10:07Core Insights - The Chinese large model industry is experiencing a surge in new model releases, with companies like Zhiyu, iFlytek, and MiniMax launching competitive models ahead of the Spring Festival, indicating a strategic push to capture market share before 2026 [2][4][6] - The focus of large models has shifted from parameter competition to engineering efficiency, with an increasing number of Chinese open-source models gaining recognition on global platforms [2][8] - The release of Zhiyu's GLM-5 model has led to significant stock price increases, reflecting strong market enthusiasm and the model's high performance in programming tasks [3][4] Company Developments - Zhiyu's GLM-5 model was launched on February 12, achieving a market capitalization of HKD 216.2 billion after a stock price increase of 28.68% [2][3] - iFlytek introduced the Xinghuo X2 model on February 11, claiming it matches international top models in various capabilities, while MiniMax's M2.5 model was released on February 13, showing improved decision-making capabilities [4] - The Kimi K2.5 model from Moonlight Dark Side achieved a token call volume of 1.53 trillion, ranking first globally, showcasing the competitive landscape among Chinese AI models [5] Market Trends - The recent model releases are seen as a response to the success of DeepSeek, which gained significant traction last year, prompting other companies to replicate its success [6][7] - The AI large model industry is entering a phase of engineering maturity, with companies focusing on showcasing their research achievements to enhance brand recognition [5][8] - Predictions indicate a potential market stratification, where major players like ByteDance and Alibaba dominate general models, while smaller firms seek opportunities in niche verticals [8]