Core Insights - DeepSeek announced the update of its model to DeepSeek-V3.1-Terminus, enhancing its existing capabilities while addressing user feedback [1] Improvements - The update focuses on two main areas: - Language consistency, which alleviates issues related to mixed Chinese and English text and occasional abnormal characters [1] - Enhanced performance of intelligent agents, specifically the Code Agent and Search Agent [1]

Core Insights - DeepSeek has released an updated model, DeepSeek-V3.1-Terminus, which improves upon the previous version by enhancing language consistency and fixing bugs related to unexpected character outputs [1][7][20] - The model has been open-sourced, allowing broader access and potential community contributions [1][7] Performance Improvements - Benchmark tests show that DeepSeek-V3.1-Terminus has achieved performance improvements ranging from 0.2% to 36.5% compared to DeepSeek-V3.1, with notable enhancements in the Human's Last Exam (HLE) test, which assesses high-level knowledge and reasoning capabilities [3][5] - In non-Agent evaluations, the model's performance in MMLU-Pro improved from 84.8 to 85.0, and in HLE, it increased from 15.9 to 21.7 [5] Bug Fixes - The previous version had a significant bug where the model would output random characters, which has been resolved in the new version [7][8] - Additionally, issues with multilingual outputs, particularly in translating minor languages, have also been addressed, resulting in more coherent translations [9][10] Enhanced Capabilities - The model demonstrates improved programming and search capabilities, successfully simulating physical effects in programming tasks and providing comprehensive recommendations for plant care based on specific criteria [13][17] - The model's ability to cross-verify information and present it in a readable format has also been highlighted as a significant improvement [17] Future Outlook - The name "Terminus" suggests that this version may represent the culmination of the current technological path for DeepSeek, although future updates, including an Agent model, are anticipated by the end of the year [20][21]

Group 1 - Luo Yonghao responded to debt issues, stating that his frozen equity totals approximately 17.58 million yuan, with 17.1395 million yuan related to Chengdu Smart Technology Group [3] - Luo Yonghao clarified that he is not "running away" but is on a normal business trip, and he expressed his love for Shanghai [6] - The founder of Xibei, Jia Guolong, denied reports of apologizing to Luo Yonghao, calling the claims false [4] Group 2 - BYD's public relations manager commented on Warren Buffett's gradual sell-off of shares, emphasizing that buying and selling stocks is normal [4] - The automotive industry saw a 13.6% year-on-year increase in domestic passenger car sales from January to August 2025, totaling 14.747 million units [18] - The global PC gaming hardware market is projected to grow by 35% in 2025, reaching $44.5 billion [19] Group 3 - SHEIN launched the "SHEIN Xcelerator" brand incubation and support program for emerging designers and brands globally [12] - TetherIA.ai completed a multi-million dollar angel round of financing, with funds aimed at team expansion and product development [13] - The new Mercedes-AMG GT 50 sports car was launched at a price of 998,000 yuan, featuring a high-performance engine [14]

Core Insights - The integration of digital technology and traditional culture is being actively pursued in Zhejiang, with a focus on the "cultural + technology" model, enhancing cultural products and services through AI and digital innovations [1][3][5] Group 1: Cultural and Technological Integration - The establishment of the Wulin 921 Digital Cultural Industry Park represents a significant investment in cultural infrastructure, set to officially open on May 18, 2024, and aims to foster collaboration in the AI sector [2][3] - Zhejiang's publishing industry is undergoing a transformation driven by a "publishing +" strategy, which includes content incubation, copyright operation, and digital reading services, reflecting a shift towards digitalization [3][4] - The "New Three Samples" of Chinese culture, which include online literature, online films, and online games, are being promoted internationally through digital platforms, with Zhejiang Publishing Group leading these efforts [3][4] Group 2: AI and Digital Innovations - E-signature technology is becoming a crucial tool in the digital economy, with e-signature leader e签宝 expanding its services and achieving significant growth, including a doubling of revenue this year [5][6] - The introduction of AI tools, such as the intelligent contract agent by e签宝, has streamlined contract management processes, reducing processing time by 60% to 80% [5][6] - Traditional manufacturing sectors are also integrating AI technologies, as seen in the development of smart office solutions by companies like 圣奥科技, which enhance workplace ergonomics and employee health [6][7] Group 3: Future Industry Development - Two pilot zones for future industries have been established in Xiaoshan District, focusing on synthetic biology and artificial intelligence, aimed at creating a platform for innovation and industry development [7]

