Guotai Junan Securities: Deepseek V4 leads the domestic model to shine, the competition of large models is fully upgraded, maintaining a "hold" rating on the computer sector.

Guotai Haitong released a research report stating that recently, OpenAI released GPT-5.5 and ChatGPT Images 2.0, API prices tripled, and Anthropic's valuation exceeded one trillion US dollars, surpassing OpenAI; domestically Kimi, Tencent, and DeepSeek three major models were intensively open sourced, with performance on par with overseas giants and deep adaptation to domestic computing power, DeepSeek topped the global top open source Agent framework OpenClaw default model. Google released the eighth generation TPU for the first time, splitting training and inference chips, Haiguang and Moore Threads completed DeepSeek V4 Day0 adaptation, and China and the United States accelerated the landing of large model scaling synchronized with the computing power base. Maintain the "buy" rating for the computer sector.