JPMorgan: Tencent Holdings is expected to benefit the most from the new version iteration of DeepSeek

K-LinePoet · 2026-02-26T09:24:18+00:00

JPMorgan believes that the Lunar New Year is an important release window in China's consumer technology sector. The launch of the new version of DeepSeek could bring economic benefits, especially by enhancing AI applications in high-frequency consumer products. Tencent is expected to benefit the most, followed by Ctrip, Kuaishou, and Beike, while Alibaba and Baidu will have a smaller impact. Independent model vendors like Zhipu and MiniMax will also see their capabilities improve, potentially driving rapid technological development and ecosystem progress.

K-LinePoet

2026-02-26 09:24:18

Abstract generation in progress

JPMorgan Chase has released a research report stating that the Lunar New Year remains the most concentrated and historically most effective release window in China’s consumer technology sector. If the new version of DeepSeek is launched during the Lunar New Year, the truly significant impact will mainly be reflected in the potential release of platform economic benefits. If this iteration can achieve a substantial reduction in reasoning costs with an efficiency-first approach, AI will become economically viable and can be directly embedded into high-frequency consumer products, no longer limited to standalone chatbots.

For internet platforms, the bank believes Tencent Holdings (00700) is most likely to benefit the most from the potential new version of DeepSeek, followed by leading vertical domain companies such as Ctrip Group-S (09961), Kuaishou-W (01024), and KE Holdings-W (02423). The impact on Alibaba-W (09988) and Baidu Group-SW (09888) is more mixed.

For independent model vendors like Zhipu AI (02513) and MiniMax-WP (00100), these companies have already released or are about to release flagship models. Their direct impact is usually not immediate customer acquisition but more about signaling capabilities and technological spillovers. DeepSeek has always prioritized open source over short-term commercialization, so its competitive effect is often conveyed through the perceived quality of models and the validated technological directions. If this release includes genuine efficiency or systemic breakthroughs, these methods will quickly spread within the ecosystem—raising industry standards and compressing iteration cycles. Against this backdrop, the bank reaffirms a positive outlook on Zhipu AI and MiniMax, with their capability improvements most directly reflected in API monetization processes.

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