Group 1 - MediaTek launched the new flagship 5G AI chip Dimensity 9500, which uses a third-generation 3nm process and a full big-core architecture, integrating over 30 billion transistors, with NPU performance improved by 111% and power consumption reduced by 56% [1] - The chip features a dual NPU architecture for super performance and efficiency, introducing in-memory computing design and BitNet 1.58 bit quantization inference framework, supporting on-device model training [1] - In practical applications, it supports 128K long text processing and 4K quality image generation, with flagship new devices from manufacturers like vivo and OPPO set to utilize this chip for personalized AI scenarios [1] Group 2 - OpenAI has invested $16 billion in computing resources and plans to spend $350 billion on leasing services from 2024 to 2030, with an expected annual expenditure of $100 billion by 2030 [2] - The company signed a 5-year $300 billion computing power contract with Oracle, adding an extra $100 billion for backup servers, breaking the traditional tech giants' R&D cost model of 10%-20% of revenue [2] - OpenAI announced the upcoming launch of a compute-intensive new product in the coming weeks, but Pro users will need to pay extra, leading to user dissatisfaction [2] Group 3 - Google has introduced a new research paradigm for Agents, moving beyond the traditional "plan-retrieve-generate" model, allowing Agents to draft first and iteratively learn and correct [3] - The new framework employs a "diffusion denoising" process, enabling Agents to identify information gaps based on drafts and search for evidence externally, optimizing research content repeatedly [3] - Google has also incorporated multi-version intelligent self-critique and report-level denoising technology, outperforming OpenAI's DeepResearch in tasks like GAIA, and is available for trial in Google Agentspace [3] Group 4 - DeepSeek released the ultimate Terminus version of its model DeepSeek-V3.1, addressing user feedback with improvements in two main areas [4][5] - The new version alleviates language consistency issues such as mixed Chinese and English and further optimizes the performance of Code Agent and Search Agent [5] - DeepSeek-V3.1-Terminus is now available across official apps, web platforms, mini-programs, and DeepSeek API models, with the open-source version downloadable from Hugging Face and ModelScope [5] Group 5 - The Keling 2.5 video model has achieved significant breakthroughs in motion capabilities and expression performance, accurately depicting subtle facial expression changes and complex emotions while maintaining character consistency across different scenes [6] - The model seamlessly connects actions like falling, running, and riding a motorcycle, preserving realistic environmental interaction details and understanding complex causal relationships [6] - Keling 2.5 excels in action scenes, generating high-quality parkour, jumping, combat, and explosion scenarios, with greatly enhanced continuity and physical realism, currently in gray testing for super creators [6] Group 6 - Meituan's LongCat team has released the efficient reasoning model LongCat-Flash-Thinking, achieving advanced levels in logic, mathematics, coding, and agent capabilities while maintaining extreme speed [7] - The new model introduces a pioneering domain-parallel reinforcement learning training method, achieving threefold speedup through an asynchronous elastic shared card system, and features a dual-path reasoning framework to enhance agent capabilities [7] - In reasoning benchmark tests, it outperforms open-source models and performs comparably to top closed-source models like GPT-5 in tests such as AIME and LiveCodeBench, with formal reasoning capabilities significantly ahead of all participating models in the MiniF2F-test benchmark [7] Group 7 - Baidu's Qianfan-VL visual understanding model has been fully open-sourced, offering three configurations: 3B, 8B, and 70B, supporting OCR recognition and educational applications [8] - The model was developed by Baidu's team based on open-source models and completed all computational processes on its self-developed Kunlun chip P800, supporting single-task parallel computing at a scale of 5000 cards [8] - The Qianfan-VL series demonstrates chain-of-thought capabilities, full-scene OCR recognition, and complex document understanding, performing excellently in multiple benchmark tests, and is available for free experience on Baidu Smart Cloud [8] Group 8 - The 2025 "35 Innovators Under 35" Asia-Pacific list has been released by MIT Technology Review, featuring 35 innovators from fields such as AI, robotics, and materials [10] - Innovators like Xia Fei and Min Shiyuan have made breakthroughs in artificial intelligence, including embodied intelligence and non-parametric large language models [10] - China has the highest number of honorees, with 82 individuals selected over 11 editions as of 2024, surpassing Singapore's 76, reflecting a shift in the Asia-Pacific region from technology following to innovation leadership [10] Group 9 - The core team of Nano Banana suggests that the quality of image generation models is nearing its peak, with the next challenge being to integrate the "world knowledge" of LLMs into image models to understand user intentions [11] - While the quality ceiling of existing image models is close to being reached, there is still significant room for improvement in the "lower limit," with future developments focusing on enhancing "model expressiveness" and performance in complex scenarios [11] - Future interactive interfaces will integrate text, images, and voice, but user expectations for instant "finished product" generation are unrealistic, indicating that AI models and traditional tools will coexist in professional workflows for a long time [11]

