CITIC Securities: The Chinese model and leading internet companies may be reevaluated again, but their sustainability still needs to be validated by continued progress in commercialization.

According to the research report of CITIC Securities, the dark side of the moon has once again attracted widespread attention from investors with the excellent performance of Kimi K3. On the evening of July 16th, K3 went online, and Arena ran the SOTA code track, becoming the first open-source model to equal the world's top closed-source models in blind testing in the code field. Overseas investors have paid high attention to this, calling it another DeepSeek moment for China. The focus of attention on K3 lies in achieving outstanding results in multiple authoritative benchmark tests and greatly reducing token-level calling costs. In subsequent evaluations, users have reported issues such as relatively long end-to-end inference times for complex tasks due to limited computing power and high token consumption for task completion, still facing challenges in task-level costs. CITIC Securities believes that Kimi K3 demonstrates the company's continuous technological accumulation and excellent competitiveness. In the context of limited computing power, Chinese model companies represented by Kimi continue to iterate with technical taste and organizational efficiency, striving to narrow the performance gap with top American models. In terms of investment opportunities, the valuation of top American model companies may be under pressure in stages, while Chinese model companies and leading internet companies may be revaluated again, but the sustainability still needs to be continuously verified by the commercialization progress.