According to the Huatai Securities Research Report, the iteration of Kimi in July and the new GLM model in the second quarter once again verified the core logic of the domestic model, and the iteration cycle may be further shortened. Compared with the overseas closed source model, the domestic technology gap has now been shortened to March-April, and the upper limit of capacity and pricing power have been continuously improved on the basis of high cost performance advantages. According to Huatai Securities's evaluation, K3's performance was only slightly weaker than GPT-5.6 Sol, and compared to Opus 4.7 after GLM 5.2 was released. From an investment perspective, the capacity of domestic models is improving rapidly, which is expected to consolidate the favorable trend in the industrial chain. In the short term, despite improvements in pricing power, competition at the model level has clearly intensified; in the long run, the agent penetration rate continues to improve, which is expected to further increase potential market space.

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