Core Viewpoint - DeepSeek has released an updated version, DeepSeek-V3.1-Terminus, which improves upon the previous model based on user feedback while maintaining its original capabilities [1][2]. Group 1: Model Improvements - The output stability of DeepSeek-V3.1-Terminus has been enhanced compared to the previous version, addressing issues such as mixed language consistency and occasional abnormal characters [2]. - The performance of the Code Agent and Search Agent has been further optimized in the new model [2]. Group 2: Benchmark Results - The benchmark results for DeepSeek-V3.1-Terminus show improvements in various assessments: - MMLU-Pro: increased from 84.8 to 85.0 - GPQA-Diamond: increased from 80.1 to 80.7 - Humanity's Last Exam: increased significantly from 15.9 to 21.7 - LiveCodeBench: slightly increased from 74.8 to 74.9 - Codeforces: decreased from 2091 to 2046 - Aider-Polyglot: decreased from 76.3 to 76.1 - BrowseComp: increased from 30.0 to 38.5 - BrowseComp-zh: decreased from 49.2 to 45.0 - SimpleQA: increased from 93.4 to 96.8 - SWE Verified: increased from 66.0 to 68.4 - SWE-bench Multilingual: increased from 54.5 to 57.8 - Terminal-bench: increased from 31.3 to 36.7 [3]. Group 3: Availability - The DeepSeek-V3.1-Terminus update has been synchronized across the official app, web version, mini-program, and DeepSeek API model [4].

Group 1 - The integration of digital technology and traditional culture is being actively pursued in Zhejiang, a cultural province in China, enhancing the cultural industry through technological advancements [3][4] - The "Cultural + Technology" initiative has led to the emergence of new cultural products, such as AI emotional companion robots and digital cultural experiences, which are becoming popular among consumers [5][9] - The establishment of the Wulin 921 Digital Cultural Industry Park represents a significant investment in the cultural sector, set to officially open on May 18, 2024, and aims to promote cultural and technological synergies [5][9] Group 2 - The Zhejiang Publishing Group is transforming its operations by adopting a "Publishing +" strategy, which integrates content creation with digital technology, enhancing efficiency and reducing costs in the publishing process [8][9] - The group has successfully published the 3A game "Black Myth: Wukong," showcasing its capability in the new cultural industry, which includes online literature, films, and games [8][9] - The establishment of a "Global AI Digital Product Trade Comprehensive Pilot Zone" at the Wulin 921 Park aims to facilitate the international dissemination of new cultural products [9] Group 3 - E-signature technology is becoming a crucial tool in the digital economy, with e-signature platform e签宝 expanding its services and achieving significant growth, including a doubling of revenue this year [10][11] - The introduction of an intelligent contract agent by e签宝 has streamlined contract management for businesses, reducing processing time by 60%-80% and achieving a high coverage rate of key clause reviews [10][11] - Traditional manufacturing sectors are also integrating AI technologies, as seen in the development of smart office solutions by companies like 圣奥科技, which enhance workplace ergonomics and productivity [11][12] Group 4 - The Hangzhou government has identified key future industry pilot zones, including two in the Xiaoshan District, aimed at fostering innovation and efficient transformation of industrial ecosystems [12]

