CITIC Securities Construction: Updates to multiple models including DeepSeek V4, continuing high demand for computing power.

The report from Citic Securities Research stated that DeepSeek-V4 and GPT-5.5 were released at the same time. The former, with its CSA/HCA attention compression and mHC network reconstruction, closely approaches the performance of closed-source flagship models while significantly reducing the cost of reasoning with millions of contexts to a very low level, and successfully running on domestic computing base. The latter relies on strong coupling of software and hardware to focus on high-complexity knowledge work, continuing the business model of high pricing matching high intelligence. At the same time, the intergenerational leap of the base model and resonance with Agent frameworks such as OpenClaw and Hermes, through intelligent upper limit expansion and reasoning cost optimization, accelerate the commercialization development of Agent ecology.