The Zhitong Finance App learned that Orient Securities released a research report saying that the continuous iteration of the performance of large domestic models will effectively expand domestic AI application scenarios and accelerate the closed loop of domestic AI ecosystem commerce. The expansion of AI business scenarios is the core of the AI technology market, and the implementation of AI agents with long-range task capabilities is expected to drive the implementation of new business scenarios. Accelerated iteration of large domestic models will drive rapid growth in domestic computing power and demand for switching chips.
Orient Securities's main views are as follows:
Kimi K3 is the world's first open source 3 trillion model, and it has excellent performance in a variety of task scenarios
Programming: K3 has strong long-range coding capabilities, can continuously complete tasks for a long period of time with very little manual supervision, and has excellent long-range task execution ability; Knowledge work: Kimi K3 has shown consistent advantages in different production scenario-oriented workflows, and its intelligent work ability has improved markedly. Taking industry research as an example, K3 has gone through more than 120 rounds of recursive self-improvement to generate inference chip research reports, completed more than 2,800 web searches and scraped more than 1,100 terminal data, and processed 87 quarterly reports and 99 original PDFs, totaling more than 11,000 pages of data. The bank believes that the continuous iteration of the performance of large domestic models will effectively expand domestic AI application scenarios and accelerate the closed loop of domestic AI ecosystem commerce.
Long-range tasks and self-evolution continue to expand AI commercial application scenarios
According to Tang Jie, founder of Smart Spectrum, long-range task capabilities, fully self-coordinated intelligent systems, and self-evolution are the core development directions of AI in the future. In the future, AI will have planning and execution capabilities spanning weeks, months, or even years, and intelligent groups that can drive autonomously, work collaboratively, and operate 7*24 hours a day will become a new form of productivity. The bank believes that the expansion of AI business scenarios is the core of the AI technology market, and the implementation of AI agents with long-range mission capabilities is expected to drive the implementation of new business scenarios.
Rapid iteration of large domestic AI models drives high demand for domestic chips
The domestic AI big model is being iterated at an accelerated pace. The overall performance of the Kimi K3 model is stable and exceeds that of all models except Claude Fable 5 and GPT-5.6 Sol, and the official version of Qianwen 3.8 with 2.4 trillion parameters is about to be released. The bank believes that the iteration of the domestic AI big model will drive a high increase in domestic computing power and demand for switching chips.
Risk Alerts
Domestic AI big model technology iteration speed fell short of expectations; AI commercialization fell short of expectations; supply of raw materials fell short of expectations; risk of product price reduction; and chip manufacturing yield fell short of expectations.