HSBC: Kimi K3 resets the valuation of the leading model and maintains the "Hold" rating for Wisdom Education (02513).

According to the ZhuTong financial APP, JPMorgan released a research report stating that after the release of Kimi K3 on the dark side of the moon, they maintained a "buy" rating for SenseTime (02513), changing SenseTime's stock narrative from "continuing domestic model leader" to "one of China's leading AI laboratories." However, the adjustment to ARR forecast is limited: SenseTime's GLM-5.2 still ranks among the top models in China, while GLM-5.3 and the new 2T+ flagship model are expected to be released in the coming months. Therefore, JPMorgan still expects SenseTime to maintain its leading position in the domestic market in the next model cycle, which is enough to support continued expansion of ARR in the current market with limited computing power. After recent valuation adjustments, JPMorgan believes that the market has largely reflected lower valuation multiples and has been overly pessimistic about SenseTime's commercialization trajectory.