Core Insights - DeepSeek has announced an upgrade to its online model, now at version DeepSeek-V3.1-Terminus, which includes both thinking and non-thinking modes [1] - The model supports a context length of 128k, enhancing user experience by allowing for more extensive interactions [1] - Users can now experience the upgraded model online, indicating a focus on accessibility and user engagement [1]

Core Insights - The latest xbench Leaderboard has been released, showcasing updates from six models that have entered the top 10, including GPT-5-high and Qwen3-235B-A22B-Thinking-2507, with scores improving by 3-5 points [1][9][10] - The dual-track evaluation system continues to track advancements in AGI, with a new question bank for the xbench-DeepSearch set expected to be released soon [1][2] Model Performance Summary - GPT-5-high from OpenAI shows a significant average score increase from 60.8 to 64.4, maintaining a stable BoN (N=5) score [9][12] - Qwen3-235B-A22B-Thinking-2507 has improved its average score from 45.4 to 55, with BoN scores rising from 66 to 77, indicating substantial enhancements [9][35] - Claude Opus 4.1-Extended Thinking has increased its average score from 46.6 to 53.2, with a slight BoN increase from 69 to 72 [9] - Kimi K2 0905 achieved an average score of 51.6, demonstrating a balance between model capability and response speed [9][28] - GLM-4.5 from ZHIPU scored 48.8 with a BoN of 74, while Hunyuan-T1-20250711 scored 44.4 with a BoN of 63 [9] - Grok-4 has shown a remarkable improvement, achieving a score of 65, marking it as a state-of-the-art model [9][10] Evaluation Insights - The distribution of model scores indicates a narrowing gap among the top performers, with the top five models scoring between 76-78 [10] - The overall performance of models suggests that advancements in model capabilities are reaching a plateau, with smaller incremental improvements noted across most models [10][12] - The xbench evaluation mechanism continues to provide real-time updates on model performance, with future rankings expected [2][8]

Core Viewpoint - Chinese hard technology assets are becoming essential in global asset allocation, surpassing traditional investment categories [1] Group 1: Industry Insights - The development path of China's technology industry is characterized by a large domestic market that provides unique scale advantages, facilitating rapid growth across various sectors such as home appliances, mobile devices, and new energy vehicles [1] - Continuous support from national policies is a significant driving force behind the growth of China's technology sector [1] - The innovative capabilities and dedicated efforts of Chinese engineers are crucial for driving technological breakthroughs, exemplified by companies like DeepSeek, which achieved competitive model capabilities through algorithm innovation [1] Group 2: Investment Opportunities - In the hard technology sector, semiconductor equipment, specialty processes, and advanced packaging are particularly promising areas, with quality enterprises successfully converting policy benefits into technological advantages [2] - These companies have established significant positions in the global supply chain, gaining certification from top international clients through differentiated technological advantages and cost-effectiveness [2] - The dual development model of these enterprises, leveraging both domestic market stability and international client services, enhances their resilience against market fluctuations and fosters sustainable business models [2] Group 3: Future Outlook - The expectation is for China's technology industry to gradually shift towards a "innovation-driven profitability" model, where companies achieve excess returns through technological innovation [3] - Establishing a healthy and sustainable business model is key for the long-term stability of Chinese tech stocks, with a focus on converting innovation advantages into profitability [3] - Over the next 5 to 10 years, the hard technology sector in China is anticipated to produce a number of world-class companies, offering sustainable long-term returns for investors [3]