UBS published a report stating that as the world's largest open source LLM, Kimi K3's performance is close to the leading closed-source cutting-edge model. Alibaba announced the Qwen 3.8-Max preview. The target performance is reported to be close to Fable 5, while the potential release of DeepSeek V4 GA may further strengthen the cost efficiency advantage of the Chinese model. UBS believes that China's open source ecosystem will accelerate the spread of technology and create R&D synergies to help more Chinese AI laboratories narrow the capability gap with their global peers. Reiterates that cost efficiency is still the core advantage of China's AI model, and believes that under the trend of the industry shifting to token optimization, they are expected to gradually gain global market share.

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